Category: Economics

Explain how to calculate each of the following and provide at least one step-by-step example using the data from Table

Course number_section number_last name_first name_unit number
Example: BU224_Section02_David_Alex_Unit1

2. At the top of the template, insert the appropriate information: Your name, course number and section, and the date.

Upload the completed assignment to the appropriate Dropbox.

Questions

1. When ONLY total costs (TC) are known, such as shown in Table 1 below, explain how to calculate each of the following and provide at least one step-by-step example using the data from Table 1:

a. Fixed costs (FC)

(Enter your response here.)

b. Variable costs (VC)

(Enter your response here.)

c. Average variable costs (AVC)

(Enter your response here.)

d. Average total costs (ATC)

(Enter your response here.)

e. Average fixed costs (AFC)

(Enter your response here.)

f. Marginal costs (MC)

(Enter your response here.)

2. Table 1 shows the hourly production and total cost estimates for a new manufacturing firm wishing to enter the smartphone market. Fill in the blank cells in columns a., b., c., d., and e. on the table by computing the appropriate values.

 

What have been some interventions by the government to make healthcare more accessible and affordable to the public and what have been the outcomes?

Market Focus: Healthcare in the United States

How much is spent on health care in the United States annually?

What is the basic structure of our system and how does it compare to other industrialized nations in terms of outcomes (be certain to identify what parameters you are using as a metric) and costs?

What are some unique challenges that health care presents from a consumer standpoint?

What have been some interventions by the government to make healthcare more accessible and affordable to the public and what have been the outcomes?

Do you think that the Singapore model could be replicated here? Why or why not?

What impact do you think the Covid-19 outbreak of 2020 have on healthcare delivery (move to single payer) in the United States?

Analyze briefly your graph highlighting periods of recession and expansions, as well as finding the long runeconomic growth rate.

(2 marks) Plot the real GDP for the country over time and add an exponential trend line with its equation, which reflects the potential GDP.

Analyze briefly your graph highlighting periods of recession and expansions, as well as finding the long run economic growth rate.

(2 marks) Use real (or constant prices) household Consumption (C), private investment (I) and your data on real GDP (Y). Plot on the same diagram the following
relationships:
C = a + b*Y
I = m + n*Y
Where (a, b, m, n) are constants to be estimated.

is the marginal propensity to consume (MPC)

(1 mark) Assume anything else is constant, find the multiplier (K) for the chosen econom

What was the impact of COVID-19 on the USA’s labor force in 2020?How did COVID-19 impact consumer and business confidence among the world’s largest economies?

Unit 5: Assignment – Core Assessment Part 2 of 3: Macroeconomic Analysis of a Pandemic – COVID-19, Economic Growth, and Unemployment

Define Gross Domestic Product (GDP), and identify the four expenditure categories in the equation GDP = C + I + G + Xn; identify the measurement and sources of economic growth.

Describe the business cycle; identify the primary measure of unemployment and define “full employment”; identify the primary measure of inflation and distinguish between demand-pull and cost-push inflation.

Provide a brief synthesis (4-5 sentences) of the COVID-19 pandemic and how it impacted the global economy.

What was the impact of COVID-19 on the USA’s labor force in 2020?

How did COVID-19 impact consumer and business confidence among the world’s largest economies?

How did measurement problems factor into the economic impact of COVID-19?

How much producer surplus is created when there is no price floor? Show your calculations. What is the total surplus when there is no price floor? Show your calculations.

In the absence of a price floor, the maximum price that a few of the consumers are willing to pay is up to $100 per barrel of gosum berries. The market equilibrium (E) price is $50 per barrel. How much consumer surplus is created when there is no price floor? Show your calculations.

How much producer surplus is created when there is no price floor? Show your calculations.

What is the total surplus when there is no price floor? Show your calculations.

After the price floor is implemented, the legal minimum price that can be charged by suppliers is $70 per barrel. The maximum price that a few of the consumers are still willing to pay is $100 per barrel of gosum berries. With the price floor at $70 per barrel, consumers buy 300 barrels of gosum berries per month. How much consumer surplus is created with the price floor (CSpf)? Show your calculations.

After the price floor is implemented, the Chairman of Production Office buys up any barrels of gosum berries that the producers are not able to sell. With the price floor, the producers sell 300 barrels per month to consumers, but the producers, at this high price floor, produce 700 barrels per month. Keeping in mind that the Chairman of Production Office buys up any barrels of gosum berries that the producers are not able to sell, how much producer surplus is created with the price floor (PSpf)? Show your calculations.

The Chairman of Production Office buys any barrels of gosum berries that the producers are not able to sell. With the price floor, the producers sell 300 barrels per month to consumers, but the producers, at this high price floor, produce 700 barrels per month. How much money does the Chairman of Production Office spend on buying up surplus gosum berries? Show your calculations.

The emperor of Gondwanaland must collect taxes from the people to pay for the purchases of surplus gosum berries by the Chairman of Production Office. As a result, total surplus with a price floor (TSpf) is reduced by the amount the Chairman of Production Office spent on buying surplus gosum berries. Using your answers for questions 4, 5, and 6 above, what is the total surplus when there is a price floor (TSpf)? Show your calculations.

How does the total surplus with a price floor (TSpf) (from question 7) compare to the total surplus without a price floor (TS) from question 3 above? Explain if it is more or less, and by how much? Show your calculations.

Discuss trends, especially in % terms, and any notable features of the data. Tables and/or graphs should be included.

Follow sales of Peloton company during the pandemic

Discuss trends, especially in % terms, and any notable features of the data. Tables and/or graphs should be included.

USING THE TOOLS DEVELOPED IN CLASS analyze the performance of your product. Scarcity, opportunity cost, supply/ demand shifters, behavioral economics, theory of the firm including transactions cost , and consumer-choice theory are examples of the types of tools you should use.

Project what might happen to your product as the pandemic ends BASED ON YOUR ANALYSIS IN (2).

Discuss the attached excerpts on Sachs “The End of Poverty Chapter 3 Why Some Countries Fail to Thrive” (pages 56-66) All page numbers refer to the 2006 paperback edition.

Problems Preventing Economic Growth

Discuss the attached excerpts on Sachs “The End of Poverty Chapter 3 Why Some Countries Fail to Thrive” (pages 56-66) All page numbers refer to the 2006 paperback edition.

Sachs describes eight major problem areas that prevent economic growth (pages 56-66) Mention one that seems most urgent in our modern times. Why?  explain.

Statistical Significance of Parameter estimates (Airline data example) The p-values associated with the calculated t-values give the exact level of significance at which the independent variable has a statistical significant effect on the dependent variable

Managerial economics project

Statistical Significance of Parameter estimates (Airline data example)
The p-values associated with the calculated t-values give the exact level of significance at which the independent variable has a statistical significant effect on the dependent variable
(ρ) x 100
For instance, for the Price variable:
ρ = 0.00004, then
( 0.00004 ) * 100 = 0.004% level of significance
This means that there is only a 0.004% chance that the price per coach seat does not affect the sales of coach seats per flight
or (1 – 0.00004) x 100 = 99.996% level of confidence
At the 99.996% confidence level the price per coach seat affects the sales of coach seats per flight.

For the competitor’s price:
Ρ = 0.04664
Then (ρ) x 100 = (.04664) x 100 = 4.664%
there is only a 4.664% chance that the competitor’s price per coach seat does not affect the sales of seats per flight.
Or (1 – ρ) x 100 = (1 – .04664) x 100 = 95.336%
at the 95.336% confidence level the competitor’s price per seat affects the sales of coach seats per flight

For Income:
Ρ = 0.00931
Then (ρ) x 100 = (0.00931) x 100 = 0.931%
there is only a 0.931% chance that income does not affect the sales of seats per flight.
Or (1 – ρ) x 100 = (1 – .00931) x 100 = 99.069%
at the 99.069% confidence level income affects the sales of coach seats per flight