Economics

3. (5 points) Imagine that you are going to eat lunch with Profs. Goldburg and K

3. (5 points) Imagine that you are going to eat lunch with Profs. Goldburg and Kushnir. You are choosing among three restaurants, labeled A, B, and C. You strictly prefer: A to B …

3. (5 pts each) In the table below, consider four societies with four people of

3. (5 pts each) In the table below, consider four societies with four people of differing incomes: Person Society A Society B Society C Society D Person 11,002 Person 2 Person 3 P…

3. (5 pts) A construction company purchased a bulldozer 8 years ago for $220K. I

3. (5 pts) A construction company purchased a bulldozer 8 years ago for $220K. It has been depreciated to a book value of S55K. The Caterpillar Company salesman has proposed repla…

3. (7 points) Consider a market in which the demand and supply curves are: QD 40

3. (7 points) Consider a market in which the demand and supply curves are: QD 4000-2P Qs162.5+P/4 a) Calculate economic welfare in autarky with no government intervention b) Calcu…

3. (A) Jim and Jack both like oatmeal and raisins, and they are both rational co

3. (A) Jim and Jack both like oatmeal and raisins, and they are both rational consumers. Moreover, they have the same income and do their grocery shopping together at the same sup…

3. (Ancillary Revenue) Stanford Stadium has been repaired so that it seats 60,00

3. (Ancillary Revenue) Stanford Stadium has been repaired so that it seats 60,000 people. Now assume that, on average, each member of the general public will consume $20 worth of …

3. (Cobb-Douglas) As an economist working at the International Monetary Fund, yo

3. (Cobb-Douglas) As an economist working at the International Monetary Fund, you are given the following data for Brazil: predicted per capita GDP, relative to the United States,…

3. (Hint: this problem will be easier if you draw a graph) The demand for peanut

3. (Hint: this problem will be easier if you draw a graph) The demand for peanuts is given by P-305-2Q. I. Initially, the peanut market is perfectly competitive, and each firm has…

3. (MC) The following regressed gravitational equation is given Logarithmic trad

3. (MC) The following regressed gravitational equation is given Logarithmic trade between country i and j 80 = Intercept y Logarithmic GDP o country i Logarithmic GDP of country j…

3. (Optional: 15 points extra credit possible) Two firms are engaged in Cournot

3. (Optional: 15 points extra credit possible) Two firms are engaged in Cournot competition. Their best response functions are given by m(y1) = 15- (a) Suppose firm 1 is producing…

3. (Points: 1) From the perspective of classical macroeconomic theory, an excess

3. (Points: 1) From the perspective of classical macroeconomic theory, an excess of aggregate spending would: a. Increase aggregate output and the level of employment in the econo…

3. (Points: 2) Calculate the monopolist\'s profit under the followingconditions.

3. (Points: 2) Calculate the monopolist's profit under the followingconditions. The intersection of the marginal revenue and marginalcost curves occurs where output is 20 units. A…

3. (Points: 2) Over time people have come to rely more on market-producedgoods a

3. (Points: 2) Over time people have come to rely more on market-producedgoods and less on goods that they produce for themselves. By itselfthis change would a. cause GDP to fall …

3. (TCOs C and D) You have been hired to manage a small manufacturing facility w

3. (TCOs C and D) You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below. (20 points) Workers Total Labor Cost Ou…

3. (This is a simplified question that you must answer; the answer \"insufficien

3. (This is a simplified question that you must answer; the answer "insufficient information" is unacceptable.) Tara is considering leaving her curent job, which pays $56,000 per …

3. (a) (b) (c) Explain what is meant by serial correlation in the context of eco

3. (a) (b) (c) Explain what is meant by serial correlation in the context of econometric models. 5 What are implications of serial correlation for the OLS estimators? 5 Consider t…

3. (a) Explain what can we learn from a country\'s production possibilities curv

3. (a) Explain what can we learn from a country's production possibilities curve? (b) How can a nation production possibilities curve shift inward? (c) Why the production possibil…

3. (a) Suppose that when the price of peanut butter rises from $2.10 to S3.20 pe

3. (a) Suppose that when the price of peanut butter rises from $2.10 to S3.20 per jar, the quantity of jelly purchased falls from 30 million jars to 22 million jars. What is the c…

3. (a) You wish to obtain an annual rate of return of 12% from a bond investment

3. (a) You wish to obtain an annual rate of return of 12% from a bond investment. You will buy a bond with PAR value 10,000 and bond rate of return of 6% compounded semiannually. …

3. *) (5 points) a. (1 point) Show the relation between net capital in flow and

3. *) (5 points) a. (1 point) Show the relation between net capital in flow and total accumulated foreign b. (1 point) Now show the relation between Basic transfer, net capital in…

3. ....... 4........ 5........ See the picture! SHORT-ANSWER QUESTIONS 1. What i

3. ....... 4........ 5........ See the picture! SHORT-ANSWER QUESTIONS 1. What is marginal utility? Explain why you're maximizing utility when the ratios of the marginal utility t…

3. 1 point Firm A produces plastic key-chains at its factory. Both its labor and

3. 1 point Firm A produces plastic key-chains at its factory. Both its labor and capital markets are competitive. Wages are S10 per hours and key-chain making equipment (a compute…

3. 10.00 points GDP per Capita in 1990 International Dollars Year 1000 $420 1500

3. 10.00 points GDP per Capita in 1990 International Dollars Year 1000 $420 1500 1820 $425 $439 450 400 1995 $675 $5,188 $624 $1.149 $19,990 670 1,269 17 456 400 1,23322,933 675 1…

3. 125 marks] Using the information below on the production of goods in Bongolon

3. 125 marks] Using the information below on the production of goods in Bongolongo, calculate and explain the following: a. Nominal and Real GDP for each year. b. If only 1/3 of a…

3. 20 points compete to share the market. Aardvark and Bambi have identical tech

3. 20 points compete to share the market. Aardvark and Bambi have identical technologies, and the marginal cost and average cost of production for each is S25. Demand for dolls is…

3. 4. 5. 6. 7. Prepare an unadjusted trial balance. Prepare all necessary adjust

3. 4. 5. 6. 7. Prepare an unadjusted trial balance. Prepare all necessary adjusting journal entries (with descriptions) Prepare an adjusted trial balance on December 31st Prepare …

3. A CNC machine can be replaced with one of two models. The basic model with a

3. A CNC machine can be replaced with one of two models. The basic model with a life of 8 years costs $60,000 and is expected to bring in net $18,000 annually. For the deluxe mode…

3. A CNC machine can be replaced with one of two models. The basic model with a

3. A CNC machine can be replaced with one of two models. The basic model with a life of 8 years costs $60,000 and is expected to bring in net $18,000 annually. For the deluxe mode…

3. A breakeven graph for an investment on the sales of a new computer is given t

3. A breakeven graph for an investment on the sales of a new computer is given to the right. The y-axis is the amount in thousands of dollars. Answer (estimate) the following: 2,5…

3. A business sells computer hardware (H) and software (S). The hardware sells f

3. A business sells computer hardware (H) and software (S). The hardware sells for $70 and the software sells for $50. The total cost of selling these two goods is represented by …

3. A company has decided to replace its inspection machine with an advanced one.

3. A company has decided to replace its inspection machine with an advanced one. The advanced machine costs $20,000 and will have operating costs of $3,000 in the first year, incr…

3. A company has decided to replace its inspection machine with an advanced one.

3. A company has decided to replace its inspection machine with an advanced one. The advanced machine costs $20,000 and will have operating costs of $3,000 in the first year, incr…

3. A company must purchase one reactor to be used in an overall operation. Four

3. A company must purchase one reactor to be used in an overall operation. Four reactors have been designed, all of which are equally capable of giving the required service. The f…

3. A delivery company is considering adding another vehicle to its delivery flee

3. A delivery company is considering adding another vehicle to its delivery fleet, all the vehicles of which are rented for $100 per day. Assume that the additional vehicle would …

3. A factory is located next to a farmer, and sometimes emits pollution that dam

3. A factory is located next to a farmer, and sometimes emits pollution that damages the farmer’s crops that are adjacent to the factory. The crop damage can be reduced if the fac…

3. A firms production function is given by Q = 10 x (EM + EF)1/2, where EM and E

3. A firms production function is given by Q = 10 x (EM + EF)1/2, where EM and EF are the quantities or male and female employees. Males and females are perfect substitutes. Pleas…

3. A local realtor estimated the long-term income elasticity of demand for renta

3. A local realtor estimated the long-term income elasticity of demand for rental properties to be 0.9 and the long-run income elasticity for owner-occupied housing to be 1.10. Re…

3. A monopolist demand curve and MR curve are separate. There are two different

3.   A monopolist demand curve and MR curve are separate. There are two different customers with two different elasticities but you still want to maximize profit (with MR=MC for e…

3. A monopolist with total cost funtionc10+^(2 faces a market with two distinct

3. A monopolist with total cost funtionc10+^(2 faces a market with two distinct consumer groups with the first group having a demand function of q1(P) 80-5P1 and the second having…

3. A month later, Bob buys a $1000 government bond from the Fed with this money.

3. A month later, Bob buys a $1000 government bond from the Fed with this money. A) What happens to the money supply (M1)? Does it increase or decrease? By how much? The money sup…

3. A month later, Bob buys a $1000 government bond from the Fed with this money.

3. A month later, Bob buys a $1000 government bond from the Fed with this money. A) What happens to the money supply (M1)? Does it increase or decrease? By how much? The money sup…

3. A natural monopoly exists in an industry with a demand schedule P 100 - Q. Th

3. A natural monopoly exists in an industry with a demand schedule P 100 - Q. The marginal revenue schedule is then MR = 100-20. The monopolist operates with a fixed cost F, and a…

3. A number of companies exist that specialize in \"payday loans.\" Payday loans

3. A number of companies exist that specialize in "payday loans." Payday loans are small loans often for a few hundred dollars or less that are made to low-income borrowers. Often…

3. A number of empirical studies of automobile demand yielded the following esti

3. A number of empirical studies of automobile demand yielded the following estimates of income and price elasticities: Assume that income and price effects on automobile sales ar…

3. A number of visitors to a recreational park and the travel cost are illustrat

3. A number of visitors to a recreational park and the travel cost are illustrated in the table below: Travel cost Population Init visitors visit rate,S fee Initia Cost with New i…

3. A perfectly competitive firm has the demand and total cost schedules given in

3. A perfectly competitive firm has the demand and total cost schedules given in the following table. If it wants to maximize profits(MR=MC or TR=TC), how much output should it pr…

3. A person borrowed $7000 from a bank, for 4 years at the interest rate of 6% p

3. A person borrowed $7000 from a bank, for 4 years at the interest rate of 6% per year with equal monthly payments to purchase a car. a. How much is his monthly payment for this …

3. A pharmaceutical firm faces the following monthly demands in the U.S. and Mex

3. A pharmaceutical firm faces the following monthly demands in the U.S. and Mexican markets for one of its patented drugs: Qus-300,000-5,000Pus and Qx-240,000-8,000Px where quant…

3. A random sample of 16 junior managers in the offices of corporations in a lar

3. A random sample of 16 junior managers in the offices of corporations in a large city center was taken to estimate average daily coming time for all suchmanagers. Suppose that t…

3. A recent study determined the following elasticities for Volkswagen Beetles:

3. A recent study determined the following elasticities for Volkswagen Beetles: Price elasticity of demand = 2 Income elasticity of demand = 1.5 The supply of Beetles is elastic. …