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| Sam’s utility function for his monthly consumption of goods X and Y is U(X, Y) = 100 X – X2 + Y. Assume this function applies only for bundles that contain no more than 100 units of X; bundles with greater amounts of X are not relevant for the question. Sam’s monthly income is $3,000, and the price of Y is $1. a. What is Sam’s uncompensated demand function for X, as a function of PX? b. Suppose the price of X is initially $20, and that it rises to a price PX greater than $20. What is Sam’s compensating variation for this price change (expressed as a function of PX)? c. What is Sam’s compensated demand function for good X, fixing the utility level he achieved at the original price of good X(PX = $20)? How does it compare to your answer in part (a)? Why? d. Compute the change in consumer surplus for this change to a price PX greater than $20. How does it compare to your answer in part (b)? |
Sam’s utility function for his monthly consumption of goods X
An economy is described by the following equations: Government purchases G
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| Government purchases G and taxes T both equal 1000. The initial price level P equals 2.0, and expected inflation Ï?e is zero. Full-employment output F is 8000. Notice that the real money demand function above is defined only for positive values of the nominal interest rate. We assume that when the nominal interest rate equals zero, people are willing to hold as much money as the central bank wishes to supply; this assumption implies that the LM curve becomes horizontal for zero values of the nominal interest rate. a. Show that in this economy the requirement that the nominal interest rate must be greater than or equal to zero is not consistent with full employment. Can monetary policy alone restore full employment in this economy? Why or why not? b. Find a combination of the money supply M and government purchases G that restores full employment while keeping the nominal interest rate at zero. Discuss the relevance of this policy to the case of Japan in the 1990s. Assume that the price level and inflation expectations are unchanged. |
Some compensation schemes include a signing bonus while others include
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| Some compensation schemes include a signing bonus while others include the potential to receive annual year-end bonuses. (a) From the firm’s perspective, what are the benefits of offering a signing bonus? What are the benefits of offering a year-end bonus? (b) If a firm pays its sales staff a piece rate and a year-end bonus, why will it be the case that the rate of pay per piece is less than the market value? Why will the sales staff willingly accept such an arrangement? (c) How does the existence of year-end bonuses support the bonding critique? |
During recessions and economic hard times, many people-particularly those who
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| During recessions and economic hard times, many people-particularly those who have difficulty getting bank loans-turn to pawnshops to raise cash. But even during boom years, pawnshops can be profitable. Because the collateral that customers put up (such as jewelry, guns, or electric guitars) is generally worth at least double what is lent, it generally can be sold at a profit. And because usury laws allow higher interest ceilings for pawnshops than for other lending institutions, pawnshops often charge spectacularly high rates of interest. For example, Florida’s pawnshops charge interest rates of 20% or more per month. According to Steven Kent, an analyst at Goldman, Sachs, pawnshops make 20% gross profit on defaulted loans and 205% interest on loans repaid. a. In 2012 there were about 15,000 pawnshops in the United States. This was much higher than in 2007, when the number was about 12,000. Why did the number increase? b. In a particular small city, do the pawnshops constitute a perfectly competitive industry? If not, what is the market structure of the industry? c. Are there considerable barriers to entry in the pawnshop industry? (A pawnshop can be opened for less than $250,000, but a number of states have tightened licensing requirements for pawnshops.) |
Suppose that the demand for steel in Japan is given
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| Suppose that the demand for steel in Japan is given by the equation QdS = 1200 – 4PS + PA + PT, where QS is the quantity of steel purchased (millions of tons per year), PS is the price of steel (yen per ton), PA is the price of aluminum (yen per ton), and PT is the price of titanium (yen per ton). The supply curve for steel is given by QSS = 4PS. Similarly, the demand and supply curves for aluminum and for titanium are given by QdA = 1200 – 4PA + PS + PT (demand curve for aluminum), QSA = 4PA (supply curve for aluminum), QdT = 1200 – 4PT + PS + PA (demand curve for titanium), and QST = 4PT (supply curve for aluminum). a) Find the equilibrium prices of steel, aluminum, and titanium in Japan. b) Suppose that a strike in the Japanese steel industry shifts the supply curve for steel to QSS = PS. What does this do to the prices of steel, aluminum, and titanium? c) Suppose that growth in the Japanese beer industry, a big buyer of aluminum cans, fuels an increase in the demand for aluminum so that the demand curve for aluminum becomes QdA = 1500 – 4PA + PS + PT. How does this affect the prices of steel, aluminum, and titanium? |
City College San Diego Communication Styles Among Workers Discussion
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| Create an outline of your paper to use in developing it. See the information below for more information on outlines in general. Like every other academic writing, an analytical paper requires an organized structure for its content to be readable and understandable. An outline is used to give design and direction to the report. An analytical paper outline is similar to the traditional paper outline of five paragraphs. According to this five-paragraph format, the paper is divided into the following sections: Introduction Body Paragraph 1 Body Paragraph 2 Body paragraph 3 Conclusion The researched information about the topic needs to be organized. This is to make sure that the content is explicit and effective for the readers. When you analyze the piece of content, the purpose is to give an audience a more precise image and meaning. So the content should be engaging, well structured, and understandable. Analytical Paper Introduction The importance and significance of the introduction of a paper can not be denied. The first section of the paper is, of course, the introduction. We are introducing our readers to the central thesis or purpose of our paper. We write an introduction to attract the readers towards the topic and motivate them to read the paper. The introduction lays the whole groundwork for your paper. So the more substantial the introduction, the more influential the paper is going to be. The analytical paper introduction is based on two significant elements: The Hook and a thesis statement. As the name suggests, a writer uses a hook statement to “hook” the audience to read further. A hook statement is an opening sentence of the introductory paragraph. It is a significant sentence as it grabs the reader’s attention towards the topic and the paper. A hook statement can be a sentence of any type. It can be humorous as well as factual. Depending on the paper topic, a writer can choose any form of an opening sentence as long as it goes with the theme and the topic of the paper. For example, “David Suzuki’s “The Right Stuff” features the gracious, entertaining, and informative style we have come to associate with this well-known host of The Nature of Things.” Here the writer used a simple statement that presents the background information about the chosen work, “The Right Stuff.” Thesis Statement Following the hook comes the most critical element of a paper, and that is the thesis statement. A thesis statement is the writer’s stance or an argument on the chosen work. A writer narrows down the topic’s purpose at this point and focuses on a particular side of the topic. The thesis statement for an analytical paper is written, keeping in mind the original text’s goal and the writer’s analysis. For example, “A rhetorical analysis reveals the varying degrees of success with which Suzuki employs logos, pathos, and ethos: while Suzuki’s ethos is strong because of the reputation he brings to his writing, and his use of pathos to appeal to his target audience of parents and educators, his use of logos is weak”. When using a 5 paragraph format, a writer must provide a short supporting statement with the thesis statement. It is to show that the writer is going to back up the thesis. For example, “Suzuki is skilled in argumentation, but his strong ethos fails to make up for the lack of support for his thesis that high school science courses should begin with sex education”. Analytical Paper Body Paragraphs The body paragraphs of a paper support your claim by providing shreds of evidence. All the gathered and relevant information that justifies the argument is presented in this section. The body section of an analytical paper should be divided into different paragraphs. The writer should discuss each point in a specific paragraph. It will make your paper logical and readable for the audience. All of the paragraphs in the body section have four components to be covered: Topic Sentence – A topic sentence is an opening sentence of a paragraph. This sentence is the claim or the important point that proves the thesis statement. Begin each of your paragraphs with a topic sentence. Supporting Material – The supporting material will back the claim and provide detailed, researched information for your thesis statement. After writing a topic sentence, give evidence to prove it correct. Connection – To tie your claim and evidence together, use a piece to follow the evidence. When using a quote or a phrase, make sure that you have stated its purpose or importance first. Transition – After you have proved your claim, it is time to move on to the next paragraph or the claim. All the paragraphs in your paper must be connected and maintain a logical flow. Each paragraph should be transitioned to make logical content. This transition will act as a bridge and will connect the previous section with the next paragraph. Analytical Paper Conclusion The conclusion is the last section, where all the discussion comes to an end. Here, the writer restates the thesis statement and briefly summarizes the major points in the content. It will prove that the main argument is justified using the evidence for the readers. For example, “Admittedly, David Suzuki wrote his paper at a time when education budgets were in better shape than they are today, and he certainly makes an excellent point that educators should respect their students and appeal to their interests. Nevertheless, his argument for sex education in schools clearly needs further thinking. In spite of Suzuki’s strong ethos and persuasive use of pathos, he needs a stronger use of logos to make an argument here. The best he can hope for is to get his audience’s attention – then it is up to them to see if and how his ideas should be implemented in the schools”. |
SEMO Article by Arrow and Aronson Essay
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| find an article that relates to any of the topics that is discussed in the first four chapters and answer the following questions: What topic is this article related to from the class? How is this topic related to the class? What are the three main points of the article Microsoft Word format. Your writing should be one full page long double spaced, 12 pt font with times new roman. Textbook Title: Consumer Behavior, 2nd Edition Authors: Frank Kardes; Maria Cronley; Thomas Cline ISBN-10: 1-133-58767-4 ISBN-13: 978-1-133-58767-5 |
Using those figures,fill in the following table , make sure to round your responses to the nearest U.S. dollar. Year 1973 1980 2000 2009 Golfer Jack Nicklaus Tom Watson Tiger Woods Tiger Woods Nominal Winnings U.S. Dollars ($) 308,362 530,
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| 3. Adjusting for inflation Consider golfers who led the PGA in winnings at different points in time. Note that the winnings are nominal figures ( unadjusted for inflation).Use the formula for converting nominal values to convert the original U.S dollar earnings of Nicklaus, Watson, and Woods (’00) to 2009 U.S. dollars. Using those figures,fill in the following table , make sure to round your responses to the nearest U.S. dollar. Year 1973 1980 2000 2009 Golfer Jack Nicklaus Tom Watson Tiger Woods Tiger Woods Nominal Winnings U.S. Dollars ($) 308,362 530,808 9,188,321 10,508,163 U.S. CPI (1983=100) 44.4 82.4 172.2 214.5 Winnings in 2009 U.S. Dollars ($) 10,508,163 List the for golfers in order from lowest inflation-adjusted winnings to highest. Begin by choosing the golfer with the lowest inflation-adjusted winnings from the selection list labeled “4.” |
Two organic emu ranchers, Bill and Ted, serve a small
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| Two organic emu ranchers, Bill and Ted, serve a small metropolitan market. Bill and Ted are Cournot competitors, making a conscious decision each year regarding how many emus to breed. The price they can charge depends on how many emus they collectively raise, and demand in this market is given by Q = 150 – P. Bill raises emus at a constant marginal and average total cost of $10; Ted raises emus at a constant marginal and average total cost of $20. a. Find the Cournot equilibrium price, quantity, profits, and consumer surplus. b. Suppose that Bill and Ted merge, and become a monopoly provider of emus. Further, suppose that Ted adopts Bill’s production techniques. Find the monopoly price, quantity, profits, and consumer surplus. c. Suppose that instead of merging, Bill considers buying Ted’s operation for cash. How much should Bill be willing to offer Ted to purchase his emu ranch? (Assume that the combined firms are only going to operate for one period.) d. Has the combination of the two ranches discussed above been good for society or bad for society? Discuss how the forces of monopoly power and increased efficiency tend to push social well-being in opposite directions. |
Consider the demand for boccie balls shown in the diagram
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| a. If the boccie ball industry were perfectly competitive, what quantity would be sold, and what price would prevail in the market? b. Suppose that the boccie ball industry were a monopoly. Draw in a marginal revenue curve and determine the profit-maximizing quantity. i. Divide the monopoly (one-firm) quantity by the competitive quantity to determine the proportion of competitive output that a monopolist provides. Present your answer in reduced fractional form. ii. Determine the price, and draw a dot on the demand curve indicating the monopolist’s price and quantity. c. Suppose the boccie ball industry were a Cournot duopoly (two-firm), with two firms. Use the procedures developed in this chapter to determine the industry output. i. Divide the duopoly quantity by the competitive quantity to determine the proportion of competitive output that a duopoly provides. Present your answer in reduced fractional form. ii. Determine the price, and draw a dot on the demand curve indicating the duopoly’s price and quantity. d. Hypothesize as to the fraction of competitive output that would be sold if the boccie ball industry had three identical Cournot competitors. Then check your answer. e. In general, what fraction of the competitive output level will be brought to market if there are N identical firms in the industry? f. What happens to the quantity sold as more competitors are added to the industry? The price? What happens to consumer surplus and deadweight loss? Does this provide support for the government’s desire to ensure competitive industries rather than monopolies or small oligopolies? |
