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17 Oct
2020

1. Given the following utility function and bundle combinations, first calculate how much utility…

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1. Given the following utility function and bundle combinations, first calculate how much utility each bundle yields and then determine which bundle is preferred. You can assume each bundle cost the same amount. (Please show work) (1 point)U(x,y,z) = 3x 0.5y z2 when in bundle A you purchase 2 of each good and in bundle B you purchase 4 of x but can’t afford any of y and z.
Brazil and Chile produce coffee and wine using land and labor. Labor is mobile between the sectors, however, coffee beans
Brazil and Chile produce coffee and wine using land and labor. Labor is mobile between the sectors, however, coffee beans and wine require different soil and climate. This means that some land is good only for growing coffee beans and some land is only good for growing wine grapes. Brazil is relatively abundant in (has more) coffee-growing land, while Chile is relatively abundant (has more) in wine grape growing land. Preferences are identical in both countries. Assume both countries are in autarky. In an effort to work harder and have fewer hangovers, consumers in both countries increase their demand for coffee and reduce their demand for wine. Which of the following statements is true.
1.In the specific-factors model, an increase in the amount of labor used in manufacturing will ____________ the marginal product of
1.In the specific-factors model, an increase in the amount of labor used in manufacturing will ____________ the marginal product of ____________ used in the production of agriculture.Select one:a. Increase; landb. Decrease; capitalc. Increase; labord. Decrease; labor2.A(n) ____________ in the price of agriculture leads to a less than proportional ____________ in the nominal wage paid to workers.Select one:a. decrease; increaseb. increase; decreasec. decrease; decrease3.Brazil and Chile produce coffee and wine using land and labor. Labor is mobile between the sectors, however, coffee beans and wine require different soil and climate. This means that some land is good only for growing coffee beans and some land is only good for growing wine grapes. Brazil is relatively abundant in (has more) coffee-growing land, while Chile is relatively abundant (has more) in wine grape growing land. Preferences are identical in both countries. Assume both countries are in autarky. In an effort to work harder and have fewer hangovers, consumers in both countries increase their demand for coffee and reduce their demand for wine. Which of the following statements is true.Select one:a. The price of coffee should rise relative to the price of wine.b. The output of wine should rise in both countries.c. The output of coffee in Brazil should decrease.
-A firm produces two products, X and Y. The cost technology displays the following costs, where C(i,j) represents the
-A firm produces two products, X and Y. The cost technology displays the following costs, where C(i,j) represents the cost of producing i units of X and j units of Y: -C(0,50)=120 -C(30,50)=330 -C(30,0)=230 -C(0,100)=250 -C(60,0)=480 -C(60,100)=710. -Does this production technology display economies of scale and scope? – -a.Economies of scale and economies of scope. -b.Diseconomies of scale and diseconomies of scope. -c.Diseconomies of scale and economies of scope. -d.Economies of scale and diseconomies of scope.1 points QUESTION 16 -A firm produces two products, X and Y. The cost technology displays the following costs, where C(i,j) represents the cost of producing i units of X and j units of Y: -C(0,20)=30 -C(10,20)=60 -C(10,0)=25 -C(0,40)=50 -C(20,0)=45 -C(20,40)=100. -Does this production technology display economies of scale and scope? – -a.Economies of scale and diseconomies of scope. -b.Diseconomies of scale and economies of scope. -c.Diseconomies of scale and diseconomies of scope. -d.Economies of scale and economies of scope.1 points QUESTION 17 -If a company’s revenues just cover all its opportunity costs, then _____________. -a.economic profit is zero -b.normal profit is zero -c.total revenues equals its implicit costs -d.Both (a) and (b)1 points QUESTION 18 -Which of the following statements is true regarding a 40% learning curve? – -a.The cumulative average time per unit decreases by 60% each time output doubles. – -b.The per unit average cumulative time falls to 40% of the previous per unit average cumulative time as the cumulative output doubles. – -c.The cumulative average time per unit decreases by 40% each time output doubles. – -d.Both (a) and (b) are correct. -1 points QUESTION 19 -What is the elasticity of demand for the product of a single firm in perfect competition? -a.Infinite, because the firm produces a unique product. -b.Infinite, because many other firms produce identical products. -c.Zero, because many other firms produce identical products. -d.Zero, because the firm produces a unique product.1 points QUESTION 20 -At any level of output __________. – -a.average variable cost will exceed average total cost in the short-run – -b.average total cost will exceed average variable cost by the level of average fixed cost – -c.average variable cost will exceed average fixed cost by the level of average total cost – -d.marginal cost will exceed average variable cost by the level of average fixed cost -need help
In class, we examined a model of electoral competition with two parties, A and B, each choosing a tax rate
Economics Assignment Writing ServiceIn class, we examined a model of electoral competition with two parties, A and B, each choosing a tax rate τi from a tax policy space that spans the unit interval[0, 1]. In it, there was a continuum of voters with tax preferences distributed uniformlyover that same interval. We then used the model to derive a prediction, in which bothparties chose tax rates of τ ∗i = .5, thus capturing half of the vote each.Now suppose there are three parties, A, B, and C. Argue that a common tax policyof .5 no longer constitutes a Nash equilibrium.
The following paper is published in Kaplanski, G., Levy. H. 2010, Exploitable Predictable Irrationality: The FIFA World Cup Effect on
The following paper is published in Kaplanski, G., Levy. H. 2010, Exploitable Predictable Irrationality: The FIFA World Cup Effect on the U.S. Stock Market, Journal of Financial and Quantitative Analysis, 45(2), 535-553.The paper link: https://www.biu.ac.il/SOC/sb/mes/article.pdfIt has been documented that major sports events have a systematic effect on stock (index) return with exploit able abnormal profits. These findings are a part of the extensive literature, which claims that investors’ moods (which are not related with the market fundamentals) have a significant effect on stock markets. To test for the FIFA World Cup effect on stock return, Kaplanski and Levy (2010) estimate the following equation: where Rt is the daily stock market return in percentage, Mon is the dummy variable that takes 1 for Monday and 0 otherwise, Tues is the dummy variable that takes 1 for teusday and 0 otherwise, W ed is the dummy variable that takes 1 for Wednesday and 0 otherwise, Thu is the dummy variable that takes 1 for Thursday and 0 otherwise, Ht is a dummy variable for days after a non-weekend holiday, Tt is a dummy variable for the first 5 days of the taxation year, P1 is a dummy variable for the summer period (June and July), E1 is the dummy variable for the event (FIFA World Cup) days. The key parameter of interest is β5 which measures how much the expected stock return during the FIFA Wolrd cup days are higher than the other days. Using the daily returns (in percentage) from the NYSE composite index (CRSP) from 1950 to 2007 (14,679 observations), Kaplanski and Levy (2010; Table 2) report several regression results based on the above equation, which indicate a statistically significant effect of FIFA World Cup games on stock returns. The estimated coefficients of β5 are around -0.2 (in absolute value), and they are statistically significant with the t-statistic around -3 in all cases, while the R2 values are less than 0.1 in most cases. To reproduce the above results, the same return data updated to June 2016 (16,819 observations, in percentages) is used. It is found the FIFA World cup event coefficient estimate is β5 is -0.15 with the t-statistic of -2.86 (two-tailed p-value of 0.0042), similar to those reported in Kaplanski and Levy (2010). The Eviews outputs are given below using the entire sample. Question: Critically evaluate the above statistical results in relation to the claim that the FIFA World Cup has a significant effect on stock market return. Use three bullet pointspoints of evaluation may include the following (but not limited to):• Economic plausibility of the model• Economic significance of effect size• Validity of statistical significance based on the p-value criterion• Possible sampling biasCritical evaluation means• To give your opinion on something• To support your opinion (with evidence where possible).• Note: Critiquing is NOT simply stating that something is “bad”.• Weigh up strengths and weaknesses.• Appraise the worth of something – test assumptions – judge the worth of an argument or position.How do I write critical evaluation?Can you give me some frames?
Please solve the following problem: A consumer must divide $600 between the consumption of product Xand product Y . The
Please solve the following problem: A consumer must divide $600 between the consumption of product Xand product Y . The relevant market prices are Px= $10 and Py= $40.a. Write the equation for the consumer’s budget line.Instruction:If the coefficient on X is a negative number, enter a negative number as your answer.Y = Xb. In the graph below, illustrate the consumer’s opportunity set. Show as graficlyInstruction:Use the tool provided ‘Original Budget Set’ to graph the opportunity set from where X = 0 to where Y = 0.c. In the same graph, Illustrate the consumer’s opportunity set when the price of good Xincreases to $20.Instruction:Use the tool provided ‘Budget Set with Px= $20’ to graph the opportunity set from where X = 0 to where Y = 0.How does this change alter the market rate of substitution between goods Xand Y?It changes from -2 to -4.It changes from -0.5 to -0.25.It changes from -0.25 to -0.5.It changes from -4 to -2.
On August 10, 2020, a major storm known as a derecho, hit the Midwest US (especially in Iowa, Illinois and
On August 10, 2020, a major storm known as a derecho, hit the Midwest US (especially in Iowa, Illinois and Indiana) with straight line winds of up to 100 miles per hour. It flattened the corn crop on millions of acres. This is clearly a natural production event that caused growing conditions to change from normal to below-normal. Also in August, it became clear that the Peoples Republic of China (aka, China) had returned as a major customer of US corn. For political reasons, China had not been purchasing US food products. However, China’s own domestic markets have recently not been able to meet growing demands for corn. As a result, the US corn market is being changed by the addition of China as a major buying customer.· Use a standard supply and demand analysis to predict the combined effects of these two events on the US Corn Market. o What is the direction of change for the US Corn Supply curve? Why? What is the independent impact of this supply-side event on the equilibrium price and equilibrium quantity of corn?o What is the direction of change for the US Corn Demand curve? Why? What is the independent impact of this demand-side event on the equilibrium price and equilibrium quantity of corn?o When we account for the effects of the both the supply and demand changes, what are the predicted net effects on the equilibrium price and quantity in the corn market (increase, decrease or indeterminate), and why? Explain your logic completely.
Which of the following statements is correct? a.When the combined differential efficiency is positive the firm should make because costs
Which of the following statements is correct? a.When the combined differential efficiency is positive the firm should make because costs of vertical integration are greater than costs of outsourcing. b.When the combined differential efficiency is negative the firm should buy because costs of vertical integration are greater than costs of outsourcing. c.When the combined differential efficiency is positive the firm should buy because costs of vertical integration are greater than costs of outsourcing. d.When the combined differential efficiency is negative the firm should buy because costs of vertical integration are less than costs of outsourcing.
t’s a 3 part QuestionWhat resource was there not enough of for the parents to bake what they had planned?b.
t’s a 3 part QuestionWhat resource was there not enough of for the parents to bake what they had planned?b. Land a. Laborc. Entrepreneurshipd. CapitalQUESTION 22. Given that the family did not have the amount of the resource it wanted it had to:a. Drive 35 minutes to the store to get moreb. Borrow some from a neighborc. Sacrifice some of the cookies that were going to be bakedd. Have some cookies deliveredQUESTION 33. What happened as the sugar was used for the cake?a. They had to make more sugar.b. They had to buy more sugar.c. They made a smaller caked. It could not be used for the cookies.
For each of the following scenarios, draw well-labeled graphs to illustrate the changes you expect to take place. Next—and of
For each of the following scenarios, draw well-labeled graphs to illustrate the changes you expect to take place. Next—and of most importance—explain in bullet-point fashion each step of the causeand-effect change process. In other words, (1) identify which “rule” created a shift and (2) explain how marginal analysis works together with the Law of Demand and the Law of Supply to remedy market imbalances when market conditions change (as reflected by a shift of the demand curve, the supply curve, or both). As part of your explanation, when appropriate, comment on how (a) subjective value and/or (b) opportunity cost are/is involved with the change process. (Hint for some of the questions: A price ceiling or a price floor is not interpreted the same way as a “regulation,” per our supply and demand “rule book.”) 1. A rare earth element known as dysprosium has unique magnetic properties that make it a mandatory input in the manufacturing of wind turbines. All mines for dysprosium have been exhausted. The last known location for this element is high-up in a mountain range in China. The resource requirements for mining this remaining source of dysprosium are expected to be significantly higher than the cost of pervious mining operations. Using the supply and demand model, explain the changes you expect to happen (a) in the market dysprosium and (b) the market for wind turbines. 2. The U.S. Environmental Protection Agency recently enacted regulations that require new, expensive procedures that must be implemented in order to generate electricity by using coal as a fuel source. Naturally, you should consider coal as a compliment in the production of coal-fired electricity. Using the supply and demand model, explain what happens (a) in the market for coalfired electricity generation and (b) the market for coal. 3. Suppose a town in an isolated area has a housing market that is in equilibrium. Next, suppose that a shale formation near the town causes a massive influx of people to drill for oil and gas in the formation. First: What do you expect to happen in the housing market? Second: What would happen if the town voted to approve a law to keep the price of housing at its original equilibrium price? 4. Suppose a country has a labor market that is in equilibrium. Next, suppose that, for whatever reason, a surge of people choose to immigrate into the country searching for economic opportunity. First: What do you expect to happen in the labor market? Second: What would happen if the country voted to approve a law to keep the price of labor at its original equilibrium price? (Helpful Hint: In a labor market, the laborers represent the supply curve and employers represent the demand curve.) 5. A storm knocks out power to a town. Portable generators offer the only option for residents to get electricity. To protect the public interest, the city government passes a law specifying that no one may sell generators above the price charged before the storm struck. First: What do you expect to happen in the market for generators? Second: What would happen if the town government passed a law fixing the price of generators at the price charged before the storm struck?

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