# Question 4Aday Cookie Sheets produced 250,000 cookie sheets last year and incurred the following…

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Question 4Aday Cookie Sheets produced 250,000 cookie sheets last year and incurred the following costs: PRODUCTION: 250,000 TOTALDIRECT MATERIALS $ 64,500 LABOR COSTS $ 118,000 INDIRECT MATERIALS $ 32,500 ADMINISTRATIVE $ 40,000 OTHER FIXED COST $ 50,000 TOTAL COSTS: $ 305,000 The management has decided the following:1. All of Direct Materials will be considered Variable Costs (VC)2. 70% of Labor Costs will be classified as VC and 30% as FC.3. 40% of Indirect Materials will be classified as VC and 60% as FC.4. All of Administrative Costs and Other Fixed Costs will be considered as FC. Using the above information, calculate:UNIT FIXED COSTSSelect one:a. $1.22b. $2,465,934c. $0.58 d. $305,000Question 5Aday Cookie Sheets produced 250,000 cookie sheets last year and incurred the following costs:PRODUCTION: 250,000 TOTALDIRECT MATERIALS $ 64,500 LABOR COSTS $ 118,000 INDIRECT MATERIALS $ 32,500 ADMINISTRATIVE $ 40,000 OTHER FIXED COST $ 50,000 TOTAL COSTS: $ 305,000 The management has decided the following:1. All of Direct Materials will be considered Variable Costs (VC)2. 70% of Labor Costs will be classified as VC and 30% as FC.3. 40% of Indirect Materials will be classified as VC and 60% as FC.4. All of Administrative Costs and Other Fixed Costs will be considered as FC. Using the above information, calculate:TOTAL UNIT COSTSelect one:a. $1.22 b. $2,465,934c. $0.58d. $305,000

2.Let’s use our class discussion board topic on family planning, again, assume children is a good that can be measured

2.Let’s use our class discussion board topic on family planning, again, assume children is a good that can be measured on the horizontal axis and exhibits diminishing marginal benefit. Based on that discussion graphically show using marginal analysis the effect on the number of children a family may have in the following situations. Remember all three parts are their own graph, and each graph should have the original (called the starter graph in the videos) functions and then put the new function on it. No plot points or values needed, you can just use Q1, Q2 variables (6 points) (continued on next page) a. The government expands the No Child Left Behind legislation so that it will pay to have breakfast and lunch provided for all children.

1 Create your own economic problem and use its context to complete the following: a) State your problem in

Question 1 Create your own economic problem and use its context to complete the following: a) State your problem in both nonmathematical and mathematical approaches; (6Marks)b) Step by step, explain or demonstrate how you would analyze your problem inmathematical and nonmathematical approaches; (6 Marks)c) Summarize your assumptions, reasoning and conclusions in the following table:(6 Marks) Mathematical Nonmathematical Economics EconomicsAssumptionsReasoning ProcessConclusionsd) Which approach would you prefer? Or, you are indifferent? Explain. (6 Marks)

You wish to save for a vacation by depositing $400 every 4 months over a period of 16 months. The

You wish to save for a vacation by depositing $400 every 4 months over a period of 16 months. The first deposit occurs 4 months from now, and the last is at the end of month 16. The savings fund earns 0.5% per month, compounded monthly. How much will you have accumulated for your vacation?

You just received a large sum of money that you don’t currently need. Since you don’t have children, you wish

Economics Assignment Writing ServiceYou just received a large sum of money that you don’t currently need. Since you don’t have children, you wish to give now a large, single amount of money to a relative to pay for private school for one of the children. Assume the relative will take the sum of money you give and invest it in a fund that earns 4% annual interest. The first withdrawal from the fund will be one year from now, and there will be a total of nine (9) withdrawals. If the annual withdrawal will be $14,000, what single amount must you give now, at time 0, to the relative so the fund can pay for the school expenses?

1. Market demand and supply are given by the following equations: Qd = 5000 – 200P Qs = -1000

1. Market demand and supply are given by the following equations: Qd = 5000 – 200P Qs = -1000 500P A. Calculate point price elasticity of demand at the market equilibrium. B. Calculate point price elasticity of supply at the market equilibrium. 2. Inverse market demand and supply are given by the following equations: P = 60 – 0.50 Qd P = 20 0.25 Qs A. Calculate point price elasticity of demand at the market equilibrium. B. Calculate point price elasticity of supply at the market equilibrium. 3. The market for Wheat has the following Supply and Demand Functions. Supply: Qs = 2050 234P and Demand: Qd = 3550-266P where P is measured in dollars/bushel and Q is measured in millions of bushels (A) Solve for the market clearing price and equilibrium: Pe :_________________________________ (include units) Qe :_________________________________ (include units) (B) What are the price elasticities of demand and supply at this price and quantity? (Include sign when appropriate, and round to the nearest 100th – 2 decimal places.) ϵQ,P:_________________________________ ϵQs,P:_________________________________ 4. Suppose that the demand curve for garbanzo beans is given by Q=20-P where Q is thousands of pounds of beans bought per week and P is the price in dollars per pound. (a) How many beans will be bought at P=0? (b) At what price does the quantity demanded of beans become 0?(c) Calculate total expenditures (P*Q) for beans of each whole dollar price between the prices identified in parts a

According to the U.S. Small Business Administration Office of Advocacy, Indiana’s small businesses employ about 50% of Indiana’s private sector

According to the U.S. Small Business Administration Office of Advocacy, Indiana’s small businesses employ about 50% of Indiana’s private sector workforce. Please review the SBA’s Fact Sheet on Indiana and assume Governor Holcomb has asked you to develop an economic policy that will assist in the formation and sustainability of small business in Indiana. Please discuss your suggestions to the Governor on how Indiana can become the top incubator for small business

Uber is a ride-sharing service started in 2009. Analyze the market before Uber’s entry. Describe the inefficiency Uber exploited. Explain

Uber is a ride-sharing service started in 2009. Analyze the market before Uber’s entry. Describe the inefficiency Uber exploited. Explain Uber’s surge pricing in the context of shifts in supply and demand. Evaluate Uber’s surge pricing in the context of price discrimination. Apply the concepts of economies of scale and economies of scope to Uber’s business model. Apply the concepts of game theory to Uber’s market. Assess Uber’s potential for international expansion and potential trade policy issues. Explain the incentive pay model Uber uses and how it affects the principal-agent problem. Discuss any asymmetric information issues with Uber’s business model.

Describe an example you have experience with of the principal-agent problem (for example, you have a desire for your children

Describe an example you have experience with of the principal-agent problem (for example, you have a desire for your children to listen in school and do well, while for them, goofing off at school might be much more fun), and explain how incentives can be used to overcome the principal-agent problem (such as paying your children for good grades). Include in your explanation an analysis of the risks in using incentives.How will you be able to apply what you learned in this course to your current or future work?

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