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Kaplan MT445 unit 2 assignment

Please answer the following questions. Submit as a Microsoft Word® document to the Dropbox when completed.

1. Explain what would happen to equilibrium price and quantity in the market for Pepsi if the following occurred (be sure to indicate WHY it happens as well):

a. The price of Coke decreases.

b. Average household income falls from \$50,000 to \$43,000

c. There are improvements in soft-drink bottling technology.

d. The price of sugar increases and the Pepsi launches an extremely successful advertising campaign.

2. Use the following equations for demand and supply to solve for market equilibrium price and quantity:

Demand: Qd = 100 – 4P

3. Using the diagram below, answer the following questions:

a. How much is the per-unit tax on cigarettes?

b. What price do consumers pay after the tax?

c. How much tax revenue is collected?

d. What is the amount of deadweight loss?

Unit 3 assignment Unit 3 Assignment

Student Name:

Please answer the following questions. Submit as a Microsoft Word® document to the Dropbox when completed.

1. Explain the relationship between the price elasticity of demand and total revenue.

2. Is the price elasticity of gasoline more elastic over a shorter or a longer period of time? Explain.

3. Determine whether each of the following is an explicit cost or an implicit cost:

4. Consider the following information in the table for Pat’s Pizza Restaurant and answer the questions below.

 Marginal Product of Capital 4,000 Marginal Produce of Labor 100 Wage Rate \$10 Rental Price of Pizza Ovens \$500

a. Is the owner of Pat’s Pizza Restaurant minimizing cost?

b. Should he rent more ovens and hire fewer workers or rent fewer ovens and hire more workers? Explain.

Unit 3 Alternative Seminar Assignment

Unit 4 Alternative Seminar Assignment

Unit 4 Assignment

Student Name:

Please answer the following questions. Submit as a Microsoft Word® document to the Dropbox when completed.

1. How does the demand curve faced by a perfectly competitive firm differ from the market demand curve in a perfectly competitive market? Explain.

2. A perfectly competitive firm has the following fixed and variable costs in the short run. The market price for the firm’s product is \$140.

Output FC VC TC TR Profit/Loss

a. Complete the table.

b. What level of output should the firm produce to maximize profits?

3. How does the demand curve faced by a monopoly differ from the demand curve faced by a perfectly competitive firm? Explain.

4. The following table provides market share information about the soft-drink industry.

 Company Market Share Coca-Cola 37% Pepsi-Co 35 Cadbury Schweppers 17 Other 11

Do you think the Department of Justice and the Federal Trade Commission would approve a merger between any two of the first three companies listed? Explain.

Unit 5 Assignment

1. Do the firms in an oligopoly act independently or interdependently? Explain your answer.

2. A monopolistically competitive firm has the following demand and cost structure in the short run:

Output Price FC VC TC TR Profit/Loss

a. Complete the table.

b. What level of output maximizes profit or minimizes loss?

c. Should this firm operate or shut down in the short run? Why?

3. Suppose that Wal-World and Tarbo are independently deciding whether to implement a new bar code technology. It is less costly for their suppliers to use one system and the following payoff matrix shows the profits per year for each company resulting from the interaction of their strategies.

a. Briefly explain whether Wal-World has a dominant strategy.

b. Briefly explain whether Tarbo has a dominant strategy.

c. Briefly explain whether there is a Nash equilibrium in this game.

Unit 6 Assignment

Please answer the following questions. Submit as a Microsoft Word® document to the Dropbox when completed.

1. How can we measure the opportunity cost of leisure? Why is the supply curve for labor usually upward sloping?

2. In the graph below, assume that the market demand curve for labor is initially D1. Answer the following questions. a. What are the equilibrium wage rate and employment level?

b. What area represents economic rent?

c. Assume that the price of a substitute resource decreases, other things constant. What happens to demand for labor?

What are the new equilibrium wage rate and employment level?

What happens to economic rent?

d. Suppose instead that demand for the final product increases, other things constant. Using labor demand curve D1 as your starting point, what happens to the demand for labor?

What are the new equilibrium wage rate and employment level?

What happens to economic rent?

3. Use the following data to answer the questions below. Assume a perfectly competitive product market.

Units of LaborUnits of Output

0 0

1 8

2 12

3 17

4 21

5 23

a. Calculate the marginal revenue product at each level of labor input if output sells for \$4 per unit.

b. If the wage rate is \$15 per hour, how much labor will be hired?

c. What is the firm’s total revenue and total amount paid for labor at the level of labor input you determined in (b)?

Unit 7 Assignment

Student Name:

Please answer the following questions. Submit as a Microsoft Word® document to the Dropbox when completed.

1. Why does inflation make nominal GDP a poor measure of the increase in total production?

2. Which component of GDP will be affected by each of the following transactions involving FlyCheap Airlines? If you do not believe any component will be affected, briefly explain why.

3. Use the table to answer the following questions.

 Year Real GDP (Billions of 2000 Dollars) 1993 \$7,113 1994 7,101 1995 7,337 1996 7,533 1997 7,836

i. Calculate the growth rate of real GDP for each year from 1994 to 1997.

ii. Calculate the average annual growth rate of real GDP for the period from 1994 to 1997.

iii. How does the average annual growth rate you calculated in (ii) above compare to the average growth rate the U.S. normally expects?

4. In an open economy, trade is allowed between countries. Assume a consumer purchases \$1,000 worth of furniture manufactured in China. Answer the following:

a. Which component(s) of GDP are impacted by this purchase?

b. Does GDP increase, decrease or stay the same? Briefly explain why.

c. Does your answer change if the company in China is a U.S.-owned company? Why or why not?

Unit 8 Assignment
Determine whether each of the following would cause a shift of the aggregate demand curve, a shift
of the aggregate supply curve, neither, or both. Which curve shifts, and in which direction? What
happens to aggregate output and the price level in each case?
a. The price level changes
i. Which curve shifts?
ii. Which direction does it shift?
iii. What happens to aggregate output?
iv. What happens to the price level?
b. Consumer confidence declines
i. Which curve shifts?
ii. Which direction does it shift?
iii. What happens to aggregate output?
iv. What happens to the price level?
c.

The supply of resources increases
i. Which curve shifts?
ii. Which direction does it shift?
iii. What happens to aggregate output?

[MT445 | Managerial Economics]

iv. What happens to the price level?
d.

The wage rate increases
i. Which curve shifts?
ii. Which direction does it shift?
iii. What happens to aggregate output?
iv. What happens to the price level?

Determine whether the following statements are true or false.
i.

Some people who are officially unemployed are not in the labor force.

ii.

Some people in the labor force are not working.

iii.

Everyone who is not unemployed is in the labor force.

iv.

Some people who are not working are not unemployed.

[MT445 | Managerial Economics]
Refer to the following data on the U.S. consumer price index and answer the questions below.
Year
1988
1989
1990
1991
1992
a.

CPI
118.3
124.0
130.7
136.2
140.3

Year
1993
1994
1995
1996
1997

CPI
144.5
148.2
152.4
156.9
160.5

Year
1998
1999
2000
2001
2002

CPI
163.0
166.6
172.2
177.1
179.9

Year
2003
2004
2005
2006

CPI
184.0
188.9
195.3
201.8

Compute the inflation rate for each year 1989-2006.

b. Which years were years of inflation?

c. In which years did deflation occur?

d. In which years did disinflation occur?

e. Was there hyperinflation in any year?

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