AP ECON 1000 Chapter 3_ Law of Supply

. What is the difference between micro and macro economics? Give an example of a microeconomic phenomenon and an example of a macroeconomic one. 2. Go to the internet and find a recent article that you find that is relevant for this section. Provide the link, and a summary of the article and discuss, in a few words, why you found the article interesting 3. Provide an example of a sunk cost. How does this differ from a marginal cost? Explain a time you did (or should have) used marginal analysis to solve a problem.

Need help with review economic question ASAP! 1.  Consider the following conversation.CHAD: “None of the COVID-19 vaccines in Canada has full Health Canadaapproval, and if you get injured from the vaccines, then the pharmaceutical companies are not liable. Furthermore, the vaccines do not prevent against the spread ofcoronavirus, though they may reduce symptoms. However, their efficacy wanes aftera few months.”VIRGO: “Vaccines have helped humanity to conquer diseases like typhus andsmallpox. Why are you saying that vaccines don’t help at all?” Which logical fallacy does Virgo commit?(A) Argument from authority.(B) Ad Hominem.(C) Post Hoc Ergo Procter Hoc.(D) Straw Man. 2. Which of the following statements is the best articulation of Malthusian dynamics?(A) “Technology will endeavour to make us increasingly less reliant upon fixed re-sources, since said resources can be stretched out in an exponential manner.”(B) “It is not possible that we can sustain ourselves indefinitely with fixed…

Distinguish between Micro and Macroeconomics                               The production possibility frontier indicates the various combinations of output that an economy can produce given the available factors of production and technology; Explain any five assumptions of the production possibility frontier  Using the concept of production possibility curve, explain how it can be used to show the relationship between scarcity, choice, opportunity cost and efficiency                                                                    Explain any five  factors that may cause change in the shift of the production possibility curve

The oversupply of bananas in Mexico, which is recorded in the months of September and October, causes prices to farmers to be reduced by up to 50 percent below the cost of production, said Adrián Prats, president of the banana product system at the national. "It is a critical situation, we are selling the fruit below the cost of production, which is when it really impacts the producer, since he has to continue maintaining his plantations healthy and vigorous and that costs. We have to invest in it, even though the price is not giving to pay, even, the costs", explained Prats. The above causes: a. By decreasing the price of bananas, marginal income decreases and therefore, production must be increased (T/F) _________ b. By lowering the price, the company will have to take care of its costs. To avoid leaving the market, the producer must ensure that, at least, the average variable costs (T/F) _______ are covered c. It is recommended that a banana producer who invests in keeping his…

Please don't copy ans                      Economics You are the owner of a motorbike company that currently has two different factories, an old one and a new one. The old factory uses an old technology that requires large amounts of labor to produce motorbikes. The production technology for the old firm is given by Fo(L) = m*L^1/2 . The new factory uses a much more modern production technology given by Fn(L) = n*L^1/2 . a. What are costs as a function of output for each individual factory? b. Suppose that you want to produce 1000 motorbikes. How many motorbikes will you produce at the old factory and how many will you produce at the new factory? c. Derive an expression for the total cost of producing y motorbikes (assuming that you always divide production between the factories in the optimal way). How does this cost function compare to the individual factory cost functions? d. It turns out that you can upgrade your old factory to make it just as efficient as the new factory. To pay…

. Categorize the following as microeconomic or macroeconomic questions: (i) What are the differences between the dairy industry and the airline industry? (ii) Why are unemployment rates for teenagers rising? (iii) Why are prices falling in the digital camera industry? (iv) Why is the Barbados experiencing high rates of inflation? (v) How large is KFC’s share of the fast food industry? (vi) How will implementation of a minimum wage rate affect your 17 year old brother’s budget? (vii) Why are interest rates rising? (viii) Why are economic growth rates different in the Jamaica and Antigua?

EM.35     Which of the following is most likely to happen as an economy moves along a production possibility frontier producing more services and fewer goods? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a marginal costs of producing more services will rise, but allocative efficiency may increase. b marginal costs of producing more services will decrease, but allocative efficiency may increase. c marginal costs of producing more services will rise and allocative efficiency will decrease as a result. d marginal costs of producing more services will decrease and the allocative efficiency will increase as a result.

Discuss ONE idea from the course so far that you find most interesting and actually useful in real life subject :- Microeconomic This is just a disscussion

Factors of production are A) the mathematical calculations firms make in determining their optimal production levels. B) social and political conditions that affect production. C) the physical relationships between economic inputs and outputs. D) inputs into the production process.

Three managers of APISYONADO Company are discussing a possible increase in production who do you think is right? Why? MR.API - we should examine whether our company's productivity galloons of perfume per worker would rise or fall MR.NADO- we should examine whether the extra revenues from selling the additional perfume could be greater or smaller than the extra cost MR. SYO- we should whether our average cost per worker could be rise or fall

In Bushville, residents typically either work as salaried employees or owns small business on Central Square. Salaried employees on average earn $56,000 per year. All of the stores are rented by real estate companies who own the buildings. Currently the typical store brings in $325,000 of revenue per year. The typical variable costs needed to run a store in Bushville (paying for labor, buying material, etc.) are $210,000 year. a) What is the opportunity cost of running a store? Explain how you know this. b) Given this opportunity cost, what rent will the real estate companies charge? Explain. c) Suppose that a new highway brings more visitors to town, and stores on Central Square now brings in $472,000 of revenue per year with modest increase in variable costs to $236,000. What will happen to rents? Who will benefit – shop owners or the real estate companies?

The technically efficient combination of two products a busniness can produce in the current period given its existing resources and technology is: (a) The production possibilities frontier (b) The marginal rate of production transformation (c) The least cost combination of two products (d) The marginal physical product

An example of innovation rent is: Select one or more: a.The cost of opening a new factory. b.The return to an entrepreneur from introducing a new technology. c.The opportunity cost of production. d.The cost an entrepreneur must pay to the inventor of a new technology.

Define the statement. Whether correct or incorrect.   The production of a firm is diminishing due to the poor technology.    This is macroeconomic issue.

Question 1 Classify the following as microeconomics or macroeconomics and provide a justification for your choice The optimal choice of output for a firm that produces electric heaters Macro, examining entire economy Macro, examining one sector in economy Micro, examining one specific firm Micro, examining one individual Micro, examining one sector of the economy Macro, examining one firm in the economy   A worker’s decision about how many hours to work Macro, examining entire economy Macro, examining one sector in economy Micro, examining one specific firm Micro, examining one individual Micro, examining one sector of the economy Macro, examining one firm in the economy The impact of new technology in the market for DVD recorders Macro, examining entire economy Macro, examining one sector in economy Micro, examining one specific firm Micro, examining one individual Micro, examining one sector of the economy Macro, examining one firm in the economy The relationship between…

Explain what is meant by allocative efficiency and under what conditions is this efficiency achieved? And explain what is meant by efficiency in production, and under what conditions is this efficiency achieved?

In one or two sentences, define of each of the following terms and briefly explain their economic significance or their importance to the study of Macroeconomics.a. Opportunity Costsb. The Law of Diminishing Marginal Returnsc. Property Rights

EM.19     Billy is an economics student and can use a practice exam to test his knowledge. After one hour of studying, he scores 50% on the exam.  After two hours, he scores 75%.  After three hours, he scores 85%.  After four hours, he scores 90%.  What economic concept is most clearly illustrated here?   a diminishing marginal returns b worker fatigue c input inefficiency d opportunity cost

In the use of the resources, it is important to any the concept of opportunity cost . Define oportunity cost in economic terms

Read the following article and answer the questions listed in regard to argument mapping.   Adapt or perish: Australia Post must embrace digital disruptionMost industries are vulnerable to digital disruption of established business models. The question is whether industry should seize the opportunity to reposition themselves in a changing market. Or whether they should wait to be disrupted by external forces, with the prospect of a one-way ticket to oblivion.A new report by UTS Business School for the McKell Institute shows that the pace of digital transformation is now disrupting one of the government’s largest and most iconic business enterprises – Australia Post.Traditionally, mail volumes have grown in alignment with GDP growth. But between 2008-09 and 2013-14, mail volume declined by 25% to 4.5 billion items. This, in turn, has contributed to a major deterioration in financial performance. In the first half of 2014-15, the loss in the mail business was A$151 million and it is…

Read the following article and answer the questions listed in regard to argument mapping.   Adapt or perish: Australia Post must embrace digital disruptionMost industries are vulnerable to digital disruption of established business models. The question is whether industry should seize the opportunity to reposition themselves in a changing market. Or whether they should wait to be disrupted by external forces, with the prospect of a one-way ticket to oblivion.A new report by UTS Business School for the McKell Institute shows that the pace of digital transformation is now disrupting one of the government’s largest and most iconic business enterprises – Australia Post.Traditionally, mail volumes have grown in alignment with GDP growth. But between 2008-09 and 2013-14, mail volume declined by 25% to 4.5 billion items. This, in turn, has contributed to a major deterioration in financial performance. In the first half of 2014-15, the loss in the mail business was A$151 million and it is…

Read the following article and answer the questions listed in regard to argument mapping. Adapt or perish: Australia Post must embrace digital disruptionMost industries are vulnerable to digital disruption of established business models. The question is whether industry should seize the opportunity to reposition themselves in a changing market. Or whether they should wait to be disrupted by external forces, with the prospect of a one-way ticket to oblivion.A new report by UTS Business School for the McKell Institute shows that the pace of digital transformation is now disrupting one of the government’s largest and most iconic business enterprises – Australia Post.Traditionally, mail volumes have grown in alignment with GDP growth. But between 2008-09 and 2013-14, mail volume declined by 25% to 4.5 billion items. This, in turn, has contributed to a major deterioration in financial performance. In the first half of 2014-15, the loss in the mail business was A$151 million and it is…

(h)  sugar  industry is a subject matter of micro economics. Give reason.  (i) what do you mean by alternative uses of resources? (k) unemployment in India is a subject matter of microeconomics or macroeconomics, give reason.