Econ

Q6: How much production fixed expenses should be allocated to 1 kg of "complete meal"? Give a specific number and your logic to support the

Using the data and your own economic knowledge, assess the case for financing universities mainly through charging fees to their students.

The figure obviously had not return to pre-crisis level. Moreover, recent commodity prices had fallen significantly which will affect Australia’s short and long term economy.

Answer the next question on the basis of the following production possibilities tables for countries Alpha and Beta:

How much of the income in the United States is in the form of wages and fringe benefits?

1. (10 pts.) Stella Ann Freeman is having a difficult time deciding whether or not to purchase a new car. How would understanding the concept of opportunity costs help her make a decision?

THE UNIVERSITY OF NEW SOUTH WALES SCHOOL OF ECONOMICS SESSION 1, 2008 ECONllOl MICROECONOMICS I FINAL EXAMINATION TIME ALLOWED - 2HOURS

ECON2103 – Problem Set (1) Multiple Choice Questions: 1. Understanding opportunity cost You work as an assistant coach on the university basketball team and earn $12 per hour. One day, you decide to skip the hour-long practice and go to the local carnival instead, which has an admission fee of $7. The opportunity cost of skipping practice and going to the carnival, valued in dollars is _________. 1) 2) 3) 4) $20 $12 $19 $7

c. Calculate the opportunity cost of increasing the annual output of potatoes from 400 to 600 pounds.

7. Which of the following must be true if a firm is experiencing economies of scale?

This assignment has a maximum total of 100 marks and is worth 10% of your total grade for this course. You should complete it after completing your course work for Units 1 through 5. Answer each question clearly and concisely.

28. Economic statistics are not perfect. Explain at least one way in which each of the

Briefly describe the three primary methods of resource allocation that have evolved to answer these questions.

A profit maximising perfectly competitive firm should select the output level at which the difference between the marginal revenue and marginal cost is greatest. This is equivalent to selecting the output where the spread between total revenue and total cost is greatest.

My group broke down our project into different parts, and we would find different resources for each section. First, we wanted to a general idea about the concept of decreasing marginal benefit by consulting the textbook and online resources released by Dan Ariely and Alain Samson. After we found out that the concept of decreasing marginal benefit was a result of less utility/satisfaction from consuming subsequent units, we created a graph that would help depict this change with its relation to price. We hoped this would help the audience understand the connection between decreased willingness to pay for a product was indictive of decreased utility. My group and I wanted to give the audience a complete rundown of the definition and reasons