27. The short run can be defined as any period of time: A Less than one year 6. In which some inputs are fixed c. In which all inputs are variable d. In which price is fixed TUC
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- Let’s consider the economics of waiting. The economic cost of waiting can be viewed from two perspectives. For the company Apple, consider the cost of keeping an employee (i.e., an internal customer) waiting can be measured by unproductive wages. For external customers, the cost of waiting is the forgone alternative use of that time. In a competitive market, excessive waiting can lead to lost sales (Bordoloi, p. 95). Sometimes the perception of waiting is more important to the customer than the actual time spent waiting, suggesting that innovative ways should be found to reduce the negative aspects of waiting. Describe what this looks like within Apple's organization. What can be done today to reduce or eliminate this waiting, whether it is physical waiting or the perception of waiting? Also, consider waiting times for different access points for Apple: considering the website, calling Apple, emailing Apple, social media, and other access points. How will you address waiting in each of…The typical consumer’s food basket in the base year 2015 is as follows: 30 chickens at $3 each 10 hams at $5 each 10 steaks at $8 eachA chicken feed shortage causes the price of chickens to rise to $5.00 each in the year 2016. Hams rise to $7.00 each, and the price of steaks is unchanged.a. Calculate the change in the “cost-of-eating” index between 2015 and 2016. Year Cost of the basket 2015 $ 2016 $ Instructions: Enter your responses rounded to one decimal place.The official cost-of-eating index has (Click to select) decreased increased by %.b. Suppose that consumers are completely indifferent between two chickens and one ham. For this example, how large is the substitution bias in the official “cost-of-eating” index?The increase in the cost-of-eating index is _______%. The overestimate of inflation in the cost of eating reflects substitution bias. (i am having trouble with part b primarily.)i. Explain why AS curve is vertical in the long runii. Some economists believe that AS curve is positively sloped in the short run. Explain 3 theories which justify this view.iii. Explain 4 variables which can shift the AS curve both in the long run and the short run.iv. Is there any variable which shifts AS in the short run , but not in the long run?
- 1a. Explain Ricardo’s theory of rent and the law of diminishing returns. b.What is socialism and what are the principal methods by which its advocates have tried to bring it into existence?Since most consumers spend very little on salt, a small increase in the price of salt will:A. reduce quantity demanded by a large amountB. not reduce quantity demanded by very muchC. not change quantity demandedD. increase quantity demanded by a small amount 2.Fred is considering opening a ski shop in Colorado. Assume Fred will incur the following costs: building rent= $100000/year, inventory= $250000/ year, energy=$50000/year, and labor (one clerk) = $10000/year. In addition, Fred’s current income as a computer programmer is $40000 per year. Assuming Fred would earn $ 460000 in revenues, he could expect to earn:A. an accounting profit of $10000 per yearB. an accounting profit of $ 60000 per yearC. an economic profit of $ 10000 per yearD. an economic profit of $50000 per year 3.Suppose a firm employs only capital and labour (K and L) and its production function is Q = 2KL. If the quantities of labour and capital are fixed at K =10 and L = 25, then:A. total output cannot exceed 125B.…A. Explain how MP = decreasing within the Cobb - Douglas function ( explain the functions and their variables ) 2.45 2.65 B. The company Tres Monjitas faces the following production function : Q = L K and has the following prices of inputs : PL = $ 10 and PK = $ 20 . Estimate the Cobb - function Douglass (Get L relative to K).
- PepsiPepsi and CokeCoke are considered to be substitutesubstitute goods.Use the line drawing tool to show how an increasean increase in the price of PepsiPepsi affects the demand for CokeCoke. Label this new line 'D2'.10 Suppose a firm needs to combine 3 units of machines with 7 units of labor to produce one unit of output. Now assume the firm has 18 machines. There is a sudden shock such that the wages of labor doubles in the market. (a) What is the short run elasticity of labor demand? (b) What other margins of adjustment does the firm have in the long run? Explain1.Explain the difference between the scope of macro and micro economics! 5. Determine the equilibrium price and the quantity of goods traded if the market function of cooking oil is known Qd = 20,000-5P ; Qs = -5000 + 20 P. and also draw the curve!
- Answer the question(s) or solve the problem(s) below. Show your work if it involvescalculation or graphing and submit it for grading as required.1. If the absolute price of good X is $10 and the absolute price of good Y is $14,then what is ---------------------? (a) the relative price of good X in terms of good Y? (b) the relative price of good Y in terms of good X?6 A production function has two inputs, K and L. At the current time, at the current level of output, Mp(L) = 60 and MP(K)= 30; the price of L is $20/unit-hour and the price of K is $5/unit. a. is the current combination of K and L optimal? How do you know? b. If it is optimal, what is the MP per dollar spent on K? If it is NOT optimal, how should you change your purchases of K and L to reach the cost minimum? Explain.E2 The economic order quantity model’s objective is to determine the optimal quantity to order each time that will minimize the total inventory cost. What assumptions are made in this model?
