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- What is the slope of the line to the equation P=30−1/2Q?Q. 1 You are the mayor of a small town with 2000 residents. The head of your economic development agency recently conducted a survey in which the 2000 residents said that a public concert in the centre of town would be worth $20 to cach of them. Since it costs only $5000 to hold the concert, you organized and held the concert, which everyone in town enjoyed. But when you asked for donations to pay for the concert, you only collected $30 in total. What do you know? a. The survey certainly overstated how much the concert was worth to each resident. b. From the standpoint of total costs and benefits, the cost of the concert certainly exceceded the benefit. c. The concert was an example of the Tragedy of the Commons. d. Residents of the town were probably free riders.The ratio of Consumption to savings is given as 5/3 Calculate the value of savings if the value of income is $6000
- 13)Assume that the dummy variable Married=1 if married (0if not married),Sex=1 if male (0if male), and that you estimate the equation: log(wage)= B0 + B1 Married + B2*Sex +B3(Married*Sex). The estimated llog wage for an unmarried woman can be estimated by:a.B0 b.B0+B1+B2 c.B0+B1+B2+B3 d.B0+B3Show that b ^β0 is an unbiased estimator of β0. (Hint: Use the fact that ^β1 isunbiased.Calculate the value of APC when Consumption is given to be $230 and the income is $500
- A certain quantity Q has initial value 5 and decays by 2% each day. Give an exponential function that describes this quantity. (Use t in days as your variable.)INTR.17 Suppose that you have graduated from college. If you had not gone to college, you would have worked and earned about $30,000 per year. Which of the following is the best way to think of the $30,000 per year? a Sunk cost. b Opportunity cost. c It was an opportunity cost, but is now a sunk cost. d It was a sunk cost, but now is an opportunity cost.Identification. Answer the following questions below. QUESTIONS: 1.) What is the statistical technique for finding the best relationship between dependent variable and selected dependent variable or variables? 2.) What is the increase in output that results from an increase in all of a firm’s outputs by some proportions? 3.) What production function are the 3 stages of production applicable? 4.) What stage of production is the increase in output that results from increase in a firm's outputs by some proportion? 5.) In long run production, a change in output necessitates the what?
- Mika eams $340 per week which she spends entirely at the grocery store. purchasing either food or akohol The price of food is $1Aunit, while the price of alcohal is $4/unit. IT Mika receives an additional S65/week in todd stamas thut can be used to buy anyttiog at the grocery store so, this money could be used to buy food and alcoho what is the etical coortinate of the vertical tercept of Mika's budget constraint if she were to graph quantity of food on the horizental as and quantity of alcohol on the vertical aist (Note The amwermay not be a whole number, so round to the nearest hundredthCalculate the value of APC when the value of APS is given as 0.55Compute the GNP using the Income Approach and Expenditure Approach. Personal Consumption ExpendituresP 1,059,000 Compensation of employees and entrepreneurial & propertyIncome of persons980,000 Government Income31,000 Indirect Taxes132,500 Exports of goods and non-factor services648,200 Fixed Capital Formation232,400 Government Services116,000 Imports of goods and non-factor services648,100 Subsidies3,900 Trade237,000 Increase in Stocks7,200 Corporate Income16,000 Depreciation Allowance176,000 General Government Consumption Expenditures86,500 Net Factor Income From Abroad20,600
