Home » 1. The Opportunity Cost Of Serving In The Army For A Year (measured In

# 1. The Opportunity Cost Of Serving In The Army For A Year (measured In

Transcribed Image Text from this Question1. The opportunity cost of serving in the army for a year (measured in dollars) for a population of 8 individuals is as follows: A: 60,000 B: 55,000 C: 42,000 D: 35,000 E: 28,000 F: 20,000 G: 18,000 H: 15,000 Suppose we need an army of four people and we have a draft, so that the selection is made randomly. Suppose C, G, B and E are drafted. What is the total opportunity cost of this army? Now suppose, as was true in some northern states in the Civil War, that if you are selected, you may either serve or find a substitute. Draw demand and supply curves for the market for substitutes and find the equilibrium price range, explaining why it is an equilibrium. Who exactly will serve under these conditions? How would you answer change if A, B, C and H were drafted ? Graph Supply and Demand schedules and identify the equilibrium. What are the efficiency advantages of allowing people to buy substitutes? Do you think it is a good idea? What considerations other than efficiency matter? Finally, suppose the government replaces the draft with a volunteer army, so that the government must pay the market equilibrium wage to hire a soldier. Draw the supply curve for soldiers. Since the government will pay whatever it has to to get 4 soldiers, the demand curve will simply be a vertical line at the quantity 4, i.e., the government wants 4 soldiers at every price. Identify the equilibrium price range. Compare the outcome here to the outcome of a draft with substitutes allowed that you found above. What do you find? If you had non-efficiency objections to the idea of allowing people to buy substitutes, do you have the same objections to the volunteer army?

1. The Market For Subcompact Cars Is Considered Perfectly Competitive. Assume These Cars Currently
Transcribed Image Text from this Question1. The market for subcompact cars is considered perfectly competitive. Assume these cars currently sell for P= \$12,000 and that the following total cost relationship exists for the market: TC = 924,160 4640Q 100? a. Determine the quantity of cars a firm should produce to maximize profits. Also, calculate profits. b. Considering your results in part a, will firms enter or exit the market? How will prices and profits be affected? c. List the market characteristics for perfect competition. d. How do firm profits vary in the short-run versus long-run in perfect competition?

100Y 0-300 Respond To The Following Questi The Equilibrium Level Of Income (Y) Is*
Transcribed Image Text from this Question100Y 0-300 Respond to the following questi The equilibrium level of income (Y) is* Y=5,000 Y=6,000 Y=1,000 Y=7,000 If autonomous investment increases by 200, by how much aggregate expenditure (AE) is going to change? * 2,000 200 0 2,222.22 222.22 The equation of total expenditure (AE) function is AE= 0.9Y 100 AE=0.1Y500 AE=0,9Y 700 AE=Y 600 Suppose that potential output is \$4,000. What is the state of the economy? Recession Inflation Stagflation Contraction The consumption function is * C=-100-0.18 C=100 0.9Y C=-100 0.9Y O C=100 0.17

2. A Company Successfully Introduced A New Ultra High Definition Television. This Recent Innovation
Economics Assignment Writing ServiceTranscribed Image Text from this Question2. A company successfully introduced a new ultra high definition television. This recent innovation has given the company a monopoly position in the market. However, entry by a large number of competitors is expected within a few years. Assume the following inverse demand and total cost relationships exist for the market: P=2,100 – TC = 16,200 100Q Q2 a. Calculate the quantity that maximizes profits for the monopoly firm. Also, determine the price and profits. — b. Now assume competitors enter the market causing perfect competition. Calculate the quantity that maximizes profits in perfect competition. Also, determine the price and profits. c. List the market characteristics for monopoly. d. Briefly explain how profit maximizing quantities, prices, and profits compare in perfect competition versus monopoly.

Consider A Country, Home, With A Perfectly Competitive Doughnut Market Where Inverse Domestic Demand
Consider a country, Home, with a perfectly competitive doughnut market where inverse domestic demand and supply functions are given by P =1000−QD and P = 200 QS , respectively. Home’s inverse export supply function is given by P = 600 1/2QX , where QX =QS −QD . To begin, assume that Home is small so that the Foreign inverse import demand function is perfectly elastic at P = 800 . Show transcribed image text

Which Of The Following Could Cause A Supply Shock In An Economy, Leading To
Which of the following could cause a supply shock in an economy, leading to a leftward (upward) shift in the short-run aggregate supply curve? Select one: a. An increase in the size of the labour force. b. A rise in the price of important production inputs. c. A decrease in aggregate demand caused by a rise in personal income taxes. d. An increase in the demand for a country’s exports.

The Small Country Of Hapolonia Applies Import Tariffs Of T = 100 Against Canadian
The small country of Hapolonia applies import tariffs of t = 100 against Canadian and American goods. The US can export as much as Hapolonia wants at a (before-tariff) price of P = 400 , but Canada, a much smaller country can export according to the (before-tariff) inverse export supply function, P = 200 QS . Hapolonian inverse import demand is given by P =1000−QD . Show transcribed image text

When The Demand For A Product Is Price Elastic, A Rise In Its Price
When the demand for a product is price elastic, a rise in its price causes total revenue to: Select one: a. fall because quantity sold remains the same and thus total revenue falls. b. fall because the higher price per product is not enough to offset the decrease in revenue from the fall in quantity sold. c. rise because the higher price per product will more than offset the fall in revenue due to the decrease in quantity sold. d. fall because the quantity sold will decrease, therefore total revenue falls.

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