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 6 through 10. Answer each question clearly and concisely. 1. Suppose that a firm has fixed costs of $25 per day for renting one machine and its variable costs are as shown in the table below. Labour Output VC TC AFC AVC ATC MC 0 0 $ 0 25 ---- ---- ---- ---- 1 4 25 50 6.25 6.25 12.50 25 2 10 50 75 2.50 5.00 7.50 25 3 13 75 100
Premium Monopoly Economics Perfect competition
Justice: What is the Right Thing to Do? The greatest happiness principle / Utilitarianism Example: The Mignonette & the cabin boy Parker (cabin boy) was an orphan. Mignonette sunk at sea. While on the lifeboat‚ Parker had drunk seawater out of desperation and appeared to be dying. On the 19th day Dudley (captain) suggested drawing lots to determine who should die so that others might live. Brooks (sailor 1) refused. Next day Dudley motioned to Stephens (sailor 2) to kill Parker. All 3 men
Premium Jeremy Bentham Utilitarianism Utility
Liberty of the person 1. No person shall be deprived of his life or personal liber save in accordance with law 2. Where complaint is made to a high court or any judge thereof that a person being unlawfully detained the court shall inquire into the complain and ‚ unless satisfied that the detention is lawful ‚ shall order him to be produced before the court and release him. 3. Where the person arrested shall be informed as soon as may be of the grounds of his arrest and shall be allowed to consult
Free Law Judge Human rights
Econ 102 quiz 1 Question 1 of 10 10.0/ 10.0 Points Economics is best defined as the study of A. financial decision-making B. how consumers make purchasing decisions. C. choices made by people faced with scarcity. D. inflation‚ unemployment‚ and economic growth Answer Key: C Question 2 of 10 10.0/ 10.0 Points Macroeconomics differs from microeconomics in that A. macroeconomics is the study of individual markets‚ while microeconomics
Premium Economics Macroeconomics Unemployment
Glued to the Set: The Sixties Television Shows and Events that made us who we are today During the nineteen-sixties there was a lot of change going on. There was a social revolution witch brought change to the rights to people like woman‚ African Americans‚ and other minorities. There was the “hippy movement” witch brought change to how the average adolescent thought and acted. And there was a major cultural revolution‚ including different clothing styles and a new kind of music. But there’s
Free Television Reality television Television program
ECONOMICS 100B Professor Steven Wood 10/18/11 Lecture 16 ASUC Lecture Notes Online is the only authorized note-taking service at UC Berkeley. Do not share‚ copy‚ or illegally distribute (electronically or otherwise) these notes. Our student-run program depends on your individual subscription for its continued existence. These notes are copyrighted by the University of California and are for your personal use only. LECTURE: ICLICKER QUESTIONS/ANSWERS: 1.) The Fed can reduce the money supply
Premium Monetary policy Fractional-reserve banking Federal Reserve System
Case Study 1: Transaction pricing in a recessionary economy Our client is an FMCG major that sells its products across many large and small retailers. The client is facing pressure from one such large retailer to cut prices across brands and categories. The client is therefore losing money on several products. Our client would like to use analytics to bring in some science into the pricing decision. Our analysis should help the client decide what pricing strategies should be applied to each product
Premium Marketing Retailing Supermarket
1) They would undertake a defensive open market sale. 18) Flexibility: Open market operations can be used to conduct a small purchase or sale of securities. Conversely‚ if the desired change in reserves or the base is very large‚ the open market operations tool is strong enough to do the job through a very large purchase or sale of securities Reversibility: Open market operations are easily reversed. If a mistake is made in conducting an open market operation‚ the Fed can immediately reverse
Premium Monetary policy Central bank Federal Reserve System
1. The state of California recently considered passing a tax on the services of doctors in that state in order to raise revenue to pay for universal health coverage for California residents. Suppose the average open heart surgery costs $100‚000‚ and at that price 23‚339 surgeries are performed each year. Fully explain what the most likely outcome would be in this market if a tax on surgeries is implemented. Use a graph if it will help. 2. Price Changes and Responses by Consumers | Price
Premium Supply and demand Monopoly
Economics TOPIC 4: AGGREGATE DEMAND (AD)/ AGGREGATE SUPPLY (AS) MODEL Learning Objectives • Understand AD and AD curve • Discuss factors shifting AD curve • Understand AS and AS curve • Discuss factors shifting AS curve • Understand Macroeconomic equilibrium LO1 Aggregate Demand (AD) • AD refers to the real GDP demanded • • • at each price level. Y = AD = C + I + G + (X – M) There is an inverse relationship between real GDP demanded and the price level. AD curve is downward
Premium Supply and demand Economics