KAPLAN MT445 ALL ASSIGNMENTS
KAPLAN MT445 UNIT 1 ASSIGNMENT
Unit 1 Assignment
Student Name:
Please answer the following questions located in
the template document. Submit the file as a Microsoft® Word® document to the
Dropbox when completed.
1.
Analyze whether each of the following is primarily a microeconomic or a
macroeconomic issue:
i.
Setting the price for a cup of coffee.
ii.
Measuring the impact of tax policies on total household spending in the economy
iii.
A household’s decision regarding whether or not to go on vacation
iv.
A worker’s decision regarding which job to accept
v.
Designing government policies to address issues with the social security
program
2.
Explain why each of the following is either a positive or normative economic
statement.
i.
A 40-cent-per-pack tax on cigarettes will reduce teenage smoking by 10 percent.
ii.
The federal government should spend more on diabetes research.
iii.
Rising paper prices will increase book prices.
iv.
The price of bagels at Bruegger’s is too high.
3.
Identify the effect of each of the following on the United States Production
Possibilities Frontier (PPF). Does it shift inward, outward, or not at all?
i.
A decrease in the average length of annual vacations
ii.
An increase in immigration of foreign workers to the U.S.
iii.
An increase in the average retirement age
iv.
The migration of skilled workers to Europe
4.
Identify whether each of the following would increase or decrease the
opportunity costs for stay-at-home moms or dads (those who choose not to accept
work outside the home). Briefly explain your answers.
d.
Lower income tax rates on wages earned.
Directions for Submitting your Assignment
KAPLAN
MT445 UNIT 2 ASSIGNMENT
Unit 2 Assignment
Student Name:
Please answer the following questions. Submit as a
Microsoft Word® document to the Dropbox when completed.
1.
Analyze what would happen to equilibrium price and quantity in the market for
Pepsi if the following occurred (be sure to indicate WHY it happens as well):
a.
The price of Coke decreases.
b.
Average household income falls from $50,000 to $43,000
c.
There are improvements in soft-drink bottling technology.
d.
The price of sugar increases and the Pepsi launches an extremely successful
advertising campaign.
2.
a.
Analyze the following demand and supply equations. What is market equilibrium
price? What is market equilibrium quantity?
Demand:
Qd = 100 – 4P
Supply:
Qs = 10 + 6P
b.
Assume the government places a price ceiling at $7 in the market. What is
quantity demanded? What is quantity supplied? Is there a shortage or a surplus?
3.
Using the diagram below, answer the following questions:
a.
How much is the per-unit tax on cigarettes?
b.
What price do consumers pay after the tax?
c.
How much tax revenue is collected?
d.
What is the amount of deadweight loss?
Directions for Submitting your Assignment
Complete
your Assignment in this Microsoft Word document and save it as
Username-MT445Assignment-Unit#.doc (Example:TAllen-MT445Assignment-Unit2.doc). Submit your file by selecting the Unit 2: Assignment
Dropbox by the end of Unit 2.
KAPLAN MT445 UNIT 3 ASSIGNMENT
Unit 3 Assignment
Student Name:
Please answer the following questions. Submit as a Microsoft Word® document to the Dropbox when completed.
1.Is the price elasticity of demand for gasoline more elastic over a shorter or a longer period of time? Explain.
2. Is the price elasticity of supply, in general, more elastic over a shorter or a longer period of time? Explain.
3.Why is the supply curve for labor usually upward sloping?
4. In the graph below, assume that the market demand curve for labor is initially D1. Answer the following questions.
a. What are the equilibrium wage rate and employment level?
b. Assume that the price of a substitute resource decreases, other things constant. What happens to demand for labor?
What are the new equilibrium wage rate and employment level?
c. Suppose instead that demand for the final product increases, other things constant. Using labor demand curve D1 as your starting point, what happens to the demand for labor?
What are the new equilibrium wage rate and employment level?
d. Assume this industry is dominated by non-union workers. How would the equilibrium wage compare to that earned in a similar industry with similarly skilled union workers? Explain.
5.Use the following data to answer the questions below. Assume a perfectly competitive product market.
Units of LaborUnits of Output
0 0
1 8
2 12
3 17
4 21
5 23
a. Calculate the marginal revenue product at each level of labor input if output sells for $4 per unit.
b. If the wage rate is $15 per hour, how much labor will be hired?
Directions for Submitting your Assignment
Complete your Assignment in this Microsoft Word document and save it as Username-MT445Assignment-Unit#.doc (Example:TAllen-MT445Assignment-Unit3.doc). Submit your file by selecting the Unit 3: Assignment Dropbox by the end of Unit 3.
Unit 4 Assignment
Student Name:
Please answer the following questions. Submit as a Microsoft Word® document to the Dropbox when completed.
1. Identify whether each of the following is an explicit cost or an implicit cost:
a) Payments for rented manufacturing equipment
b) A firm’s use of a warehouse that it owns and could rent to another firm
c) Wages paid to the firm’s workers
d) The wages the firm’s owner could earn if he worked for another company
2. Consider the following information in the table for Pat’s Pizza Restaurant and answer the questions below.
|
Marginal Product of Capital |
4,000 |
|
Marginal Produce of Labor |
100 |
|
Wage Rate |
$10 |
|
Rental Price of Pizza Ovens |
$500 |
a. Is the owner of Pat’s Pizza Restaurant minimizing cost?
b. Should he rent more ovens and hire fewer workers or rent fewer ovens and hire more workers? Explain.
3. Consider a firm’s production decision in both the short-run and long-run. Explain what type of input costs might be fixed in the short-run and which might be variable in the long-run. Provide one example of each.
Directions for Submitting your Assignment
Complete your Assignment in this Microsoft Word® document and save it as Username-MT445Assignment-Unit#.doc (Example:TAllen-MT445Assignment-Unit4.doc). Submit your file by selecting the Unit 4: Assignment Dropbox by the end of Unit 4.
Unit 5 Assignment
Student Name:
Please answer the following questions. Submit as a Microsoft Word® document to the Dropbox when completed.
1. How does the demand curve faced by a perfectly competitive firm differ from the market demand curve in a perfectly competitive market? Explain.
2. A perfectly competitive firm has the following fixed and variable costs in the short run. The market price for the firm’s product is $140.
Output FC VC TC TR Profit/Loss
0 $90 $ 0 ___ ___ ___
1 90 90 ___ ___ ___
2 90 170 ___ ___ ___
3 90 290 ___ ___ ___
4 90 430 ___ ___ ___
5 90 590 ___ ___ ___
6 90 770 ___ ___ ___
b. What level of output should the firm produce to maximize profits?
c. Assume this firm is making a loss when it produces its 7th unit of output. What should the firm do in the short-run?
3. How does the profit maximization condition for a monopoly differ from that for a perfectly competitive firm? How does this difference impact efficiency under each market structure?
4. The following table provides market share information about the soft-drink industry.
|
Company |
Market Share |
|
Coca-Cola |
37% |
|
Pepsi-Co |
35 |
|
Cadbury Schweppers |
17 |
|
Other |
11 |
a. Do you think the Department of Justice and the Federal Trade Commission would approve a merger between any two of the first three companies listed? Explain.
b. Do you think this market has barriers to entry? If so, what might they be?
Directions for Submitting your Assignment
Complete your Assignment in this Microsoft Word® document and save it as Username-MT445Assignment-Unit#.doc (Example:TAllen-MT445Assignment-Unit5.doc). Submit your file by selecting the Unit 5: Assignment Dropbox by the end of Unit 5.
Unit 6 Assignment
Student Name:
Please answer the following questions. Submit as a Microsoft Word® document to the Dropbox when completed.
1.Do the firms in an oligopoly act independently or interdependently? Explain your answer.
2. A monopolistically competitive firm has the following demand and cost structure in the short run:
Output Price FC VC TC TR Profit/Loss
0 $90 $90 $ 0 ____ ____ ________
1 80 ____ 40 ____ ____ ________
2 70 ____ 80 ____ ____ ________
3 60 ____ 140 ____ ____ ________
4 50 ____ 220 ____ ____ ________
5 40 ____ 320 ____ ____ ________
6 30 ____ 440 ____ ____ ________
7 20 ____ 580 ____ ____ ________
b. What level of output maximizes profit or minimizes loss?
c. Should this firm operate or shut down in the short run? Why?
3. Suppose that Wal-World and Tarbo are independently deciding whether to implement a new bar code technology. It is less costly for their suppliers to use one system and the following payoff matrix shows the profits per year for each company resulting from the interaction of their strategies.
a. Briefly explain whether Wal-World has a dominant strategy.
b. Briefly explain whether Tarbo has a dominant strategy.
c. Briefly explain whether there is a Nash equilibrium in this game.
Directions for Submitting your Assignment
Complete your Assignment in this Microsoft Word® document and save it as Username-MT445Assignment-Unit#.doc (Example:TAllen-MT445Assignment-Unit6.doc). Submit your file by selecting the Unit 6: Assignment Dropbox by the end of Unit 6.
Unit 7 Assignment
Student Name:
Please answer the following questions. Submit as a Microsoft Word® document to the Dropbox when completed.
1. Why does inflation make nominal GDP a poor measure of the increase in total production?
2. Which component of GDP will be affected by each of the following transactions involving FlyCheap Airlines? If you do not believe any component will be affected, briefly explain why.
i. You purchase a ticket on a FlyCheap Airlines to visit your niece.
ii. FlyCheap Airlines purchases a new jetliner from Boeing.
iii. FlyCheap Airlines purchases new seats to be installed on a jetliner it already owns.
iv. FlyCheap Airlines purchases 200 million gallons of fuel.
v. A French citizen purchases a ticket to fly on a FlyCheap flight from Paris to New York.
vi. The city of Nashville agrees to spend funds to extend one of the runways so that FlyCheap will be able to land larger jets.
3. Use the table to answer the following questions.
|
Year |
Real GDP (Billions of 2000 Dollars) |
|
1993 |
$7,113 |
|
1994 |
7,101 |
|
1995 |
7,337 |
|
1996 |
7,533 |
|
1997 |
7,836 |
i. Calculate the growth rate of real GDP for each year from 1994 to 1997.
ii. Calculate the average annual growth rate of real GDP for the period from 1994 to 1997.
iii. How does the average annual growth rate you calculated in (ii) above compare to the average growth rate the U.S. normally expects?
4. In an open economy, trade is allowed between countries. Assume a consumer purchases $1,000 worth of furniture manufactured in China. Answer the following:
a. Which component(s) of GDP are impacted by this purchase?
b. Does GDP increase, decrease or stay the same? Briefly explain why.
c. Does your answer change if the company in China is a U.S.-owned company? Why or why not?
5. Describe the relationship between labor productivity and growth? How do technological advancements impact labor productivity?
Directions for Submitting your Assignment
Compose your Assignment in a Microsoft Word ® document and save it as Username-MT445 Assignment-Unit#.doc (Example: TAllen- MT445 Assignment-Unit7.doc). Submit your file by selecting the Unit 7: Assignment Dropbox by the end of Unit 7.
Unit 8 Assignment
Student Name:
Please answer the following questions. Submit as a Microsoft Word® document to the Dropbox when completed.
1. Determine whether each of the following would cause a shift of the aggregate demand curve, a shift of the aggregate supply curve, neither, or both. Which curve shifts, and in which direction? What happens to aggregate output and the price level in each case?
a. The price level changes
i. Which curve shifts?
ii. Which direction does it shift?
iii.What happens to aggregate output?
iv.What happens to the price level?
b. Consumer confidence declines
i. Which curve shifts?
ii. Which direction does it shift?
iii.What happens to aggregate output?
iv.What happens to the price level?
c. The supply of resources increases
i. Which curve shifts?
ii. Which direction does it shift?
iii.What happens to aggregate output?
iv.What happens to the price level?
d. The wage rate increases
i. Which curve shifts?
ii. Which direction does it shift?
iii.What happens to aggregate output?
iv.What happens to the price level?
2. Determine whether the following statements are true or false.
i. Some people who are officially unemployed are not in the labor force.
ii. Some people in the labor force are not working.
iii. Everyone who is not unemployed is in the labor force.
iv. Some people who are not working are not unemployed.
3. Refer to the following data on the U.S. consumer price index and answer the questions below.
Year CPI Year CPI Year CPI Year CPI
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