Economics
Answer the following questions:
1, You were planning to spend Saturday working at your part-time job, but a friend asks you to go skiing. What is the true cost of going skiing? Now suppose you had been planning to spend the day studying at the library. What is the cost of going skiing in this case? Explain
2. Analyze the market for organic foods in the US. Analyze the demand for organic foods, the supply of organic foods, and the resulting equilibrium price and quantity exchanged.
3. A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, average total cost of $8, and fixed cost of $200.
3a) What is its profit?
3b) What is its marginal cost?
3c) What is its average variable cost?
3d) Is the efficient scale of the firm more than, less than, or exactly 100 units?
4. Provide a brief analysis of the recent changes in real and nominal GDP and in the components of GDP. You can find information on the website of the U.S. Bureau of Economic Analysis http://www.bea.gov
5. Economic growth is important both as a person and as a country. What are two or three of the most important characteristics of a country that lead to economic growth?
6. One of the domestic industries that suffered from international trade is steel industry. Research the main reasons for domestic steel industry decline.
Every question should have a response -1 page long, thus the length of the main body of the final assignment paper should be between 3 and 6 pages It should be double-spaced, using 12-point type in Times New Roman. The student should use the Concordia cover page and include references.
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