hi, begginer in economics here so please excuse how dumb i am

i'm studying cost and i believe i understood the relationship between tfc and afc. tfc is constant, and afc is tfc upon output (which increases) so it makes sense that afc continously falls.

i'm confused with avc and ac though.

tvc increases at increasing rate, and then increases at decreasing rate. avc falls and then increases. why? i'm not able to understand the relation between tvc and avc the two graphs of tvc and avc are completely different. whyyy

idk why this is bugging my brain, especially since i haven't covered most of my syllabus for the econ test tmrw lol. thanku for ur help!!

I was given this problem set to work through in one of my tutorials, but have been stuck on question six for a little. I realise with asymmetric information, buyers are unable to recognise if phones have reduced functionality, so does this mean we can ignore the new reduced demand as consumers will simply continue to buy anyway at the previous price?

https://docs.google.com/document/d/1YlMjr8cKmVrEckfaApwShhsCbUN2bYTIpCPeQkSxbVs/edit?usp=sharing

Hi, I am working on the following question here on cubic spline regressions: https://imgur.com/a/Tb4jvul

To solve the question, I thought that you should simply substitute x = 4 into the given equation for y. This gave me the result that the value of y is equal to 14.5. However, the answer states that y = 14, not 14.5 as I assumed it would be. Hence, I am unsure if my approach to this question is right, and if I should be the information of the knots for the cubic spline (as given in the question) to solve my response in any way. Any thoughts on this would be appreciated.

Suppose the Premier of BC proposes a legislation with the objective of reducing healthcare costs: a junk food tax of 20% is applied to all potato chip sales.

1. How would this tax affect the demand and equilibrium price of potato chips? (use a graph and explain in words)
2. How would this tax affect the marginal product and the value of the marginal product of potato chip factory workers? (answer in words)
3. How would the tax affect the demand and equilibrium wage for potato factory workers? (use a graph and explain in words)

I'm really confused on question 1. If the tax was implemented, it'd shift the supply curve to the left increasing price, but then it'd also shift the demand curve down because consumers won't want to pay the extra price, or would it just shift the supply to the left and have no impact on demand? Could you also explain how question 3 would be?

Thanks in advance!

Well... In my homework professor requested to find interview where businessesman talks about marginal product and employment and it application in the real world... I don't know if it's the right place to post, but does someone know, how to at least write a search in the Google, because I can't find anything and I'm searching for an hour already. chatGPT didn't help either...

I've been stuck on this homework for 3 hours now, I just don't get it.
I'm supposed to calculate the real exchange rate for every year, starting from 1981 till 2023 with data from an excel sheet. I know my exchange rate is supposed to be 0.00088 in the end but I do not understand how I can get to this answer. Say for the year 1981 I have the nominal exchange rate (Won per United states dollar, basic exchange rate) of 681,27, the Korean GDP Deflator (2015=100, in %) of 26.48 and the US GDP Deflator (2015=100 in %) of 44.3. From what I understand my real exchange rate should be 681.27*(44.3/26.48), but that gives me an answer of 1139,693 not 0.00088
I compared my data with the professors data, so I know I'm using the correct one, I just can't figure out what he did to get 0.00088 as a result.

Consider the economy of Breakfastland, which has only two goods markets: pancakes and juice. There is no externality involved in the consumption or production of either good. The aggregate supply and demand for pancakes (in pounds) are characterized by the following two equations: S(ps) = ps D(PD) = 300 - 2pD Here, ps and po represent the supply price and demand price, respectively (in dol- lars). (If there is no tax on pancakes, then ps = PD, but if there is a tax on pancakes then pd will exceed ps by the amount of the per-pound tax.) Meanwhile, the aggregate supply and demand for juice (in gallons) are characterized by the following two equations: S(ps) = 2ps D(PD) = 90 - PD The government of Breakfastland has procured a mural for the enjoyment of all Breakfastlandian residents. The cost of the mural will be covered by taxing pancakes and/ or juice. The government's plan is to cover the cost of the mural by charging a tax of t = 30 dollars per pound of pancakes in addition to a tax of t = 15 dollar per gallon of juice. Both taxes will be charged to consumers. (a) Consider the tax on pancakes. What proportion of this tax will be borne by pancake consumers? In other words, what is the consumer incidence of this pancake tax?

Me and my partner have come to different solutions. I got the answer of 33.33% while he got 100%. Who is right or are neither of us correct?

I am a recently “retired” adult learner. What are the best schools offering a graduate degree studying the Impact of Economics on Religion? Not Economic Theology an emerging scholarship but, the opposite.

Studying the impact of economics on religion is an interdisciplinary pursuit, often spanning religious studies, economics, sociology, anthropology, and public policy.

https://acrobat.adobe.com/id/urn:aaid:sc:us:596fb680-50fa-437b-a50a-8ec8ff9d629b

link to question: https://imgur.com/nKxhY38 I'm also having trouble how you can conclude that if below price is 20, you will not buy good y, and if over 20, u wont buy good x.

Image link to question
https://drive.google.com/file/d/1Nw40RFMdSxvjeA-Gx6ub_9K8DNiiyRGb/view?usp=sharing
Now we can solve this question without using Lagrangian methods, by equating MC1=MC2 keeping in mind the constraint of q1+q2=4, ie we rearrange q1+q2=4 for q2 then insert this into the MC2 function to find the value of q1 and the rest is hopefully self-explanatory..................however, why this method works makes little sense to me.

Doing this method only shows what combination of q1 and q2 from both plants that add up to make 4 and also have the same MC value which in our case is q1=8/3 and q2=4/3..... Why does this method show that this combination of q1 and q2 is the lowest-cost method of production when using both plants? I intuitively cannot see it from the maths.

All the maths finds in my eyes is the combination of q1 and q2 from both plants that add up to make 4 and also have the same MC value. Could someone intuitively explain why this works?

I know this is a very basic question, but this is something I just don't understand. Why must price increase for supply to increase? Why can't firms simply supply more at the same price, because that is still profitable. When I've asked my friends, they've used Price elasticity of Demand, something that we have not learnt yet, so if that is a key part of the explanation, please do explain it. Thanks.

Hi,

the scenario is the following:

COVID-19 happened, A-level exams were cancelled in the UK, and instead they used an Algorithm which downgraded many students, many students grades were then not good enough to get into med school, people complained and they changed the grading system, students got a grade recommendation by their teachers, so more qualified for med school, but by then the places were filled and UK government lifted the cap on med students.

When I am asked to analyse the external shock and how it influenced demand and supply of future doctors (after their graduation), I am unsure if I should just address the shift of the supply demand to the right (more future doctors), or also a shift of the demand to the right, as the pandemic increased demand for healthcare services. As one is happening lets say during COVID yet the other is happening 5 years or so down the road.

Also, would you consider covid-19 to be the external shock, as it started a sequence of events that led to this? or would you consider the cancellation of a-level exams as the economic shock?

Hello! I'm working on a school project and I am currently iso people with concerns about increased government funding of mass transit in the United States.

Namely, if there were a proposal to subsidize private transit companies and develop the train system in Atlanta to extend throughout Georgia and perhaps connect neighboring states and cities via high speed rail, what concerns would you raise surrounding the initiative?

What challenges would the country face in implementing a dramatically more extensive system and would it be worth the cost?

Suppose cigarettes are produced by a monopolist and that the inverse demand for this product is P = 12 − 2Q. The producer has a constant marginal cost of $4 per unit. a) What is the monopolist’s profit-maximizing level of production? What price will the monopolist charge? b) To discourage smoking, policymakers levy a $2 per-unit tax on the cigarette monopolist, effectively raising the company’s marginal cost to $6. What is the monopolist’s new profit-maximizing level of production? What price will it charge? How much will it keep in revenue for each unit sold? By how much does the tax raise the consumer price? c) By how much does social welfare change with the introduction of the tax?

Currently studying environmental economics and marginal abatement costs in the context of cap & trade. Whenever they compare two firms’ costs one of the functions is plotted on an upper x-axis going from right to left. Why not plot both on the lower x-axis normally?

Rony is choosing between two snacks, chips and sour gums, and her marginal utility from each is as shown below.

1. If Rony’s income is $9 and the price of chips and sour gums are $2 and $1 respectively, what quantities of each will Rony purchase to maximize utility? (4 marks, show all your work*)*

2. What total utility will Rony realize? (1 mark)

3. Assume that, other things remaining unchanged, the price of chips falls to $1. What quantities of chips and sour gums will she now purchase? (2 marks)

4. When the price of chips is $1, what is Rony’s total utility? (1 mark)

Each unit of chips is $2, so does that mean when there are 2 units of chips, I'm dividing MU by 4, and when there are 3 units, I'm dividing MU by 6, and so on?

Also, to maximize utility, I'd go with whichever option has the highest MU/dollar when selecting the quantities of each instead of alternating chips and sour gums every time, correct?

Thanks in advance!

I have to do a presentation tomorrow but the group I was doing it with wanted to do it about selling "medicinal herbs", (basically they wanted to talk about Marihuana because it's the funny drug) so I decided to just do it on my own but I have no idea of what business to talk about.

Also, I only want to know what businesses are booming right now and why, no need for explaining business strategies or anything like that, I have to figure those out on my own.

My teacher sent me at claassroom a message to do infography of "The European Union has pursued an extensive fiscal policy to exit from the COVID-19 crisis" and then Make an infographic consisting of:

a. Analyze the initial economic situation of the country, showing different macroeconomic

different macroeconomic data (employment, GDP per capita for the last 5 years, HDI

the last 5 years, evolution of the HDI, life expectancy,

literacy rate, income inequality measured by the Gini index).

the Gini index)

b. b. Analyze the measures taken by the government to correct the imbalances

imbalances and draw up a macroeconomic equilibrium graph showing a

macroeconomic equilibrium graph showing a first movement of their short-term

their short-term effects.

c. Investigate specifically what these measures consist of,

who the policies are aimed at and who are the main people affected.

affected.

d. Analyze whether such measures can have a positive or negative effect in the long run and make an equilibrium chart.

negative effect in the long run and make a macroeconomic equilibrium chart

macroeconomic equilibrium graph showing the second movement.

e. State your opinion about the measures, what they aim to achieve, whether they are

the short and/or long term, who are the main economic agents affected, if it is possible for them to achieve it in the short and/or long term, if it is possible for them to

are the main economic agents affected, if it will improve the

will improve the quality of life of the inhabitants and if there will be a distribution of wealth.

distribution of wealth.

Any idea to writr to get a 10/10 mark on this project? Thank you and have a nice day

Raj loves burgers, but eventually tires of them. Raj’s willingness to pay for each additional burger per week in illustrated in the table below:

1. If Raj eats five burgers per week, what is the total value he places on his weekly burgers?
2. If the market price of a burger is $6, how many burgers will Raj buy and eat in one week?
3. If the market price of a burger is $6, what is weekly consumer surplus Raj gets from eating burgers?

1. To find the total value, sum Raj's willingness to pay for the first five burgers:

Total Value=$15+$13+$10+$7+$5=$50

So, the total value Raj places on his weekly burgers is $50.

2. Raj will buy burgers as long as his willingness to pay is greater than or equal to the market price ($6). Based on the table:

• First burger: Willingness to pay = $15 ($15 > $6)
• Second burger: Willingness to pay = $13 ($13 > $6)
• Third burger: Willingness to pay = $10 ($10 > $6)
• Fourth burger: Willingness to pay = $7 ($7 > $6)
• Fifth burger: Willingness to pay = $5 ($5 < $6; he stops buying).

Thus, Raj will buy and eat 4 burgers in one week.

3. Consumer surplus is the difference between Raj's willingness to pay and the actual price ($6) for each burger he buys. Calculate for the first four burgers:

Consumer Surplus=($15−$6)+($13−$6)+($10−$6)+($7−$6)

Consumer Surplus=$9+$7+$4+$1=$21

So, Raj’s weekly consumer surplus is $21.

Do my answers look correct? I feel like the way I answered them is too simple, but I'm not sure how else you're meant to answer it.

Thanks in advance!

I've been given the equations P = 10 - 0.5Qd & P = 1 + 0.5Qs, where Q is one thousand hotdogs.

After setting these equations equal, I got P = 5.5 and Q = 9 for the equilibrium.

The next part of the question involves imposing a $1 tax on the product (hot dog). For this, I added 1 to the supply equation, turning it into P = 2 + 0.5Qs. After doing this, I got a new equilibrium price and quantity of $6 and $8.

When I graph this, the tax revenue ranges from $5.5 to $6. Should the tax revenue not be shown from $5 to $6 or $5.5 to $6.5 since it's a $1 tax?

I really appreciate any help you can provide.

Two players, player 1 and 2, play a game of guessing the average. The players simultaneously choose a natural number from 1 to 10. Then the prize is $10 minus the difference between the average of two values and the player's choice. Which of the following statements are correct?

A. There is a dominant strategy B. There are multiple Nash equilibria C. The two players' prize money is equal in a Nash equilibrium D. If three players play this game, the prize money for each player in a Nash equilibrium is not the same

Option 1: A and B Option 2: B and C Option 3: B and D Option 4: A, B and C

My answer is option 2. My explanation: A cannot be the answer as each player's choice is dependent on the other player's choice which could affect the average and ultimately affect the payoff. B and C is true because both players want to be as close as the average as possible to minimise the difference and increase the payoff. Hence, both players' best response is to choose the same number which will give them the same payoff. There could be multiple equilibria where both players choose the same number such as (4,4), (5,5), and (6,6). Not sure if my rational is correct. Appreciate any help. Thanks!

Hey! I’m looking for a research topic at the intersection of economics and the environment. Ideally, something around climate policy, green energy, sustainable development, policy implications, or the economic impact of environmental issues. I’d love any ideas or recent trends worth exploring. Thanks!

For context I’m currently working on a B.S. in economics. I’ve taken both of my principles courses, intermediate macro, a money and banking course and a few others with intro to econometrics in the spring. Now, the point of the post. I’ve been seeing a lot about trade policy lately and some stuff is familiar, like tariffs and protectionism, but we didn’t get deep on the effects of trade surpluses/deficits. I’m not familiar with the phrase beggar thy neighbor policy which I've been seeing. I won’t be able to take an international trade course until next year. So, are there any textbooks, or books, papers, podcasts, etc. you would recommend to learn more about trade policy and the mechanics?

Hi everyone! I’m looking for ideas for my strategic marketing thesis and would love some suggestions. What are some current trends or challenges in the field that could make for a strong thesis topic? Thanks in advance!

I came across this question in my exam but I did not recall reading about it AT ALL.
I'm aware the equation for the simple multiplier is 1/1-z, where z = MPC or MPC(1 - t) - m with government and exports included.

Another equation is also change in (Y/A).

However, I cannot understand how to find the value with price level variation.

Hello, I am a junior currently taking management and economics courses in the Interdisciplinary Program. For our senior paper, we were tasked to make a thesis paper (a research paper, an applied research, or creative output) regarding our courses.

I already have a few in mind but I need help relating economics (microeconomics to macroeconomics, theories) to management (marketing, accounting, finance, leadership, business) and finding a topic that is practical and relevant. So, if you have a few ideas about possible topics, it will help me a lot because I just need a little more creative idea on how to integrate the two. Thank you so much!

I am getting tripped up on a homework question that is asking me about MPL but I was not given a graph or the number of workers. Any help would be appreaciated. The question reads as follows:

Suppose that the production function is

Y = 9K0.5 N0.5

The capital stock is

K = 25

The labor supply curve is

NS = 100[(1 − t)w]2