Microeconomics

Microeconomics
Order Description
The following is a list of the specific required information, research, graphs, and math to be included in each answer regardless of the scenario chosen.

1. Demand Determinants:
a. Each individual determinant analyzed for your situation, with examples applicable to your situation (3 points each) and research (2 points each) showing current demand data or most recent past data, except for the expectations determinant in which you need to use data estimating future market conditions.
b. (10 points) Price Elasticity of Demand facing you in your scenario, including actual calculation of it using the midpoint formula. If you can?t find data, then determine the price elasticity from the characteristics and make up numbers to use. Be sure to identify this if you use this approach. This will help you in deciding the slope of your demand curve below.
c. (10 points) Graph the demand facing your situation. Note that this requires information from the supply determinant analysis before deciding how to draw the curve(s), as you may need a separate MR curve.
2. Supply Determinants:
a. Each individual determinant analyzed for your situation, with examples applicable to your situation (3 points each) and research (2 points each) showing current supply data or most recent past data, except for the expectations determinant in which you need to use data estimating future market conditions.
i. (20 points) You need to be very specific in the cost of production determinant to identify fixed, variable, and marginal cost in order to derive your supply curve for the graphing component. You will need to explain and show how profit maximization or loss minimization output and price are determined. You will need to do the math using actual figures [cited] or your own estimated figures [identified as such] and explain why you expect short run economic or normal profits, acceptable loss or temporary shutdown, and how you will know which it is.
ii. The number of sellers determinant must contain your analysis of the kind of market structure in which your firm or labor service will be sold.
b. (10 points) Price Elasticity of Supply you have based on the cost of production changes as output changes, including actual calculation of it using the midpoint formula. If you can?t find data, then determine the price elasticity from the characteristics and make up numbers to use. Be sure to identify this if you use this approach. This will help you in deciding the slope of your supply curve.
c. (10 points) Graph your supply situation using the numbers from your earlier cost of production analysis.
3. Recommendations?(40 points) what are your recommendations explained by your analysis?
4. Paper presentation?(10 points) good format, citations, lack of spelling errors, etc.
Scenario Chosen:

Jenny, your niece, is a smart high-school student who wants to make smart choices for her future. Hearing of your course in Business Economics, she has emailed you asking for advice on whether to become a medical doctor and on the best location to practice it. She recognizes the high costs of tuition and the years of study involved in becoming a doctor. She wants to evaluate if that career choice is an optimum decision for her. So she has asked you for advice.

Having read the introduction to Chapter 1 on page 3 of the textbook, you recognize the significance of such a career decision for Jenny. You decide to examine the career choice in terms of the utility it provides to Jenny: return on investment as well as personal satisfaction of contributing to the well-being of others. But to evaluate the utility, you also need to identify and quantify the total opportunity costs of the decision. You decide to educate yourself about the market for physicians in terms of supply and demand, elasticity, costs of production, pricing, and normal profit. You want to provide Jenny with the most informed advice possible.

Choose a product (or group of products) that are significantly impacted by supply and demand. Imagine that you are themanager leading the team responsible for this product. You have been asked to share information with your supervisor as to the potential ways in which the product can be affected by supply, demand, and market equilibrium and the implications for strategic planning related to this project. Apply your understanding of these concepts to the product and prepare an informative summary that could be shared with your supervisor.

Comparing the different models of pure (perfect) competition and oligopoly, what will be the effects or difference between the two in relation to efficiency of scarce resources

Hello,
I need it on 12/5/2011 at 3:00 pm EST.
Ignore Q4, and let me know if you can do it by sending an email at hasoon745@hotmail.com
or text message 1 902-802-3333

Thank you,
Hussain

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Assignment # 1 Due: Thursday, May 12, 2011 (In Class at 5:35) Assignments should be stapled and neatly written. (Show all your calculations) Q1. In Metropolis only taxicabs and privately owned automobiles are allowed to use the highway between the airport and downtown. The market for taxi cab service is competitive. There is a special lane for taxicabs, so taxis are always able to travel at 55 miles per hour. The demand for trips by taxi cabs depends on the taxi fare P, the average speed of a trip by private automobile on the highway E, and the price of gasoline G. The number of trips supplied by taxi cabs will depend on the taxi fare and the price of gasoline. a. How would you expect an increase in the price of gasoline to shift the demand for transportation by taxi cabs? How would you expect an increase in the average speed of a trip by private automobile to shift the demand for transportation by taxi cabs? How would you expect an increase price of gasoline to shift the demand for transportation by taxi cabs? b. Suppose the demand for trips by taxi is given by the equation Qd = 1000 50G -4E -400P. The supply of trips by taxi is given by the equation Qs = 200 -30G 100P. On a graph draw the supply and demand curves for trips by taxi when G = 4 and E =30. Find the equilibrium taxi fare and number of taxi trips. Use the appropriate diagram to illustrate your results. c. In equilibrium, what is the price elasticity of demand? Interpret your results? d. In equilibrium, what is the cross-price elasticity of demand between the price of gasoline and demand for taxi trips? Interpret your results? Q2. In a city, the price for a trip on local mass transit (such as the subway or city buses) has been 10 pesos for a number of years. Suppose that the market for trips is characterized by the following demand curves: in the long run: Q = 30 – 2P; in the short run: Q = 15 – P/2. a. On the same diagram sketch both demand curves. Verify that the long-run demand curve is Ã¢â‚¬Å“flatterÃ¢â‚¬Â…

Attachments:

Assignment–1….pdf

1.Â Â Â Â
The employees at Warren Manufacturing Company are unionized. As minimum requirements, the union members insist on keeping a work force of at least 300 workers, and accepting an hourly wage rate of no less than $8. Beyond those minimum requirements, however, they are considering some different economic goals. Calculated on an hourly basis, the employeesÃ¢â‚¬â„¢ marginal revenue product schedule is:
Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â EmployeesÂ Â Â Â Â Â Â Â MRP
Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 100Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â $20
Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 200Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 18
Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 300Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 16
Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 400Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 14
Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 450Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 13
Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 500Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 12
Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 550Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 11
Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 600Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 10
Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 650Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 9
Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 700Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 8
Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 800Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 6
Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 900Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 4
Â Â Â Â Â Â Â Â Â Â Â a)Â If the union attempts to maximize the wage rate of its employees, subject to the above constraints, what wage rate and employment level can it expect to achieve?
Â Â Â Â Â Â Â Â Â Â Â b)Â If the union attempts to maximize the employment of its members at Warren, what wage rate and employment level can it expect to achieve?
Â Â Â Â Â Â Â Â Â Â Â Â
Â Â Â Â Â Â Â Â Â Â Â

3.Â Â Â Â
How much choice do you expect to have in your working lifetime between leisure and labor? What factors will influence your choice?

******400-600 WORDS WITH REFERENCE AND NO PLAGARISM*****

As an economic advisor to the president, you have been asked to discuss cap and trade issues at the next cabinet meeting. The president has asked that you focus your remarks on the following key points:

An explanation of cap and trade
An explanation of cap and tax
The economic benefits of using a command and control approach (including the costs and benefits through cap and tax)
The economic benefits of using a market-based approach through cap and trade

In addition to the key points above, discuss the following:

The negative and positive externalities that play a role in the ultimate policy decision to reduce greenhouse gases
Is there anything that can be done to help reduce greenhouse gases without global cooperation? If so, explain.

Question description

Suppose that a firm faces the Cobb-Douglas production function Q=10L0.5K0.5. Suppose the total cost is TC = 40L + 250K.

Calculate the cost-minimizing combination of L and K that would allow this firm to produce 100 units of output. How much does it cost the firm to produce 100 units of output?
Given the level of capital found in part a, what is the equation for the short-run production function? Suppose the firm wanted to produce 120 units of output in the short run, how much labor would they hire? 120=40L+250K
What is the equation for the firmâ€™s short run cost function at the level of K found in part a (as a function of Q; C=f(Q))?
What is the equation for the long run cost function (again, as a function of Q)?

Question description

suppose that you are in
charge of designing a product campaign for a new shampoo.Â
Assignment Guidelines, Part 1
Prepare a
2-3 page paper in Microsoft Word to address the following:
â€¢Â Describe the ultimate goal of the
product campaign for the new shampoo.
â€¢Â Discuss your methods for achieving
this goal.
â€¢Â Identify the components of
marketing, pricing, and distribution for the campaign.
â€¢Â Include in your response a
discussion and analysis of the concepts of utility, price elasticity, and demand.
Assignment Guidelines, Part 2
Using
Microsoft Excel:
â€¢Â Prepare a graph which illustrates
the desired effect of the marketing campaign as a shift in market equilibrium
with reference to price and quantity adjustments.
â€¢Â Prepare another graph to illustrate
how a change in consumer utility affects the price elasticity of demand.
â€¢Â Copy and paste or import these
graphs into the MS Word document you prepared in Part 1 of this assignment.

Subject:
Type:
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	Single spaced
	approx 275 words per page
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