Answer the following questions.
1 Which costs are pertinent to economic decision making and which are not relevant? Explain using an example with a decision you made.
2. Explain how a greater quantity of a good can be sold in the market at higher prices despite the law of demand holding true. Be clear and precise in using the correct terminology.
3.Explain how a perfectly competitive firm determines how much to produce and what price to sell at compared to a monopoly. Make sure to use the correct terminology where appropriate.
4. In Figure 5.9 titled Short-Run Cost Curves, a) explain the relationship between Total cost (TC) and Total variable cost (TVC), and b) the relationship between Average total cost (ATC), Average variable cost (AVC), Average fixed cost (AFC) and Marginal cost (MC).
5. What are economic profits? Explain using an example of a small business where you would be the sole proprietor. Would your ability to earn long run economic profits differ if you operated in a perfectly competitive market versus a monopolistically competitive one?
6. Publishers typically produce and sell a U.S. version and international of version of their textbooks. The U.S. version typically sells for more. Explain why publishers may use this pricing strategy and how the internet might affect the implementation of this strategy.
7. Suppose that the price of cigarettes rises from $5.49 to $7.08 per pack while the number of packs consumed falls from 13,500 to 12,900. a) Calculate and classify the price elasticity of demand and b) explain what happens to total revenue as prices increased? Make sure to explain how this answer is reflected in what you calculated in part a).
8. Using the Analyzing Managerial Decisions: Holland Sweetener versus Monsanto case study presented in Chapter 9, answer question #1 only, but explain how you obtained the Nash Equilibrium step-by step.
- analyze how the characters Meshulam, Asa Heshel, Abram, Rosa Frumetl, Adele, and Hadassah each grapple with the theme of the pull of secularism and modernity vs. the adherence to strict religiosity and tradition. supported by evidence.
- Explain the occupation’s function and importance to the criminal justice system. Select an agency that utilizes the occupation and explore the job requirements and duties.
- Major Social Issues Plaguing the African American Community
- The Theatre of Ritual
- Using current demographic data to make predictions about political behavior, analyze how to advise any racial/ethnic subgroup examined in this course on how to effectively participate in politics at the national, state, county, or local levels.
- Discuss what you would consider when writing a cybersecurity policy for a toy building block business with a multi-billion-dollar annual profit. Describe your business. Give your business a creative name.
- Review the agenda priorities of the current/sitting U.S. president and at least one previous presidential administration.
- Explain the economic conditions of the country and how this affects retirement according to the article.
- Annotated Bibliography (Real Estate career)
- Read chaps 4-7 in Douglass and answer the short questions