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(Solved) Webster University, NCR Mid-term Examination BUSN 5620 - S1, 2017 Due: Tuesday, Feb. 14, 2017 Instruction: Please type your answers. Answer the


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Instruction: Please type your answers.

Answer the following questions:  Please show your work.

Webster University, NCR
Mid-term Examination
BUSN 5620 – S1, 2017
Due: Tuesday, Feb. 14, 2017 Instruction: Please type your answers.
Answer the following questions: Please show your work.
1. Problem No 07, Page 20
The table below describes the production possibilities confronting an
economy. Using that information:
(a) Calculate the opportunity costs of building hospitals.
(b) Draw the production possibilities curve.
(c) Why can’t more of both outputs be produced?
(d) Which point on the curve is the most desired one?
Potential Output Combinations Homeless Shelters
A
12
B
10
C
7
D
4
E
0 Hospitals
0
1
2
3
4 2. Problem No 03, Page 44
GDP per capita in the United States was approximately $55,000 in
2015. Use the growth formula to answer the following questions:
(a) What will it be in the year 2020 if GDP per capita grows each year
by 0 percent?
(b) What will it be in the year 2020 if GDP per capita grows each year
by 2 percent?
Growth formula: (future value) = (present value) × (1 + r)t 3. Problem No 08, Page 71
Assume the following data describe the gasoline market:
Price per gallon
Quantity demanded
Quantity supplied $2.00
2.25 2.50 2.75 3.00 3.25 3.50
36
35
34
33
32
31
30
24
26
28
30
32
34
36 (a) Graph the demand and supply curves.
(b) What is the equilibrium price?
(c) If supply at every price is reduced by 6 gallons, what will the new
equilibrium price be?
(d) If the government freezes the price of gasoline at its initial
equilibrium price, how much of a surplus or shortage will exist when
supply is reduced as described in part c.?
4. Problem No 12, Page 90
POLICY PERSPECTIVES
Suppose the following demand exists for iPhone apps:
Price
$10 9
8
7
6
5
4
3
Quantity
2 3
4
5
6
7
8
9
demanded (millions)
(a) At $9, what quantity is demanded?
(b) If the price drops to $6, what quantity is demanded?
(c) Is demand elastic or inelastic in that price range?
(d) If advertising convinces people to demand 3 million more apps at
every price, how many apps will be demanded at a price of $9?
(e) Graph the above answers, using point A for (a), point B for (b), and
point C for (d). Schiller, Bradley. Essentials of Economics (Page 90). McGraw-Hill Higher
Education. Kindle Edition. 5. Problem No 04, Page 108
Suppose the mythical Tight Jeans Corporation leased a second sewing
machine, giving it the following production function:
Number of workers:
8
Quantity of output:
74 0 1 2 3 4 5 6 7 0 10 36 56 68 74 76 76 (a) Graph the production function.
(b) On a separate graph, illustrate marginal physical product. At what
level of employment does
(c) The law of diminishing returns become apparent?
(d) MPP hit zero?
(e) MPP become negative?
6. Problem No 08, Page 131
Consider the case of a T-shirt shop for which the following data apply:
Rent = $200/day; Labor cost = $4/ shirt; and Output (sales) = 40 Tshirts/day. Using these data and the information contained in the News
Wire “Competitive Pressure” compute:
(a) Total revenue per day.
(b) Average total cost.
(c) Per unit profit.
(d) Total profit per day.
7. Problem No 10, Page151
POLICY PERSPECTIVES
Assume the on-campus demand for soda is as follows:
Price
2.00 1.75 1.50 1.25 1.00 0.75 0.50 0.25
($per can)
Quantity demanded
30
40
50
60 70
80 90
(per day)
If the marginal cost of supplying a soda is 50 cents, what price will
students end up paying in
(a) A perfectly competitive market?
(b) A monopolized market? 100 8. Why producers advertise for their product, explain using the Elasticity
concept. Please provide economically sound quality answer.
9. If profit is the difference between Total Revenue and Total Cost, to maximize profit, Total Revenue must be maximized. True / False?
Defend your answer and provide economically sound quality answer.

 


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