...Drew Cummins 12/8/2013 You Decide If I was to advise the president I would make sure that there are two main focuses. First is that we need to get people back to work, second we need to do something to change the trend of falling prices. When I look at the recommendation of the other people on the panel I see Kathy Lee’s sticking out. The fastest way to get a large number of people back on the job would be some sort of public works program. Cutting government spending and raising taxes would make that pretty much impossible. If you were to look more at Alison’s scenario of increasing government spending and lowering taxes, you could get everyone back to work rebuilding infrastructure, but in the long term you would have a hard time sustaining the expense. I would try to raise taxes in certain sectors, I do not subscribe to trickle-down economics and believe that if you were to keep the tax levels relatively low on the poor/lower brackets and increase the rate on the rich/higher brackets it would be a better solution that across the board cuts. If our prices are falling then this needs to be addressed for two different reasons. First America is not typically considered to be the cheap option when comparing goods on a worldwide wide scale. They make cars in India for less than $1000 but we would never let them be imported due to safety issues, we are not set up to compete this way on the world stage. The second reason is that stability is one of the greatest assets...
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...ECON 1002 Tutorial 4 Assignment Click Link Below To Buy: http://hwcampus.com/shop/econ-1002-tutorial-4-assignment/ ECON 1002 Tutorial 4 Assignment You are given data on food expenditure, income and demographic characteristics of 150 married couples, where the husband is a manual worker and is aged 30-50. All survey interviews take place in the same month. You decide to estimate an Engel curve and regress the ratio of food expenditure to income (wfoy) on the logarithm of net current income (ncy), the number of children aged 6-10 (kids2), the number of children aged 11-17 (kids3) and an indicator for London (london = 1 if the couple lives in Greater London, and 0 otherwise). Your estimates are: OLS Estimation, Dependent variable is wfoy, 150 observations Variable Coefficient Standard error constant 0.877 0.065 ncy -0.155 0.014 kids2 0.026 0.006 kids3 0.138 0.032 london 0.047 0.018 R2 0.496 Mean of wfoy 0.189 Mean of ncy 4.473 (a) On the basis of the above estimates, establish if food is a necessity or a luxury. (b) Establish the statistical significance of the coefficient on london. (c) Further, compute the income elasticity for a hypothetical couple living outside London, with mean log income and no children. (d) It has been suggested that share of budget spent on food is a good indicator of household living standard. Households spending a lower share of their budget on food are to be regarded as better off. If number of young children in a household were...
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...ECON 1002 Tutorial 4 Assignment Click Link Below To Buy: http://hwcampus.com/shop/econ-1002-tutorial-4-assignment/ ECON 1002 Tutorial 4 Assignment You are given data on food expenditure, income and demographic characteristics of 150 married couples, where the husband is a manual worker and is aged 30-50. All survey interviews take place in the same month. You decide to estimate an Engel curve and regress the ratio of food expenditure to income (wfoy) on the logarithm of net current income (ncy), the number of children aged 6-10 (kids2), the number of children aged 11-17 (kids3) and an indicator for London (london = 1 if the couple lives in Greater London, and 0 otherwise). Your estimates are: OLS Estimation, Dependent variable is wfoy, 150 observations Variable Coefficient Standard error constant 0.877 0.065 ncy -0.155 0.014 kids2 0.026 0.006 kids3 0.138 0.032 london 0.047 0.018 R2 0.496 Mean of wfoy 0.189 Mean of ncy 4.473 (a) On the basis of the above estimates, establish if food is a necessity or a luxury. (b) Establish the statistical significance of the coefficient on london. (c) Further, compute the income elasticity for a hypothetical couple living outside London, with mean log income and no children. (d) It has been suggested that share of budget spent on food is a good indicator of household living standard. Households spending a lower share of their budget on food are to be regarded as better off. If number of young children in a household were...
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...Dr. Mohammed Alwosabi Econ 140 – Ch. 11 Notes on Ch. 11 PERFECT COMPETITION This chapter examines the basic elements of perfect competition and the competitive firm. It examines how businesses with a given market price make production decisions that help maximizing profit. Characteristics of Perfect Competition 1. Many firms, each is selling an identical product. Each firm’s output is a perfect substitute for the output of the other firms, so the demand for each firm’s output is perfectly elastic. 2. Large number of buyers who are indifferent from whom to buy 3. No barriers (restrictions) to entry or exit; it is relatively easy to get into the business 4. Each firm produces a very small share of the total output so that no individual firm has the market power to influence the market price of the good it produces. A perfectly competitive firm is a price taker; it takes the market price as given. 5. Firms already in the industry have no advantage over new entrants 6. Complete information is available to buyers and sellers are about price, demand, and supply in the market 7. Perfectly competitive firms earn zero economic profit in the long run (only normal profit) 1 Dr. Mohammed Alwosabi Econ 140 – Ch. 11 Market demand curve vs. firm demand curve It is important to distinguish between the market demand curve and the demand curve facing a particular firm. The equilibrium market price is determined by the interaction of market demand and...
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...ECON 340 Mathematical Economics Fall 2002 Optional Exam 4 10 December, 2002, 1:00 PM Name Instructions This is the fourth midterm examination for Econ 340, fall 2002 semester, at George Mason University. Due to the recent class cancellation, I may not be able to require you to take this examination, therefore you may take this exam at your option. It would be to your advantage to take the exam in the sense that it allows you to spread the weight of your midterm exams over four exams as opposed to three. If you are struggling in the class, this is an excellent opportunity to improve your grade. George Mason University is an honor code institution. You shall conduct yourself in accordance with the Honor Code of George Mason University during this examination. You may consult your book and notes while completeing this exam. However, you may not seek any other outside assistance. This includes, but is not limited to, other students in the class, friends, family, or other professors (except myself if you have a question). If anyone is caught violating the honor code, you will be reported according to the rules of George Mason University. You have until 1:00 PM, Tuesday, December 10, 2002, to complete the following questions. I estimate the exam should not take much more than one hour of your time to complete. Turning in your exam You may physically hand in your exam at the Economics Department before 1:00 PM by either handing it to me personally or to one of the department...
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...Econ 100 Ch 1 & 2 Quiz marks = 35 STUDENT #________________________ Do not write name – ONLY Student # Multiple Choice Questions 1. Tammie makes $150 a day as a bank clerk. She takes off two days of work without pay to fly to another city to attend the concert of her favourite music group. The cost of transportation for the trip is $250. The cost of the concert ticket is $50. The opportunity cost of Tammie's trip to the concert is: A) $300. B) $450. C) $500. D) $600. 2. When a provincial government chooses to build more roads, the required resources are no longer available for spending on public education. This dilemma illustrates the concept of: A) marginal analysis. B) full employment. C) full production. D) opportunity cost. 3. When economists describe "a market," they mean: A) a place where stocks and bonds are traded. B) information networks that allow individuals to keep in touch with each other. C) a hypothetical place where the production of goods and services takes place. D) a mechanism which coordinates actions of consumers and producers to establish equilibrium prices and quantities. 4. The study of economics is primarily concerned with: A) keeping private businesses from losing money. B) demonstrating that capitalistic economies are superior to socialistic economies. C) choices which are made in seeking to use scarce resources efficiently. D) determining the most equitable distribution of society's output. 5. Economics may best...
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...ECON 312 Week 1 Weekly Assignment - Latest IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download http://www.hwspeed.com/ECON-312-Week-1-Weekly-Assignment-Latest-5495894.htm?categoryId=-1 If You Face Any Problem E- Mail Us At JOHNMATE1122@Gmail.Com 1. (TCO 1) Economics is the study of (Points : 1) increasing the level of productive resources so there is maximum output in society. increasing the level of productive resources so there is a minimum level of income. how people, institutions, and society make choices under conditions of scarcity. the efficient use of scarce resources paid for at the minimum level of cost to consumers and businesses. Question 2.2. (TCO 1) The key economic concept that serves as the basis for the study of economics is (Points : 1) inflation. unemployment. money. scarcity. Question 3.3. (TCO 1) From an economic perspective, when a student decides to attend another year of college, the student has concluded that the marginal (Points : 1) costs of attending college has decreased that year. benefits of attending college has increased that year. benefits of attending college are greater than the marginal costs. costs of attending college will be subsidized by someone else such as parents or the government. Question 4.4. (TCO 1) Which is considered to be an economic resource by economists? (Points :...
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...ECON 312 Week 1 Weekly Assignment - Latest IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download http://www.hwspeed.com/ECON-312-Week-1-Weekly-Assignment-Latest-5495894.htm?categoryId=-1 If You Face Any Problem E- Mail Us At JOHNMATE1122@Gmail.Com 1. (TCO 1) Economics is the study of (Points : 1) increasing the level of productive resources so there is maximum output in society. increasing the level of productive resources so there is a minimum level of income. how people, institutions, and society make choices under conditions of scarcity. the efficient use of scarce resources paid for at the minimum level of cost to consumers and businesses. Question 2.2. (TCO 1) The key economic concept that serves as the basis for the study of economics is (Points : 1) inflation. unemployment. money. scarcity. Question 3.3. (TCO 1) From an economic perspective, when a student decides to attend another year of college, the student has concluded that the marginal (Points : 1) costs of attending college has decreased that year. benefits of attending college has increased that year. benefits of attending college are greater than the marginal costs. costs of attending college will be subsidized by someone else such as parents or the government. Question 4.4. (TCO 1) Which is considered to be an economic resource by economists? (Points :...
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...Econ 101: Intro to Microeconomics Spring 2012, Handout 8 Solutions More on Monopolies 1. A monopoly faces a market demand curve given by P = 42 − Q. Its marginal cost curve is given by M C = Q. (a) Find an equation for the marginal revenue curve. Graph market demand, marginal revenue, and marginal cost for this monopoly. Double the slope of the demand curve to get the MR: M R = 42 − 2Q. The graph should show a line twice as steep as the original demand curve, but with the same price intercept. Note: the “double the slope” rule only works when the equation is solved for P! (b) Find the profit-maximizing level of production for this monopolist. M R = M C to get 42 − 2Q = Q ⇒ Q = 14. (c) What price will the monopolist charge? Plug the Q from part (b) into the demand curve: P = 42 − 14 = $28. (d) Is marginal revenue equal to price? Why or why not? Marginal revenue is less than price because the price effect (an increase in price per unit tends to increase total revenue) and the quantity effect (an increase in the price per unit tends to decrease the quantity sold, which lowers total revenue) move in opposite directions. (e) What price would be socially optimal? 1 Econ 101: Intro to Microeconomics Spring 2012, Handout 8 Solutions Socially optimal price where M C = P ⇒ Q = 42 − Q ⇒ Q = 21 ⇒ P = 42 − 21 = $21. (f) What is the monopolist’s total revenue? T R = P ∗ Q = 28 ∗ 14 = 392 2. Suppose a local utility company has a demand curve given by P = 120 − 4Q. TC for...
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...R&D project to reduce the base cost which will allow us to make more money and to also reduce the selling price to its competitors. In return this will also put us in good standing with our primary target market and will make us the only firm with sole control of the explorer market. The performance objectives for the first period were as followed. The sales of the first period were 13,100, while we only got 8.1% of our primary target market. We understand completely that this isn’t good enough and we are doing everything in our power to fix this so it doesn’t happen again next period. Our goal for next period is to have at least 20% of the market share. We will see it is attainable because of all the changes that we will discuss with you later on this paper. I. Overview a. The brands current primary target segment is explorers. The other competitive brands in the segment are TOPS and LOOP. The brand in a way has a secondary target market which is professionals. The competitors in this segment our TOPS, LOOP, TONE, and our other product ROCK. II. Brand Performance b. The brand did not do so well last period. This is because we are not very profitable. This is because the cost to make the product is too expensive and we are not able to get much contribution from ROLL because of the cost. This product...
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...number Why should the majority rule? But what if the majority is unethical? -Slavery Principle ethics Principle Duty Deontological Decide between right and wrong Consequence Put things into perspective -Slaves perspective -Childs perspective put yourself in position in place of whole society making a claim about individuals Individuals have certain rights -trumps utilizationism Majority and Minority What makes something a right? Personal connection to people Trolley D / 1 person ------------------ \ 5 people 09/04/14 utilistarism theory vs. Greatest good for greatest number of people Businesses being efficient maximizes their profit The world is based on utilistarism Consent is required but do you really know what you are consenting too Nonconsensual Or with consent how would you pick people who don’t want to test Churchhill bombing not wanting to give away the code If we are willing to sacrifice the lives of 500 people to not give away the code Will democracy be completely and utterly ended Duty Ethics/Principle Based Ethics What are these principles that should drive our assessment! Why are we sometimes but not always bothered about being used? Lying to another person often you don’t want to exercise their understanding with Universal your own behavior it creates a world you would want to...
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...ECON 312 Week 2 Weekly Assignment - Latest IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download http://www.hwspeed.com/ECON-312-Week-2-Weekly-Assignment-Latest-589485.htm?categoryId=-1 If You Face Any Problem E- Mail Us At JOHNMATE1122@Gmail.Com Question 1.1. (TCO 2) A demand curve (Points : 1) shows the relationship between price and quantity supplied. indicates the quantity demanded at each price in a series of prices. graphs as an upsloping line. shows the relationship between income and spending. Question 2.2. (TCO 2) Which of the following will not cause the demand for product K to change? (Points : 1) A change in the price of close-substitute product J An increase in consumer incomes A change in the price of K A change in consumer tastes Question 3.3. (TCO 2) College students living off campus frequently consume large amounts of ramen noodles and boxed macaroni and cheese. When they finish school and start their careers, their consumption of both goods frequently declines. This suggests that ramen noodles and boxed macaroni and cheese are (Points : 1) inferior goods. normal goods. complementary goods. substitute goods. Question 4.4. (TCO 2) Suppose that tacos and pizza are substitutes and that soda and pizza are complements. We would expect an increase in the price of pizza to (Points : 1) reduce the demand...
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...February 14, 2014 ECON 545- You Decide As the senior economist to the President of the United States, I believe it’s my goal to get more people back to work and slow down the inflation rate. It is clear that both business and the individual don’t have enough money or don’t feel confident enough to spend (consumer confidence) so the overall aggregate demand (AD) is falling. The first recommendation focuses on getting people back to work. To do this, companies need to have more money available to them. To do this, I believe that the President should encourage the fed to lower interest rates. Lower interest rates will encourage consumers and business to increase investments. It should also increase consumption as consumers will borrow at a lower rate. My second recommendation is for the government to lower taxes. Once taxes are lowered, the individual’s disposable income is increase thus; spending would increase (AD). Spending would also help increase consumer confidence. Once consumer confidence increases, money will flow back into business, allowing businesses to hire back employees. My third recommendation would be for the government to increase spending. When government increases spending, which increases the flow of money into the private sector, the results are increased disposable budgets to consumers. This will increase the (AG) as well. I believe the government should filter money into the American infrastructure...
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...ECON 312 Week 2 Weekly Assignment - Latest IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download http://www.hwspeed.com/ECON-312-Week-2-Weekly-Assignment-Latest-589485.htm?categoryId=-1 If You Face Any Problem E- Mail Us At JOHNMATE1122@Gmail.Com Question 1.1. (TCO 2) A demand curve (Points : 1) shows the relationship between price and quantity supplied. indicates the quantity demanded at each price in a series of prices. graphs as an upsloping line. shows the relationship between income and spending. Question 2.2. (TCO 2) Which of the following will not cause the demand for product K to change? (Points : 1) A change in the price of close-substitute product J An increase in consumer incomes A change in the price of K A change in consumer tastes Question 3.3. (TCO 2) College students living off campus frequently consume large amounts of ramen noodles and boxed macaroni and cheese. When they finish school and start their careers, their consumption of both goods frequently declines. This suggests that ramen noodles and boxed macaroni and cheese are (Points : 1) inferior goods. normal goods. complementary goods. substitute goods. Question 4.4. (TCO 2) Suppose that tacos and pizza are substitutes and that soda and pizza are complements. We would expect an increase in the price of pizza to (Points : 1) reduce the demand...
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...ACC 576 Final Exam Guide For more course tutorials visit www.tutorialrank.com ACC 576 Final Exam Study Question 1 (IFTC-0112) Controls in the information technology area are classified into the preventive, detective, and corrective categories. Which of the following is a preventive control? Question 2 (IFTC-0082) An organization relied heavily on e-commerce for its transactions. Evidence of the organization’s security awareness manual would be an example of which of the following types of controls? Question 3 (IFTC-0067) Which of the following types of control plans is particular to a specific process or subsystem, rather than related to the timing of its occurrence? Question 4 (CGIC-0032) Which of the following is true about the Sarbanes-Oxley requirements regarding the audit committee financial expert? Question 5 (CGIC-0026) Which of the following is not a component of COSO’s enterprise risk management framework? Question 6 (CGIC-0010) Which of the following is not required by the Sarbanes-Oxley Act of 2002? Question 7 (CGIC-0025) Which of the following is not an advantage of the employment of an enterprise risk management (ERM) system? Question 8 (CGIC-0008) A financial statement audit performed under the requirements of the Sarbanes-Oxley Act of 2002 must include an examination and report upon Question 9 (CGIC-0024) An important benefit of an enterprise risk management system is Question 10 (CGIC-0023) Which of the following...
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