Conservapedia - User contributions [en]

Economics Homework Final Answers - Student Two

2010-01-09T00:00:27Z

Seth9000: Created page with 'Seth P. 1.a 2.b 3.a 4.c 5.a 6.a 7.b 8.b 9.e 10.d 11.b 12.e 13.c 14.a 15.e 16.d 17.b 18.a 19.e 20.d 21.a 22.d 23.d 24.a 25.e 26.d 27.a 28.a 29.d 30.d 31.c 32.c 33.c 34.b 35.d 36....'

Seth P.

1.a
2.b
3.a
4.c
5.a
6.a
7.b
8.b
9.e
10.d
11.b
12.e
13.c
14.a
15.e
16.d
17.b
18.a
19.e
20.d
21.a
22.d
23.d
24.a
25.e
26.d
27.a
28.a
29.d
30.d
31.c
32.c
33.c
34.b
35.d
36.d
37.e
38.b
39.b
40.c
41.a
42.c
43.c
44.d
45.c
46.a
47.e
48.b
49.d
50.b
extra credit. c

Economics Homework Thirteen Answers - Student Three

2009-12-17T04:55:55Z

Seth9000: Created page with 'Seth P. 1. 2.People losing their jobs to workers in China is the result of “free trade”. 3.One of the primary responsibilities of the Federal Reserve Bank is to protect th...'

Seth P.

1.

2.People losing their jobs to workers in China is the result of “free trade”.

3.One of the primary responsibilities of the Federal Reserve Bank is to protect the banking system against collapse.

4.I decided that I can increase my revenue by increasing my price. Therefore my good must be price elastic.

5. A monopolistic competitive firm has the following characteristic that is lacking for a perfectly competitive firm: c. P > MC. This is because the competitors can raise their price but people will still buy their product because they can't just go to a different place and buy exactly the same thing.

6.You can do things more efficiently in the long run than you can in the short run, because the long run is a variable cost the airline is able to change things and thus accommodate a lot more people so the tickets are cheaper. But the short run is a fixed cost so the airline can't change stuff so the tickets are more money.

7.

8.In long-run equilibrium, the price charged in monopolistic competition is greater than marginal cost but equal to average total cost because of product differentiation. When a company has its own product that no one else has, it can raise the price above marginal cost until it reaches average total cost. The company wants to keep its price neutral so it does not make a profit so other companies won't come in and try to undersell it. The company stays in business because average total cost includes the cost of everything, even opportunity costs.

9.

10. A better name for “protectionism” could be patriotism because they are trying to protect America's jobs and economy so that makes them patriotic.

11.Keynesian economics is a version of economics that says that government interference is a good thing that makes the economy better and creates more jobs and things like that. My view of it is that if a government followed Keynesian economics, the country that government is in charge of would collapse in a few years. Because if the government took the time to do the research, they would realize that government control just makes things worse instead of making things better like Keynesian economics says it does.

Economics Homework Twelve Answers - Student Three

2009-12-10T02:29:35Z

Seth9000: Created page with 'Seth P. 1.A monopsony is one buyer. 2.A production possibilities curve is a way to graph all the different possibilities you have for spending your time, resources and energy....'

Seth P.

1.A monopsony is one buyer.

2.A production possibilities curve is a way to graph all the different possibilities you have for spending your time, resources and energy.

3.

4.No, I don't think government policy should give high priority to the Lorenz curve. A Lorenz curve addresses the issue of equal distribution of wealth in a society. No, I don't think that should be a high priority of government economic policy because if they do this it will cause more problems than it will fix.

5.On figure A, shifting production from B to C would make them lose money because they are above the demand.

6.AFC, average fixed cost, is the fixed cost divided by the output. AVC, average variable cost, is the variable cost divided by the output. ATC, average total cost, is total cost divided by output. AFC and AVC when added together should equal the ATC. A firm should shut down in the short run when their ATC is greater than their revenue.

7.A production possibilities curve would shift outward if someone made a lot more factories and could produce more, or if there was an advancement in technology which allowed factories to make way more stuff than they did before.

8.In figure C, total revenue is maximized at point D.

9.

10.No, I would not hire the tenth worker because I would lose $4/hr.

11.In comparative advantage they are comparing the one countries two goods to see which one they can make more efficiently, so they can figure out what they are best at making. Then trade with a different country for other stuff they are not as good at making.

Economics Homework Eleven Answers - Student Two

2009-12-03T00:26:45Z

Seth9000: Created page with 'Seth P. 1.I would want someone to pay me interest back if I loaned him money because I want a profit from the transaction. 2.The total I would repay is $1,102.50. 3.The cost o...'

Seth P.

1.I would want someone to pay me interest back if I loaned him money because I want a profit from the transaction.

2.The total I would repay is $1,102.50.

3.The cost of the bus for a trip to D.C. is a fixed cost, because the price of the bus won't change whether one person goes down or the bus is full.

4.I think the concept in economics that is the best self-motivator is competition, because competition usually brings out the potential someone has.

5.

6.Question 11 was what is the marginal cost for the 3rd unit? The answer is $200 because the cost for 2 units is $1900, the cost for 3 units is $2100. So $2100 - $1900 is $200.

7.Economic rent is when a seller has something unique to sell and it cost him like a $1000 to make it, he can raise the price because people who want that will pay whatever price they can and he can raise the price as high as he wants until the law of demand stop him. So the economic rent is the difference between the price he wants to sell it for and the $1000 it cost to make.

8.

9.The Law of Demand is my favorite concept because it is the easiest to understand, for me anyway.

10.The two gas stations across the street from each other reach their equilibrium by one gas station raising or lowering its price, then the other gas station counters by also raising or lowering its price until the law of demand makes them stay at a certain price so that both gas stations get the most efficient business.
.

Economics Homework Ten Answers - Student Two

2009-11-19T03:21:47Z

Seth9000: Created page with 'Seth P. 1.Externalities are any good or service that you can benefit from or not benefit from without paying for it. 2.Marginal revenue is zero because it cannot be positive o...'

Seth P.

1.Externalities are any good or service that you can benefit from or not benefit from without paying for it.

2.Marginal revenue is zero because it cannot be positive or negative. Because revenue is at its maximum so you can't increase it any, so marginal revenue can't be positive. Same for negative. If it was negative it would reduce the output by one unit and have the affect of increasing the total revenue. That isn't possible because total revenue is at its maximum so then marginal revenue must be zero.

3.Question 6 – Goods and services are used most often to define which of the following concepts: The reason this is my favorite one is because I didn't keep to your advice of going with my first impression. I went with my second impression and got it wrong. So in the future, I will go with my first impression.

4.A positive externality is if you like tennis and your house is next to a tennis court, you can enjoy the game without having to pay for it. A negative externality is if you dislike rock music and next door some kids band practices every day, you get the external non benefit of hearing their music.

5.Private firms in the free market are unlikely to try to provide public goods because they would make a lot less money. People don't really pay for public goods they just benefit from them.

6.A and B are substitutes because they have positive cross-elasticity. C and D are complements because they have negative cross-elasticity. If one of the two goods (A & B) price goes up and demand goes down, then its substitutes demand will go up and then its cross-elasticity will be positive because it went up. Whereas complements when good raised its price and demand goes down for it, its complements demand also goes down making its cross-elasticity negative.

7.

8.

9.A public good is a good that is beneficial to everyone whether they personally pay for it or not. For instance the US Army is a public good.

10.A question on the midterm that describes an unusual situation is #16. If a firm's total revenue were somehow maximized, then its marginal revenue must be (a) zero. This scenario is unrealistic because it is very very hard to have maximized total revenue.

11.The correct answer is 600 units because the price ceiling intersects the supply at 200 and intersects demand at 800. So then 800 – 200 = 600. So 600 is the amount of the shortage.

Economics Homework Nine Answers - Student Two

2009-11-11T22:01:56Z

Seth9000: Created page with 'Seth P. 1.Video game companies like Nintendo, Sony and X-box (don't know who makes X-box) is an example of an oligopoly, because there is few competitors. It takes a lot of tim...'

Seth P.

1.Video game companies like Nintendo, Sony and X-box (don't know who makes X-box) is an example of an oligopoly, because there is few competitors. It takes a lot of time effort and money to make a new company with its own system and games. And most of the systems are very similar.

2.The type of industry with the lowest price would be perfect competition. Next would be perfectly contestable markets, then monopolistic competition, then oligopoly, then cartel, and monopoly would be the highest price.

3.
4.Monopolies can sometimes be established by the government. A monopoly can also be made if you control enough of a valuable resource. If your company is big enough, you can have a monopoly. If you get a patent or copyright, you could have a monopoly.

5.The free market and the law of demand prevents a monopoly from increasing its price without limitation.

6.The Nash equilibrium is when both firms reduce output, because the numbers indicate that is the best situation for both of them.

7.No, the government should not regulate monopolies, because the government shouldn't regulate anything in the free market.

8.No, the “deadweight loss” does not equal the “consumer surplus”. Deadweight loss causes people to loose consumer surplus.

Economics Homework Seven Answers - Student Five

2009-10-29T01:52:32Z

Seth9000: Created page with 'Seth P. 1.The four elements of perfect competition are lots of competitors, lots of things to compete over (perfect substitutes), knowing what all is going on, and everyone has...'

Seth P.

1.The four elements of perfect competition are lots of competitors, lots of things to compete over (perfect substitutes), knowing what all is going on, and everyone has to have the same opportunities.

2.I might use competition to motivate me to achieve more by making myself concentrate which usually allows you to do better.

3.Income elasticity and inelasticity.

4.I think the converse of Gresham's Law is true with respect to speech and conversation because if you focus on good things, like the Bible, it won't leave room in your life for bad things. The same goes for bad things, if you focus on bad things then there won't be room for good things. I personally think it is better to focus on good things.

5.Total cost is the total amount of all your costs put together. Average cost is the costs your spend per unit. Marginal cost is the cost of extra units compared to the units before them.

6.The loss in wealth for not having the dance is 150 x $15 = $2,250. The loss of consumer surplus is 50 x $5 = $250, 10 x $10 = $100, and 5 x $15 = $75 for a total of $425.

7.There is not perfect competition between homeschooling and public schools, because the competition doesn't have perfect substitutes and both sides don't have the same opportunities.

8.Competition can be defined as the free market, because the stores in the free market compete against each other for the customers and the customers compete against each other for the lowest prices. The free market takes all that and finds an equilibrium point and says this is what the price will be. Usually everybody agrees that is a good price. That is competition.

9.I think there would be less jobs because a lot of people want jobs but there aren't that many openings and it costs the owner a lot of money to hire them.

10.The firm's profit is zero. Loss is zero unless you are including fixed rates like the price of the factory when they bought it. Then they would lose out on the money they already spent.

11.

Economics Homework Six Answers - Student One

2009-10-22T02:15:59Z

Seth9000: Created page with 'Seth P. 1.Fixed costs can be easily identified by seeing what the total costs are when output is zero. An example of a variable cost is employees. 2.His plan would fail becaus...'

Seth P.

1.Fixed costs can be easily identified by seeing what the total costs are when output is zero. An example of a variable cost is employees.

2.His plan would fail because there is decreasing returns of scale in the restaurant, because more waitresses would result in more wasted time.

3.I own a widgets factory and one of my machines breaks. It costs $1000 to fix it, but there is no guarantee that it won't break again soon. It costs $2000 to buy a new one, but the guarantee is at least two years. A “short run” cost would be just fixing it. A “long run” cost would be buying the new one.

4.

5.The long run for college is first of all college costs a lot to go and you have to spend a lot of time studying and writing. But because of your better education you will be able to get good jobs that pay a lot and maybe not have a lot of money during college, but after you get out and get a good job you would have lots of money. As opposed to the short run where you skip college. You skipped paying all that money for college. You skipped all that studying and reading, but because of your lesser education you can't get as good of a job. So while the OK job you have was good for you then, eventually it won't be good enough and you will wish you had stayed in college.

6.The fixed cost is one million dollars. The average variable cost is $20,000 because $1,000,000 divided by 50 is 20,000. The average total cost is $2,000,000 divided by 50 = $40,000. The marginal cost is $1,000,000 + 18,000 divided by 51 = $19,961 after it costs $18,000 to make a 51st car.

7.The increase in license fee will increase marginal cost, average variable cost and average total cost.

8.Instead of earning $8 an hour, you watch TV for an hour. Your accounting loss is $8. Your economic loss is $8 + the time you spent watching TV + electricity for the TV.

9.The firm will hire more employees to produce more output until the point where the value of its marginal product of labor equals its marginal return.

10.If inflation is 10% per year for three years, but one particular good keeps the same price during those three years, then its opportunity cost and real price actually decreased because there is only one thing you can spend that money on because everything else went up.

11.The long run average costs would be less because you may have to pay more than the short run at first, but eventually the long run would pay for itself and then some. Because long run is more efficient.

12. The firm should (b) use materials that have increasing returns to scale.

13.There are reasons why charity lasts longer than business. For example, charity focuses on helping people while business focuses on making money.

14.I agree with this statement because a marriage between a man and a woman is like two parts of a whole coming together.

Economics Homework Five Answers - Student Four

2009-10-14T21:04:05Z

Seth9000: Created page with 'Seth P. 1.Economic “efficiency” is getting a good or a service with as little transaction costs as possible, because the more transaction costs there are the less efficient...'

Seth P.

1.Economic “efficiency” is getting a good or a service with as little transaction costs as possible, because the more transaction costs there are the less efficient the transaction is. “Wow! You are efficient! You got the pizza here in less than two minutes.”

2.Goods A and B, with a cross elasticity of +3.8, are substitutes. Goods X and Y, with a cross elasticity of -2.7, are compliments.

3.The marginal cost to make another unit is $20, because it takes $100 to make 5 so to make one takes $20.

4.The fast food hamburgers are inferior goods. The steaks are normal goods.

5.The basic assumption of the Coase theorem is that anything that adds transaction costs should get out of the way or lesson its involvement, which will let the market work more efficiently. This assumption is important to the result of the theorem because transaction costs make everything less efficient.

6.When an owner's marginal revenue exceeds his marginal cost he sells more stuff. He orders more products to put on the shelves because he has to keep up with the demand.

7.The Coase theorem says that government regulations that increase transaction costs are not desirable. They have the effect of making things less efficient.

8.The greater the number of substitutes for a good, the less price elastic it is, because if there are a bunch of substitutes and you raise the price, people are going to go buy the one that is cheapest.

9.The smaller the proportion of income consumed by the purchase of a good makes it more income elastic, because you would rather spend less money on something. You would like to spend as little as possible.

10.The government would prefer to tax a good that is inelastic because people need it more and will pay even though the price changes.

11.The income elasticity for the steak in question 4 is .4. The income elasticity for the hamburgers is -.2.

12.Xed = -10%/100% = -.1 These goods are complements because this is a negative number.

Economics Homework Four Answers - Student Two

2009-10-07T16:30:52Z

Seth9000: Created page with 'Seth P. 1.A consumer's overall satisfaction is expressed in economics as his utility. 2.Your consumer surplus would be $1000. Consumer surplus is when you work hard and get lo...'

Seth P.

1.A consumer's overall satisfaction is expressed in economics as his utility.

2.Your consumer surplus would be $1000. Consumer surplus is when you work hard and get lots of money and then go to buy something and find out it isn't as expensive as you thought. Then the amount of money you have left over is your consumer surplus.

3.I would maximize my utility by hiking for 3 hours and reading for 2 hours. This would give me a total utility of 34 for those 5 hours. I hiked for 3 hours because after the first three hours my reading utility was higher than what my hiking utility would be. I would have more fun reading after those three hours than I would hiking.

4.I would say no I want a lower price because it isn't brand new. It has a hundred miles on it. I want the market price.

5.The shape of an indifference curve for two goods that are perfect substitutes is a straight line going from the upper left down to the lower right because the person likes both things the same amount. It's slope must be negative 1 because it goes down 1 point every time you trade out one good.

6.The income effect is what happens when the price of something goes down, it seems to increase your income which means you can use the extra money to buy more stuff.

7.Charity comes first because all free markets need to have a charity foundation to thrive. But in my opinion they go hand in hand, you can't have one without the other. In one place charity may come first and in another place the free market may come first but in both places they will have both charity and the free market at some point.

8.”A penny saved is a penny earned!” means that if you have a choice between two things that the quality is the same, but one is cheaper than the other one, and you buy the cheaper one that means the money you saved is basically like earning more money. You have more money than you would have if you bought the more expensive one.

12.Goods X and Y are complements to each other because the indifference curves show that if you have one of X you want one of Y.

Economics Homework Three Answers - Student Two

2009-09-24T02:39:01Z

Seth9000: Created page with 'Seth P. 1.Pizza is an example of a good that has a large price elasticity, meaning that a small decrease in price causes a big increase in demand. 2.An example of the concept ...'

Seth P.

1.Pizza is an example of a good that has a large price elasticity, meaning that a small decrease in price causes a big increase in demand.

2.An example of the concept of income elasticity is, if someone had a job making $7.50 an hour. Then if they get a promotion to $8 an hour they could buy more stuff or save that extra .50 for later. So income elasticity is if you get more money you have a choice to make.

3.A nearly perfectly elastic demand curve is nearly horizontal line in shape; a nearly perfectly inelastic demand curve is nearly vertical line in shape.

4.A necessity is something you have to buy no matter what the price is because you can't live with out it like clothes, food, housing, gas. A luxery is stuff you can get but you don't really need. You can live without them, like video games, a beach front house, eating out.

5.At McDonald's a substitute for french fries would be apple fries. A compliment for french fries is a hamburger.

6.A normal good is something that people buy more of when their income is high like steak. An inferior good is something people buy less of when their income is high like beans.

7.A price ceiling that is set below the equilibrium price would cause a shortage, because the demand exceeds the supply. A price ceiling made the price really cheap so people are going to rush to buy. So the supply is going to run out way quicker than the demand.

11.There are so many factors to minimum wage, it is pretty much impossible to say that it is a good thing or a bad thing because on one side its a good thing because the person that gets the job will have enough money to live on in some cases. Then again on the other hand, it's also bad because store owners can't hire as many people because they can't afford to give out that much money to employees. So it lessens the amount of jobs. So this is a hard subject and there is not any right answer or wrong answer. But in my opinion, minimum wage being a good thing or a bad thing depends on how old you are and what your living conditions are. So for someone like a teenager to young adult, it would be a great thing and make their life easier. But someone else like an older adult, would find it being not enough to live on. I guess my view on minimum wage is right now it would be a good thing for me and I like it but when I get older I'm not going to like it as much because I'm going to need more to live on.

Economics Homework Three Answers

2009-09-24T02:38:28Z

Seth9000:

*[[Economics Homework Three Answers - Student One]]
*[[Economics Homework Three Answers - Student Two]]

Economics Homework Three Answers

2009-09-24T02:37:52Z

Seth9000:

*[[Economics Homework Three Answers - Student One]]
*[[Economics Homework Three Answers - Student One]]

Economics Homework Two Answers - Student Three

2009-09-16T19:53:08Z

Seth9000: Created page with 'Seth P. 1. The supply of a good, and the d...'

Seth P.

1. The supply of a good, and the demand for that good, determine both the price and quantity at which the good is sold.

2. With a price demand curve for a particular good of P=$30-Q, where P is the price and Q is the quantity. And with the price supply curve of P=$6+Q. The price the good would be sold at would be $18 with a quantity of 12.

3.When the supply of a good or service increases, such as increasing the number of oil wells, the market price of oil goes down, because there is more quantity than demand. There is more to go around so people don't have to pay as much for it. When the demand for a good or service increases, such as more people driving cars that need gasoline (refined oil), the market price of oil goes up, because there is more demand than there is supply.

4.Grocery stores lower the price of their fruit (such as grapes) when they have an oversupply of ripened fruit so people will buy more, and free up space in the store. Then the store can buy more stuff. Also if the fruit rots the store doesn't get as much of a profit because they didn't sell all the fruit. After the grocery store lowers its price people rush to buy it because they like cheap fruit.

5.(A) Based on the data, the New York Yankees built 600 “obstructed view” seats and makes $2800 from the sale of these tickets at each game. (B)If the city of New York passed a law for a maximum price of $2 per “obstructed view” seat, yes the seats would sell out under this law. Probably people would have to wait in line to buy these tickets. I would oppose such a law because it would make more trouble than it would fix. They are trying to make it so more people could afford the tickets, but they would just be making long lines.

6.The saying “time is money” means don't waste your time. Spend it doing something profitable.

7.Waitings lists develop in countries (like Canada and England) where the government prohibits anyone from charging more than fixed prices for medical services, assuming that these fixed prices are lower than what the prices would be under supply and demand in the free market, because the demand is greater then the supply. More people would be able to afford medical treatments, but the doctors wouldn't make as much money so they wouldn't do as many of the treatments so waiting lists would develop. Also people wouldn't want to be doctors because it wouldn't pay as much as it did before the law was passed.

8.When the Tyndale Bible was first made, the demand for it was so massive that the supply couldn't keep up so the price for the Bibles was a lot of money. The government didn't want the Bibles sold so they kept buying up copies to try to keep them out of the hands of the public. All the money the government was spending to try to keep them out of the public's hand was going to the people publishing the Bibles. They used that money to buy more and better printing presses. This raised the supply exponentially. The supply came closer to the demand so the price went down. More people could afford it. Finally the king gave in to the demand and made it legal. Even more copies were made.

Economics Homework One Answers - Student Six

2009-09-10T15:14:27Z

Seth9000: Created page with 'Seth P. 1.A Wii is a good. A theme park is a service. 2.A meal at McDonald's costs the gas, the food, and taxes. The cost of the food includes the employees pay, the building, t...'

Seth P.

1.A Wii is a good. A theme park is a service.
2.A meal at McDonald's costs the gas, the food, and taxes. The cost of the food includes the employees pay, the building, the utilities, and the delivery of food and paper products. A meal at home only costs to buy the food from the store and time spent cooking it. So a meal at home is cheaper because you don't have to pay so many transaction costs.
3.Something is scarce if you have to pay money for it because there is a limited amount of that thing. If there is less of something people are willing to pay more money for it if it is something they need or want, like a Wii at Christmas time. People exaggerate scarcity in their minds when they want tosell something for a lot of money. They make it seem like there are only a few so people will pay more money for it.
4.The “invisible hand” is the free people controlling a country and the government only controlling the military.
5.In the parables of the treasure in the field and the pearl of great price, they found something so valuable it was worth all their possessions because there was nothing like it in the world. The spiritual point is they sold everything they had to go to heaven and be with Jesus. They traded earthly possessions for heavenly ones. The Gospel of Matthew might have more economic parables than the Gospel of Mark because Matthew was a tax collector and understood money better than most people.
6.Caveat emptor (let the buyer beware) is when you see something that is so awesome you have to have it. You rush to the store to buy it. This means you should do your research first and make sure it is worth the money and not buy something pathetic and then find out there is something better.
Carpe diem (seize the day) means don't waste your time. Be decisive. Don't waste all your life and then wish you had done profitable stuff. Seize the day and don't waste opportunities.
8. The saying “Money is a good servant, but a poor master.” means if you have money, you need to make it work for you and not the other way around. If you are working for it, you will end up with a bunch of stuff you don't need or want. For example, if money is your servant you can go into a store and only get what you need. But if money is your master and you go into a store you will buy as much as you can and still want to get more money and buy more stuff.