Reference no: EM131057871
Answer each of the questions below in short-answer format. Write your responses in complete sentences. Your answers to each question should include 2-3 paragraphs (125-250 words). Use APA.
1. Briefly explain the resources used as inputs to produce output, and provide an example of each resource. (5 points)
2. Watch the following news video above this box.
(https://www.youtube.com/watch?v=j9OtQv5eH4w)
This video clip examines supply and demand of oil. Please discuss the impacts that oil prices have on the economy . What happens when to oil prices when the economy slows versus when it is growing?
3. Consider products that you use in your everyday life. Provide an explanation and at least one example of a normal good, an inferior good, substitutes, and complements
4. Explain why an increase in quantity supplied is not the same as an increase in supply. Which of these would be associated with a rightward shift in the supply curve? What non-price determinants could lead to a shift in the supply curve? Which would be associated with a movement up the supply curve? What non-price determinants could shift that supply curve?
5. Consider the following scenario and state the expected change in the supply or demand curve. You should note whether the scenario indicates a shift of the curve or movement along the curve.
(4)
1. What is unemployment, and what is the unemployment rate? How is the labor force participation rate calculated? What are the costs of unemployment?
2. How are inflation and the purchasing power of money related?
3. Explain the concept of the circular flow.
4. Explain what GDP is (be sure to include a description of the components) and how it is measured, and utilize the different approaches. Why are countries interested in measuring their GDP?
5. Consider the following scenario and determine whether it would be included in GDP, the category that it would affect, and the net change in GDP: You are a manufacturer, and you produce 1,000 units of a good and store it in your warehouse as inventory.
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University financial aide fee management application
: Tracks payments paid by students for school to include any technology or lab fees they pay on top of tuition (library, computer labs, admission fees, books, etc.).
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Single package of predetermined number of units
: Now suppose you decide to use a simple block pricing strategy whereby you offer your product as a single package of a predetermined number of units. How much will you sell to a typical customer? (Hint: What is the optimal bundle size?)
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What is the short-run mc function
: a. What are the short-run AVC and ATC functions? Hint: Costs are a function of the level of output produced so your functions should be in terms of Q. b. What is the short-run MC function?
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Discuss the relevance of each of these points to the storage
: Discuss the relevance of each of these points to the storage of actual video data, and to metadata about the video, such as title, the user who uploaded it, tags, and which users viewed it.
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Countries interested in measuring gdp
: Explain what GDP is (be sure to include a description of the components) and how it is measured, and utilize the different approaches. Why are countries interested in measuring their GDP?
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Define business inventories
: Define business inventories and explain how they are counted in GDP. Calculate government spending given the following information:
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List key differences between the two
: List key differences between the two, in terms of the way the queries are specified, and in terms of what is the result of a query.
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Impact on the demand for the product
: What was the impact on the supply of the product and the impact on the demand for the product? Explain the impact on the price of the product and your decision on whether or not to buy the product.
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What types of items does kingship regalia include
: What types of items does kingship regalia include? Kingship in Benin was hereditary, and its kings were not considered divine as were the Egyptian pharaohs.
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