Reference no: EM131584240
Module Problem Sets
An Excel template is provided for your Problem Sets. Each problem is presented on a separate worksheet represented by the tabs at the bottom of the Excel worksheet.
You must submit only one Excel file for your Problem Sets. To receive full credit, all work must be shown and the final answer(s) must be highlighted in yellow, unless answers are derived from a graph and/or tables.
Submit your completed assignment by following the directions linked below. Please check the Course Calendar for specific due dates.
Save your assignment as an Excel spreadsheet. (Mac users, please remember to append the ".xlsx" extension to the filename.) The name of the file should be your first initial and last name, followed by an underscore and the name of the assignment, and an underscore and the date. An example is shown below:
Question #1: Draw a perfectly inelastic supply curve.
Question #2: If elasticity of demand is 0.5 and price is lowered from $20 to $19, by what percentage will quantity demanded rise?
Question #3: (a) Illustrate a tax increase. (b) State what happens to equilibrium price and quantity.
Question #4: If the price of eye surgery falls by 50-percent and the quantity of contact lenses demanded falls by 25-percent, find the cross-price elasticity of demand for theses two goods.
Question #5: A perfect competitor would never charge more than market price because __; the perfect competitor would never charge less than market price because _
Question #6: How much is the firm's most efficient output?
Question #7: At an output of 9, MC = 20 and AVC = $25. At an output of 10, MC = $32 and AVC = $26. What is the lowest price the firm will accept in the short-run?
Question #8: The perfect competitor operates at the __ point of his or her average total cost curve in the long-run.
Question #9: A monopoly is a firm that has _____substitutes.
Question #10: The five barriers to entering a monopolized industry are:
Question #11: There are basically only two justifications for monopolies:
Question #12: The main economic criticism of monopolies and big business in general is that they are __.
Question #13: Price discrimination occurs when a seller charges __ for the same good or service.
Question #14: The monopolistic competitor's demand curve slopes _____.
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Write a short paragraph on using variables
: Explain the meaning of an equation as a sentence translated into the language of mathematics.
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What was the variable cost per dog
: Ron Moss a manager of Waterworks Inc., was reviewing the water bills of a dog daycare and spa. what was variable cost per dog associated with company water bill
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Find the area of the rectangle
: In a rectangle, if the length is increased and breadth is reduced each by 2 cm then area is reduced by 28 cm^2.
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Determine the present value of the note
: P800,000 and received P1,200,000 note as payment. Determine the present value of the note at the time of sale transaction
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Draw a perfectly inelastic supply curve
: Draw a perfectly inelastic supply curve. If elasticity of demand is 0.5 and price is lowered from $20 to $19, by what percentage will quantity demanded rise?
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Valid argument for international trade
: Explain to someone with no economic knowledge the concepts of Absolute and Comparative Advantage and why each makes a valid argument for international trade.
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Develop a five step procedure for the hr department
: Develop a five- (5) step procedure for the HR Department to use in order to maintain all applicantsâ€TM records in case a discriminatory charge occurs.
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Absence of additional income or health services
: What measures can families take, even in the absence of additional income or health services, to keep their children healthy? Explain
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What amount of gain will katsu recognize
: Sliver and Heirs, Inc., has several employees. What amount of gain will Katsu recognize as a result of the transacton
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