How is the demand for a resource affected

Reference no: EM13733282

PART I: SHORT RESPONSE

Directions: Please provide detailed and elaborate responses to the following questions. Your responses should be a minimum of 1 to 2 paragraphs and should include examples from the reading assignments or personal experience, if possible.

1. As output rises, which MRP curve declines more quickly-the MRP of the perfect competitor or the MRP of the imperfect competitor? Explain your answer.

2. How is the demand for a resource affected by (a) changes in the demand for the ?nal product and (b) productivity changes?

3. Using the substitution and output effects, explain how a decline in the price of resource A might cause an increase in the demand for substitute resource B.

4. If automatic dishwashers and human dishwashers can be substituted for one another, and if the wage rate for dishwashers rises, what happens to the demand for automatic dishwashers according to (a) the substitution effect and (b) the output effect?

PART II: PRACTICAL APPLICATION

Directions: Please complete the following problems and show your work, if applicable.

(a) Fill in the below Table.

Units of Labor	Output	Marginal Physical Product	Price	Total Revenue Product	Marginal Revenue Product
1	22		$20
2	43		19
3	63		18
4	81		17
5	96		16
6	109		15
7	119		14
8	127		13

(b) Is the firm a perfect or an imperfect competitor? Explain.

(d) If the wage rate were $100, how many workers would be hired? How much would the total wage bill come to?

PART III: JOURNAL ACTIVITY

Microeconomics Opinion Project

Directions: Some say history tends to repeat itself and some disagree with that theory. Consider the development of the United States economy as it has grown since the 19^thCentury. Do you agree with the theory that history repeats itself? In a 3-page minimum APA formatted paper, evaluate your thoughts on whether you feel history repeats itself.

You will be expected to include real-world examples to back up your analysis. You may include topics such as the Great Depression, World Wars, and various decades to give merit to your response.

There is not a right or wrong answer to this assignment as you are describing which theory you agree with. Just be sure to thoroughly back up your topic with the use of solid examples. Wikipedia will not be counted as a valid reference for this paper.

Your paper must follow APA format with a title and reference page (not included in the page count) double-spaced and indented paragraphs, and proper in-text citations.

Reference no: EM13733282

Questions Cloud

What is the maximum amount of new loans : Prepare a 2-3 page analysis by answering the questions below. Be sure to cite your references using APA format.

Elaborate descriptions economic rent : Please provide detailed and elaborate descriptions for each of the following terms and concepts. Your responses should be a minimum of 1 to 2 paragraphs and should include examples from the reading assignments or personal experience, if possible.

Find the latest opec output ?gures and what did you find : Walmart wants to open a superstore near you. List the reasons why you think they (a) should be allowed to do so; (b) should not be allowed to do so.

Explain major post-world war ii developments : Using your textbook, identify ONE of the major post-World War II developments and explain its impact on the US economy.

How is the demand for a resource affected : How is the demand for a resource affected by (a) changes in the demand for the ?nal product and (b) productivity changes and explain how a decline in the price of resource A might cause an increase in the demand for substitute resource B.

How do you think it changed society : How do you think it changed society? Hundreds of people attempted to scale the Wall and escape; many died trying. What events led up to the fall?

Explain why a dollar today is worth more than a dollar : What are usury laws? Why do economists hate them and explain why a dollar today is worth more than a dollar you will have in the future.

Prepare research on quantities of specific goods and service : As an employee of the World Bank, you have been asked to research 1 economic concern in a South American country and write a report on your findings.

Explain the causes of the american war for independence : Discuss the causes of the American war for independence , 1763 to 1775 19 April ( the day before 4-20) essay 2 pages double spaces.

User Account

All Pages