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Homework #3 BADM 631 EMS11 Due: 8am May 27, 2010 Name: General Instructions Please enter your answers directly into this document and return via...

Please answer questions 3 and 4.
Homework #3 BADM 631 EMS11 Due: 8am May 27, 2010 Name: General Instructions Please enter your answers directly into this document and return via email (to [email protected] ) by 8am May 27, 2010. Please start the subject line of your email with: Homework 3 Doing so will generate an automatic return receipt from my email system. Show your work and explain your answers fully in your own words. Question 1-- (25 points) Part a) (15 pts) Fill in the blank cells of the table below. Show your work by typing in the formulas you use. Visit the U.S. Bureau of Labor Statistics web site for CPI-U data (www.bls.gov). Use annual averages, which have the column heading: “Annual.” Percent Change 2008 2009 2008-2009 CPI-U All Items for Boston 235.370 233.778 -0.676 growth DECREASE percentage =(235.370-233.778)/233.778*100 CPI-U All Items for Seattle 224.719 226.028 0.583 growth INCREASE percentage = (226.028-224.719)/224.719* 1 The rate of change (percent change, growth rate) from one period to another is calculated as follows: Percent Change = (value at end of period - value at beginning of period)/value at beginning of period * 100 -0.676 growth DECREASE percentage = (235.370-233.778)/233.778*100  BOSTON 0.583 growth INCREASE percentage = (226.028-224.719)/224.719*100  SEATTLE Step 2 To further calculate an annual percentage rate of change, divide the percent change arrived at in step two by N. N represents the number of years between the two values used in step 2. Step 3 Example to calculate growth rate or percent change:
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A particular city has a population of 800,000 in 1990 and a population of 1,500,000 in 2008. To find the growth rate of the population in this city, do the following: Growth Rate = (1,500,000 - 800,000)/800,000 * 100 Growth Rate = 87.5 percent Average Annual Growth Rate = 87.5% / 18 years Average Annual Growth Rate = 4.86 percent Part b) (10 pts) : 1) From the CPI-U data above, are prices rising faster in Boston or Seattle? Are prices higher in Boston or Seattle? Explain fully. Prices appear to be rising faster in Seattle for the one year measured because there is an obvious decrease in Boston and an increase in Seattle. However, it is impossible to measure whether prices are higher in one city of the other because this index is unavailable to provide us with this type of information.
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548525_ECO.docx

3. A firm sells its product in a perfectly competitive market where other firms charge a
price of $80 per unit.
The firm's total costs are C (Q)=40+8Q+2Q2
And marginal costs are MC (Q) =8+4Q
a) How...

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