Question 1 Use the following table for this question. Number of Workers Marginal Product Total Product Average Product 1 12 2 16 3 14 4 13 5 10
Question

# Question 1Use the following table for this question.Number of WorkersMarginal ProductTotal ProductAverage Product1

12

2

16

3

14

4

13

5

10

a.       Complete the total product and average product columns.

b.       With which worker do diminishing returns occur?

Question 2

For each of the following, do you think the business is a price-taking producer? Explain your answers.

a.   A cappuccino café in a university town where there are dozens of very similar cappuccino cafés.

b.   The makers of Pepsi-Cola.

c.    One of many sellers of zucchini at a local farmers' market.

Question 3

The below graph shows a monopolist that faces a market demand according to his cost functions. Answer all the following questions:

a.       Define Monopoly and explain the barriers of entry to such market.

b.       What is the production level that will maximize profit (or minimize loss) for the monopolist. Explain.

c.       Calculate the monopolist's total revenue (TR) at the production level that will maximize profit (or minimize loss).

d.       Calculate the monopolist's total cost (TC) at the production level that will maximize profit (or minimize loss).

e.       What is the profit (or loss) the monopolist will make, at the production level that will maximize profit (or minimize loss).

f.        Is the monopolist going to still produce or shutdown? Explain.

Question 4

Assume you own an educational company and offer several educational services. For one year, you change price for different services and record information about how many people buy your service.  You thus gather information about the elasticity of demand. If you wish to raise as much as revenue as possible from your company, where will you decide to change the price: for the services that have inelastic demand or elastic or unit elastic? Explain your answer.

Question 5

Question 6

On November 2018, there was a huge debate in Spain over who should pay the mortgage creation tax. Should the buyers (consumers) or the sellers of the mortgage (the banks) pay the tax.

During early 2018, the civil division of Supreme Court clearly ruled that the tax on mortgages should be paid by consumers and not banks. However, on the 18th of October the administrative division pronounced the other way, that banks should pay.

Using the knowledge that you have learned from this course, what is your recommendation to Spanish people? Explain what do you think about their debate? does the incidence of the tax depends on who pays the tax?

Question 7

Small mom and pop firms like inner city grocery stores, sometime exist even though they do not earn economic profits. How can you explain this?

Question 8

What would the gasoline price elasticity of supply mean to UPS or FedEx?

Question 9

Consider demand for ice-cream if the price for a substitute good increases and the price for a complement good increases, can you tell for sure what will happen to the demand for ice- cream? Explain your answer.

m ipsum do

m risus ante, dapibus a molestie

gue

ur laoreet. Nam risus ante, dapibus a molestie

gue

ur laoree

e vel laoreet ac, dictum

gue

pulvinar tortor nec fa

gue

ng elit. Nam lacinia pulvinar t

gue

rem ipsum

cing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus

gue

ultrices ac magna. Fusce dui

pulvinar tort

lestie consequat, u

a molestie conseq

congue vel laor

gue

or nec facilisis. Pellentesque dapibus efficitur laoreet. Nam

gue

inia pulvinar tortor nec fa

gue

nec facilisis. Pellente

gue

nec facilisis. Pellentesque dapibus ef

gue

ec facilisis. Pellentesque dapibus efficitur la

gue

a molestie co
Fusce dui lectus, congue vel laoreet ac, dictum vitae

gue

a molestie con

usce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consect

gue

molestie c

m ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vi

gue

tesque dap

, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum

gue

lestie co

iscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Na

gue

Donec al

ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pell

gue

ng elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus e

Step-by-step explanation

m ipsum do

onec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvin

gue

sque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat,

pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoree

tesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat

ur laoreet. Nam risus ante, dapibus a molestie

gue

ur laoree

acinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a m

cing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectet

gue

entesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus effic

gue

, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce

gue

m ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscin

gue

rem ipsum

nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui

gue

entesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusc

inia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laore

gue

inia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesq

gue

lestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus eff

gue

Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus

gue

amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit

gue

, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur

sque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fu

, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum

fficitur laoreet. Nam risus ante, dapibus a molestie consequa

gue

ia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui

s ante, dapibus a molestie consequat, ultrices ac magna.

gue vel laoreet ac, dictum vitae odio.

at, ultrices ac magna. Fusce d

m risus ante, dapibus a

gue

fficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Don

s ante, dapibus a molestie consequat, ultrices ac magna.

dictum vitae odio. Donec aliquet. Lorem ipsum dolor

ac, dictum vitae odio. Donec aliquet. Lo

risus ante, dapibus

onec aliquet. Lo

gue

rem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapi

m ipsum dolor sit amet, consectetur

ctum vitae odio. D

consectetur a

risus ante, dapibus a molestie conseq

gue

cing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam ri

at, ultrices ac magna. Fusce dui lectus,

et, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a m

Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacini

, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit

gue

a molestie co

dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante,

gue

Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit.

ec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui le

molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consec

ce dui lectus, congue vel laoreet ac, dictum vitae odio. Done

gue

a molestie con

llentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, conse

gue

ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor si

ec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, conse

gue

molestie c

ec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliq

ec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit.

ec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac mag

gue

e vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit.
nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequ

a. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar t

Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet.

or nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesqu

gue

tesque dap

dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque d

gue

, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum

consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictu

sus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facil

, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque

gue

lestie co

Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet.

gue

ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ant

inia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsu

iscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Na

gue

Donec al

ipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae od

gue

o. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacin

itur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel

molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consec

1 Attachment
png

498,962 students got unstuck by Course
Hero in the last week