Search & Filtering
Explain the classical and Keynesian point of view regarding trading more inflation for less unemployment Philip curve ( short run and long run)
The ultimate goal of Accounting Information System is to use relational database technologies to record and store data by digitizing business transactions and business policies. Based on the give-to-get economic duality, the REA theory demonstrates that Resource, Event, and Agent can conceptualize all business processes and policies. The cardinalities of ER (entity-relationship) guides how to develop the relationship between two tables. the approach to developing an REA diagram for each business cycle and integrating REA diagrams across cycles.Β
The differences between merging redundant resources and merging redundant events in the integration. 3 sentences to explain the differences?
Can we directly link two entities (tables) if they have a Many-to-many relationship? If not, how to solve this issue?
Does the AIS database directly store Accounts Payable data? If not, how can we acquire this information for the financial report?
1. Why would a firm that incurs losses choose to produce rather than shut down?
2. Explain why the industry supply curve is not the long-run industry marginal cost curve.
3. In long-run equilibrium, all firms in the industry earn zero economic profit. Why is this true?
4. What is the difference between economic profit and producer surplus?
5. Why do firms enter an industry when they know that in the long run economic profit will be zero?
Use the production function Q=10K0.5 L0. 6 to complete the following production table.
Rate of capital input (K)
6 24.5. 56.3. 71.8
5
4. 30.3
3. 45.5
2. 27.3
1. 10.0. 29.3
1. 2. 3. 4. 5. 6
a) For this production system, are returns to scale decreasing, constant, or increasing? Explain
A firm operates in a perfectly competitive market. The market price of its product is 4 br and the total cost function is given by TC = 200Q + 50, where TC is total cost and Q is level of output
What level of output should the firm produce to maximize the profit
Examine the major types of unemployment and the need for such categorization???
5. Consider the demand and supply functions for the notebooks market.
ππ·=10,000β100π ππ=900π
a. Make a table with the corresponding supply and demand schedule.
b. Draw the corresponding graph.
c. Is it possible to find the price and quantity of equilibrium with the graph method?
d. Find the price and quantity of equilibrium by solving the system of equations.
6. Supply and demand functions show different relationships between the price and quantities supplied and demanded. Explain the reason for that relation.
1. Consider the market supply curve which passes through the intercept and from which the market equilibrium data is known, this is, the price and quantity of equilibrium π·π¬=ππ and πΈπ¬=ππππ.
a. Considering those two points, find the equation of the supply.
b. Draw a graph of this line.
2. Considering the previous supply line, determine if the following demand function corresponds to the market demand equilibrium stated above. πΈπ«=ππππβππ.
3. The production function of a firm is described by the following equation πΈ=ππ,ππππ³βππ³ π where L stands for the units of labor.
a) Draw a graph for this equation. Use the quantity produced in the y-axis and the units of labor in the x-axis.
b) What is the maximum production level?
c) How many units of labor are needed at that point?
4. Solve the following system of equations.
50π₯+20π¦=1800 10π₯+3π¦=300
Derive the relationship between marginal cost, wage and marginal product of labour
Suppose a firm employs labor as its only variable input. All workers are paid $200 per day. Output per day and variable cost are shown below.
q 1 2 3 4 5 6 7 8
VC 200 400 600 800 1200 1600 2400 3200
L 1 2 3 4 6 8 12 16
Required:
a)Find each unit of output (Q) calculate the units of labour (L) needed to produce the corresponding output level.
b)If the inverse demand for highlighter is p = 60 - Q. At a price of $20, what is the consumer surplus?
