Questions: Economics

One: (10 apexs) Tom leases a farmer's scope and grows pineapples. Tom engages students to glean and pack the pineapples. The aftercited consideration sets out Tom's aggregate issue schedule. Labor (students) Aggregate Products (pineapples/per day) 2 220 3 4 5 6 420 7 Calculate the final issue of the third student; Calculate the mediocre issue of three students; Over what collection of students does final issue growth? When final issue growths, parallel mediocre issue and final issue. Two: (10 apexs) Tulip growing is a entirely competitive perseverance, and all tulip growers accept the similar absorb curves. The dispense appraisement of tulip is $15 a muster, and each grower maximizes emolument by conceding 1 ,500 musteres a week. The mediocre aggregate absorb of conceding tulips is $21 a muster, and the reserve mediocre aggregate absorb is $18 a muster. How does the estimate of tulip growers shift in the covet-run? What is the appraisement in the covet run? What is a tulip grower's economic emolument in the covet-run? Three: (10 apexs) What is dispense divide ordeal? What is tie-in sales? What is lifeless merger? What is antitrust law? Four: (10 apexs) The aftercited consideration shows the aggregate enrichment of the 50 strongs in the tattoo perseverance Name of strongs Aggregate enrichment (dollars) Bright Sports 450 Freckles 325 Love Galore 250 Native Birds Next 16 strongs (each) 50 Next 30 strongs (each) 20 Aggregate Enrichment 2625 Calculate the four-strong tension ratio; How would you exculpation to multiply 1 shift if the 50 strongs in the tattoo perseverance in divergent cities disperse over the people? Five: (10 apexs) The aftercited consideration depicts the output of a strong that manufactures computer printers. The printers hawk for $100 each Labor Input (Workers Per Week) Total Tangible Output (printers per week) 10 200 11 218 12 14 260 15 270 16 278 Calculate the final tangible issue and final enrichment issue at each engages 15 workers? The weekly wage paid by computer printer manufacturers in the entirely competitive dispense is $1 ,200. How multifarious workers procure the emolument maximizing mistress engage? Suppose that there is an growth in the ask-for for distributeicular computer regularity. Interpret the mitigated effects on final enrichment issue, final constituent absorb, and the estimate of worker engaged by the strong. Six: (10 apexs) Country Poorest 40% Next Richest Bolivia 13 21 26 Chile 1 Uruguay Draw a Lorenz Curve for Bolivia Draw a Lorenz Curve for Chile Draw a Lorenz Curve for Uruguay Seven: (10 apex) Information issue Interactive dispenseing Search good Direct sale Eight: (10 apexs) Draw a graph for monopolistic race, interpreting why its furness replete is underneath the dispense makeweight Nine: (10 apexs) Village, a inferior incomplex town, has one savant. For a 30-minute consideration, the savant mandible a generous individual twice as fur as a insufficient individual. Does the savant manner appraisement acuteness? Does the savant's pricing regularity redistribute consumer overplus? If so, interpret how? If the savant firm to direct everyone the culmination appraisement that he or she would be procureing to pay, what would be the consumer overplus? In multiply 4, is the dispense for medical benefit in Village causative? Ten: (10 apexs) Bud and Wise are the singly two resultrs of aniseed beer, a New Age issue calculated to remove parent beer. Bud and Wise are opposed to aspect out how fur this new beer to result. They recognize that if they twain designation issueion to 10,000 gallons a day each, they would mould the culmination attainable Joint emolument of $200,000 a day - $100,AAA day each. They besides recognize that if either of them results 20,000 gallons a day occasion the other results 10,000 a day, the one that results 20,000 gallons procure mould an economic emolument of $1 50,000 and the one that sticks after a while 10,000 gallons procure run an economic mislaying of $50,000. They besides each recognize that if they twain growth issueion to 20,000 gallons a day, they procure twain achieve naught economic emolument. Construct a payoff matrix for the pastime that Bud and Wise must play; Find the Nash makeweight; What is the makeweight if the pastime is played frequently-again-and-again? If they avoid, what procure bechance to them legally?