求课业,
Task1:supposeanassistantprofessorofeconomicsisearningasalaryof$65,000peryear.Onedayshequitsherjob,sells$100,000worthofbondsthathadbeenearning5percentperyear,andusesthefundstoopenabookstore.Attheendoftheyearsheshowsanaccountingprofitof$80,000onherincometaxreturn.Whatishereconomicprofitandwhy?
Task2:Afirmfacesthefollowingaveragerevenue(demand)curve:
P=100-0.01Q
WhereQisweeklyproductionandPisprice,measuredincentsperunit.Thefirm’scostfunctionisgivenbyTC=30,000+50Q
Assumethatthefirmmaximizesprofits.Whatisthelevelofproduction,price,andtotalprofitperweek?
Task3:EnglandandScotlandbothproducesconesandsweaters.SupposethatanEnglishworkercanproduce50sconesperhouror1sweaterperhour.supposethataScottishworkercanproduce40sconespehouror2sweatersperhour.
a.WhichcountryhastheabsoluteadvantageintheproductionofeachgoodWhichcountryhasthecomparativeadvantage
b.IfEnglandandScotlanddecidetotrade,whichcommoditywillscotlandtradetoEngland?Explain.
c.IfaScottishworkercouldproduceonly1sweaterperhour,wouldScotlandstillgainfromtradewouldEnglandstillgainfromtradeExplain.
Task4:
WhataresomeofthesourcesofmonopolypowerGiveanexampleeach.(Thisanswershouldbenolessthan100words.)
Task5:
Weallknowthatweattachgreatimportancetoscarcitywhenwetalkabouteconomics.Asamatteroffact.Everyoneshouldfacetheproblemofscarcity,evenbillgates,becausehistimeisalsolimited,justlikeyouandme.Pleaseimaginewhatwouldhappeninthenewworldifwewereallnevertodie?(Thisanswershouldnotbelessthan150words)