ECON224-1101A-02 Macroeconomics Unit 2 Individual Project - Industry Concentration

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ECON224-1101A-02 Macroeconomics

Assignment Name: Unit 2 Individual Project Deliverable

Length: 2–3 pages

Details: You want to start a company, and are trying to decide between two different industries. You are doing your final research before you write your business plan.

Industry A has 20 firms and a Concentration Ratio (CR) of 20%

* What is the name for this type of industry?

* Describe some of this industry's characteristics.

* If you were in this industry and there was an increased demand for the product that pushed up the price of goods, what long-run adjustments would you expect?

* What does your anticipated adjustment process imply about the CR for the industry?

Industry B has 20 firms and a Concentration Ratio (CR) of 85%.

* What is the name for this type of industry?

* Describe some of this industry's characteristics.

* What are some reasons why this industry has a high CR while Industry A had a low CR?

* Is it possible for smaller firms to thrive and profit in Industry B? Why or why not?

Elasticity and Utility Exercises

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Use the following hypothetical demand schedule for movies to do exercises 1–4.

Quantity Demanded Price Elasticity

100 5

80 10

60 15

40 20

 20 25

10 30

1. a. Determine the price elasticity of demand at each quantity demanded using the formula: Percentage change in quantity demanded [1] (Q2

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 Q1)/Q1 divided by percentage change in price (P2 P1)/P1.

b. Redo exercise 1a using price changes of $10 rather than $5.

c. Plot the price and quantity data given in the demand schedule. Indicate the price elasticity value at each quantity demanded. Explain why the elasticity value gets smaller as you move down the demand curve.

7. Suppose the price elasticity of demand for movies by teenagers is 0.2 and that by adults is 2.0. What policy would the movie theater implement to increase total revenue? Make up some data to illustrate your answer.

1. Using the following information, calculate total utility and marginal utility.

 a. Plot the total utility curve.

b. Plot marginal utility directly below total utility.

c. At what marginal utility value does total utility reach a maximum?

 Number of utils for the first unit: 300

Number of utils for the second unit: 250

Number of utils for the third unit: 220

Number of utils for the fourth unit: 160

Number of utils for the fifth unit: 100

Number of utils for the sixth unit: 50

Number of utils for the seventh unit: 20

Number of utils for the eighth unit: 0

Number of utils for the ninth unit: (-250) 4.

Using the following utility schedule, derive a demand curve for pizza.

a. Assume income is $10, the price of each slice of pizza is $1, and the price of each glass of beer is $2. Then change the price of pizza to $2 per slice.

b. Now change income to $12 and derive a demand curve for pizza.

Slices of Pizza Total Utility Glasses of Beer Total Utility

1 200 1 500

2 380 2 800

3 540 3 900

4 600 4 920

5 630 5 930

Marginal Rate of Substitution

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A firm is producing 1,000 units of output with 40 units of labor and 30 units of capital. The marginal product of the last units of labor and capital are, respectively, MPl= 60 and MPk = 120. The price of labor and capital are respectively, w = 30 and r = 40

ECON ECON220-1005B-16 Microeconomics Unit 4 Individual Projects - Policies

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ECON220-1005B-16 Microeconomics Assignment Name: Unit 4 Individual Project Deliverable Length: 2 policies Details: Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases and particulates emitted by and local power plant, answer the following questions: 1. What two policies could you use to reduce the total amount of emissions? 2. Why do you think they each would work? 3. What would the benefits of each action be (besides emissions reduction)? 4. What would the costs of each action be? 5. How would you decide what was the best level of emission reduction? Please submit your assignment. For assistance with your assignment, please use your text, Web resources, and all course materials. Please refer to the following multimedia course material(s): * Unit 4: Concepts and Problems in Macroeconomics * Unit 4: Macroeconomic Principles and Policy

Model of Short-Run Cost Functions

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An essay with a main focus is a Cost Functions (Model of Short-Run Cost Functions) in the paper include some examples: reference to calculate total fixed cost (TFC), total variable cost (TVC), total cost (TC), average fixed cost (AFC), average variable cost (AVC), average total cost (ATC), and marginal cost (MC).

Marginal product

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Managerial Economics 
Economics for managers BOOK: ECO 550 STRAYER UNIVERSITY 2008 CUSTOM EDITION; ECONOMICS for MANAGERS: ISBN- 13: 978-0-558-03749-9

Time Series Analysis

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Exercises, # 1 and # 2 Managerial Economics
Economics for managers BOOK: ECO 550 STRAYER UNIVERSITY 2008 CUSTOM EDITION; ECONOMICS for MANAGERS: ISBN- 13: 978-0-558-03749-9 

Questions are in the attached JPEG

Production and Cost Analysis in the Short Run. (Microeconomic Analysis)

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1). The following table shows data for a simple production function.

a). from the information in the table, calculate marginal and average products.

Capital (K)	Labor (L)	Total product(TP)	Average product(AP)	Marginal product(MP)
10	0	0
10	1	5
10	2	15
10	3	30
10	4	50
10	5	75
10	6	85
10	7	90
10	8	92
10	9	92
10	10	90