1.The daily market demand for boxes of paper clips in the United States is QD = 10 - 2P.The daily market supply for boxes of paper clips is QS = 5 + 3P, where P is the price of a box of paper clips and QD and QS are thousands of boxes of paper clips.There are many producers and buyers of paper clips.

a.Adam Smith Pins produces and sells boxes of paper clips. Adam Smith Pins marginal cost for producing a box of paper clips is MC = 0.002q, and its average variable cost for producing boxes of paper clips is AVC = 0.001q, where q is the actual number (not thousands) of boxes of paper clips Adam Smith Pins produces. Adam Smith Pins daily fixed cost for producing boxes of paper clips is $200.(Note: in your calculations market demand and market supply quantities Q are in thousands e.g., Q = 8 is 8,000, and Adam Smith Pin quantities q are the actual number e.g., q = 35 is 35)

i.What price does Adam Smith Pins charge per box of paper clips? (4 points)

ii.How many boxes of paper clips does Adam Smith Pins sell per day? (3 points)

iii.How much profit per day does Adam Smith Pins make from producing and selling their boxes of paper clips? (4 points)

iv.Should Adam Smith Pins continue producing and selling paper clips? Why or why not? (3 points)

b.The paper clip manufacturers of India have developed a new production process for paper clips. They can sell their paper clips anywhere on the global market, including transportation, for an average of 54 INR (Indian rupee) per box of paper clips. The current exchange rate is $1 = 75 INR. How many, if any, boxes of paper clips are imported in to the U.S.? (4 points)

c.Does Adam Smith Pins continue producing paper clips now that Americans can buy India-made paper clips? (3 points)

d.Because of a growing economy in India, exports to India from the U.S. are growing, causing the value of the dollar relative to the Indian rupee to increase from 75 INR to 85 INR per $1. How many boxes of paper clips are now imported, if any, by the U.S. from India, with the Indian price per box of India-produced paper clips remaining at 54 INR? (4 points)

e.Adam Smith Pins is purchased by Hunter Biden. He convinces President Biden to give Adam Smith Pins the monopoly on making paper clips in the United States and to prohibit the import of any foreign paper clips.

i.What is the new market price and how many boxes of paper clips are now sold in and purchased by the U.S. market each day? (Note: In calculating market price, now that Adam Smith Pins is the only supplier to the market, both Adam Smith Pins quantity produced and the quantity demanded by the market are in thousands of boxes. For example, if your answer for Q = 8, use 8 in calculating market price. However, in calculating Adam Smith Pins' cost and profits, you will use q = 8,000.) (4 points)

ii.How much profit does Hunter Biden's Adam Smith Pins make per day? (3 points)

2. A cognitive researcher wants to know if pictures help people remember definitions for new vocabulary or if they distract people. This researcher assigns one group to study the terms and definitions how they normally would and for the second group the researcher gives participants pictures that depict the term. Here is the data that was found:A challenging question for labor economists studying the impact of education on earnings (or salary} has been the role of unobserved ability, which may inuence both educational choices and career success. In statistical terms, the labor economists are worried about a possible case of O indirect causation O nonnormal (bellshaped) distribution O unimodal causation 0 direct causation O reverse causation O bimodal causation Question 26 Which is not a difference between magazines and journals? (CSLO 3, CSLO 4,) A. Magazines pay writers B. Magazine articles undergo peer review C. Journals publish research articles OD. Journal articles undergo peer reviewQUESTION 35 When comparing crosstabs to partial crosstabs, what type of results would suggest a spurious/intervening association? different patterns exist in the subgroups of the control variable there Is a large change in the strength only the direction and significance are the same but the strength is slightly different the same or very similar patterns exist in the subgroups of the control variable QUESTION 36 Which of the following statements about causation is false? cuasation is difficult to prove causation means that a specefic change in the independent variable will result in a know change in the dependent variable causation is difficult to measure causation and association mean the same thingThe table shows the results of rolling a fair six-sided die. Complete parts (a) through (d) below. Outcome on 100 Die Trials 100 Trials 500 Trials 1 19 15 81 19 18 84 W N 15 20 79 18 16 73 15 12 85 6 14 19 98 (a) Using the table, find the empirical probability of rolling a 5 for the first 100 trials. The empirical probability of rolling a 5 for the first 100 trials is (Round to two decimal places as needed.) (b) Using the table, find the empirical probability of rolling a 5 for the second 100 trials. The empirical probability of rolling a 5 for second 100 trials is (Round to two decimal places as needed.) (c) Using the table, find the empirical probability of rolling a 5 for 500 trials. The empirical probability of rolling a 5 for 500 trials is (Round to two decimal places as needed.)