7. After writing your personal vision, what must you do to achieve it? A. Commit to your vision through hard work and dedication. B. Put your vision in a safe space and look at it again in five years. C. Get the highest-paying job that you can find out of high school. D. Spend all of your free time working on self-improvement.

answer all questions here

Suppose there are two countries. They have the same technology, the same capital stock, the same number of employed workers, and the same number of man-hours per worker per year. Country does not use shift work, but country uses shift work, that is, two work teams of the same size and the same number of hours per day. Elaborate the formula (*) so that it can be applied to both countries. f) Suppose is a neoclassical production function with CRS w.r.t. and . Compare the output levels in the two countries. Comment. g) In continuous time we write aggregate (real) gross saving as () () () What is the denomination of ()? h) In continuous time, does the expression () + () make sense? Why or why not? i) In discrete time, how can the expression + be meaningfully interpreted? I.6 The Solow growth model can be set up in the following way (discrete time version). A closed economy is considered. There is an aggregate production function, = ( ) (1) where is a neoclassical production function with CRS, is output, is capital input, is the technology level, and is the labor input. So is effective labor input. It is assumed that = 0(1 + ) where 0, (2) = 0(1 + ) where 0. (3) Aggregate gross saving is assumed proportional to gross aggregate income which, in a closed economy, equals real GDP, : = 0 1 (4) Capital accumulation is described by +1 = + where 0 1 (5) The symbols and represent parameters and the initial values 0 0 and 0 are given (exogenous) positive numbers. 5 a) What kind of technical progress is assumed in the model? b) To get a grasp of the evolution of the economy over time, derive a firstorder difference equation in the (effective) capital intensity () that is, an equation of the form +1 = ( ) From now on suppose is Cobb-Douglas. c) Construct a "transition diagram" in the ( +1) plane. d) Examine whether there exists a unique and asymptotically stable (nontrivial) steady state. e) There is another kind of diagram that is sometimes (especially in continuous time versions of the model) used to illustrate the dynamics of the economy, namely the "Solow diagram". It is based on writing the difference equation of the model on the form +1 = ( ) [(1 + )(1 + )] For the case of the general production function (1), find the function ( ) and the constant By drawing the graphs of the functions ( ) and in the same diagram, one gets a Solow diagram Indicate by arrows the resulting evolution of the economy.

Suppose the demand for a good in a competitive market is given by P=20-Q. The supply for the good is P=2+Q, but this supply curve reflects only private costs. Suppose that in addition to the private costs, the production of this good also creates pollution, which imposes a cost of 4 per unit of the good produced. Draw the demand, supply, and social cost curves on the diagram below (labeling the axes), and find the market equilibrium and the optimal outcome price and quantity. Then fill in the blanks below.

In this scenario, the market price will be __ and the market quantity will be _, creating consumer surplus of __ and producer surplus of _, for a total surplus of __. However, the market outcome also causes the external pollution cost of __, and when we subtract this from the total surplus we are left with a net surplus of __. The optimal price for this good would be __ and the optimal quantity would be _. This could be achieved by imposing a Pigouvian tax of __ per unit. Were this case, the consumer surplus would then be _ and the producer surplus would be __, for a total surplus of __. The tax revenue generated is equal to the amount of the damage from the negative externality, which is _. The difference between the optimal net surplus and the net surplus under the market conditions tells us how much deadweight loss the market failure causes:

Aaron will be taking two important tests next week, one in math and the other in econ. Aaron knows that he has to devote his time and "attention" (energy, focus, etc) in order to do better in each test. Specifically, he can increase his math score x by 1 every time he spends 2 hours and 1 attention on math, while his econ score y increases by 1 every time he spends 1 hour and 3 attention units (as in reality, math is fairly labor-intensive, while econ requires focus, creativity, etc). Until the tests, Aaron has only 200 hours and can spend only 300 attention units (i.e., this is the point at which he will become completely exhausted). His preferences over (x,y) are given by U(x,y) = xy. (a) Aaron's time and attention constraints can be mathematically formulate as follows: 2x + y 200 and x + 3y 300. Provide an economic interpretation of each inequality (including what is the economic meaning of each term). (b) Aaron's utility maximization problem is given by max(x,y) xy s.t. 2x + y 200 and x + 3y 300. Write down the Lagrangian function that corresponds to this problem, using 1 and 2 as Lagrangian multipliers for each inequality constraint, and take the first-order condition of the Lagrangian function. (c) Is is possible that 1 = 2 = 0 at Aaron's optimal choice? (d) What about 1 > 0 and 2 = 0? Given this information, find x, y, and 1by solving the system of equations from the first-order conditionand check whether the solution satisfies the second constraint x + 3y 300. (e) What about 1,2 > 0? Given this information, find x, y, 1, and 2, and check whether (indeed) 1,2 > 0

Khaled is a preschool teacher working at a public school, but he is considering quitting his job to start a daycare facility of his own. Indicate which of the four types of interdependency is most relevant to each factor in Khaled's decision. Use the market for daycare facilities as Khaled's market of interest.

a. Khaled knows there are few daycare facilities in the area, but many families looking for daycare.

What example of dependencies is this scenario?

.

b. An increase in graduation rates for teachers saturates the market for preschool teachers. This decreases the wages of teachers.

What example of dependencies is this scenario?

.

c. If Khaled opens his own facility, he will be responsible for taxes, insurance, licensing, and facility upkeep, among other things. However, as a teacher Khaled will only need to keep up his teaching license. In addition, Khaled will not be able to take a long vacation in the summer if he runs a daycare center.

What example of dependencies is this scenario?

.

d. Khaled is up for a raise in the next 6 months at his teaching job.

What example of dependencies is this scenario?

Consider a firm with a production function given by q=187N, where q is the quantity produced and N is the number of workers hired. The firm sells its product in a competitive market, and the market price of its good is p=1.

The firm, however, is the only employer in the town where it operates, and hence it does not take the cost of labour as given. The inverse labour supply function in this town is given by w=45+0.04N2.

1.

a) Solve for the profit-maximizing choice of N.

b) What will the wage be in this town?

c) Is the wage equal to, greater than, or less than p MPN (where p is the price of the good and MPN is the marginal product of labour)? Explain intuitively why this is the case in this setting.

d)If the government were to intervene in this market by setting a minimum wage, what would be the optimal level at which to set the minimum wage, if the government's objective is to increase employment as much as possible?

Customers do not need to pay in order to use the WPE system. When a customer requires a quote for a catering job, they submit their requirements through an online form. They supply their postcode location and a list of requirements, including type of event (buffet, dinner party, food truck, cocktail party, etc); broad type of cuisine (Australian, French, Chinese, Mexican, Indian, etc); number of people to be catered for; budget per person; service required (delivery only, wait staff, bar staff, etc), date of event, and any further instructions. They also supply an email address they can be contacted through. This email address also provides them with access to their account where they can see the status of all their job requests. The account is created when they submit their first job request.

Once the customer request for a catering job has been submitted, the WPE system matches the request with the catering services that are registered with it, and determines the three caterers that could best meet the customer's requirements. These caterers are then notified via email that there is an open request for quotation.

The caterers then respond to the customer with a detailed quote. The quote includes the cost estimate, a flag indicating whether further information is required for a complete quote, and any comments. This information is provided in an online form that the caterer completes and the system sends to the customer.

The customer receives an email including the same information that the caterer has provided in the quote form. The caterer and the customer may then discuss the job directly (outside the WPE system) in order to arrive at a final decision. To help make up their mind, the customer may also read more about the caterer in the profile they have provided to WPE, the caterer's own website, and in the reviews that have been posted to WPE.

the question is okay plzz

Once the customer has decided on a caterer, they return to their account on the WPE site and choose the 'hired' option against the relevant caterer's quote for the job request. When this has been done, the other caterers who quoted are automatically notified that their quote was unsuccessful. If none of the quotes suits the customer, they may choose to enter 'unsuccessful' directly against the quotes.

If no quotes are received hours of posting the job request the customer is notified and the request is closed. A customer may also decide that they wish to cancel the job request any time before making a booking, and record this against the job request in their account.

Customers are encouraged to provide feedback on the service that their caterer has provided. After the job is completed, the customer can log in to their account and leave a 5-star rating and associated comment against the job. To prevent spurious reviews, it is only possible to post a review for a service that is recorded as being booked by that customer.

When the review is posted, the feedback recorded against the caterer is updated for other potential customers to browse through on the WPE site.

Obviously, the success of WPE depends on its ability to provide the best caterers for a customer so that they can be confident in using it. Various summary reports are provided each month so that Edison can monitor the health of the business. These include the percentage of quotes that were successful in obtaining a booking for a catering job; and the average satisfaction rating of completed catering jobs. The revenue to WPE in terms of payments for credit is also reported, broken down for each capital city.

3. The short-run cost function of a firm is given by C(q) = 200 + 55q, where C(q) or T C(q) is total cost, and q is the total quantity of output, both measured in thousands.

(a) What is the company's fixed cost?

(b) If the company produced 100 (in thousands), what would be its average variable cost? What is the average variable cost as a function of q?

(c) What is the marginal cost of production? Recall that marginal cost is the change in cost divided by the change in quantity, or the change in cost when quantity increases by one. More specifically, what is marginal cost if the firm is producing q = 100 (in thousands) and considering producing (and selling) 1 more unit (in thousands)? What is the marginal cost as a function of q? (Hint: the answer to each of these questions is the same!)

(d) What is the average fixed cost when q = 100 (in thousands)? What is the average fixed cost as a function of q?