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[6:47 PM, 11/16/2021] Fridah: Assume that the Phillips curve is given as: t = te + 0.1 - 2t a) What is the natural unemployment rate? Now the expectations for inflation are: te = (1 - ) + t-1 can be any constant value, either 0 or another number above zero. First assume that = 0 and that t = n (ie the unemployment rate is equal to the natural unemployment rate). In year the government authorities decide to reduce unemployment to 3% and keep it there forever. b) Determine inflation for the years + 1, + 2, + 3, + 4, + 5. c) Do you think the answer you gave to b) makes sense? d) Now suppose that the year + 6 increases from = 0 to = 1 and that the authorities are still determined to keep at 3% forever. e) Why does it make sense for to increase in this ... [7:52 PM, 11/16/2021] Fridah: 1.Hack's Berries faces a short-run total cost of production given by

=3122+100+1,000

where Q is the number of crates of berries produced per day. Hack's marginal cost of producing berries is

=3224+100

a. What is Hack's fixed cost (FC)?

b. What is Hack's short-run average variable cost (AVC)?

c. If berries sell for $60 per crate, how many berries should Hack produce? Remember the relationship between MC and AVC when AVC is at its minimum.

d. If the price of berries is $73 per crate, how many berries should Hack produce?

Round answer to one place after the decimal.

2.Concrete blocks are produced by thousands of small producers in a perfectly competitive market. Each producer faces total costs of =362+20+300 where Q is the quantity of blocks, in hundreds. The corresponding marginal cost curve is given by =3212+20.

a. What is the average variable cost (AVC) faced by each producer in the short run?

b. What is the minimum price sellers must receive if they are to produce any concrete blocks at all?

3.Anthony's Bees is an Internet e-tailer that sells equipment to aspiring beekeepers. A complete starter kit in this competitive market sells for $900. Anthony's total costs are given by =3^3, where Q is the number of starter kits he sells each year. The corresponding marginal cost of producing beehives is =92.

a. What is Anthony's marginal revenue from selling another starter kit?

=$MR=$

b. How many starter kits should Anthony sell each year in order to maximize his profits?

c. How much profit will Anthony earn at this output level?

d. Suppose Anthony is producing the quantity indicated in part b. If he decides to produce one more starter kit, what will his new profit be?

4.In western Kansas, corn can be grown in two wayswith or without irrigation. Dryland farmers, who do not irrigate their corn, have relatively higher costs. Their long-run average cost is =220+105 and their long-run marginal cost is =3240+105 where Q is measured in thousands of bushels.

Farmers lucky enough to have water rights or river access have lower costs. Their long-run average cost is =216+6 and their long-run marginal cost is =3232+67.

Assume corn is a perfectly competitive market.

a. If the corn market is in long-run equilibrium, with both dryland and irrigated corn being grown, what must the price of corn be?

P =

Use the market price identified in part a to answer each of the following questions.

Round answers to two places after the decimal when necessary.

b. What quantity of corn will each farm with access to irrigation produce?

c. What is total revenue for each farm with access to irrigation? TR =

d. What is total cost for each farm with access to irrigation?

TC =

e. Farmers with access to irrigation earn ( economic profit or economic rent)

5. Five hundred small almond growers operate in areas with plentiful rainfall. The marginal cost of producing almonds in these locations is given by MC = .02Q, where Q is the number of crates produced in a growing season. Three hundred almond growers operate in drier areas where costly irrigation is required. The marginal cost of growing almonds in these locations is given by MC = .04Q.

When entering an equation, be sure to use captial Q for quantity and capital P for price.

a. Find the individual supply curve for each type of almond grower.

Rainy-area growers supply curve: Q =

Dry-area growers supply curve: Q =

b. "Add up" the individual supply curves to derive the market supply curve.

Market supply curve: Qs =

c. If the market demand for almonds is Qd = 105,000 - 2,500P, what will be the equilibrium price and equilibrium quantity?

P* = $

Q* =

d. How many almonds will each type of almond grower produce at that price?

Rainy-area growers:

Dry-area growers:

6.For the past nine months, Iliana has been producing artisanal ice creams from her small shop in Chicago. She's been just breaking even (earning zero economic profit) that entire time. This morning, the state Board of Health informed her that it is doubling the annual fee for the dairy license under which she and other ice cream makers operates. The increase will be retroactive to the beginning of her operations.

a. In the short run, the increase in the fee will(decrease, not affect, increase) Iliana's profit and (decrease, not affect, increase) her output level. In the long run, Iliana will (exit the market , continue to operate)

b. Suppose that instead of doubling the annual fee for a license, the state Board of Health required each ice cream maker to treat every pint of ice cream to prevent the growth of bacteria. In the short run, the bacterial treatment will (decrease, not affect, increase) Iliana's profit and (decrease, not affect, increase) her output level. In the long run, Iliana will (exit the market , continue to operate).

7.Heloise and Abelard produce letters in a perfectly competitive industry. Heloise is much better at it than Abelard: On average, she can produce letters for half the cost of Abelard's.

a. If Heloise and Abelard both maximize profit, the last letter that Heloise produces will cost half as much as the last letter written by Abelard.

false

true

b. Your answer in part a reflects the fact that (quantity demand,price,quantity produce)

will be the same for both individuals and that the marginal cost of the last letter produced

(will therefore also be the same for both or by Heloise will therefore be half the marginal cost of the last letter produced by Abelard)

1.Select three definitions of business ethics. One should be from a textbook, one from an academic journal and one from a more general journal or modern media source. Reference them in Harvard style. Identify the similarities between the definitions and the areas in which they differ. 2. If you are an internet user, you probably access Google on a daily basis. Identify three elements ofGoogle's business model which may have ethical import. 3. Identify three activities within a company of your choice which are morally neutral. Explain why they areso. 4. Identify the main stakeholder groups of your University. On what do they base their claim to be stakeholders? 5.Nova IT is a new technology company creating cutting edge medical hardware. A J Smith is a traditional firm of chartered accountants. Identify two ethical dilemmas which both companies might handle in the same way. Identify one dilemma which each company might treat very differently. 6. Identify three UK companies in different sectors (eg food, homewares) which have clearly defined and documented CSR policies. Give the link to the source of each policy. Identify one element which is common to all three companies.