need these fast

1. Which of the following is an example of a positive statement? O A. If this good is bad for you, you should not consume it. O B. If you consume this good, you will get sick. O C. Since this good is bad for you, you should not consume it. O D. None of the above. 2. Demand for lift tickets at a popular ski resort is given by: Q = 2,500 - 0.25p + 2Palt - 4Plodging + 0.005Y where: p = price of a lift ticket Palt = price of a tropical vacation package = $450 Q = quantity demanded Plodging = price of ski resort lodging = $150 Y = consumer income = $60,000 The quantity demanded as a function of the price can be written: O A. Q = 3,100 - 0.25p O B. Q = 775 - 0.25p O C. Q = 3,100 - 4p O D. Q = 12,400 - 0.25p Lift tickets and resort lodging can be considered (1) goods. Lift tickets can be considered to be (2) good. (1) O complementary (2) O a normal O unrelated O an inferior O substitute13. The estimated demand curve for popsicles on a particular beach on a sunny summer day is given by Q = 130 - 3.5p, where p is measured in dollars. What is the predicted quantity if p = $2.00? The predicted quantity would be Q= popsicles. (Enter your response as a whole number.) If the actual quantity demanded is 117, what is the residual? The residual would be . (Enter your response as a whole number.) A variable that likely is incorporated in the error term is O A. the variable cost of production. O B. profit from popsicle sales. O C. the weather. O D. the minimum wage. O E. the fixed cost of production.14. A producer of outdoor clothing used a focus group to obtain information about the demand for fleece jackets with built-in battery operated warming panels. At prices of $100, $90, $80, $70, $60, and $50, the focus group demanded 23, 31, 40, 44, 48, and 60 jackets, respectively. Is price statistically significantly different from zero at the 0.05 level of significance? (Hint: Use the Excel Regression tool.) The price coefficient's standard error is SE = (Enter your response rounded to three decimal places.) and t-statistic is t= (Enter your response rounded to three decimal places and include a minus sign.) The price coefficient (1) statistically significantly different from zero at the 0.05 level of significance. (1) O is not O is 15. A 95% confidence interval O A. is the probability that we have obtained the true value of the coefficient with 95% accuracy. O B. is a range of of values that gives a 95% probability that the true value of the coefficient is within the specified interva O C. indicates that there is 95% confidence that the degrees of freedom explain the data correctly. O D. indicates that there is 95% confidence that the value of the estimated coefficient is correct.16. Use Excel to estimate the linear OLS demand regression for the iTunes focus group data in the Managerial Solution. What is the R? What are the coefficient estimates, the standard errors and the t-statistics for each coefficient? Using a 95% confidence criterion, would you reject the hypothesis that the price coefficient is zero? (You can compare most of your answers to those in the Managerial Solution). Price, $ per song Quantity, songs per year 1.49 441 1.29 493 1.19 502 1.09 536 0.99 615 0.89 643 0.79 740 0.69 757 0.49 810 The regression's R value is (Enter your response rounded to two decimal places.) Using the Excel trendline option to estimate a linear demand function, the linear demand function is Q= p. (Enter your response rounded to two decimal places.) The standard error on the intercept is and the standard error on the price coefficient is (Enter your response rounded to two decimal places.) The t-statistic for the intercept is and the t-statistic for the price coefficient is (Enter your response rounded to two decimal places and include a minus sign if necessary.) The coefficient on the intercept (1) statistically significantly different than zero and the coefficient on the price variable (2) statistically significantly different than zero. (1) O is (2) O is O is not O is not17. Which of the following is a consequence of "going public"?I Selling shares in an initial public o'en'ng results in O A. the inability to raise money. 0 B. ownership becoming broadly distributed. 0 0. unlimited liability. O D. no longer seeking to maximize prot. 0 E. original owners gaining control of the rm. 13. If a competitive firm maximizes short an prots by producing some quantity of output, which of the following must be the at that level of output? O A. p>MC. O B. p>AVC. O C. MR>MC. O D. Allofthe above. 19. A rm has revenue given by R(i)=160q - 3:12 and its cost function is C(q) = 500 +10q. What is the prot-maximizing level of output? What prot does the rm earn at this output level? The rm maximizes prot by producing q = . (Enter your response as a whole number.) Corresponding prot is at = $ . (Enter your response as a whole number.) how your work below. 20. Should a rm shut down if its weekly revenue is $1,000, its variable cost is $600, and its xed cost is $1 ,500, of which $650 is avoidable if it shuts down? Why? The rm should 0 A. shut down because revenue of $1 .000 is less than xed costs. O B. shut down because because variable costs are less than xed costs. 0 C. shut down because revenue of $1 .000 is less than avoidable costs. 0 D. produce because revenue of $1 ,000 is greater than variable costs. O E. produce because revenue is positive. 21. Strategic ESG is intended to O A. increase prots while doing something good at the same time. Q B. followr Milton Friedman's guidance on rm behavior. O C. be purely altruistic in nature. O D. avoid the legal and ethical obligations managers have to shareholders. 22. Many retirement funds charge an administrative fee equal to 0.25% on managed assets. Suppose that Alexx and Spenser each invest $5,000 in the same stock this year. Alexx invests directly and earns 6% a year. Spenser uses a retirement fund and earns 5.75%. At the end of one year, how much will Alexx and Spenser have? At the end of one year, Alexx will have $ . (Enter your response rounded to two decimal places.) At the end of one year, Spenser will have $ . (Enter your response rounded to two decimal places.) 91'22a'2020 Assignment 1 23. At the time of its initial public offering (initial sale of stock), Grou pon, an Internet company that provides discount coupons. used unusual measures of its business performance. One such measure used by Groupon was ACSOI (pronounced "ack- soy\" orI alternatively, "ack-swa") for "adjusted consolidated segment operating income." Source: (de la Merced, Michael, J., \"Abracadabra! Magic Trumps Math at Web Start-Ups," dealbookmylimeacom, June 17, 2011). ACSOI is operating prot before subtracting the year's online marketing and acquisition expenses. The rm's prot was negative, but its ACSOI was positive. Groupon argued that ACSOI marketing and acquisition expenses were an investment that would build future business and whose cost should therefore be amortized (spread out over time). If shareholders care only about the prot of the company in the current period, then ACSOI O A. is not an appropriate measure because marketing and acquisition expenses are unavoidable costs. 0 B. is an appropriate measure because marketing and acquition expenses have no opportunity cost. 0 C. is not an appropriate measure because marketing and acquisition expenses reduce prot for the current period. 0 D. is not an appropriate measure because marketing and acquisition expenses are sunk costs. 0 E. is an appropriate measure because marketing and acquition expenses are xed costs. 24. Beta Laundry's cost function is C(q) = 60 + 20q + q. What quantity maximizes the firm's profit if the market price is p? The quantity that maximizes the firm's profit (as a function of p) is q = (enter equation) How much does it produce if p = $48? The firm produces q = units. (Enter your response as a whole number.) If the government imposes a specific tax of t= 2, what quantity maximizes its after-tax profit? With the tax, the profit-maximizing quantity for the firm to produce is q= units. (Enter your response as a whole number.) Does it operate or shut down? The firm should (1) (1) O produce O shut down Show your work below.25. Initially, the market price is p = 19, and the competitive firm's average variable cost is 17, while its average cost is 20. Should it shut down? Why? This firm should O A. not shut down because average cost is greater than average variable cost. O B. shut down because average fixed cost is less than the market price. O C. not shut down because average fixed cost is less than the market price. O D. not shut down because average variable cost is less than the market price. O E. shut down because average cost is greater than the market price. Now this firm's average variable cost increases by 4 at every quantity, while other firms in the market are unaffected. What happens to its average cost? The firm's average variable cost is now and its average total cost is (Enter your responses rounded to the nearest whole number.) Should this firm shut down? Why? This firm should O A. shut down because average fixed cost is less than the market price. O B. not shut down because average fixed cost is less than the market price. O C. shut down because average variable cost is greater than the market price. O D. not shut down because average cost is greater than average variable cost. O E. shut down because average cost is greater than the market price.26. Use the information in the figure to determine what happens to David's quantity demanded and consumer surplus if price 157 is equal to p = $3. 14- 13- Using the point drawing tool, indicate the market price and the quantity David demands at that price. Label this point 12- e.' 11 Carefully follow the instructions above, and only draw the required object. David's consumer surplus (CS) is equal to CS = $ p, $ per magazine 10- (Enter your response as a whole number.) Demand 2 6 q, Magazines per week 27. If the inverse demand function for toasters is p = 60 - 2Q, what is the consumer surplus if price is $25? The consumer surplus is $ (round your answer to two decimal places)23. Nicholas owned no green sweaters so his Aunt Fern gave him one for his 21t birthday. However, the market price of the sweater was higher than his willingness to pay for it. In a diagram showing Nicholas' demand curve for green sweaters. identify and explain the deadweight loss. Using the triangle drawing fool. shade the deadweight loss from the sweater transaction. Label this 'DWL.' Carefully follow the lnsfructrbns above, and only draw the required object. Deadweight loss results because 0 A. Nicholas' value for the sweater is negative. 0 B. the marginal cost of producing the sweater is increas O C. Nicholas' value for the sweater is less than Aunt Ferr value for the sweater. O D. Nicholas' value for the sweater is less than the margi cost of producing it. Q E. Nicholas does not have to pay for the sweater since i a gift from Aunt Fem. p. 55 per sweeter 3 4 5 6 q, Sweaters 29. The inverse demand curve a monopoly faces is p = 110 -2Q. The firm's cost curve is C(Q) = 10+6Q. What is the profit-maximizing solution? The profit-maximizing quantity is (Round your answer to two decimal places.) The profit-maximizing price is $ (round your answer to two decimal places.) What is the firm's economic profit? The firm earns a profit of $ . (round your answer to two decimal places.) How does your answer change if C(Q) = 100 + 6Q? The increase in fixed cost O A. has no effect on the equilibrium price and quantity, but profit will decrease. O B. has no effect on the equilibrium quantity, but the equilibrium price increases and profit increases. O C. causes the firm to increase both the price and quantity, and profit increases. O D. has no effect on the equilibrium quantity, but the equilibrium price increases and profit decreases. Show your work below.3D. In the past, Games Unlimited sold copies of its trademark computer game on DVD. It faced the inverse demand function, p = 120 - Q. and had the cost function, C = 100 + 400. It recently switched to selling its game online via the internet. Demand was unchanged, but its cost function changed as xed cost rose to 300. while marginal cost dropped to zero: 0 = 300. Assuming that Games Unlimited maximizes profit, what effect did moving from DVD to intemet distribution have on price, quantity, consumer surplus, and prot? Moving from DVD to internet distribution (1) quantity by units. (Enter your response using an integer. ) Moving from DVD to internet distribution (2) price by $ . (Enter your response using an integer.) With the change to internet distribution, consumer surplus (3} by $ . (Enter your response using an integer.) Moving from DVD to internet distribution (4) prot by $ . (Enter your response using an integer.) (1) 0 decreases (2) 0 increases (3) 0 decreases (4) O increases 0 increases 0 decreases 0 increases 0 decreases 3. Using the demand function, Q = 8.56 - p - 0.3ps +0.1Y, and the supply function, Q =9.60 + 0.5p - 0.2pc. determine the amount of any excess demand or excess supply at a price of $8 and explain the mechanism that would cause the equilibrium price to be reached. Let Y = $55 (thousand), Ps = $0.2, and Pc = $5. Given these prices, the quantity demanded is Q = units. (Enter your response rounded to one decimal place.) Given these prices, the quantity supplied is Q = units. (Enter your response rounded to one decimal place.) Therefore, at a price of $8, there will be an excess (1). of units. (Enter your numerical response rounded to one decimal place.) As a result, O A. consumers unable to buy units will offer higher prices. O B. firms unable to sell their units will raise their price. O C. firms unable to sell their units will lower their price. O D. consumers with greater supply will pay higher prices. (1) O demand O supply Show your work below.8. The production function for the automotive and parts industry is q=L 0.25 K0.14 M0.62 where M is energy and materials (based loosely on Klein, 2003). What kind of returns to scale does this production function exhibit? This production function exhibits (1) returns to scale. The marginal product of materials, MP , is O A. MPM = 0.62L 0.25 K0.14 M - 0.38 O B. MPM = 0.62(q/M) O C. MPM = L 0.25 K0.14 MO.62 O D. both a and b. O E. all of the above. (1) O increasing O constant O decreasing 9. The Shaffer Auto Company has purchased a large parcel of land for $1 million. The company recently discovered that the land is contaminated and is worthless to all possible buyers. The opportunity cost of the land is O A. equal to the cost of the factory that was planned to be built there. O B. some amount greater than $0 but less than $1 million. O C. $1 million. O D. $0.10. Give the formulas for and plot average fixed cost, AFC, marginal cost, MC, average variable cost, AVC, and 12.00- average cost, AC, if the cost function is: 11.00- C=6+q2. 10.00- 9.00- Marginal cost is: MC = Average fixed cost is: AFC = Cost per unit, $ Average variable cost is: AVC = Average cost is: 0 AC = Quantity, q, Units per day 1.) Use the 3-point curved line drawing tool to draw the If you are viewing this on a test or quiz, you must click the average fixed cost curve for quantities q = 1, q =2, and graph to enable the drawing tools. q = 3. Label this line 'AFC'. 2.) Use the 3-point curved line drawing tool to draw the average variable cost curve for quantities q = 1, q = 2, and q = 3. Label this line 'AVC'. 3.) Use the 3-point curved line drawing tool to draw the average cost curve for quantities q = 1, q = 2, and q = 3. Label this line 'AC'. Carefully follow the instructions above, and only draw the required objects.11. The demand curve for a good is Q = 100 - 2p. What is the elasticity at the point p = $6.00 and Q = 88? The elasticity of demand is 8= . (Enter your response rounded to three decimal places and include a minus sign.) 12. According to Duffy-Deno (2003), when the price of broadband access capacity (the amount of information one can send over an internet connection) increases 10%, commercial customers buy about 3.8% less capacity. What is the elasticity of demand for broadband access capacity for firms? The price elasticity of demand is (Enter a numeric response using a real number rounded to two decimal places.) Is demand at the current price inelastic or elastic? Demand is price (1) (1) O elastic O inelastic6. If each extra worker produces three additional units of output, how do the total product of labor, average product of labor, and marginal product of labor vary with labor? The total product of labor is O A. q= 3L. O B. q = 3/L. O c. q= 3. O D. q=0. O E. none of the above. The average product of labor is O A. qL =3L. OB. q=0. O c. q/L = 3/L. O D. q/L = 3 O E. none of the above. The marginal product of labor is O A. dq/dL = 0. O B. q= 3/L. O c. q= 3L. O D. dq/dL = 3. O E. none of the above. 7. In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only Production by increasing the amount of labor it uses. In the short-run, Labor (L) Output (q) the firm's production function is q = f(L, K), where q is output, L is workers, and K is the fixed number of units of DAN 369 capital. 763 A specific equation for the production function is given by: 8 1,557 9 = BLK + 512 - 313 10 12 2,256 or , when K = 22, q = (8L x 22) + 512 Use this equation to generate the values for output and fill in the table to the right. (Round your answers to the nearest integer.)4. Given the following demand and supply functions: Supply: Q = - 1 + 2p Demand: Q = 88 - 1p + 0.02Y, where Y = Consumer income per month Solve for the following given consumer income is $3,000/mo. Equilibrium Price = $ (round your calculation to the nearest penny). Show your work below. 5. Using supply-and-demand diagrams, illustrate and explain the effect of an outward shift in the demand curve on price and quantity if a. the supply curve is horizontal, b. the supply curve is vertical, and c. the supply curve is upward sloping. Consider the market illustrated in the figure to the right. 1.) Using the line drawing tool, graph a new labor demand curve. Label this curve 'D".' 2.) Using the point drawing tool, indicate the new market equilibrium price and quantity with the horizontal supply curve. Label this point'Horizontal" 3.) Using the point drawing tool, indicate the new market Q1 equilibrium price and quantity with the vertical supply curve. Q, Quantity Label this point 'evertical- 4.) Using the point drawing tool, indicate the new market equilibrium price and quantity with the upward sloping supply curve. Label this point'eUpward- Carefully follow the instructions above, and only draw the required objects