The question refers to the fundamental theorems of welfare economics
(a) State the first fundamental theorem of welfare economics including its caveats
(b) Explain the theorems usefulness
(c) With reference to the Samuelson condition explain why the theorem does not hold in the presence of public goods
(d) Explain why moral hazard may cause the First Fundamental Theorem to fail..
(e) Explain using a diagram the second fundamental theorem of welfare economics.
(a) Explain how the US free market economic system is founded upon the concept of private property rights as stated in the US Constitution.
You must be explicit concerning which parts of the US Constitution apply, how they apply, and give real world examples.
(b) Explain the 3 fundamental questions of economics.
(c) Explain how private property rights relate to a market economy answering the 3 fundamental questions of economics
(d) Explain how a command economy answers the 3 fundamental questions.
The following seven elements explain the fundamentals of sports economics for professional leagues: Advertising Attendance Fan Demand Player Salaries Team Revenues Using the diagram below, 1) place the seven elements in the appropriate box and 2) explain why you placed them there: Year 2010 Year 2011 Year 2012 Price Quantity Price Quantity Price Quantity Chips $4 100 $4 110 $5 80 Dips $5 50 $4 40 $3 50 Sodas $3 50 $5 60 $5 70 Question 1. GDP [10 Points in Total] a. (3 points) Compute nominal GDP in 2010, 2011, and 2012. [Show your computation work] b. (3 points) Compute real GDP in 2010, 2011, and 2012 (base year method). [Show your computation work] c. (2 points) Compute GDP deflator in 2010, 2011, and 2012. [Show your computation work] d. (2 points) Compute growth rates of nominal GDP and real GDP from 2010 to 2011 and from 2011 to 2012. [Show your computation work] Question 2. Inflation [7 Points in Total] a. (3 points) Compute cost of CPI basket in 2010, 2011, and 2012. [Show your computation work] b. (2 points) Compute CPI in 2010, 2011, and 2012. [Show your computation work] c. (2 point) Compute inflation rates (based on CPI) from 2010 to 2011 and from 2011 to 2012. [Show your computation work] Question 3. Business Cycle [3 Points in Total] a. (2 points) Based on your answers on Question 1 and 2 above, did Aggieland experience an expansion or a recession from 2010 to 2011? How about from 2011 to 2012? Was it at peak or trough or neither in year 2011? b. (1 point) From 2010 to 2011, did Aggieland experience an inflation or deflation? How about from 2011 to 2012?Homework: HW4: Chapter 3 m Score: 0 of 1 pt 10 of 25 (15 complete) HW Score: 29.33% itil y 3.3.13 I Quest Graph the given function. Give the intercepts and state the range. y = f(x)= x -6x +8 Use the graphing tool to graph the function. orke Click to enlarge graph stio stion stion ition tion ition tion Click the graph, choose a tool in the palette and follow the instructions to create your graph. partsHome Homework: HW4: Chapter 3 Score: 0 of 1 pt 11 of 25 (15 complete) HW Score: 29.33%, 7 Until y 3.3.15 Questic Graph the given function. Give the intercepts and state the range y = [(x)= - 2x - 6x Use the graphing tool to graph the function. Worke ent Soo Click to enlarge ipts graph estion lestion estion estion estion estion estion Click the graph, choose a tool in the palette and follow the instructions to create your graph 2 parts remaining Clear All Check AnswerC. Assume that variable and marginal costs are 20% higher in New York than in San Antonio, and that the own price elasticity of demand is -3 in New York and -4 in San Antonio. If the two locations are pricing optimally, by what percentage would we expect prices in New York to exceed those in San Antonio? In your analyst report, what recommendation on pricing would you offer to management in order to enhance shareholder returns? (Hint: if X is 10% greater than Y, then X/Y = 1.1. Set the problem up as a ratio, just like this, and then use the markup equation for each city.)
