Transcribed Image Text from this QuestionConsider the Phillips curve equation: 14 – 1° =-B ut-un Suppose that B is equal to 0.6, y = 0.03 and z = 0.02. When the government decides to keep the unemployment rate at 7% the inflation rate is  %. (Round your answer to one decimal place like 3.2).
Quantity Fei Lakesha Morgan $40 $85 Welfare and Efficiency – End of Chapter Problem Fei, Morgan, and Lakesha are all in the market for new Levi’s jeans. The marginal benefit for each pair of jeans for each of them is provided in the accompanying table. $90 2 $60 $32 $75 3 $32 $24 $55 4 $20 $16 $32 5 $15 $8 $25 a. If the price of a pair of Levi’s jeans costs $32, Fei will b. The consumer surplus from the last pair of jeans purchased is purchase three pairs , Morgan will purchase largest for Lakesha. two pairs , and Lakesha will purchase largest for Fei. four pairs largest for Morgan. the same for Fei, Morgan, and Lakesha. c. How much total consumer surplus will each of them receive at a price of $32? Fei’s total consumer surplus is $ Morgan’s total consumer surplus is $ Lakesha’s total consumer surplus is $ d. How much consumer surplus do they receive collectively? Collective consumer surplus is $
Consider the Phillips curve equation: 14 – = -2 ut -un by 20%. Inflation Suppose that is equal to 0.6, y = 0.03 and z = 0.02. Compute the change in inflation rate when the government decides to keep the unemployment rate at 7% and oil shock prices increase u increases by  percentage points.
Complete the following table and upload it below after viewing the video below. Remember, to find the marginal cost you take the change in total cost and divide it by the change in quantity. Therefore, the first marginal cost will be (70 – 60)/(22 – 10) or 83. The MP is the change in Quantity. Be sure to look at the example given in PowerPoint Lecture 7. Also listen to the Khan Academy that is below. It explains the concepts of Fixed Costs, Variable Costs, Total Costs, Average Fixed Costs, Average Variable costs and Marginal Costs. This part of the assignment is worth 25 points. Q MP TFC TVC TC MC AFC AVC ATC 10 50 60 10 5 1 5 22 12 70 50 20 83 2.27 91 3.18 36 80 52 90 67 100 78 110 84 120 88 130 90 140 90 150
Consider the market for minivans. Assume minivans are a normal good. For each of the following events, identify which of the determinants of demand or supply are affected. If demand is unaffected by this event because creates only a supply change, select the “None” option under the “Demand Determinant” column. Similarly, if supply is unaffected by this event because it creates only a demand change, select the “None” option under the “Supply Determinant” column. Supply Determinant People decide to have more children. A strike by steelworkers raises steel prices. Engineers develop new automated machinery for the production of Event Demand Determinant minivans. The price of sports utility vehicles rises. A stock market crash lowers people’s wealth Show the effect of the following event on the market for minivans: People decide to have more children. ? Supply Demand Supply Price of Minivans Demand Quantity of Minivans
In a perfectly competitive market, the price of a product A) is determined by buyers, and the quantity of the product produced is determined by sellers. B) is determined by sellers, and the quantity of the product produced is determined by buyers. C) and the quantity of the product produced are both determined by sellers. D) None of the above is correct.
Which of the following are true regarding wage indexation? (Check all that apply.)
A. Wage indexation allows workers’ wages to increase automatically in line with inflation.
B. It allows workers with indexed wages to benefit at the expense of firms when inflation is higher than expected.
C. It allows firms to benefit at the expense of workers with indexed contracts when inflation is higher than expected.
D. Wage indexation becomes more likely to be used during periods of high inflation.
Under wage indexation, the change in the inflation equation becomes OX Itt – itt-1 = (1-2) (ut – un); where 1 is the proportion of contracts that are indexed. From this equation, you can see that the the proportion of wage contracts that are indexed, the the effect that the unemployment rate has on the change in inflation. A. lower; larger B. lower; smaller C. higher; smaller
Which of the following provides the best intuition as to why indexation impacts inflation in the way that you determined above? prices. The lower the proportion of wage contracts that are indexed, the wages can adjust, causing Lower unemployment leads to increased wages, which in turn lead to increases in prices during the year.
Assume the short run variable cost function for Japanese beer is VC -0.690.67 If the fixed cost (F) is $600 and the firm produces 600 units, determine the total cost of production (C), the variable cost of production (VC), the marginal cost of production (MC), the average fixed cost of production (AFC), and the average variable cost of production (AVC). What happens to these costs if the firm increases its output to 650? Assuming the firm produces 600 units, the variable cost of production (VC) is VC-43.60. (Enter your response rounded to two decimal places.) The total cost of production (C) is C = $ 643.60. (Enter your response rounded to two decimal places.) The marginal cost of production (MC) is MC =$(Enter your response rounded to two decimal places.)
Incorrect Question 11 0/2 pts If the demand for home gaming system games has dramatically increased in the last month, what scenario is most likely to have happened? The population of gamers has found substitutes for game technologies. The cost of the processors needed to manufacture the gaming systems has fallen. Incorrect. This would not increase the demand for gaming systems. More people have been laid off from their jobs and have more time on their hands. O The holidays and new years are around the corner.
Q.1 Airline Industry Losses At an international conference, in which 95% of the world’s airlines were represented, it was said that the global airline industry would have a $6 billion loss for the year 2005. Only parts of the industry were said to be profitable. Although there had been a growth in travel and revenue in Asia and Europe, increased costs in North America and high fuel prices were estimated to outweigh that. It was stated that losses from 2001 to 2004 had already exceeded $36 billion.
Globally, non-fuel costs were forecast to fall by 4.5% in 2005. This was particularly the case in Asia where labour costs were low. European airlines were recording profits due to increased traffic and some industry mergers. However, the biggest obstacle to growth in the industry was North America, where airline recorded large losses.
In North America, labour costs and airport taxes were high. In addition, competition from the similar low costs airlines charging cheap fares was causing a fall in the profits of the larger companies. The airline industry also criticized the high taxes, averaging 26%, which are imposed on ticket sales in North America.
For the improvement, the industry launched some major projects to cut costs, which included the complete replacement of paper tickets with electronic tickets. Calculated the estimated average yearly loss between 2001 and 2005. Show your working. (02 x Marks) Identify four causes of the airline industry losses in North America. (02 x Marks) Discuss whether fuel and labour would be classified as a fixed or variable cost for the airline industry. (02 x Marks) A company is making losses. Discuss what policies the company may adopt to become profitable. Show your working supported by relevant graphs (04 x Marks) After the spread of COVID-19, the airline industry is suffering huge losses far more than the above. Do you think the government supports the airline industry via bailout packages or leave the industry alone? Discuss in the light of welfare economics. (05 x Marks)
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