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ECON 545 Week 8 Final Exam

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1. (TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets.

(a.) (15 points) You know from data collected on the Widget Market that market demand and market supply have both increased recently. As manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility?

Remember that supply and demand are about the market supply and market demand, which is bigger than your own company. You are being given data on supply and demand for the whole market and are being asked what effect that has on you as a small part of that market.

(b.) (15 points) Now, suppose that following the supply and demand changes in (a), a substitute good goes up in price, and your costs of production increase. What new decisions will you make regarding production levels and pricing for your Widget facility?

2. (TCO B) Here is some data on the demand for marshmallows:

Price Quantity
$10 100
$ 8 300
$ 6 700
$ 4 1300
$ 2 2200

(a.) (15 points) Is demand elastic or inelastic in the $6-$8 price range? How do you know?

(b.) (15 points) If the table represents the demand faced by a monopoly firm, then what is that firm’s marginal revenue as it increases output from 1300 units to 2200 units? Show all work. (Be careful here!)

3. (TCO C) You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below.
Total Total
Workers   Labor Cost  Output        Revenue
1                     $500     100                 $700
2                     1000     280                1150
3                     1500     440               1440
4                     2000     540               1570
5                     2500    600                1670
6                     3000    630                1710
7                    3500     640               1730

(a.) (6 points) What is the marginal product of the second worker?

(b.) (6 points) What is the marginal revenue product of the fourth worker?

(c.) (6 points) What is the marginal cost of the first worker?

4. (TCO C) Answer the next questions on the basis of the following cost data for a firm in pure competition:

OUTPUT —— TFC ———- TVC
0                   $100.00         0.00
1                   100.00           70.00
2                   100.00           120.00
3                100.00          150.00
4                100.00          200.00
5                100.00           270.00
6                100.00           360.00

(a.) (15 points) Refer to the above data. If the product price is $45 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.

(b.) (15 points) Refer to the above data. If the product price is $75 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.

5. (TCO D) A software producer has fixed costs of $18,000 per month and her Total Variable Costs (TVC) as a function of output Q are given below:

Q TVC Price
1,000 $15,000 $25
2,000 20,000 24
3,000 30,000 23
4,000 50,000 22
5,000 80,000 20
(a.) (15 points) If software can only be produced in the quantities above, what should be the production level if the producer operates in a monopolistic competitive market where the price of software at each possible quantity is also listed above? Why? (Show all work).

(b.) (15 points) What should be the production level if fixed costs rose to $48,000 per month? Explain

6. (TCO F)

(a.) (20 points) Suppose nominal GDP in 1999 was $200 billion, and in 2001, it was $270 billion. The general price index in 1999 was 100 and in 2001 it was 150. Between 1999 and 2001, the real GDP rose by what percent?

(b.) Use the following scenario to answer questions (b1) and (b2).
In a given year in the United States, the total number of residents is 270 million, the number of residents under the age of 16 is 38 million, the number of institutionalized adults is 15 million, the number of adults who are not looking for work is 17 million, and the number of unemployed is 10 million.

(b1.) (5 points) Refer to the data in the above scenario. What is the size of the labor force in the United States for the given year?

(b2.) (5 points) Refer to the data in the above scenario. What is the unemployment rate in the United States for the given year?

7. (TCO G and H)

(a.) (15 points) Suppose your local Congress representative suggests that the federal government intervenes in the gasoline market to stop runaway price increases. Would you say that this view basically supports the Keynesian or the Monetarist school of thought? Why? What position would the opposing school of thought take on this issue? (Be brief — you can answer this in 2 or 3 brief paragraphs).

(b.) (10 points) Any change in the economy’s total expenditures would be expected to translate into a change in GDP that was larger than the initial change in spending. This phenomenon is known as the multiplier effect. Explain how the multiplier effect works.

(c.) (15 points) You are told that 90 cents out of every extra dollar pumped into the economy goes toward consumption (as opposed to saving). Estimate the GDP impact of a positive change in government spending that equals $20 billion

8. (TCO G)
(a.) (20 points) Third National Bank is fully loaned up with reserves of $20,000 and demand deposits equal to $100,000. The reserve ratio is 20%. Households deposit $5,000 in currency into the bank. How much excess reserves does the bank now have, and what is the maximum amount of new money that can be created in the banking system as a result of this deposit? Show all work.

(b.) (20 points) What is the discount rate in the banking system? Explain how the Fed manipulates this rate to achieve macroeconomic objectives

9. (TCO E and I) Let the exchange rate be defined as the number of dollars per British pound. Assume there is a decrease in U.S. interest rates relative to that of Britain.

(a.) (10 points) Would this event cause the demand for the dollar to increase or decrease relative to the demand for the pound? Why?

(b.) (10 points) Has the dollar appreciated or depreciated in value relative to the pound?

(c.) (10 points) Does this change in the value of the dollar make imports cheaper or more expensive for Americans? Are American exports cheaper or more expensive for importers of U.S. goods in Great Britain? Illustrate by showing the price of a U.S. cell phone in Britain before and after the change in the exchange rate.

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ECON 545 Week 6 Monetary and Fiscal Policy - You Decide | DeVry Online Help

ECON 545 Week 6 Monetary and Fiscal Policy - You Decide | DeVry Online Help | ECON 545 Full Course - DevryOnlineHelp.com | Scoop.it

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Week 6: Monetary and Fiscal Policy – You Decide

Print This Page

Y O U D E C I D E

Scenario, Your Role, Key Players

Click Here to View the You Decide Scenario

Click on the link to review the scenario, your role and the key players involved in this scenario. When you have finished reviewing the You Decide scenario, please return here to finish the activity below.

Note: These activities will open in a new pop-up window, so you may need to disable any pop-up blockers.

Click Here to View the Transcript.

Y O U D E C I D E

Activity

Your task is to take this advice and produce your own recommendation to the President. Do not simply choose one person’s advice; pick and choose from each recommendation that you receive. Be sure to list what you believe and why you believe it is sound advice from each of your colleagues along with what you disagree with and why you disagree with your colleagues. Then, produce a consolidated recommendation of your own. Your submission should be approximately one page (250 words) in length, double-spaced.

See “Due Dates for Assignments & Exams” in the Syllabus for due date information.

Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use the Dropbox, read these Step-by-Step Instructions or watch this Dropbox Tutorial.

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ECON 545 Week 3 Quiz

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1. (TCO A) There is a decrease in the cost of labor for producing bicycles.

2. (TCO A) Ceteris paribus, Diet Cola Brand X and Diet Cola Brand Y are substitutes in consumption

3. (TCO A) The number of new home sellers in a given market decreases.

4. (TCO A) A market is in equilibrium with equilibrium Quantity of MEQ and equilibrium Price of MEP.

5. The following table shows part of the demand function for tickets to an outdoor summer concert by a popular singing group:
Price (P)…Quantity (Q)
50……….. 100
35………. 180
20…………300
10…………500

6. (TCO B) Use a hypothetical example to illustrate whether you agree or disagree with the following statement: “Unemployment will go up more if the demand for labor is inelastic because the demand for labor will decrease more when you have inelastic demand than if demand were elastic.” Explain why, using hypothetical numbers to illustrate your case.

7. (7. TCO C) You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below

8. (TCO C) Answer the next question on the basis of the following cost data for a purely competitive seller:

9. (TCO C) (TCO C) Answer the next question on the basis of the following cost data for a purely competitive seller

10. (TCO C) A firm has Total Costs (TC) of $10,000 over the next three months (TOTAL for the 3 months – not per month), of which $6,000 are fixed costs (TFC) for rent on its lease that cannot be broken. If it stays in business over those months, then the firm will collect only $5,000 in revenues (TR). So, considering only this information, should they stay in business for those three months or should they close down right now? Provide your reasoning

 
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ECON 545 Entire Course + Final Exam | DeVry Online Help

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ECON 545 Week 1 DQ 1 Supply and Demand

ECON 545 Week 1 DQ 2 Elasticity and the Minimum Wage

ECON 545 Week 2 DQ 1 Marginal Analysis

ECON 545 Week 2 DQ 2 Controlling Costs

ECON 545 Week 2 Project Part 1

ECON 545 Week 3 DQ 1 Mergers Acquisitions

ECON 545 Week 3 DQ 2 Anti-Trust Policy and Microsoft

ECON 545 Week 3 Quiz Imperfect Competition

ECON 545 Week 4 DQ 1 Macroeconomic News

ECON 545 Week 4 DQ 2 Healthcare

ECON 545 Week 5 DQ 1 Trade Deficits

ECON 545 Week 5 DQ 2 Exchange Rates

ECON 545 Week 5 Project Part 2

ECON 545 Week 6 DQ 1 Fiscal Policy

ECON 545 Week 6 DQ 2 Monetary Policy

ECON 545 Week 6 Monetary and Fiscal Policy – You Decide

ECON 545 Week 6 Quiz

ECON 545 Week 7 DQ 1 The Public Sector

ECON 545 Week 7 DQ 2 Forecasting

ECON 545 Week 8 Final Exam

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ECON 545 Week 6 Quiz | DeVry Online Help

ECON 545 Week 6 Quiz | DeVry Online Help | ECON 545 Full Course - DevryOnlineHelp.com | Scoop.it

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1. (TCO F) The size of the labor force in a community is 800, and 720 of these folks are gainfully employed. In this community, 200 people over the age of 16 do not have a job, and are not looking for work. In addition, 100 people in the community are under the age of 16. The unemployment rate is:

2. (TCO F) Suppose nominal GDP in 2005 was $14 trillion and in 2006 it was $15 trillion. The general price index in 2005 was 100 and in 2006 it was 103. Between 2005 and 2006 real GDP rose by what percent?

3. (TCO F) The consumer price index was 185.2 in January of 2004, and it was 190.7 in January of 2005. Therefore, the rate of inflation in 2004 was about:

4. (TCO E) (10 points) As the Euro appreciates in value relative to the U.S. dollar, what happens to the price of U.S. goods in Europe? What happens to the price of European goods in the U.S.?
(10 points) Why would a country (for example, China) choose to keep their currency relatively pegged to the U.S. dollar? If the U.S. dollar were to appreciate considerably against most currencies, what would be the effect on Chinese exports to countries other than the United States? (Points : 20)

4. (TCO E) (5 points) As the Mexican Peso depreciates in value relative to the U.S. dollar, what happens to the price of U.S. goods in Mexico? What happens to the price of Mexican goods in the U.S.?

(5 points) Why would a country (for example China) choose to keep their currency relatively pegged to the U.S. dollar? If the U.S. dollar were to appreciate considerably against most currencies, what would be the effect on Chinese exports to countries other than the U.S.?

5. (TCO E) Suppose the Indian rupee price of one British pound is 54.392 rupees for each pound. A hotel room in London costs 120 pounds, while a similar hotel room in New Delhi costs 6,500 Indian rupees. In which city is the hotel room cheaper, and by how much? (Points : 15)

6. (TCO E) Answer the next question on the basis of the following production possibilities data for Landia and Scandia:

Landia production possibilities:
ABCDE
Fish 8 6 4 2 0
Chips 0 10 20 30 40
Scandia production possibilities:
ABCDE
Fish 24 18 12 6 0
Chips 0 12 24 36 48
Refer to the above data. What would be feasible terms of trade between Landia and Scandia?

8. (TCO F) Country A produces two goods, elephants and saddles. In the year 2006, the 100 units of elephants produced sold for $2,500 per unit and the 30 units of saddles produced sold for $200 per unit. In 2007, the 120 units of elephants produced sold for $3,000 per unit, and the 50 units of saddles produced sold for $300 per unit. Real GDP for 2007, assuming that 2006 is the base year, is ______. (Points : 15)

9) (TCO E) A Honda Accord sells for $24,000 in the United States and for SF29,500 in Switzerland. Given an exchange rate of SF1.25 = $1, how do the car prices of both countries compare?

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ECON 545 Week 5 Project Part 2 | DeVry Online Help

ECON 545 Week 5 Project Part 2 | DeVry Online Help | ECON 545 Full Course - DevryOnlineHelp.com | Scoop.it

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Overview: Project Part 2 (PP2) consists of performing application-oriented exercises wherein the specific economic principles learned in this course are put to practical use. You must translate your ideas into economic analysis using the specific economic theory and economic terms contained in the TCOs covered in the course and demonstrate that you are understanding and utilizing material from text chapters covered up to this point in the course to receive full credit on the assignment.
You are being asked to submit a report containing responses to three exercises. Exercises 1, 2, and 3 entail a choice of three textbook questions out of a list of possible alternatives.
Exercises 1, 2, and 3
Select any three out of the following questions from the text:
• Chapter 15, Question 11
• Chapter 15, Question 14
• Chapter 16, Question 5
• Chapter 16, Question 6
• Chapter 16, Question 11
• Chapter 25, Question 7
• Chapter 25, Question 11
• Chapter 25, Question 14
• Chapter 26, Question 8
• Chapter 26, Question 9
• Chapter 26, Question 12

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ECON 545 Week 2 Project Part 1

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Project Part 1 (PP1) consists of performing application-oriented
exercises wherein the specific economic principles learned in
this course are put to practical use. You must translate your ideas into
economic analysis using the specific economic theory
and economic terms contained in the TCOs covered in the course and
demonstrate that you are understanding and utilizing material from text chapters
covered up to this point in the course to receive full credit on the assignment.

You are being asked to submit a report containing responses to
three exercises. Exercise 1 entails a
choice of one topical microeconomic
issue out of two possible alternatives. Exercises 2
and 3 entail a choice of two
textbook questions out of a list of possible alternatives.

Exercise
1

Choose one of the following
two microeconomic issues:

Everyone’s Gasoline Problem. We are all familiar with fluctuating prices of gasoline at the pump. Why
does this happen? Research the recent history of gasoline pricing in your area,
and attempt to relate any fluctuations you observe to documented supply and
demand factors outlined in our book. Be sure to cite any references
used.

Ethical Issues in Business. It seems that every day lately we are confronted with another company
that has acted at least unethically and possibly illegally in the operation and
financial reporting of their company’s business dealings. Briefly discuss one of
these issues and then see if you can relate the issue to ANY of our TCOs. That
is, are there any effects on demand or on supply related to this topic? How
would you expect this to affect the equilibrium price and equilibrium quantity
for this company’s products and services? Is the elasticity of demand or supply
affected? What about the effect on production levels and costs? Are ethical
issues more likely to occur in one market type rather than another market type?
You don’t have to cover all of these topics; I’ve just suggested some possible
connections to our TCOs. Any connection to our TCOs is fine here. Exercises 2 and
3

Select any two of the
following questions from the text:

Chapter 3, Question 14
Chapter 3, Question 15
Chapter 5, Question 17
Chapter 5, Question 18 Chapter 7, Question 15
Chapter 8, Question 11
Chapter 8, Question 14 Specifications

Discussion
Any questions, comments, or discussion about PP1
should take place in our Q & A forum area of the weekly Discussion area of
the course.
Reporting
All project submissions should
be prepared as Word documents suitable for electronic transmission. Your
PP1 report should consist of precisely five numbered pages. The first
page is a cover sheet having on it only your name, course name, and number
(Business Economics GM545), the academic term, and your e-mail address. After
that, the response to each of the three reported exercises should be on a
separate page. On each page, state the chapter
and question number before answering it. Do not print the full
question, as that would take up valuable space. Just list the chapter and
question number.

Page 5 is your References or Works Cited
Page. This does not replace in-text citations (with
quotation marks or paraphrasing) or footnotes.

Use double spacing for your response; your overall responses to any
exercise should not exceed one page in length (including the problem statement).
Font size is also optional, as long as it is reasonable; 10 pt. fonts
and 1/2 inch margins should be the minimum used.

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ECON 545 All 7 Weeks Discussions | DeVry Online Help

ECON 545 All 7 Weeks Discussions | DeVry Online Help | ECON 545 Full Course - DevryOnlineHelp.com | Scoop.it

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ECON 545 Week 1 DQ 1 Supply and Demand

ECON 545 Week 1 DQ 2 Elasticity and the Minimum Wage

ECON 545 Week 2 DQ 1 Marginal Analysis

ECON 545 Week 2 DQ 2 Controlling Costs

ECON 545 Week 3 DQ 1 Mergers Acquisitions

ECON 545 Week 3 DQ 2 Anti-Trust Policy and Microsoft

ECON 545 Week 4 DQ 1 Macroeconomic News

ECON 545 Week 4 DQ 2 Healthcare

ECON 545 Week 5 DQ 1 Trade Deficits

ECON 545 Week 5 DQ 2 Exchange Rates

ECON 545 Week 6 DQ 1 Fiscal Policy

ECON 545 Week 6 DQ 2 Monetary Policy

ECON 545 Week 7 DQ 1 The Public Sector

ECON 545 Week 7 DQ 2 Forecasting

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