MACROECONOMICS MACROECONOMICS HOMEWORK ASSIGNMENT # 1 (Sections 1-4) NAME: ______________________ DATE: ______________________ COMPLETE EACH QUESTION AND SHOW YOUR WORK. TYPE YOUR ANSWERS AND TURN IN...

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MACROECONOMICS MACROECONOMICS HOMEWORK ASSIGNMENT # 1 (Sections 1-4) NAME: ______________________ DATE: ______________________ COMPLETE EACH QUESTION AND SHOW YOUR WORK. TYPE YOUR ANSWERS AND TURN IN BY THE ASSIGNED DUE DATE THRU BLACKBOARD IN EITHER A WORD DOC OR PDF FILE. THIS IS NOT A GROUP ASSIGNMENT. ALL WORK MUST BE YOUR OWN. 1) Complete the table and then indicate when diminishing returns takes place based on marginal product column. (12 POINTS) Use the following table and information to answer question # 1. Each worker works a 5 hour shift with a wage of $15.00 per hour. Each Pizza made has a cost of $4 (excluding the labor cost) and the sales price of each widget is $16. # of Workers Total # of Pizzas (Output) Marginal Product Total Cost Total Revenue Net Revenue 1 12 2 26 3 39 4 50 2) Complete the following chart for Net Marginal Benefit. (6 POINTS) 2019 Highest Grossing Movies Movie Title Production Budget (Cost) Total Worldwide Earnings Net Marginal Benefit “Avengers: Endgame” $ 356 million $ 2,798 million “The Lion King” $ 260 million $ 1,657 million “Toy Story 4” $ 200 million $1,073 million “Frozen 2” $ 150 million $1,402 million “Captain Marvel” $ 152 million $ 1,128 million 3) You have an opportunity to work 5 hours overtime and earn 1.5 times your usual rate of $20 per hour. However, a total of $37 will be taken out for taxes. You parked in the parking garage and will have to pay $5 total to park for the additional hours. You also didn't pack an extra meal, which you already have in the refrigerator at home. You will have to spend $8 for food. According to the marginal principle and everything else equal; will you work the overtime? (Show your work: marginal benefit, marginal cost and net marginal benefit/loss) (9 POINTS) 4) You shop online and have a budget of $1,000. You want to buy a Chromebook for $350, a 4K LED TV for $500 and two new Nintendo switch games for $100 OR a new smartphone for $1,000. You end up buying the smartphone for $1,000. The store also sells clothes, furniture, and video games. In this example explain what is your opportunity cost? (Explain your answer) (7 POINTS) 5) Complete the following table. Include the amount and indicate if it is a surplus or shortage. (5 POINTS) Year Federal Revenue (in billions) Federal Expenditures (in billions) Budget Surplus (+) or shortage (-) 1 2 3 4 5 $2,785.3 2,531.8 2,153.6 2,524.0 3,105.9 $1,967.0 2,657.4 2,362.0 2,982.6 2,518.2 ____________ ____________ ____________ ____________ ____________ 6) List and define the three main legal forms of business ownership. (Main categories) (12 POINTS) Using the graph below answer questions 7-10 7) What is the market equilibrium price? (6 POINTS) 8) What is the market equilibrium quantity? (6 POINTS) 9) At $2 is there a surplus or shortage and what is the amount of it? (6 POINTS) 10) At $4 is there a surplus or shortage and what is the amount of it? (6 POINTS) Use the following graphs to answer questions 11-15. NOTE: this is not matching so a graph may be used more than once or not at all. 11) Which graph would illustrate a market situation for a fashion item that becomes more popular with consumers? (5 POINTS) 12) Which graph would illustrate a market situation where a natural disaster destroys a portion of a crop? (5 POINTS) 13) Which graph would illustrate a market situation where people are trying to be healthy so they avoid a particular food item? (5 POINTS) 14) Which graph would illustrate a market situation where technology now makes it easier and cheaper to produce a product? (5 POINTS) 15) Which graph would illustrate a market situation where a good marketing campaign makes consumers want a certain product more? (5 POINTS) MACROECONOMICS MACROECONOMICS HOMEWORK ASSIGNMENT # 1 (Sections 1-4) NAME: ______________________ DATE: ______________________ COMPLETE EACH QUESTION AND SHOW YOUR WORK. TYPE YOUR ANSWERS AND TURN IN BY THE ASSIGNED DUE DATE THRU BLACKBOARD IN EITHER A WORD DOC OR PDF FILE. THIS IS NOT A GROUP ASSIGNMENT. ALL WORK MUST BE YOUR OWN. 1) Complete the table and then indicate when diminishing returns takes place based on marginal product column. (12 POINTS) Use the following table and information to answer question # 1. Each worker works a 5 hour shift with a wage of $15.00 per hour. Each Pizza made has a cost of $4 (excluding the labor cost) and the sales price of each widget is $16. # of Workers Total # of Pizzas (Output) Marginal Product Total Cost Total Revenue Net Revenue 1 12 2 26 3 39 4 50 2) Complete the following chart for Net Marginal Benefit. (6 POINTS) 2019 Highest Grossing Movies Movie Title Production Budget (Cost) Total Worldwide Earnings Net Marginal Benefit “Avengers: Endgame” $ 356 million $ 2,798 million “The Lion King” $ 260 million $ 1,657 million “Toy Story 4” $ 200 million $1,073 million “Frozen 2” $ 150 million $1,402 million “Captain Marvel” $ 152 million $ 1,128 million 3) You have an opportunity to work 5 hours overtime and earn 1.5 times your usual rate of $20 per hour. However, a total of $37 will be taken out for taxes. You parked in the parking garage and will have to pay $5 total to park for the additional hours. You also didn't pack an extra meal, which you already have in the refrigerator at home. You will have to spend $8 for food. According to the marginal principle and everything else equal; will you work the overtime? (Show your work: marginal benefit, marginal cost and net marginal benefit/loss) (9 POINTS) 4) You shop online and have a budget of $1,000. You want to buy a Chromebook for $350, a 4K LED TV for $500 and two new Nintendo switch games for $100 OR a new smartphone for $1,000. You end up buying the smartphone for $1,000. The store also sells clothes, furniture, and video games. In this example explain what is your opportunity cost? (Explain your answer) (7 POINTS) 5) Complete the following table. Include the amount and indicate if it is a surplus or shortage. (5 POINTS) Year Federal Revenue (in billions) Federal Expenditures (in billions) Budget Surplus (+) or shortage (-) 1 2 3 4 5 $2,785.3 2,531.8 2,153.6 2,524.0 3,105.9 $1,967.0 2,657.4 2,362.0 2,982.6 2,518.2 ____________ ____________ ____________ ____________ ____________ 6) List and define the three main legal forms of business ownership. (Main categories) (12 POINTS) Using the graph below answer questions 7-10 7) What is the market equilibrium price? (6 POINTS) 8) What is the market equilibrium quantity? (6 POINTS) 9) At $2 is there a surplus or shortage and what is the amount of it? (6 POINTS) 10) At $4 is there a surplus or shortage and what is the amount of it? (6 POINTS) Use the following graphs to answer questions 11-15. NOTE: this is not matching so a graph may be used more than once or not at all. 11) Which graph would illustrate a market situation for a fashion item that becomes more popular with consumers? (5 POINTS) 12) Which graph would illustrate a market situation where a natural disaster destroys a portion of a crop? (5 POINTS) 13) Which graph would illustrate a market situation where people are trying to be healthy so they avoid a particular food item? (5 POINTS) 14) Which graph would illustrate a market situation where technology now makes it easier and cheaper to produce a product? (5 POINTS) 15) Which graph would illustrate a market situation where a good marketing campaign makes consumers want a certain product more? (5 POINTS)
Answered 1 days AfterJun 15, 2021

Answer To: MACROECONOMICS MACROECONOMICS HOMEWORK ASSIGNMENT # 1 (Sections 1-4) NAME: ______________________...

Ca answered on Jun 17 2021
151 Votes
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MACROECONOMICS
HOMEWORK ASSIGNMENT # 1 (Sections 1-4)
1)
    # of Workers
    Total # of Pizzas
    Mar
ginal
    Total Cost
    Total Revenue
    Net Revenue
    TFC
    TVC
    
    (Output)
    Product
    
    
    
     
     
    1
    12
    12
    123
    192
    69
    75
    48
    2
    26
    14
    254
    416
    162
    150
    104
    3
    39
    13
    381
    624
    243
    225
    156
    4
    50
    11
    500
    800
    300
    300
    200
Diminishing Return will take place from 3rd unit of the worker as when increasing 1 labor the Marginal product start decreasing
2)
    2019 Highest Grossing Movies
    Movie Title
    Production Budget (Cost In Million)
    Total Worldwide Earnings In Million
    Net Marginal Benefit
    “Avengers: Endgame”
    356
    2798
    2442
    “The Lion King”
    260
    1657
    1397
    “Toy Story 4”
    200
    1073
    873
    “Frozen 2”
    150
    1402
    1252
    “Captain Marvel”
    152
    1128
    976
3) I would not take this opportunity because there is a net marginal loss of $20, as my Marginal Revenue is $50 and Marginal Cost is $70, it results in net marginal loss of...
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