How many units of labour are needed at that point?Draw a graph for this equation. Use the quantity produced in the y-axis, and the units of labour in the x-axis.

• Solve all of the following questions.

The maximum grade of this assignment is 100.

This assignment carries a 30% weight of the final grade for this module.
• Submit one single document and not lots of different files.

1. Consider market supply curve which passes through the intercept and from which the market equilibrium data is known, this is, the price and quantity of equilibrium PE = 50 and QE=2000.
a. Considering those two points, find the equation of the supply.
b. Draw a graph of this line.

1. Considering the previous supply line, determine if the following demand function corresponds to the market demand equilibrium stated above. QD = 3000 – 2p

3. The production function of a firm is described by the following equation Q = 10,000L− 3L where L stands for the units of labour.

a) Draw a graph for this equation. Use the quantity produced in the y-axis, and the units of labour in the x-axis.
b) What is the maximum production level?
c) How many units of labour are needed at that point?

4. Solve the following system of equations .
50x +20y =1800
10x + 3y =300

5. Consider the demand and supply functions for the notebooks market.
QD =10,000−100p
Qs=900p

a. Make a table with the corresponding supply and demand schedule.
b. Draw the corresponding graph.
c. Is it possible to find the price and quantity of equilibrium with the graph method?
d. Find the price and quantity of equilibrium by solving the system of equations.

6. Supply and demand functions show different relationship between the price and quantities supplied and demanded. Explain the reason for that relation.

Where did the article come from? What is the article claiming? Do you agree/disagree with the article’s claim​? What is your opinion about the article?

Article must have some type of Economic concept

Summary should be at least 1 page, double spaced, Times New Roman 12 pt font

Possible questions to answer in your summary

Where did the article come from?

What is the article claiming?

Do you agree/disagree with the article’s claim​?

What is your opinion about the article?

What are the strengths and weaknesses of the article?

Do you consider the article biased?

Explain the economic concept in the article

Provide Reference information

Explain how the number of bidders in a common value auction affects the outcome of the auction.

Economics

1.Explain how the number of bidders in a common value auction affects the outcome of the auction.

2. Relate this to the effect on price in different market structures based on the number of producers.

3. Adhere to APA Style when writing your essay, including citations and references for sources used.

4. no abstract or introduction needed

5.3 references all must be peer-reviewed scholarly works

Explain why the wages of these two kinds of workers don’t reflect their total value to society, referencing the assigned readings.

In this module, you have been introduced to the economic foundations for the study of government policy through an overview of the fundamental economic concepts of scarcity, opportunity cost, marginality, and the division of labor. Consider the following dilemmas:
NBA basketball players make far more than elementary school teachers. Yet teachers give students the basic tools for success in life, including literacy, organizational and learning skills, and mathematical competency. Basketball players provide a particular form of entertainment without which our society could function pretty well. Explain why the wages of these two kinds of workers don’t reflect their total value to society, referencing the assigned readings.
From an ethical standpoint, is it inappropriate that teachers get paid so little compared to professional athletes, actors, or corporate CEOs? Explain your answer from a Christian perspective.

Assigned readings:

Marginalism


https://chalcedon.edu/resources/articles/the-ethics-of-free-pricing-part-3/#author-timothy-d-terrell

TANSTAAFL, There Ain’t No Such Thing as a Free Lunch

What do you make of García’s opening description of Pablo’s language knowledge ? How does a monolingual English speaker misunderstand Pablo’s knowledge?

In 2016, Proposition 227 was replaced by a new language policy law, Proposition 58 , “California Education for a Global Economy.” This law was endorsed by the California Teachers Association, the California Chamber of Commerce, and the California chapter of the Service Employees International Union.

Proposition 58 was based on research into bilingual literacy and language learning. One of the most prominent scholars in the field of bilingual literacy is Ofelia García, a professor at the Graduate Center at CUNY in New York. García recommends that teachers take a translingual approach in working with their students. In one of her more recent books, Bilingual Education in the 21st Century, García discusses the best available research on the subject.

Take a look at “Bilingualism and Translanguaging,” one brief chapter from her book. What do you make of García’s opening description of Pablo’s language knowledge ? How does a monolingual English speaker misunderstand Pablo’s knowledge? Do you have a sense of how translanguaging differs from how we might normally think of bilingualism? What does García mean when she writes, “bilinguals are not double monolinguals”?

To what extent does regulation lead to equilibrium price and output levels that are consistent with production and allocation efficiencies?

Consider a local public utility, such as the water utility or scavenger company, that is regulated. Provide a diagram or graph illustrating the typical price and output set by regulators. Then respond to the following questions:
What might happen if the company was not regulated?
To what extent does regulation lead to equilibrium price and output levels that are consistent with production and allocation efficiencies?

Find the production to optimise the profit.Verify if that the marginal revenue and marginal cost are the same at the profit maximising production level.

ECO 1004 – Mathematics for Economics and Business

Summative Assignment 2

Brief and guidelines

The maximum grade of this assignment is 100.
• This assignment carries a 30% weight of the final grade for this module.
• Submit one single document and not lots of different files.

1. Assess the following functions :
a. Find the stationary points.
b. Determine whether the stationary point is a maximum or minimum.
c. Draw the corresponding curves, it can be in the same graph.

1. f ‘ (x) = x²+6x + 2 2. f ‘ (x) = 10x – 2x² + 5

2. A firm has the following short-run production function. 0 = 30L² – 0.5 L³ − .
a. Make a table with two columns: Production and Labour.
b. Add a third column to the table with the marginal product of labour.
c. Graph the values that you estimated for the production function and the marginal product of labour.

3. A Firm has the following production function Q = 20L – 0.4L²
a. Using differential calculus find the unit of labour that maximises the production.
b. Estimate function of Marginal product of labour.
c. Obtain the Average product of labour.
d. Find the point in which marginal product of labour is equal to the average cost.

4. A firm has the following average cost AC = 200 + 2Q – 36.
Q
a. Find the stationary point and determine if it is a maximum or a minimum.
b. Find the marginal cost function.

5. A firm has the following demand function P = 60 – 0.5Q and its total cost are defined by TC = 13 + Q.
a. Find the maximum revenue.
b. Find the production to optimise the profit.
c. Verify if that the marginal revenue and marginal cost are the same at the profit maximising production level.

6. From the point of view of the firm, what decisions criteria have been found relevant in the analysis of production and profit.