pick any one business in your area. Based on the readings for the week and the business you chose, answer the following questions in a minimum of 300 words:
Describe how the long-run average cost (LRAC) curve can be derived from the short-run average total cost (SRATC) curve.
Discuss if the business you chose enjoys economies of scale. Be sure to provide reasons why the business may or may not have economies of scale.
Explain how economies of scale help your business compete in its industry.
Category: Economics : Economics
The objective of this essay is simply to draw the profile of the evolution of poverty and inequality, in their various dimensions, over the recent period – ideally the last two decades. However, the profile should not be limited to finding the right figures, drawing two or three charts and commenting on their shapes. It should also rely on telling the macro-economic, and possibly the macro-social, story of the country during the period of analysis. Major shocks have hit most economies of the word in the last 20 years, including the 2008-9 great recession, the COVId-19 pandemic, and more recently the rise of inflation. It is not necessarily the case that these events had a direct and significant effect on poverty and inequality, but the question must be asked of whether this is the case, and, if it is not, what may explain this absence. ON the other hand, the existence of trends in poverty and inequality requires explanation.
You are free to choose the country you want to study. However, your choice will depend on the kind of data and macro-economic country review available. To help you on the poverty and inequality side, the full World Bank data base is provided in attachment with the present document. You could also visit the following sites: WID (World Inequality Database) and the World Income Inequality Database at WIDER.
Macro-economic reviews are periodically undertaken by the International Monetary Fund under Article IV of its agreement (documents are labeled Article IV reports on the IMF site). You may also look at the bi-annual World Economic Outlook Reports of the IMF, which comes with an appendix on countries or regions. The OECD country reviews are also a helpful source but cover only developed countries. The Economist Intelligence Unit is another interesting reference which covers practically all countries in the world.
Of course, I am at your disposal to gather more references once you’ll have decided which country you want to study.
Essay should not be longer than 14,000 characters (including spaces, but excluding charts)
As we discussed, the purpose is to give you an opportunity of replicating the estimations we ran both in Eviews and excel. What you are expected to do(you all know by now) is to estimate the determinants of private consumption. Your task consists of the following:
1. Download (from the World Bank database) the following data of at least five countries and at least for five years:
private consumption (% of GDP)
population
GDP Per Capita (constant USD)
Inflation (consumer price index)
taxes
Then, run the estimation, where private consumption is a dependent variable, while the rest of the variables will serve as intendent (explanatory) variables.
Then, interpret your findings and write up and submit your results (including excel or Eviews estimations).
I will attach all files for instructions. There is about 5 pages of paper already done and outlined. just need to expand improve and finish it
For this assignment, you will be creating cost curves for ABC furniture. Use the attached excel spreadsheet to complete the assignment. Use formulas to fill in each column.
Econ 101 Asst. 3 – ABC Furniture.xlsxDownload Econ 101 Asst. 3 – ABC Furniture.xlsx
ABC Furniture is trying to figure out how to minimize its cost when producing couches each month. To figure out where their unit costs are the lowest, they give you the following information:
Each couch takes $200-worth of wages for workers to produce. The factory owner knows that during regular hours they can produce 20 couches each month. After 20 couches, they need to keep the laborers into overtime. In overtime, they must pay the workers time and a half (1.5x their regular wage). The owner also knows that after 25 couches, the workers need to stay into double overtime (2x regular wage). The factory’s rent is $4,000 a month. Assume there are no other costs.
1.) Fill in all missing columns of data.
2.) Once you have done this, create a graph on your spreadsheet which shows the factory’s marginal cost curve and its average total cost curve.
3.) If the firm wants to minimize its average total cost per couch, how many couches should they produce? You can highlight the row or write in in a cell next to the answer.
(Hint, skip the first box for MC)
(Hint 2 – the marginal cost curve will look a little different than it does in the lecture)
Grading Rubric:
60 pts – Filled in sheet 1 columns with correct data
10 pts – Created accurate graph
10 pts – Correctly identified the quantity with the lowest ATC