Write 4 short assignments about microeconomic

Just post the answer and the process of how to solve these question on this document.

1. What are the key elements of the scientific method as applied in economics? Define each of the key elements of the scientific method in your own words.

2. How does the scientific method help to establish economic principles and laws?

3. There are three measures of central tendency, mean, mode and median. Define each measure of central tendency.

4. Using the data in the set below, find the mean.

Date Set { 11, 4, 5, 3, 6, 6, 3 }

5. Using the data in the set below, find the mode.

Date Set { 11, 4, 5, 3, 6, 6, 3 }

6. Using the data in the set below, find the median.

Date Set { 11, 4, 5, 3, 6, 6, 3 }

7. Define opportunity cost. What was your opportunity cost in completing this assignment?

A2.

Part I

Use the following information to answer the questions below.

1. Calculate a price elasticity of demand. You must show all your work to earn credit.

2. Given the elasticity of demand, a 10% increase in price will cause quantity demanded to fall by what percentage? Explain your answer.

3. Is this demand elastic or inelastic? Explain your answer.

Part II

Walmart advertises that it has rolled back prices. If Walmart is rolling back prices to raise revenues, should it roll back prices on products that have a price elasticity of demand that is elastic or inelastic. Explain your answer.

A3.

Complete the assignment in that file.

We have been using the same set of data (Data Set One) in the notes to illustrate production and costs. I have provided Data Set One in both tables below. When costs were calculated in the notes, fixed costs were $200. By using the term fixed costs economists are only referring to the fact that a firm must pay this expense no matter how much output it produces or sells. An example of a fixed cost could be the rent a small store pays on the space it rents. The rent will be the same for the duration of the lease, no matter if the store sells I item or 500 items. It is helpful to know what will happen to costs if the price of the variable or fixed resource changes.

PROBLEM ONE – Using the information in data set one, which I have included in the table below, recalculate total cost, fixed cost, variable cost, marginal cost, average total cost, average variable cost and average fixed costs if the price of the fixed input (the small stores rent) is not $200 but $240. A new lease may have caused the rent to increase. I have created Table 1 for you to put your answers in. Assume the price of the variable input, labor, is still $50 per unit. When fixed costs change which other costs will increase? Compare the costs you calculate for table one to the costs calculated in the notes in chapter 7 to find the answer.

TABLE ONE FOR ANSWERS TO PROBLEM ONE

Problem Two – Using the information in data set one, which I have included in the table below, recalculate total cost, fixed cost, variable cost, marginal cost, average total cost, average variable cost and average fixed costs if the price of the variable input (which is labor in this example) is not $50 but $60. I have created Table 2 for you to put your answers in. Assume that fixed costs remain at $240. When the price of a variable input changes which other costs will increase? Compare the costs you calculate for table two to the costs calculated in table one to find your answers.

TABLE TWO FOR ANSWERS TO PROBLEM TWO

A4.

Assignment Eight

1. Assume I won 10 million dollars in a lottery that pays installments of 2 million dollars a year for five years or a lump sum of less than 10 million dollars. If I take the installments, my first installment would come the day I claimed my winnings at the state lottery office. If I take the lump sum, I would receive that payment the day I claimed my winnings at the state lottery office. Assume that the interest rate is 5% per year. Calculate what the lump sum should be so that it would exactly equal the stream of future installments. You must show and explain your work to be given credit for this assignment. Assume there are no taxes on my winnings.

2. What would your answer change be if the first installment in the question above did not come until one year after I claimed my winnings. You must show and explain your work to be given credit for this assignment.

I do not need pages of explanation. Just three or four sentences for each question. However, I do need to see your work.