求课业,Task1:supposeanassistantprofessorofeconomicsisearningasalaryof$65,000peryear.Onedayshequitsherjob,sells$100,000worthofbondsthathadbeenearning5percentperyear,andusesthefundstoopenabookstore.Attheen

Question

求课业 ,
Task 1:suppose an assistant professor of economics is earning a salary of $65,000 per year .One day she quits her job,sells $ 100,000 worth of bonds that had been earning 5 percent per year,and uses the funds to open a bookstore .At the end of the year she shows an accounting profit of $80,000 on her income tax return .What is her economic profit and why?
Task 2:A firm faces the following average revenue (demand) curve :
P=100-0.01Q
Where Q is weekly production and P is price,measured in cents per unit .The firm’s cost function is given by TC = 30,000 +50Q
Assume that the firm maximizes profits.What is the level of production ,price ,and total profit per week?
Task 3:England and Scotland both produce scones and sweaters .Suppose that an English worker can produce 50 scones per hour or 1 sweater per hour .suppose that a Scottish worker can produce 40 scones pe hour or 2 sweaters per hour .
a.Which country has the absolute advantage in the production of each good Which country has the comparative advantage
b.If England and Scotland decide to trade ,which commodity will scotland trade to England?Explain.
c.If a Scottish worker could produce only 1 sweater per hour,would Scotland still gain from trade would England still gain from trade Explain.
Task 4:
What are some of the sources of monopoly power Give an example each .(This answer should be no less than 100 words.)
Task 5:
We all know that we attach great importance to scarcity when we talk about economics.As a matter of fact.Everyone should face the problem of scarcity,even bill gates,because his time is also limited ,just like you and me .Please imagine what would happen in the new world if we were all never to die?( This answer should not be less than 150 words )

Answer 1

Task1:80000-65000-100000*0.05=10000 The economics profit is 10000.Task2:total revenue is TP= 100Q-0.01Q^2.so MR=100-0.02Q MC=50 let MC=MR,Q=2500,So P=100-0.01*2500=75 total profit=TR-TC=100*2500-0.01*...