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MGEB02H3 Final: Sample Final

503 views5 pages
peachturtle345
27 Jan 2016
School
UTSC
Department
Economics for Management Studies
Course
MGEB02H3
Professor
A.Mazaheri

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Document Summary

You are allowed the use of a non-programmable calculator. Answer all following 6 questions in the exam paper: Question-1 [35 points] answer the following short questions: (8 points) a consumer is considering choosing a calling plan for her cell phone. The plan has a fixed monthly fee of , and it gives 200 free minutes per month and charges. The consumer has a monthly income of , and she spend it on cell phone and another composite good y, where py =. Her utility function is given by yxu x y. , where x is the minutes of cell phone she uses in a month. Graph your solution on a diagram including the budget line and a representative indifference curve: (8 points) in a perfectly competitive market, there are 100 firm split equally between the following short run cost functions: (qc.

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Assignment Name: Unit 1 Individual Project Deliverable Length: 2-3pages Details:
Consider the following scenario:
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Hello,

I would like to do my graduate research on the Rate of Return on Education. I've thought about the mincer model but I have some concerns.

1. I will survey employees online using online surveys, is it an appropriate approach to select a random sample? (microdata needed aren't available for my country)

2. I am thinking of a sample of 150-200 people, is it enough?

3. The variables I am thinking about are (Salary and Wages, Working Hours, Educational Level, Years of working experience, the average base starting salary after high school, training program length, gender, parent's education).

4. What are the programs I can use to process data for this model

5. Suggestion on this model or another model.

Thank you very much

Before you begin to answer this question, look up the word "arbitrage" to find a definition. Discuss the definition of arbitrage, how it relates to economics, and it's importance. After that, look at the below situation and provide your answer and reasoning to the following: You routinely travel between Rochester, Minnesota, and Madison, Wisconsin. You notice that the price of a winter coat in Rochester is $150 and the price of that same coat in Madison is $100. You see a profit-making opportunity here. You buy coats in Madison at the lower price and sell them in Rochester at the higher price, pocketing the difference. From an economics perspective, is this good behavior? Be sure to use the terminology, ideas, concepts, and theories as learned from this text to defend and support your decision.

1. No, you are producing nothing. You are just taking advantage of market disparities and profiting from them.

2. No, your action of buying coats in Wisconsin will have the effect of pushing prices up. Some people will not be able to afford a coat and freeze in the winter.

3. Yes. You are providing a service equalizing prices of a common good in different markets. You are providing more coats to a market that values them more highly. The profit you earn is compensation for your effort.