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ECON649 Economic Analysis

Published : 25-Sep,2021  |  Views : 10


Discuss whether or not an eighteenth-century pirate ship can be classified as a firm. To answer this question, you should research the characteristics of pirate ships online and investigate if they satisfy the features that define a firm.

  1. In 1913 Henry Ford began to manufacture the Model-T Ford using the moving assembly line. Technological improvements in the machine tools used to produce cars accompanied the innovations in the production process. The introduction of this new method of production was one of the great innovations in the manufacturing process. These new processes dramatically decreased the time it took to make each car. Before the introduction of the moving assembly line, it took 12 hours to produce one Model-T car. After the innovations, the time to make one Model-T decreased to around 30 minutes. All these changes meant that manufacturing process used more capital and less labour relative to the earlier more craft based production of cars.

Other car manufacturers in the United States quickly adopted the production techniques pioneered by Henry Ford.

One of the incentives that led to the introduction of the moving assembly line and other technological innovations in the production of cars in the United States was the increase in the wages of skilled workers required to produce cars using older production methods.

  1. Discuss the impact on the incentives for firms arising from this change in relative prices. Incorporate the concept of economic rent into your discussion. 
  2. Henry Ford said that he wanted to make cars at a price that meant any middle-class American could afford to buy them. He achieved his goal with the price of Model-Ts declining from around $800 to less than $300 between 1908 and 1923. The lower price increased annual sales of the Model-T from around 10,000 to more’s than 2 million cars across the period.
  3. Explain any assumptions you may have made in drawing.


According to this cite regardless of the size of the house or amount of property, private property belongs to a man and not the state and therefore one has every right to protect it from the state regardless of its condition.

  1. Sure it does. Especially in the country one was born since it was an inheritance from his parents and therefore the state may have no right to take it away unless they offer some sort of compensation.

A firm is considered as an actor in the capitalist economy and a stage for which interactions that support that kind of economy are played out. In the case of a pirate ship, it is a firm. This is because it acts as an enterprise in which capitalist engagements are carried out. For example the captain as the leader of the ships uses the resources he has, first mates and other members of the ship to attack other ships and steal merchandise from them. It is therefore a firm.n this case, technology B dominates. This is because it uses less number of workers to generate a large number of products

    1. In the case there is transition in the comparative prices as charged by the skilled workers may affect the level of prices that are charged by the firms since the marginal costs of production would have increased.
    The assumption  I may consider is that the firm experiences similar effects of total costs, total fixed costs, as well as marginal costs. The profit maximizing level is therefore the point where the MR crosses the MC at the cost for which the innovations are bought and at the price level charged.

    The bidding wars reduced the consumer surplus whereas increase the producer surplus. This is because the bidding wars increased the price level for which individuals could by its price regardless of its discordance to value.

      The law therefore reduced the amount of producer surplus and made it near equal to consumer surplus since the cars were valued according to its market prices and made available to whom had sufficient budget to purchase it.

      1.  The internet increases the market and the demand for the cars, it may thus increase the demand which may reduce the consumer surplus while increasing the producer surplus as the price charged for the car may be more as there is high demand. 
      2. The state in a is pareto efficient. This is because, the car is valued at the right price and therefore anyone with the budget can be allowed to purchase it instead of a situation where the price increases and makes it harder for that one who could have afforded the car initially.
      3. The curves may be similar but they may experience lower levels of costs since in mass production, the fixed cost per unit is lower as well as the total cost per unit due to the high number of units produced.

      The content being studied should be a constant since it may influence the outcome of the grades. The size of the classroom also should be a constant such that the mean is not affected. 

      1. The number of light hours could improve the hours of study since there is more technological empowerment to study longer. The use of an alarm may increment the duration of time dedicated to study as the student wakes up early.
      2. It would be optimal to reduce free time in favour of ultimate grade in order to pass exams. Peers would select a similar option if they knew it would affect their final grade.exercise 3 (Unit 3) long term leisure
      1. Legislation contributes to the use of less hours at work which may increase the discretionary hours. Also there might be investment in technology and automation which increases the hours of discretion available.

      There is an decrement in discretionary hours while the choice for leisure and more people will have to choose leisure

      1. Technology innovation is bound to decrease discretionary hours especially since it makes work easier. For this reason there would be less human hours required at work other than the role of monitoring and maintenance
      2. In this case, I would include the expected pass rate and the bonus amount which will be provided to him once it is met.
      3. It may be difficult to include the prescribed method of teaching in order for the lecturer to be most effective.
      4. Economic rent  

      Earnings from actual amount = 25 *40 * 63

      = 63000

      Expected Amount = 535 * 63/2

         = 16, 852.5

      Economic Rent = 63, 000 – 16,852.5 - 12600

        = 33, 547.5

      1. The Korean workers obtain a less economic rent for their efforts. This is because they are paid a lower wage rate for his work and he is provided for with coupons which purchase limited items. There is a disutility of effort since the work they do is no commensurate to the compensation they are provided with in the course of work. In addition, since there is a high supply of labour, the workers get a low level of reservation wages
      2. In the case of North Korea, the daily wage is lower than the daily effort while in the case of China, the day to day wage is higher than the daily effort 
      3. There is involuntary employment in North Korea given the supply for labour while in China there is voluntary unemployment where the wage rate determines the willingness of individuals to seek labor.
      4. The government revenue may increase due to the increase in the price charged on the cigarettes. However, it might be a slight increase since the price hike may discourage other users from its consumption
      5. The older group might have formed a habit which they might not be too quick to give up. On the other hand, the younger people might be more open in changing habits
      6. Lower income groups are more price sensitive to the changes in price in tobacco since the change in price might affect other discretionary budgets negatively and they might need to prioritize.
      7. In case the demand is price inelastic, the budgets will shift in order to accommodate the price increase that is they will have to buy less of the other products in their budgets 
      8. The tax reduces the welfare of the cigarrete smokers since it reduces their consumer surplus which may affect other household budgets
      9. Yes, this is because consumer welfare in terms of ciigarrete smoking also includes the impact of budget in affecting the other household purchases other than health related concerns.
      10. Since the taxes levied are similar from 2017, the major effect on welfare is the health of the smokers where they are negatively impacted due to the health hazards that the rollies pose to their health.
      11. Potential impacts of the slope on the demand curve include a reduction of the slope. This is because the ban may have reduced the awareness of the tobacco products which may have reduced its demand.
      12. The ban may have made the tobacco companies have more power in setting the price since there is no information passing on to the customer about other products and how they are charged.
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