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Critically evaluate this statement: "The salaries of chief executive officers (CEOs)) are unreasonably high.
Critically evaluate this statement: “The salaries of chief executive officers (CEOs)) are unreasonably high.”Economics assumes that everyone would like to consume more of everything but we (as consumers) only have a limited quantity of resources with which to satisfy our consumption. i.Critically explore your understanding of this definition using illustrative examples.ii.How could this definition (appropriately modified) be applied to firms?QUESTION 2The financial crisis in the US has seen the collapse of several banks and the intervention by the Government to “nationalize” certain banks deemed too big to fail. Discuss what do you think has happened to the supply of banking services and the price of banking services in general. QUESTION 3Explain as clearly as possible why the concepts of the price, income and cross elasticity of demand are important in making decisions of how, what and when to produce goods and services.QUESTION 4Match the following definitions with the relevant explanation given below:a.principal-agent problemb.explicit costsc.general demand functiond.production functione.increasing cost industryf.market powerg.switching costsh.inelastic demandi.marginal productivity of labourj.complementary goodsi.Ability of firm to raise prices without losing all its sales.ii.Industry in which input prices rise as all firms in the industry expand output.iii.Conflict arising when the objectives of the agent differ from those of the principal, and the principal ahs difficulty in enforcing and monitoring the agent.iv.Additional output attributable to using one more worker holding the use of all other inputs constant.v.A table or mathematical equation showing the maximum amount of output that can be produced from any specified set of inputs, given the existing technology.vi.When the percentage change in price is more that the percentage change in quantity demanded. vii.Relation between the quantity demanded and the principal variables affecting the quantity demanded.viii.Two goods for which an increase in the price of one causes an increase in the consumption of the other, ceteris paribus.ix.Monetary opportunity costs of using market supplied resources.x.Costs consumers incur when they switch to new or different products or services.QUESTION 5A monopolist is producing a level of output, 80 units, at which price is $12, marginal revenue is $8, average total cost is $14, average variable cost is $5, and marginal cost is #2.a.Draw a graph of the demand and cost conditions facing the firm. b.Is the firm making the profit-maximizing decision? Why or why not? If not, what should the manager do?QUESTION 6Critically evaluate this statement: “The salaries of chief executive officers (CEOs)) are unreasonably high.”QUESTION 7Total fixed cost (TFC) is $150/week and the price per week of labour is $500 per worker. Tabulate the following values and plot them on a graph using graph paper: TFC, TVC, TC, AFC, AVC, TVC, MC, TP, AP, MP. QUESTION 8Undertake some research (on the internet, for example) to gain some insights into the market for crude oil globally and for your country.QUESTION 9Why and under what conditions do firms practice a strategy of price discrimination or differentiation? Illustrate with relevant examples.QUESTION 10 Give short and concise explanations for the following:a.Economies of scopeb.Market and planned economiesc.Short and long rund.Porter’s Five Forcese.Globalization and business in your country
