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UOPX Think Like An Economist Discussion

UOPX Think Like An Economist Discussion

Question Description

Assignment Content


  1. The accompanying table shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities.

  2. Complete the following:

    • Calculate the total value of donations raised by three employees, and explain the method you used to make this calculation.
    • Calculate the total labor cost with four employees, and explain the method you used to make this calculation.
    • Analyze the relationship between average benefits and average costs by filling in the blanks in the following statement:
    • If the President of State U decides to hire fundraising employees as long as their average benefit exceeds their average cost, then this results in ________ employees being hired and a net benefit (total donations minus total labor costs) of ________.
    • Evaluate the marginal benefit (in terms of extra donations) of the 2nd employee.
    • Explain how the marginal cost of the 4th employee will increase the total labor cost.
    • Determine when the net benefit of hiring fundraisers is the largest.

    NO PLAGIARISM

Goals

5.1 Contrast the production and consumption opportunities in a closed economy with that of an open economy using the production possibilities curve.

5.2 Define the nominal exchange rate, fixed versus flexible exchange rates, and real exchange rates.

Rubric Details:

1. Fully explained the method used to calculate the total value of donations raised by three employees from a creative and/or innovative perspective.

2. Fully explained the method used to calculate the total labor cost with four employees from a creative and/or innovative perspective.

3. Analyzed the relationship between average benefits and average costs from a creative and/or innovative perspective, and all important elements were included in the analysis.

4. Evaluated the marginal benefit (in terms of extra donations) of the 2nd employee from a creative and/or innovative perspective, and all important criteria were included in the evaluation.

5. Explained how the marginal cost of the 4th employee will increase the total labor cost from a creative and/or innovative perspective, and all important elements were included in the explanation.

6. Determined when net benefit of hiring fundraisers is the largest from a creative and/or innovative perspective, and all important criteria were included in the evaluation.

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