1.The cost function for a product is C(q)=q³-75q²+1120 for 0q50 and a price per unit of $579.

a) What production level maximizes profit?

q =

b) What is the total cost at this production level?

cost = $

c) What is the total revenue at this production level?

revenue = $

d) What is the total profit at this production level?

profit = $

2.Would you recommend a Balance Budget Multiplier method to bring the economy from a recession to non-inflationary full employment level? Why?

3.What happens in the circular flow diagram when consumer spending flowws from the product market

4.What would happen if there were no minimum wage laws in the United States? Could employers pay whatever they wanted to? Explain. without minimum wage laws, would everyone be paid extremely low wages

5.Lievrunsa movie memorabilia website. Last year,heearned $35,000 in revenue and had explicit costs of $8,000.Lievcould have made $35,000driving a boat in a water ski showand received an additional $2,000ifhehad used the company's inputs in a different way. Calculate his economic profit

6.Using relevant diagrams explain how unemployment affects real GDP

7.Explain the differences between traditional and new Keynesian economics

8.Is economics worth studying

9.What are the major differences between GNP and NNP

10.How does the government involve itself in the economic sector