This is a microeconomics assignment which I need to study the answers before my final exams. Note I had already submitted the assignment so I want to review the correct answers.

ECON 247: Assignment 2B 1. a. In 2014, the dangerous Ebola virus entered Canada when a Canadian resident returned to Canada after contracting the virus While visiting Liberia. Suppose this virus had not been contained and had spread to the general population. Describe the resulting effect on labour productivity. (Assume that the virus is lethal in half of the people who are exposed to it.) (4 marks) b. A recent ood in Alberta has destroyed much of the farmland that lies in fertile regions near the rivers. Describe the effect of the ood on the marginal productivity of land, labour, and capital. How would the ood affect the price of inputs? Provide some examples. (4 marks) 2. a. Suppose that a used-car dealer sells each of his cars for $4,000. How many cars can be sold per month depending on the number of salespersons he hires (see the table below)? Calculate marginal product of labour for each additional person he hires as well as the value of marginal product. (4 marks) \"n-- -- b. Using the theory of wage determination, explain why wages in developing countries are typically quite low. (4 marks) 3. A rm is selling its product in a perfectly competitive market, and the price for its product is $100. Total III-Inm- product 0 IIiII----I-- H O a. Calculate the TC, ATC, AFC, AVC, MC, TR, MR, and prot. (8 marks) b. At what price and output level will the above rm maximize its prot? Explain your answer. (4 marks) c. Based on the table, explain why the AVC and ATC curves are U-shaped. (6 marks)