2. A monopolist has a cost function given by TC 250+q+.004q2. The inverse market demand for boxes is given by p-8-.0010. The monopolist is currently able to exclude rivals from the market because of a special governmental zoning rule. (a) What is its output and what price does it charge for boxes? (b) Calculate the firm’s profit at this output level. (c) Calculate the firm’s producer’s surplus at this output level (d) Calculate the consumer’s surplus in this situation

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2. (a) Explain the terms risk averse, risk loving and risk neutral with the aid of diagrams. Jane’s utility (U) depends upon her income( Y) according to the following table U(Y) 50 7 100 9.5 150 200?? 14 250 300 350 12 16.5 17 19 She has received a prize with an uncertain value. In particular, with probability 0.25 she wins $300 and with probability 0.75 she wins $100. (b) What is the expected payoff from this prize? What is the expected utility from the prize? Is Jane risk averse, risk neutral or risk loving? Explain. (c) Using the information above, find the certainty equivalent income and the risk premium for this problem.

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2. ER diagram is based on the business rules, and should clearly label all entities, entity attributes, primary and foreign keys, relationship and connectivity. The cardinality is optional.Instruction: Use professional software (e.g., MS Office Visio) to draw the ER diagram. Crow’s Foot notation is preferable.(40 marks)3. Develop relational schemas. Relational schemas should be derived using the ERD. You should map cardinalities correctly from ERD to Relational Schema. You should clearly indicate the referential integrity constraints (primary and foreign key relationships) using arrows. Clearly indicate datatype for each attribute.e.g.Emp( eid: integer, ename: string(50), address: string(100), did: number)Dept(did: number, dname : string (15)) 4. SQL commands1. Create all tables in Deakin Oracle DBMS (about eight tables including compositetables) and Populate the tables with sample data (10 records in each table isrecommended).2. Alter the student table and add new field Date of Birth for student table. Type fordate of birth should be date.3. Increase the annual salary for all staff member by 5%.4. List the course numbers, course names a student who is doing computer sciencemajor could enrol for.5. Find the students with age between 18 and 21. Print their student number, nameand the age with the major.6. Create your own query. It must include a nested query. Submit the following:i question your query is answering the SQL queryii the mark for this question will depend on the complexity of the query.iii higher marks will be given for queries that are more complex and/or innovative.(15 marks)iv if you do not provide a description of what question the query is answering, you will get zero for this query.

 

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2. Evaluate the following integrals: Find f(t) iff(t)=2nroF(w)eMtdw and F(w)=mm)p6(w). 4+jw 9+jw 3.

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2. Suppose that the following table gives recent figures for yield per acre ininois and Kansas: 37 51 42 31 If we assume that farmers in inois and Kansas use the same amount of labor, capital, and fertilizer, which state has an absolute advantage in wheat production and has an absolute advantage in wheat production and (2) has an absolute advantage in soybean production. If we transfer land out of wheat into soybeans, how many bushels of wheat do we give up in Ilinois and in Kansas per additional bushel of soybean production? In linois, an additional bushel of soybean production results in esults in fewer bushels of wheat, and in Kansas, an additional bushel of soybean production fewer bushels of wheat. (Enter your responses rounded to three decimal places) Which state has a comparative advantage in soybean production and in soybean production? has a comparative advantage in soybean production and (4) has a comparative advantage in wheat production The following table gives the distribution of land planted for each state in millions of acres in the same year TILL WHEAT SOYBEANS (83%) 11.8 70% (397%) 1.9 Kansas 20.7 2% Are these data consistent with your answers above? (5) (1) O Kansas (2) Kansas (3) O Kansas 4) O Kansas (5) O No O Illinois linois O Yes

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