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Question #1

MC
OUTPUT TFC TVC TC AFC AVC ATC

1 36.00 44.00 44.00

8.00 36.00 8.00 44.00
44.00
2 36.00 52.00 88.00 18.00 26.00 44.00

36.00 23.00
3 75.00 111.00 12.00 25.00 37.00

36.00 69.00
4 144.00 180.00 19.00 36.00 45.00

Total fix cost for output levels is same which is 36.00

Marginal cost of Qth level of output level is equal = to total cost for Qth level of output = total cost for
Qth level of Output – total cost for (Q-1) level of output

The 2nd level of output Marginal cost is equal to total cost of 2 nd level of output minus totalcost for level 1
output
MC=TC 2nd level-TC 1st level
= 88.00 – 44.00
= 44.00
The 3rd level of output Marginal cost is equal to total cost of 3 rd level of output minus total cost for level
2nd output
MC=TC 3rd level-TC 2nd level
= 111.00 – 88.00
= 23.00

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The 4th level of output Marginal cost is equal to total cost of 4 th level of output minus total cost for level 3rd
output
MC=TC 4th level-TC 3rd level
= 180 .00- 111.00
= 69.00

Total variable cost for level 1 Output is equal for level 1 output minus Total fix cost for level 1 output
Total Variable Cost = Total Cost –Total Fix Cost
= 44.00 -36.00
= 8.00
Average Fix cost for 1st output is equal to Total fix cost for 1st output divided by 1
AFC 1st Output =TFC for 1st output
= 36.00/1
=36.00
Average Variable cost for 1st output is equal to Total variable cost for 1st output divided by 1
AVC 1st Output =TVC for 1st output
= 8.00/1
=8.00
Average Total cost for 1st output is equal to Total cost for 1st output divided by 1
ATC 1st Output =TC for 1st output
=44.00/1
=44.00

AVC for 1 output = TVC for 1 output / 1 = 8 / 1 =8

ATC for 1 output = TC for 1 output / 1 = 44 / 1 =44

In the same way calculate for remaining parts

Question Number 2:

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One of the most used metrics for the surveillance of a nation's economy is the Gross National Product. A country's
GDP calculation takes into consideration many factors, including its consumption and investment, relating that
country's economy. GDP is arguably the economic statistics most carefully followed and important for economists as
well as investors, since it is the measure of the total value of all goods and services produced by an economy over a
certain period of time. It is sometimes characterised as a calculation of the total size of an economy as a
measurement.

GDP is also an essential part of the Taylor rule, a major method used by central bankers to evaluate economic
health and set a country's target interest rates. The GDP measures the health of a country's economy. Economists
may use GDP to evaluate the growth or downturn of the economy. The figure is typically shown as a monetary sum
and its growth rate changes in percentage from one year to the next.

The Bureau of Economic Analysis gives the number in the United States quarterly. While quarterly growth rates are
a regular indicator of the trend towards the economy, annual GDP figures usually take account of the benchmark for
the economy's overall size. Nominal GDP examines the natural price movement and over time tracks the steady
increase of an economy's value. Economists normally prefer to use real GDP as a way to compare the growth rate
of a nation.

The true GDP is how economists can evaluate if there is genuine growth from year to year. By comparing the
resulting actual GDP to nominal GDP, economics may calculate a GDP price deflator which can act as an indicator
of economic inflation.

Measuring GDP

The most common method is expenditure technique and it is calculated via private consumption and investment,
governmental expenditure and net exports. Finally, GDP may be equally computed on the basis of the value of
goods and services produced throughout the whole year in a single economy. These are equally important three
GDP calculation methods, since costs and economic production are spent.
If the economy is robust, unemployment usually decreases, and wages increase, as enterprises hire more jobs to
meet growing economic demand. Economists are looking at positive GDP growth between different times for an
evaluation of the prosperity of the economy. Conversely, GDP growth may signal a recession or an economic
downturn in, or close to, an economy when adversely impacted. Since the significant percentage change in GDP –
up or down – may have an important impact on the stock market, investors pay attention to GDP. A bad economic
situation typically entails lower revenues for companies.

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Question # 3

Full-Time Work: A full-time job is a position that employees work a minimum amount of hours that their company
defines as such. Full-time work frequently includes advantages not generally available for partial, temporary, or flexible
employees, such as yearly leave, sick leave or insurance.

Part-Time Work:

A part-time job is a type of work that is less than a full-time job each week. They're working in rotation. Often the
changes are rotating. Workers will always work less than 30 hours a week for part-time employment.

In my opinion I prefer to have full time job because of

 Full-time employment frequently feels pride in your work. You are satisfied that you are part of a team and work
comfortably and secure in the workplace someplace.

 The hourly salary for an employee is much lower than for temporary employees provided that both employees
work 50-60 hours’ standard.

 You don't have to teach fresh people continuously on what you like to do.

 You know that, usually speaking, you have employees you trust and can dependably rely on when you need
them. For all the time you may assign orders, which offers you the chance to do the work you need most.

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Full-time employment, as per the employee point of view

 Holiday and sick pay: you will get more annual leave and sick days when you are a full time employee compared
to part-time payment, since paid leave is often computed based on the amount of total hours worked.

 Job progress is more simple: nobody can promise you a promotion, but there are more possibilities for
advancements than part-time or temporary employees.
 Job advancements are more convenient. Another good thing is that the business considers you a permanent
employee to be a long-term investment and will be more likely to engage in your growth and assist you to
further your career.

 Companies provide insurance benefits: most people believe one of the greatest of 9-5 work perks is corporate or
company insurance benefits.
 Companies offer insurance benefits: These policies include health, life, disability or even accidental death with a
large number of businesses that also provide family coverage.

 Set schedule: You have a set schedule with certain working hours as a full-time employee. This means you can
arrange the remainder of your day without being uncertain about your job schedule. Nobody will contact you at
the last minute to modify your working hours or swaps.

 Set pay: You will be paid a fixed wage by your company on a weekly or monthly basis. All you have to do is finish
your work and fulfil your quota, either daily or weekly, be a nice staff member and get a special amount of
money at the end of the month. You may plan, pay and spend all your money on other long-term investments,
and feel sure you have at least another month in your pocket regardless.

Question #4:

Difference between structural unemployment and Cyclical unemployment

Cyclical unemployment:
Such unemployment is the result of variations in the economic cycle, rising unemployment or rising during a
time of recession and decreases in unemployment at a time of boom.

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In order that producers drop outputs, demand decreases and labor demand producing loss of jobs and
unemployment, the cyclic unemployment results only from a business cycle recession phase.

To illustrate –as car employees are dismissed, to reduce business expenses during the time of recession.
Cyclical unemployment may diminish and flow with the business cycle, indicating that economic growth can
increase and decline steadily in accordance with gross domestic product (GDP). When GDP growth falls, the
demand for products and services in the economy is usually lower, which, in turn, raises cyclical joblessness.
This generates typically a reversal of cyclical unemployment in conjunction with GDP growth, leading to lower
GDP growth and lower GDP growth.

Cyclical unemployment is a transitory situation, although if a recession is severely enough, it may continue for
years. The duration and intensity of the economic recession rely on cyclical unemployment. But when an
economy recovers from a recession, the demand for its products and services has increased and there is more
employed and cyclical unemployment is reduced. Business cycle up and down, including growth, high,
recession, depression, recovery This creates demand and supply oscillations, which leads to cyclical
unemployment

Structural unemployment:

Such unemployment develops in the event of a mismatch between people's availability and work capabilities,
such as the changes in the economy and the decline in value and necessity of such employees as the economy
advances to technological development. Structural unemployment is mostly due to a lack of skills between
employers' qualifications and the skills of employees that emerge from industrial restructuring and
technological development. This is also an ongoing part of unemployment.

For instance, as farmers are examples of such unemployment from the developing economies here.

This may be because of technical advancements that have not known new methods to elderly workers.
Based on globalisation, low-cost labour in emerging and undeveloped countries replaces labour in rich
countries.

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For instance, across sectors throughout an economy significant technical progress may occur. Companies must
recruit employees with technical abilities, such as computer programming and arithmetic, to advance their
business. Persons with no such qualifications may become excluded by structural joblessness, since the market
and its skills have a discrepancy.

In recent decades, the U.S. industrial industry has witnessed tremendous advancements in technology.
Manufacturing lines that used to employ numerous people now have many such jobs with computers and
automated equipment. Workers who do not have the skills to operate a manufacturing line in computers and
software remain behind. These technological developments are expected to increase with breakthroughs in
artificial intelligence (AI) in recent years.