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Smiling Cow Dairy can sell all the milk it wants for $4 a

Principles of Microeconomics | 7th Edition | ISBN: 9781285165905 | Authors: N Gregory Mankiw ISBN: 9781285165905 94

Solution for problem 4 Chapter 18

Principles of Microeconomics | 7th Edition

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Principles of Microeconomics | 7th Edition | ISBN: 9781285165905 | Authors: N Gregory Mankiw

Principles of Microeconomics | 7th Edition

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Problem 4

Smiling Cow Dairy can sell all the milk it wants for $4 a gallon, and it can rent all the robots it wants to milk the cows at a capital rental price of $100 a day. It faces the following production schedule:Number of RobotsTotal Product00 gallons1502853115414051506155a.In what kind of market structure does the firm sell its output? How can you tell?b.In what kind of market structure does the firm rent robots? How can you tell?c.Calculate the marginal product and the value of the marginal product for each additional robot.d.How many robots should the firm rent? Explain.

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Sociology Introduction to Sociology (Springer) Study Guide for Exam #2 SPECIFIC CONCEPTS/TOPICS: Stratification, Class, and Inequality Social stratification­ how individuals and social groups are divided in society and the inequalities of wealth and power (ex. Class division) Structured inequalities­ social inequalities that result from patterns in the social structure Social class­ the social structure position a group holds relative to the economic, social, political, and cultural resources of society Systems of social stratification­ Slavery­ a form of social stratification in which some people are literally owned by others as their property ­ Total subjection of individual to the interests of their owners Caste system­ a social system in which ones social status is given for life, social life is segregated, intimate relationships are restricted to members of ones own caste income (definition and distribution in US)­ money received from paid wages and salaries or earned from investments. Unequal distribution in the us. Wages and salaries earned from paid compensation. Rise in income of working population. Wealth (definition, components, racial disparity)­ money and material possessions held by an individual or group. Refers to all assets individuals own: cash savings and checking accounts, investments. Ascribed vs. achieved status­ class systems. Ascribed is a status one is born with, achieved is/are status(es) one obtains over the life course, such as education Marx’s explanation of inequality­ believed that the maturing of industrial capitalism would cause and increasing gap btw the wealth of the minority and the poverty of the mass population. Wages of the working class could never rise far above subsistence level, while the wealth would pile up in the hands of those owning capital Weber’s perspective on inequality­ class divisions derive not only from control or lack of control of the means of production but also from economic differences that have nothing to do with poverty. “status.” Other dimensions besides class strongly influence peoples lives. People like this explanation more than marx’s perspective. Class, status, and party­ class= ones economic resources. Status= prestige or recognition. Party= ability to exert and use power/influence contradictory class locations­ positions in the class structure or particularly routine white­collar and lower managerial jobs, that share characteristics with the class positions both above and below them examples of class indicators according to video in class­ according to power point it has to do with the relationship to the means of production (marx): capitalist; working class and 2. Multiple indicators (weber) a. class: ones economic resources, b. status: prestige or recognition, c. party: ability to exert and use power/influence Status inconsistency­ persons or groups who are high on one indicator but low on others Class consciousness­(marx) the perception that a class structure exists, and the feeling of shared identification with others in ones class False consciousness­ term used by some Marxists for the way in which material, ideological, and institutional processes in capitalist society mislead members of the proletariat and other class actors. Cultural capital (Bourdieu)­ cultural resources that a group holds, such as knowledge of dominant art, music, literature, manners or personal style. Ex. High cultural capital; downtown abby, the daily show. Ex. Low cultural capital; here comes honey boo boo and the duck dynasty Social mobility­ movement of individuals or groups between different social positions Inter­ and intra­generational mobility­ mobility can occur in two forms. Intergenerational mobility­ refers to the social movement across generations; we can analyze where children are on the scale compared with their parents or grandparents. intrAgenerational mobility­ by contrast, refers to how far an individual moves up or down the socio­economic scale during his working life structural mobility­ mobility resulting from changes in number and kinds of jobs available in a society poverty line (what is it, how is it calculated, what is it used for, how generous is it)­ created in 1963 based ono data from 1950s, in 50s avg fam spent 1/3 of income on food so economists created poverty level that was based on avg food costs * 3 race/ethnic differences in poverty and household structure­ poverty rates higher among minorities than whites. Often work at low paying jobs due to discrimination. Asians make more than whites but have a higher poverty rate. Hispanics have higher income than blacks but have about the same poverty rate. Blacks in poverty has declined. prevalence of child poverty in U.S.­ us is second among world wealthiest natins with respect to its child poverty rate. 2009, 15 million children lived in poor families. 43% of the nations children live in economically insecure households. self­sufficiency standard (what it is, how it is calculated, how it compares to the poverty line, etc.)­ based on calculations of avg expenditures for basic needs and the cost of living in the region, in 2011 the poverty line for family of 4 is 23,200 minimum wage­ the federal minimum wage is 7.25/hour and new jersey minimum wage is 8.38/hour as of jan 15 the combination of food stamps (SNAP) and TANF compares to the poverty line­ when the benefits from the snap and tanf are combined they do not come close to the poverty line. The poverty line represents how much an individual or group can minimally survive on however if the welfare benefits from the combination of both is lower than the poverty line then this suggests that people getting these benefits are not able to survive. Gender Inequality Sex­ biological identity of male or female Gender­ socially learned expectations and behaviors associated with members of each sex, gender is something we “do” Gender Identity­ ones definition of self as male or female Intersex­ males and females born with ambiguous genitalia Transgender­ denoting or relating to a person whose self identity does not conform unambiguously to conventional notions of male or female gender Doing gender­ belief that gender is fluid and is accomplished through ongoing social interaction, we all (men and women) reproduce gender and therefore gender inequality. Intentional and unintentional. Gender role socialization­ men and women learn the expectations associated with their sex via socialization, norms and sanctions are perpetuated by family, peer group, media, educational and religious groups, violations of gender based norms are sanctioned black feminism­ concentrates on problems facing black women. Focuses on intersectionality; highlights the multiple disadvantages of gender, class, and race that shape the experience of black women. Reject the idea of single, unified gender oppression that is experienced evenly by all women. biological basis of sexual orientation­ Gender pay gap: causes, patterns, trends (including by race/ethnicity; occupations)­ Family wage­ through early 20 century men were paid more because they were perceived as the family bread winners. Institutional practices barred women from the workplace. Marriage bar prohibited employers from hiring married women or retaining women workers after they married. Banned in the 50s. occupational segregation­ Glass ceiling­ a promotion barrier that prevents a womans upward mobility within the organization glass elevator/escalator­ men that work in jobs that require “female” skills exit them faster than women Key points of Shelley Correll’s talk (including bias, gender stereotypes, how gender stereotypes serve to disadvantage women, and organizational strategies) Race/Ethnicity Ethnicity­ sense of community derived from shared cultural heritage. Situational ethnicity: ethnic identity thst is chosen for the moment on the social setting or situation. Symbolic ethnicity: ethnic identity that is retained only for symbolic importance Sociological definitions of race­ a group treated as distinct on the basis of social characteristics, some biological, that have been assigned importance in society. “is socially constructed” Racial/ethnic identity including factors of self­determination­ self determined background. People who share a common identity and whose members think of themselves (or who others think) as distinct from others by virtue of ancestry, culture, and sometimes physical characterisitcs Situational ethnicity – ethinc identity that is chosen in the moment where the person is based on the social setting or situation Biology and race­ Genetic differences in race­ Race as a social construction­ a group treated as distinction on the basis of social characteristics, biological, that have been deemed important in society “One drop” rule­ Census Bureau’s “official” classifications of race­ a social and legal principle of racial classification that was historically prominent in the us asserting that any person with even one ancestor of sub Saharan African ancestory (one drop of blood) is considered black Prevalence of race/ethnic groups in the U.S. and projected changes­ the ethnic breakdown of the United States is seeing a slow decline in the leading prevalence of Whites. While currently it is still the most prevalent race in America, other ethnic minorities, such as Blacks, Hispanics, Asians, and Native Americans, are growing in prevalence, taking up the percentage lost from Whites. The projected changes estimate that the prevalence of minority ethnic groups will continue to grow throughout 2020, 2030, 2040, and 2050, leading to Whites holding less than half of the ethnic makeup of America and minority ethnic group prevalence as a whole becoming the majority. Demographic and social characteristics of race/ethnic groups in the contemporary United States­ Prejudice­ attitudinal, holding preconceived ideas about an individual or group (either positive or negative): these ideas are resistant to change even in the face of new information Discrimination­ behavioral, negative and unequal treatment of members of some social group solely because of their membership in that group Racism­ perception and treatment of a racial or ethnic group as intellectually, socially, or culturally inferior. Overt racism­ overtly and directly discriminating against certain race/ethnic group and/or thinking that certain race/ethnic groups are worse than others. Overt (“old fashioned”) racism: generally speaking do you feel blacks, Asians, latinos, are smarter, not as smart or about as smart as whites Institutional racism­ patterns of discrimination based on ethnicity that have become structured into existing social institutions Symbolic racism­ opposition to programs and practices that would increase well­being of minority groups. Ambivalence between egalitarianism and deep­seated racist tendencies. Belief that some race/ethnic groups are in worse social positions because of some failing in that group. “most blacks who receive money from welfare programs could get along without it if they tried” Internalized Racism­ is the personal conscious or subconscious acceptance of the dominant society’s racist views, stereo types and the biases of ones ethnic group. It gives rise to patterns of thinking, feeling and behaving that in result in discriminating, minimizing, criticizing, finding fault, invalidation and hating oneself while simultaneously valuing the dominant culture Racism in the housing market­ Housing options for renting and buying property that are both shown and told about are available to white people over other minorities and are often discriminatory towards ethnic minorities. The ethnic housing availability is as follows: Changing racial attitudes over time­ It seems that since the 70’s, racial attitudes of different ethnicities are slowly becoming more tolerable towards one another in social subject areas such as neighborhood segregation opposition, open housing law favorability, expanded support of school busing, and intermarriage ban opposition. “Majority­minority”­ through demographic processes of in­migration, relatively low birth rates of whites, and rising rates of intermarriage, the new normal may be “minority majority” Changing attitudes towards inter­racial dating­ Over time, the acceptance rate of interracial dating has slowly grown. In the past years, younger age cohorts seem to have relatively higher support of interracial dating than their older aged counterparts, but the rate of increase in support is greater shown in older age groups than in younger ones. Section Information Barriers faced by low­wage workers­ cultural capital in disadvantaged communities­ resistance identities relationship between socialization and occupational segregation­ self­fulfilling prophecies­ explanations for the black/white test score gap­ race/class intersectionality

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Chapter 18, Problem 4 is Solved
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Textbook: Principles of Microeconomics
Edition: 7
Author: N Gregory Mankiw
ISBN: 9781285165905

The full step-by-step solution to problem: 4 from chapter: 18 was answered by , our top Business solution expert on 09/09/17, 04:24AM. Principles of Microeconomics was written by and is associated to the ISBN: 9781285165905. Since the solution to 4 from 18 chapter was answered, more than 420 students have viewed the full step-by-step answer. The answer to “Smiling Cow Dairy can sell all the milk it wants for $4 a gallon, and it can rent all the robots it wants to milk the cows at a capital rental price of $100 a day. It faces the following production schedule:Number of RobotsTotal Product00 gallons1502853115414051506155a.In what kind of market structure does the firm sell its output? How can you tell?b.In what kind of market structure does the firm rent robots? How can you tell?c.Calculate the marginal product and the value of the marginal product for each additional robot.d.How many robots should the firm rent? Explain.” is broken down into a number of easy to follow steps, and 96 words. This full solution covers the following key subjects: . This expansive textbook survival guide covers 22 chapters, and 222 solutions. This textbook survival guide was created for the textbook: Principles of Microeconomics, edition: 7.

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