Q: The marginal social cost of producing a good or service is the A) cost of producing an additional un...
A: The change in the total cost of production that comes from the production of one additional unit is ...
Q: 17.) Which of the following goods would you expect to have the highest price elasticity of demand? a...
A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the econom...
Q: Many economists believe that some wages and prices are "sticky downward" , meaning that these wages ...
A: Answer -
Q: 3.) Which of the following is NOT part of the opportunity cost of attending TCNJ? a.) Tuition b.) Ro...
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question s...
Q: After several years house rental, you decide that you want to pay for your dream house in cash. Not ...
A: Given, Value of the project= P 6,000,000 Monthly saving= P 35000 Time period...
Q: For each situation, identify if it is included in GDP, then identify the category C, I, G, or X-M $2...
A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question spec...
Q: 11.)Which of the following demand curves DOES NOT satisfy the law of demand? а.) PD 3D 16 + Qр b.) P...
A: Since you have asked a multiple question, we will solve first question for you. In case you want any...
Q: Define the three principles of sound tax system (Fiscal Adequacy, Equality or Theoretical Justice, A...
A: The tax system is defined as a principle-based system of legally regulated public relations that ari...
Q: You are given the following information about an economy: $ Millions GDP at Market Prices -1,,669....
A: The gross national product (GNP) of a country is a valuable indicator of its economic activity. Gros...
Q: A small metal plating company wants to become involved in electronic commerce. A modest e-commerce p...
A:
Q: Which of the following illustrates noncontractual exchange-rate risk? A. A U.S. importer will owe £...
A: Exchange rate risk is defined as the risk that is suffered by a firm engaged in international trade ...
Q: Draw two indifference curves for two goods (Gunna Tickets and Drake Tickets) at utility level 2 and ...
A: Economists utilize a jargon of boosting utility to depict individuals' inclinations. In Buyer Choice...
Q: The short run ASTI curve showing the relationship between inflation rates and: Central bank monetary...
A: The short run Aggregate supply curve is upward sloping which reflect that the producers are willing...
Q: Derive the Hicksian demand and the expenditure function for u (x, y) = (0.3/7 + 0.7/9)*.
A:
Q: Chambers Company has just gathered estimates forconducting a break-even analysis for a new product.V...
A: Break-Even Point: It is the point of sales at which entity neither earns a profit nor suffers a loss...
Q: To minimize GDP fluctuations, the government should run a budget in times of recession and a budget ...
A: A budget surplus occurs when government tax revenue is greater than government spending Budget surpl...
Q: Which of the following will affect our debt-to-GDP ratio? O a. Government expenditures O b. GDP grow...
A: Debt to GDP ratio is the ratio between the total debt of a country and its GDP. The lesser the ratio...
Q: Which of the following statements is CORRECT? O a. The real interest rate is equal to the nominal in...
A: Answer is given below
Q: Question 39 Consider the table below. The addition of worker number is when the firm first experienc...
A: Answer 39) The figure attached below computes the total product at labor 3 by adding total product a...
Q: How to convert daily interest rate into monthly interest rate?
A: Calculating the annual equivalent of a daily charge or per diem interest, or compounding annual grow...
Q: Which of the following is (are) CORRECT? O a. Unanticipated inflation benefits borrowers O b. The NA...
A: In US , The NAIRU or natural rate of unemployment is the lowest unemployment rate that can be sustai...
Q: Why socio-economic factors have a high impact on businesses, whether big or small
A: A business organization is affected by a number of factors in its internal and external environment.
Q: When the consumer has limited buying options from a company, the company utilizes which of Porter's ...
A: Porter's Five Competitive Forces Porter's Five Forces basically refers to a model that identifies an...
Q: Do undocumented immigrants overall representa net economic cost or benefit to the UnitedStates?
A: The United States is frequently referred to as an immigrant country. The vast majority of Americans,...
Q: You borrowed money from the bank with a simple interest 8%, find the present worth of P25,000, which...
A: Given that: Future Worth (A) = 25000Interest Rate (r) = 8% or 0.08Time(t) = 10 months or (10/12) yea...
Q: 16.) Suppose that a demand curve passes through the points (4,$4.00) and (8,$2.00). What is the pric...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: R-61 [Review Question] I. F=A(F/A, 1%, 6) II. F=A(F/A, 1%, 5)(P/F, 1%, 1) III. F=A(P/A, 1%, 5)(F/P, ...
A: Given information: Annuity = A Years = 6 Interest rate = %
Q: 6. We have the production function, Q= fl K,L). Factor prices are r and w respectively and the produ...
A: Here, we have Production function, Q=f(K,L) Rental rate of a unit of capital is given by r which is ...
Q: 9. Scarcity means O Non-availibility of goods O High price of goods : O Less supply than demand
A: To find : What is scarcity
Q: Which of the following statements is true? According to Okun's law: Select one or more: a. unemploym...
A: In general, Okun's law states that as unemployment decreases, a country's productivity rises.
Q: Suppose real GDP is constant. If the government's fiscal policy objective is to keep the size of the...
A: Here, it is given that the economy has constant real GDP and government wants to maintain the size o...
Q: A significantly larger proportion of higher social class children attend college than lower-class ch...
A: Meaning of Social Mobility: The term social mobility or the term mobility refers to the movement f...
Q: a. Shift the appropriate curve or curves to show the initial short-run adjustment. Then place the po...
A: IS curve can be shifted either towards the right or to the left when there are fiscal policies taken...
Q: P(Q) (or MSB) = 50 - 0.5Q Р() (MPC) %3 25 + 0.5Q MEC = 0.5Q %3D Pc (Competitive Equilibrium Price) =...
A:
Q: Some economists say that profit earner is a kind of
A: To find : What is profit earner type
Q: The PH debt as of today amounts to 12 trillion. This balloons with an interest rate of 0.16% yearly....
A: Total amount of debt is 12 trillion. So 12 trillion in dollars will be 12,000,000,000,000. Here inte...
Q: Complete each statement below about the demand and supply of bicycles using the dropdown list. In ea...
A: The equilibrium refers to the point of equilibrium where the demand and supply for a product are equ...
Q: The slope of the ADTt curve is determined by:. O a. The monetary policy of targets and instruments o...
A: Aggregate expenditure is the summation of consumption, investment, government expenditure, and net e...
Q: If demand for the peach industry is given by P=100-.04Q and supply is given by P=.01Q.Assume the mar...
A:
Q: Goods imports 635 Goods exports 419 Services imports 144 Services exports 215 Net unilateral...
A: Answer -
Q: . The structure of the cold drink industry in India is best described as
A: To find : What is bedt description of cold drink industry of india.
Q: The market for drones is perfectly competitive. Assume for simplicity that fractions of everything, ...
A: Market is perfectly competitive , so the optimal point of production is where the price equals the m...
Q: Suppose that the following utility function is given U(X,Y) = X²/ªy²/3¸ If the price of good X is 5....
A:
Q: ill this last foreverr
A: Economic Rent : Economic rent can be defined as income derived from ownership or control over a limi...
Q: 4.) Which of the following statements is TRUE? a.) Economists seek to apply the scientific method to...
A: a) Economists seek to apply the scientific method to social science questions this is true statement...
Q: In a simple model without government spending or taxation, if C = a +bY where C is consumer spending...
A: C=a+bY where a is the autonomous consumption i.e. even at zero level of income there will be some am...
Q: 1 Draw the disadvantages of each policy choice? Policy 1: Exchange stability combined with capital m...
A: There is monetary trilemma involved when it comes to international trade that is we cannot have all ...
Q: Consider food stamps where the government gives a person $200 worth of food stamps that provide a 50...
A: Please find the answer below.
Q: Economists
A: TC(total cost) is the sum of TVC(total variable cost) and TFC(total fixed cost). AC(average cost) is...
Q: The consumer gets positive benefits from consuming bread (B) and cake (K). Consumer utility is as fo...
A: MRS = MUBMUK = 20*2 B K20 B2=2KB Price ratio: pBpK = 200400 = 12 Budget Constraint: pB*B + pK *K = ...
Fast
Step by step
Solved in 2 steps
- Would you expect total utility to rise or fall with additional consumption of a good? Why?3(b)Discuss, using indifference curve analysis, why a decrease in a sales tax on all goods and services might have a different impact on demand for a normal good than for an inferior good. include all relevant graphs too.6. My utility over goods 1 and 2 is given by: u(x1,x2)=min{x1/a,x2/b} Where x1is the quantity of good 1 I consume and x2 is the quantity of good 2 I consume. Assuming I purchase only goods 1 and 2... If a = 2, b = 5, the price of good 1 is $2/unit, the price of good 2 if $7/unit and my income is $5, how much good 2 will I consume to maximize my utility? (Note: The answer may not be a whole number, so round your answer to the nearest hundredth) (Note: The numbers may change between questions, so read carefully)
- 4. URGENT Given that maximize utility of two goods, x and y, is where MUx/Px=MUy/Py MUx/MUy=Px/Py , where MU is marginal utility, and P is price. a. Explain what happens to the marginal utility of x, when more of x is consumed. b. Explain what a rational person should do when MUx/Px>MUy/Py , and how each MU, and MU/P changes or not. c. Graph and explain the intercepts and the slope of the budget line (constraint) when the budget is 100 and the price of x is 5 and the price of y is 4. d. Graph and explain an indifference curve that is tangent to a budget line. This is a general graph with no numbers.5. Consider a consumer whose utility function isu(x,y) = sqrt(xy) (MRS(x,y)=y/x)a. Assume the consumer has income $120 and initially faces the prices px = $1 and py = $1. Howmuch x and y would they buy? Draw the budget constraint and the demands. b. Next, suppose the price of x were to increase to $2. How much would they buy now? Draw thisin the same figure.c. Decompose the total effect of the price change on demand for x into the substitution effect and theincome effect. That is, determine precisely how much of the change is due to each of thecomponent effects. (Hint: See the lecture notes for the two properties that determine the locationof “z”, the reference point for distinguishing the income and substitution effects.)The amount/limit of income a consumer has to spend on goods and services is known as O a budget constraint. wealth. O purchasing power. effective demand.
- ASAP!! ANSWER PLEASE Danish Wali has Rs.70 to spend on apples and bananas and wants to maximize his utility on his purchase. Based on the data in the table: How many apples and bananas should Danish purchase? What is his total utility from the purchase? Does the utility-maximizing rule hold true for his purchase? Explain. Apples Rs.10 Bananas Rs .5 Quantity MU TU Quantity MU TU 0 - - 0 - - 1 28 28 1 12 12 2 24 52 2 10 22 3 20 72 3 8 30 4 16 88 4 6 36 5 12 100 5 4 40 6 8 108 6 2 42 7 4 112 7 0 42 8 0 112 8 -2 4012) Leyla consumes goods X and Y. The price of good X is Px and the price of good Y isPy, Leyla’s income is I. If both prices and Leyla’s income increases by 50%, then theA) budget constraint will be unchanged.B) slope of the budget constraint will increase.C) slope of the budget constraint will decrease.D) budget constraint will shift outward in a parallel fashion.E) None of the above .31) Suppose Joe's utility for lobster (L) and soda (S) can be represented as U = L0.5 S0.5. Joe walks into a restaurant with $72. Lobsters cost $18 each and sodas cost $2 each. How much lobster and soda will Joe consume if he intends to spend all his money? (There are no tax and no tips.) 1). dU/dL = 0.5 L-0.5 S0.5 - 18q = 0 2). dU/dL = 0.5 L0.5 S-0.5 - 2q = 0 3). dU/dq = 72 - 18L - 2S = 0 32) Joe's indifference map for lobster and soda is shown in the above figure along with his budget line. Will Joe choose point a? Explain your answer in terms both of MRS and the level of utility. 33) John is indifferent between canned soup and fresh soup. Canned soup sells for $1 per serving and fresh soup sells for $2 per serving. Assuming that John has allocated $4 toward soup, how will he spend it? Explain your answer by drawing John's budget line and indifference curves.
- Jamini has $800 of income to spend on goods X and Y. The prices of goods X and Y are $200 and $10, respectively. Her utility function is U(X,Y) = X0.5Y0.5. How many units of good X does she purchase? How many units of good Y does she purchase? ( typed answer please!! No handwritten)1. Suppose you earn $1500 per week and you consume only two types of goods per week- sandwiches and orange juice, which you purchase at a mini mart. Each sandwich cost $150 and an orange juice is $75 per cup. Answer: a) Suppose your income increase from $1500 per week to $3000 per week. Construct a new table showing alternative combinations of sandwiches and cups of orange juice. Construct the new budget line. Why would this budget line be preferred to the old one with an income of $1500?Columns 1 through 4 in the following table show the marginal utility, measured in utils, that Ricardo would get by purchasing various amounts of products A, B, C, and D. Column 5 shows the marginal utility Ricardo gets from saving. Assume that the prices of A, B, C, and D are, respectively, $18, $6, $4, and $24 and that Ricardo has an income of $106. a. What quantities of A, B, C, and D will Ricardo purchase in maximizing his utility? b. How many dollars will Ricardo choose to save? c. Check your answers by substituting them into the algebraic statement of the utility-maximizing rule.