1. Given the following information: U= (1/3)X^Y*; Px= 6; Py= 6; I = 2,430, a. calculate the effect on X*, Y*, and U* if the price of X is cut by half.
Q: List and explain four (4) factors that would result in the shift of the supply curve from S1 to S2…
A: Supply curve is the upward sloping curve which exhibits positive relationships between price and…
Q: - 7), where b = 2, = 1/5, and R - T = 0.01. ock where the economy goes from ā = -0.01 to ā = 0.0,…
A: *Answer:
Q: Consider the following game in strategic form. e 3, 1 10,5 1,4 6,6 7, 10 4,8 1,9 7,3 2,5 7,2 3, 4 a…
A: Weakly dominant strategy gives the equal or less payoff compared to its other available strategies.
Q: be paid back in a year at 5% interest,
A:
Q: Economists argue for free trade in import markets because importing goods decreases total surplus no…
A: The Economists argue for free trade in the import markets because the gains to the US consumers…
Q: Suppose that Annie's real income this year is $150 and next year it will be $100. Assume that the…
A: Incomes Y1=150 and Y2=100 And r=0.1
Q: What is demend?
A: * ANSWER :- The definition of demand is explained with an example as follows ,
Q: What is the Export-Import Bank of the United States? How does it assist U.S. exporters?
A: Exports are goods or services purchased from the domestic market by end users. Imports are defined…
Q: According to the IMF, what are the economic growth projections for 2017 and 2018?
A: IMF is a world-renowned financial institution which has a total of 190 countries as its members. It…
Q: A town has a project to build a bridge that would benefit 50 people and each one of those 50 people…
A: In economics, free rider problem is an example of market failure where there is an inefficient…
Q: Classity ach of the following statements as pestive or nomative Statement Positive Normative Firms…
A: Positive economics describes and explains diverse monetary phenomena or the "what is" scenario.…
Q: 1) In the medium run monetary and fiscal policies are neutral. 2) An increase in the workers…
A: Since you have posted a question with multiple sub-parts, we will solve first three questions for…
Q: 1. Assume a nco-classical aggregate supply model with both long run and short run aggregate supply…
A: Neo-classical economics: It refers to a theory under which production, consumption, and the…
Q: Compared to a competitive labor market, workers participating in an inclusive union will enjoy…
A: In a competitive labor market, equilibrium wage rate is determined by the intersection of demand and…
Q: It is known that Qd = 80-2P and Qs = -10 + P Question: a. Draw it in a graph! b. If the government…
A: Qd = 80-2P Qs = -10 + P
Q: How will the following issues shape compensation professionals' work for years to come: Increased…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: How do you conduct a "DEPEST Analysis" for the macro-environment? Discuss your answer.
A: PESTEL analysis can be done in order to analyze the macro-environment. PESTEL can be elaborated as:…
Q: 5. A recent Duke graduate has opened a factory for production of textbooks in Durham. The production…
A: The production function, an equation in economics, expresses the relationship between the number of…
Q: or expenses (and thus savings) are projected to increase at a rate of 7% per year after th ting…
A: *Answer:
Q: Joan rents ovens at a local shared commercial kitchen to make cakes. The table below shows the…
A: Since price is constant, the market is competitive. Marginal product refers to change in total…
Q: a. few needs, many customers; broad needs, few customers; broad needs, many customers. b. many…
A: The correct answer is given in the second step.
Q: Select the correct statement about the centipede game in our lecture. Group of answer choices The…
A: In game theory, the centipede game is an extensive-form game in which two players alternate taking…
Q: Suppose that a typical firm in a monopolistically competitive industry faces a demand curve given…
A: A monopolist is someone, a group, or a company that controls and dominates a market for a particular…
Q: Consider the following game in strategic form. f 3, 1 e h 8,2 b| 10,5 7,3 2,5 7,2 3,4 a x, x 7,3 2,6…
A: Strictly dominated strategy is the strategy that gives same or worse payoff compared to other…
Q: How will NAFTA affect marketing opportunities for U.S. products in North America (the United States,…
A: Meaning of Trade: The term trade refers to the situation under which the products and goods are…
Q: Compare and contrast the strengths and weaknesses of fiscal policy and monetary policy
A: fiscal policy is the government tools to correct the instability of the economy . whereas monetary…
Q: Your company is competing in a sealed-bid auction for a package of items your company values at…
A: Uniform distribution is defined as the type of probability distribution where all the outcomes are…
Q: Find the marginal & the average functions for each of the following total function, evaluate them at…
A: Average Function : Total Function/Q Marginal Function : dTotalfunction/dQ
Q: Demand: P- 825 - 0.15QD Supply: P- 25 + 0.25Q5 (5 points) Calculate the equilibrium price and…
A:
Q: As a part of their benefits program, Lonny's Grocery Store offers its employees a PTO package that…
A: 1. Employee benefits support your employees' indirect pay.
Q: 1. A firm must decide between two silicon layer chip designs from Intel. Their effective income tax…
A:
Q: Suppose K = 1000, total amount of capital available for production L= 2000, total amount of labor…
A: Production Function The production function shows depict the interaction of Two components in the…
Q: A] Measurement error in the dependent variable leads to biased OLS estimates? a-Yes, always b No,…
A: Hi! Thank you for the question. As per the honor code, We’ll answer the first question since the…
Q: 8. For a certain potential investment project, we have the following estimates: Capital investment T…
A: Given information Initial capital=$100000 Annual revenue=$30000 Annual expenses=$9000 Market…
Q: competitive firm has a single factory with the cost function C(q) = 5q² + 79 and produces 32 units…
A: The marginal cost of creation is the adjustment of complete creation cost that comes from making or…
Q: QUESTION 5 When CPI is calculated, chicken breasts are given greater weight than pork chops if a.…
A: The consumer price index is the measure that portrays the basket value or weighted value of the…
Q: Use the following information to calculate the change in value that would result if the benchmark…
A: A daily modification to the price of a company's shares is referred to as a value change. The number…
Q: Problem 3 - The Perfect Subgame Find the set of pure strategy Nash equilibria and subgame perfect…
A: Subgame nash equilibrium is one of the type to solve the game in this we divided the game into sub…
Q: Suppose in the economy of Richlandia the GDP in 2021 was $ 150 billion. Also, assume that gross…
A: "GDP measures the market value of all the final goods and services produced in an economy at a…
Q: What factors determine a country’s level of trade? What is the difference between the balance of…
A: A country's balance of trade is an important component of its balance of payments and a key…
Q: P1 \ P2 A B C D (1, 17) (7, 13) (12, 2) (1, 20) (11, 16) (2, 10) (6, 9) (10, 20) (15, 4) (13, 9)…
A: We have 4×4 matrix game between two players. Using the Cell by cell inspection method, we try to…
Q: Question 18 Consider an economy characterized by the AS and AD curves in the textbook. Moreover, you…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Consider the Ramsey Model of the macroeconomy. Explain using a phase diagram how an economy starting…
A: The Ramsey-Cass-Koopmans model, sometimes referred to as the Ramsey growth model, is a neoclassical…
Q: Which of the following statements is TRUE? A. When petroleum prices increase due to…
A: Option A: Not True Demand-pull inflation is caused by an increase in the aggregate demand in the…
Q: There is a 20% tax on the first $15,000 of income, a 30% tax on income above $15,000 until $30,000,…
A: Given, 20% tax on the first $ 15000 of income , a 30% tax on income above $ 15000 until $ 30000 and…
Q: Assume that nominal GDP is $2,800 billion and the real GDP is $2,000 billion. What is this economy's…
A: The GDP deflator refers to a weighted average of all final product and service prices created in the…
Q: 8. Suppose that you are able to consume only two goods, coffee and donuts. Use a graphical and…
A: The consumer is in equilibrium when he gets maximum satisfaction out of his expenditure. When the…
Q: 5) Two used car dealerships compete side by side on a main road. The first, Harry's Cars, always…
A: A warranty refers to a promise made by a vendor that a damaged product will be fixed or replaced…
Q: 1. Please complete the table, MP and AP 2. Draw the graph in Excel 3. Identify the different phases…
A: Labour TP MP AP 0 0 --- 0 1 3 3 3 2 5 2 2.5 3 9 4 3 4 15 6 3.75 5 23 8 4.6 6 33 10 5.5…
Q: According to the Coase Theorem, under the assumptions that transactions are costless and damages are…
A: The Coase theorem was developed by Ronald Coase is related property rights which states that an…
Step by step
Solved in 2 steps with 1 images
- Suppose the market demand for shirts is given by Qd = 300 – 20P and the market supply for shirts is given by Qs = 20P – 100, where P = price (per shirt). i. Graph the supply and demand schedules for shirts between price = $5 through to $15 (increase in units of 1, i.e. 5, 6, 7…). ii. Using the equations provided, in equilibrium, how many shirts would be sold and at what price? iii. What would happen if suppliers set the price of shirts at $15? Explain the market adjustment process.Assume that the market can be represented by the supply and demand curves: Qs = 6P - 60 Qp = 60 - 4P 1. What is the price in equilibrium? 2. What is the quantity in equilibrium?The market for cellular phones has seen a combination of improving telecommunication technology and rising consumer incomes. Suppose you are told that the price of cellular phones decreased over the past five years. The decreasing prices of cellular phones, a normal good, implies that the magnitude of: A. he rightward shift of the demand curve is greater than that of the rightward shift of the supply curve B. The leftward shift of the demand curve is greater than that of the rightward shift of the supply curve C. The rightward shift of the demand curve is less than that of the rightward shift of the supply curve D. The rightward shift of the demand curve is less than that of the leftward shift of the supply curve
- Consider each scenario independently. In each of the following cases show, using verbal and graphical analysis (a) What will happen in the market for tomatoes if a new study is released that shows tomatoes contain antioxidants (may help prevent cancer)? (b) What will happen in the market for corn if a new crop rotation technique is discovered that allows corn to be grown more easily and the price of green beans, a substitute, decreases? (c ) What will happen in the market for gasoline if the price of oil increases and there is a vast increase in the population (e.g., another baby boomer generation)Refer to Exhibit 3-2. Which of the following would result in a movement from point A on D1 to point B on D2? Group of answer choices There was a decrease in the price of a substitute for good X. There was an increase in the price of a complement to good X. There was a decline in technology in the production of good X. There was an increase in the price of a substitute for good X.Suppose the National Institutes of Health publishes a study finding that coffee drinking reduces the probability of getting colon cancer. How do you imagine this will affect the market for coffee? Why? Which determinant of demand or supply is being affected? Show graphically with before- and after-curves on the same axes. How will this change the equilibrium price and quantity of coffee? Explain your reasoning.
- Suppose the market demand for Omani Halwa is given by Qd = 400 – 20 P and the market supply for Omani Halwa is given by Qs = 20 P – 200, where P = price (per Omani Halwa). Graph the supply and demand schedules for Omani Halwa using $10 through $20 as the value of P. In equilibrium, how many Omani Halwas would be sold and at what price? What would happen if suppliers set the price of Omani Halwa at $20? Explain the market adjustment process. “A household’s decision about what quantity of a particular output, or product to demand depends on a number of factors.” Discuss the major factors affecting the demand.The demand for rice is given by Q d=20-p and the supply is Q s=3p-20. a. Draw the demand and supply functions. Find the equilibrium quantity and price, and show them on the graph. b. Suppose due to drought the supply changes to 3p-30. The supply remains the same. Draw the new supply function on the same graph, and find the new equilibrium price and quantity. Has the demand increased or decreased? How did the equilibrium price and quantity change compared to part a.?Suppose the National Institutes of Health publishes a study finding that coffee drinking increases the probability of getting colon cancer. How do you imagine this will affect the market for coffee? Why? Which determinant of demand or supply is being affected? Show graphically with before- and after-curves on the same axes. How will this change the equilibrium price and quantity of coffee? Explain your reasoning.
- Now, imagine that instead of the subsidy the UK government had responded to the cost-of-living crisis by subsidising both energy and food demand through a subsidy to producers resulting in a reduction of both energy prices and food prices by 10%. Using the same indifference curve of point a., what is the optimal level of consumption of energy following such intervention? How much of the change in quantity of each good consumed is due to an income effect and how much to a substitution effect? please could you answer this showing a diagram of the indifference curve movement. could you do food on the y axis and energy on the x axis.Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer. Assume that sugar-based soft drinks are produced in a market shown on the graph above. Answer the following questions based on the information given in the graph. (a) To reduce the consumption of sugary soft drinks, suppose the government imposes a $2 per-unit sales tax on soft drinks. (i) Will the price of soft drinks increase by the full amount of the sales tax? Explain. (ii) Calculate the tax revenue the government can collect from the sale of soft drinks. Show your work. (iii) Will the consumer surplus increase, decrease, or stay the same after the tax? (iv) Calculate the deadweight loss created by the tax. Show your work. (b) Suppose that instead of imposing the per-unit sales tax,…1. You are analyzing the demand for good X. Which of the following will result in a shift to the right of the demand curve for X? Select one: a. A decrease in the price of X b. An increase in the price of a good that is a complement to good X c. All of the above d. An increase in the price of a good that is a substitute for X 2. The Clean Air Act is designed to restrict automobile emissions and reduce the external costs of air pollution. The economic analysis used to develop the Clean Air Act was: Select one: a. Macroeconomic. b. None of the above c. Normative. d. Positive. 3. In a perfectly competitive market: Select one: a. No single buyer or seller can significantly affect the market price. b. There is a single seller. c. There are a few buyers. d. There is a cartel. 4. Alfred derives utility from consuming iced tea and lemonade. For the bundle he currently consumes, the marginal utility he receives from iced tea is 16 utils, and the marginal utility he receives from…
