1. Refer to the graph below of a perfectly competitive market. How many units will the firm choose to sell, and at what price? In the short term, what will be the total revenue, total cost, and total profit of the firm? If at some point in the future the market price fell below $6 (for example where Point A is) what would the firm do? Revenue and cost (dollars per unit) $20 11 10 6 O b 200 250 d 300 MC ATC AVC MR Quantity

Q: 1. What does it mean for preferences to be "complete"

A: Preference means the desire to get one thing more than another.

Q: Longer retirements. People are living longer than ever before. However, the retirement age in most…

A: Utility function : ln C1 + Bln C2 + B2ln C3  Budget Constraints - Period 1  : C1 + S1 = A1w1  Period…

Q: A deficit in the financial account means that the nation has: a. imported more assets than it has…

A: Capital and current accounts make up a country's balance of payments. Trade balances, NFIA, and…

Q: 7. Assume a normally shaped demand curve. The government wishes to help people onto the housing…

A: Market demand for a commodity can change as a result of a change in consumers income, their tastes…

Q: In early 20th century, cars like the Ford Model T started to be mass produced and sold to the…

A: Price elasticity of demand refers to the responsiveness of demand with respect to the change in the…

Q: What are the key conditions that must be present for a firm to successfully price discriminate? What…

A: When goods of the same amount and quality are sold to various customers at various rates, this…

Q: Examine the role of health as an input to and an output from a production function and discuss the…

A: Introduction The production function of health defines the relationship between health and the…

Q: Problem 4- If effective interest rate is 15% per year. Find the equivalent nominal interest rate if:…

A: Equivalent annual cost (EAC) is the annual cost of owning, operating, and maintaining an asset over…

Q: In 1999, the French minimum wage was around 50 francs. Describe the (francs / hours of leisure)…

A: Since you have asked us to solve only question 6, we will only answer this particular question for…

Q: 4. [A Monetary Surprise] Consider an economy in which the demand for money is of the form M₁ = = P₁Y…

A: Disclaimer- “Since you have asked multiple question, we will solve the first three question for you…

Q: conomics deals with the efficient use of resources. Why? 3. Marginal analysis produces more optimal…

A: "Since you have asked multiple questions,we will solve first question for you,If you want specific…

Q: A men lends Php 6000 at 5% simple interest for 4 years. At the end of this period he invest the…

A: given that, Principal (P)= Php 6000 Rate (R)=5 % time(t) period for the first case is 4 years and…

Q: Refer to the graph below: Units of good Y 30 14 0 A 24 B U₂ 40 Units of good X The price of X is $30…

A: The budget line depicts the combination of X and Y that a consumer can afford under a given budget.…

Q: National Income $7,500 Consumption $5,400 Saving

A: National income (Y) is the total of earning of factors of production ( land, labour, capital and…

Q: You are 20 years old. In five years, you will have access to a trust fund that will be worth $20,000…

A: Present value is the value of investment in todays dollar.    Future value is the value of…

Q: A company purchased a heavy equipment for P6,000,000. Freight and installation charges amounted to…

A: The regular annual rate at which depreciation is applied to a fixed asset is known as annual…

Q: 5. Table: Hypothetical Canadian National Income and Product Accounts Data Category Consumption…

A: GNI  is the sum of Consumption ,Investment , Government consumption , net export , Foreign income…

Q: 1. Define the following terms: production function, average product, marginal product, law of…

A: Note:- Since you have posted multiple subparts, as per the guidelines we can solve only first 3…

Q: 1 Marginal utility and marginal rate of substitution Suppose an individual who derives utility u(x,…

A:

Q: Explain how competitive advantage play a role as one of the globalization driver ?

A: In recent decades, the primary idea of globalization has taken centre stage in economic life. Almost…

Q: Adam Smith favors a policy of laissez-faire in managing economic activities. Why?

A: "Since you have asked multiple questions we will solve first question for you.If you want specific…

Q: Which of the following policies would result in an increase in the quantity supplied of hamburgers…

A: The supply of a good is the willingness of sell of a producer at the market price.  The law of…

Q: The market supply curve for a product is derived from the individual firm supply curves by B…

A: The individual supply curve tell us the quantity supplied at each price. Now the market supply curve…

Q: Explain why the simple deposit multiplier overstates the true deposit multiplier.

A: Introduction  The deposit multiplier is the multiple by which banks can lend out deposited money…

Q: Suppose an individual who derives utility u(x, y) from consuming a units of good X and y units of…

A: Given  (A) u(x,y)=2x+32y B u(x,y)=min3x,32y C u(x,y)=12xy   Required: In this question, we have to…

Q: High-income industrial nations such as the United States and Japan tend to have their highest…

A: When talking about nations like United States and Japan that are high-income industrial nations, it…

Q: A consumer has preferences for two goods that are represented by the utility function u(x1, x2)

A: Utility function : U = 2(x1)0.5 + x20.5 Price of good 1 : P1 , Price of good 2 : P2 Monotonic…

Q: Assuming initially that rr=10%, c=40%, and e=0, what would happen to the M1 money multiplier if…

A: Given that, r = 10% or 0.10% c = 40% = 0.40 e = 0

Q: Specialization: 1) leads to greater self-sufficiency. 2) can lead to an increase in overall…

A: In economics, specialization refers to the situation when an individual gains additional skill or…

Q: 2) Now suppose the prices change to q= (91, 92) = (2,1). Again, obtain the optimal choices for A and…

A: If a decision leads to a known or anticipated outcome that is at least as good as all of the other…

Q: ate the const mer's max zation problem and express this in words. ow let Px = 10, Py=20 and income M…

A:

Q: An Increase in market price will lead to Multiple Choice O a decrease in demand. O an increase in…

A: Demand curve is the graphical representation of demand schedule.    Demand schedule is the tabular…

Q: In 1997 Fuller and coworkers at Texas A&M University estimated the operating costs of cotton gin…

A:

Q: Procter & Gamble Co. is a major soap producer. All of the following, except one, would shift its…

A: In economics, the concept of supply is used to determine the quantity of a commodity or service…

Q: If unbounded means unlimited or immeasurable, then why does does the unbounded will power definition…

A: Literacy is one of the important factors that affect the environment of society. A literate or…

Q: (p) = 150-p

A:

Q: Define and provide examples of the following concepts: 1. Comparative advantage 2. Balance of Trade…

A: Macroeconomics refers to the branch of economics that deals with the economy as a whole for example…

Q: The term potential output refers to:   a)The maximum possible output for an economy   b)The quantity…

A: Aggregate demand depicts the total output demanded at each price level in the economy Aggregate…

Q: You are planning to prepare your child to have a withdrawal of P 20,000 each on his 18th, 19th, 20th…

A:

Q: What is the business cycle? Which part of the business cycle is of particular concern to…

A: In economics, business cycle is one of the important economic concept to study by macroeconomists…

Q: At a price of $100 there is demand for 824 items and a supply of 500 items. At a price of $180 there…

A: A linear demand function will be applying the algebraic approach for the computation of the supply…

Q: 1.a) Write down the Best Response Correspondence for each of the two players. 1.b) Does any player…

A: The Nash equilibrium is a decision-making theorem within game theory that states a player can…

Q: Which of the following is not included in GDP? O 1) the payments for a chiropractor's services O…

A: Gross domestic product GDP is the sum of the monetary value of final goods and services produced in…

Q: We know that n differentiable functions x₁(p, m), ..., xn(p,m) of prices and income are generated by…

A:

Q: An engineer was promised to have an initial salary of 42500 and will then be increased by P500 per…

A:

Q: Fill in the space (a) in the table below associated with the firm William Perry, Inc refrigerators…

A: In the short run, the capital is fixed and labor can vary.  Total output = Average product of labor…

Q: The straight-line method of depreciation is based on the assumption that the depreciation per year…

A: Depreciation is defined as the normal wear and tear In the asset because of usage over time. When a…

Q: Bob is considering whether to purchase a warranty to provide insurance on his new computer. There is…

A: The expected utility tells us what will that person's average utility when he can lose and when he…

Q: Question 5 The following monthly sales of chocolate boxes (in thousands of AUS dollars) have been…

A: forecasting is a procedure that involves verifiable information as contributions to make informed…

Q: Suppose that on the island, the currency is shell beads. The going price for coconuts is 1 bead and…

A: The set of goods or services that maximize utility is determined by comparing the marginal utility…