1. The table below shows the production of a small economy: Year Price of Tea 2016 $1 $1 2017 Quantity of Tea 100 liters 200 liters Price of Coffee $2 $2 Q

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A: Real GDP is the product of current year quantity and base year price.  So,  Real GDP = Current year…

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A: Equilibrium is where demand equals supply.  And Socially optimal outcome is where the demand equals…

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A: Taxes are the major force behind redistribution. The taxes are said to be progressive when it rises…

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A: To find out the GDP Deflator, we have to divide Nominal GDP by Real GDP and multiplying the…

Q: Suppose the information in the table is for a simple economy that produces and consumes only four…

A: 2011 2012 2013 Product Qty Price Qty Price Qty Price Textbooks 90 50 100 60 100 65…

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

Q: Over the last few years, RJ. Reynolds, a subsidiary of RJR Nabisco, has been establishing more…

A: Labor Unions are defined as a set of employees who join together and form a group to discuss common…

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A: Demand refers to the amount of a good that a consumer is willing as well as able to buy at a given…

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A: A monopoly is a form of market where only one seller is present in the market and the product sold…

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Q: In the year 2020, aggregate demand and aggregate supply in the fictional country of Marjan are…

A: According to the Phillips curve, unemployment and inflation have a steady inverse connection. The…

Q: Philip, a resident of Calgary, has an income of $16, the price of A is $2, and the price of B is $1.…

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A: The market equilibrium is reached by the intersection of the demand and supply curves. The demand…

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A: “Since you have posted a question with multiple subparts, we will solve the first three sub-parts…

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A: A income earned without exchange of any labor service is knowns as transfer income.

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Q: 1/3 рошор 76²-19-95 =d tomor 8 + 6% =√ Ljuos

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Q: 1. An engineer purchased a bond for P1M. This pays an interest of P50,000.00 each year for 20 years,…

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A: Products that are both non-excludable and non-rival in nature are referred to as public goods.…

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Q: Assume a simultaneous-move game. ​ Firm B Low Price High Price Firm A Low…

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Q: What does institutionalist say about money neutrality in economics?

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Q: Explain inflation. Is zero inflation good target?

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A: Marginal Cost is the change in total cost when an additional unit is produced. IT includes only…

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A: The quantity theory of money is defined as: MV = PYM = Money supplyV = Velocity of moneyP = Price…

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Q: Required Information Parker Hannifin of Cleveland, Ohio, manufactures CNG fuel dispensers. It needs…

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Q: Collective goods are easier to provide in small groups as it is harder for members to __________.…

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Q: Consider a rise in the price of good A, which is an inferior, non-Giffen good and is measured on the…

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Q: Questions 1. Draw an ADAS graph at equilibrium. Suppose the stock market crashes. Which curve will…

A: Since you have given multiple subparts questions, we will solve the first three subparts for you. If…