3. Frank's utility is given by U = InX+2Y, where Mux = 10/x and MU 2. Prices are Px = 2, Px=4 and M = 30. a. What is Frank's MRS at X = 5 and Y = 5?

Q: How much money should be deposited each year for 12 years if you wish to withdraw Php 15,450 each…

A: An interest rate lets you know how high the cost of borrowing is, or high the rewards are for…

Q: In five years, P18,000 will be needed to pay for the retrofitting of the barangay hall. To generate…

A: After five years from now, P18,000 amount will be needed  Therefore the future value F=P18,000 The…

Q: Draw the price effect and the quantity effect for a price change from $10 to $20. Which effect is…

A: Price effect captures the change in the market prices on consumer demand. Quantity effect captures…

Q: The short run average variable cost curve Explain answer a. Is always downward-sloping b. Starts at…

A: Production cost is the cost occurred on factors of production used in the process of production.…

Q: With a nominal interest rate of 5%, the present discounted value of R100 to be received in two years…

A: Given, Interest rate (i) = 5%Future value = R 100Time = 2 years The present value (PV) factor is…

Q: A horizontal supply curve with no slope is considered?

A: supply curve, in economic matters, realistic portrayal of the connection between item cost and the…

Q: 7. Use the following graph to answer questions a-f. a. What area represents consumer surplus before…

A: Consumer surplus is the difference between consumer willingness to pay and market price whereas…

Q: what is social structures

A: Although the idea of social structure is fundamental to the majority of the social sciences, it has…

Q: When the quantity of resources for production increases, the production possibility curve Select…

A: Production possibility frontier shows the different combinations of two goods that can be produced…

Q: Consumers view cake as an irreplaceable staple of any birthday party.  Consumers also like to serve…

A: Price elasticity of demand The quantity requested price sensitivity is gauged by the price…

Q: Over $0 $15,000 $30,000 But Not Over $15,000 $30,000 Tax Due 2.5% of taxable income $375 plus 6.3%…

A: Since you have asked multiple question, we will answer first question for you. If you want any…

Q: A new engine can be created using either of two methods. Process A will cost P750,000 to start up,…

A: The interest rate is the sum that the lender charges the borrower in addition to the principal…

Q: 7. Effect of a tax on buyers and sellers The following graph shows the daily market for shoes.…

A: In free market, the equilibrium price is determined by the forces of demand and supply.  Government…

Q: Because of general price inflation in our economy, the purchasing power of the dollar shrinks with…

A: Prices for goods and services are always subject to change in a market economy. Some prices increase…

Q: QUESTION 9 Say that Alland can produce 32 units of food per person per year or 16 units of clothing…

A: Comparative advantage is the capacity of an economy to produce a particular good or service at a…

Q: Qd = 1,600 - 125P Qs = 440 + 165P Quantities are measured in millions of bushels; prices are…

A: As given  Demand: Qd = 1,600 - 125P Supply: Qs = 440 + 165P  Equilibrium condition is that condition…

Q: If the price of a product was $600, but the supply and demand curves remained unchanged, answer the…

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

Q: I have answer but do not know parts e as well as others please teach explain step by step, A…

A: Here we are given consumer preference by a quasi linear utility function as:  U(x1,x2) = x1 +2 x2…

Q: Does the US have "the best healthcare system in the world"? Why or why not?

A: The phrase "health care economics" is used to refer to a variety of elements that interact to affect…

Q: economics question. *How can you use supply and demand to analyze shortage issues and policy…

A: In economics the equilibrium occurs at the intersection of the demand and supply curves i.e.…

Q: Left 2,4 Up Down 6,5 Does either player have a dominant strategy? Player 1 Player 2 Yes, just player…

A: Game theory refers to the study of mathematical models of strategic interactions among rational…

Q: Given the total cost equation: TC = 144 +2Q+ Q² what is the average cost when the firm produces at…

A: Total cost is sum total of the fixed cost and variable cost. The average cost is calculated by the…

Q: 3. Sanders Corp. is considering three mutually exclusive alternatives for one of their production…

A: Year Option #1 Option #2 Option #3 0 -8 -13.9 -24 1 2.6 4.05 0 2 2.6 4.05 3 3 2.6 4.05 6 4…

Q: On the following graph, the black line shows potential real GDP and the blue line shows actual real…

A: Real GDP Real gross domestic product (real GDP), also known as constant-price GDP, asset prices…

Q: Suppose there are two goods beverage and pizza and two inputs land, T, and labor, L. Given atb=5009,…

A: A labor market is a gathering location for employees and employers. Employers seek the best…

Q: 6. A new medical study indicates that eating blueberries helps prevent cancer. If the demand for…

A: Production: Production implies converting raw materials into finished goods. The finished goods are…

Q: 2. For each of the statements below, select the option that best describes what would happen to…

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

Q: Identify a recent antidumping case that was brought before the WTO. Locate as many articles in the…

A: The goal is to identify an anti-dumping case that has been presented before the WTO and to provide…

Q: Cobb-Douglas Example 1. Caitlyn's utility is given by U = X x Y, where MUX = Y and MUX. Px=2 P = 4…

A: MRS, marginal rate of substitution is the slope of indifference curve. It is the rate at which X is…

Q: A new stereo for a car is generally priced in the $150 range.  A new car generally is generally…

A: Price elasticity of demand measures the responsiveness in quantity demanded of a commodity to a…

Q: The Corvette When the C8 Corvette first arrived back in June of 2019, the world was shocked to see…

A: Price elasticity of demand refers to the percentage change in quantity demanded with respect to…

Q: Calculating Price Elasticity Qd = 30 – 3*P P = 2 P = 5 P = 8 P = 6   Calculate elasticity of the…

A: Price elasticity refers to the percentage change in the quantity demanded for a given percentage…

Q: Take a look again at Figure 1 (originally from the page in the text titled "Neoclassical and…

A: The difference between real GDP and potential GDP, when both are measured in real terms, is known as…

Q: You are the accounting manager for Kool Ragz, Inc., a manufacturer of men's and women's clothing.…

A:

Q: Suppose the price of manufactured goods is 2, price of food goods is 5. The production function for…

A: In economics, the production function is an equation that shows the connection between the…

Q: With a nominal interest rate of 5% per year, the present discounted value of R100 to be received in…

A:

Q: The decision taken by the South African government to sell its majority stake in South African…

A: Government sells it's property for better management and control of businesses.

Q: As distinct from pure monopoly, industrial concentration is said to exist whenever: Select one:…

A: Industrial Concentration is a structural characteristic in the trade sector. The sellers…

Q: how did we get price at $10?

A: As discussed earlier, the monopolist has complete and maximum market power. A Monopolist produces…

Q: How long does it take to become a millionaire? A $500,000 investment will hit $1 million in 41 years…

A: The number of periods can be computed based on future value (FV) and present value (PV). The formula…

Q: The top table describes an economy's labor market and the bottom table describes its production…

A: Potential GDP is a theoretical construct, an estimate of the value of the output that the economy…

Q: Indicate the component which contributed the greatest share of expenditures for each piece of GDP of…

A: Gross Domestic Product (GDP) measures the final value of goods and services produced within the…

Q: Consider the following information describing a closed economy with no government and where…

A: Equilibrium condition Y = C + I Marginal Propensity to consume = 0.25 Consumption = $300 Investment…

Q: If the marginal cost to make a good is $80 and the price elasticity of demand is -4, what price…

A: The price of goods and services acquired by producers and customers is referred to as the cost. The…

Q: 3.11. Consider a consumer who is demanding goods 1 and 2. When the rice of the goods are (2, 4), he…

A: The term "demand" refers to the goods that individuals buy and use. The rise in demand is…

Q: Suppose that the demand curve for wheat is and the supply curve is Producer surplus Q=400-40p The…

A: Equation of demand curve: QD=400-40p          .........(1) Equation of supply curve QS=40P…

Q: How do economists define efficiency?

A: Efficiency means correct allocation of resources for optimizing social values. When there is no…

Q: Name a Joint Stock Company in India and write a short note on it

A: A joint stock company is the one which is owned by its investors. The stock of the company is bought…

Q: Which of the following could be an unintended consequence (or a reaction from the private sector) of…

A: Government expenditure refers to spent money by the public sector on the acquisition of items and…

Q: Find the degrees of freedom in a regression model that has 40 observations, 6 independent variables…

A: Degree of freedom is the number of values in the final calculation of a statistics that are free to…