3. The nation of Routarou is able to produce turnips and potatoes in combinations represented by the data in the following table. Each number represents thousands of bushels. A B D E Turnips 100 90 70 40 Potatoes 10 20 30 40 Plot this data on a production possibilities graph and explain why the data shows that Routarou experiences increasing opportunity costs.

Q: What are ways the profit arises in the changeable/dynamic word ? Comment

A: Answer: As we know that Idleness is defined as the state of being unable to do anything productive. ...

Q: Accordingtothetextbook,whichofthefollowingstatementsis(are)correct? (x)  An advantage of a consumpt...

A: A consumption tax is a taxing system in which people are charged on how much people consume rather t...

Q: Directions: Use the given scenarios and the information you have learned about Fiscal and Monetary p...

A: a) In exchange for freshly issued bank credit, the Fed can cut interest rates by purchasing debt sec...

Q: The following quote alludes to which source of low costs? “Most of those costs are fixed, pretty muc...

A: Cost Minimization refers to the condition where a firm or producer tries to minimize the cost incurr...

Q: ABC Corporation manufactures a certain product that sells for P5,000 each. The company’s maximum pro...

A: Given  Price of the product P=5000 per unit. Production capacity =360 units per year Currently produ...

Q: A certain equipment costs P 7,000 and a salvage value of P 350 at the end of its economic life.  Usi...

A: We have first cost of the equipment FC=7000 Salvage value =350 Book value at the end of 4 years is 2...

Q: 4. Compare the accumulated values at the end of 5 years if P100,000 is invested at the rate of 12% p...

A: Interest rate is income earned on the amount invested for certain period compounded. In this case ea...

Q: Consider the two period consumption savings problem faced by an individual whose utility is defined ...

A: For the above question let us firstly derive the lifetime budget constraint : In period 1 : Budget C...

Q: The economy is currently at the potential level of GDP when the Bank of Canada announces that they w...

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

Q: The economy of Northhurst is currently experiencing GDP growth of over 7% with inflation rates of 4%...

A: Disclaimer: Since you have posted a multi-part question, I am providing you with the answer to the f...

Q: In an economy with no government and no trade, autonomous consumption is £200 and planned investment...

A: Autonomous consumption = £200 Planned investment spending = £100 MPC= 0.7  

Q: What are the price controls of the government?

A: At the marketplace, price control is one of the government policies as the intervention in market to...

Q: In a small a small open economy, illustrate how a fiscal expansion (such as an increase in governmen...

A: Small open economy A small open economy is one that engages in international commerce but is small e...

Q: Now suppose that droughts in the Southeast and floods in the Midwest substan- tially reduce food pro...

A: The United States central banking system is called the Federal Reserve System (abbreviated as Fed or...

Q: New technology enables computers to be made at lower cost. Explain the effects on the market price a...

A: Dell company is one of the most trusted and the named brand among the other computer companies which...

Q: 4. Driving an automobile generates many negative externalities. For example, driving creates polluti...

A: Let's first understand what are actually negative externalities.  Whenever any third party experienc...

Q: 1. If demand is equally elastic, and price increases from 5 to 7, what is the total change? If price...

A: Here, it is given that the price changes from 5 to 6, and demand is equally elastic. 

Q: Assume you spend your entire income on two goods X & Y with prices given as PX & PY, respectively. P...

A: A shopper's Hicksian demand function or remunerated demand function for a decent is his amount deman...

Q: 1) Describe the main assumptions of perfect competition and monopoly.

A: Perfect competition is refer to the market that has the large number of the buyers and the sellers, ...

Q: Explain in at least 5 sentences: Give three specific examples of three different views (schools of e...

A: There are many theories of economics, some theories proved to be right according to the situation bu...

Q: Consider public policy aimed at alcohol consumption.   a) Studies indicate that the price elastici...

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...

Q: Jim's retirement account in a company currently totals $416,384. What perpetual income can Tom and h...

A: To begin receiving income as soon as a policy has been established, the annuity contract is called a...

Q: What type of assistance do both IMF and the world bank provide to one or more developed nation(s)? ...

A: The two institutions, which were founded in 1944 at the Bretton Woods conference, have similar missi...

Q: Define the meaning of ‘Economics’ and ‘Development’ within the context of Economic Development of na...

A: Economics is all about making wise decisions in the face of shortage. Economic growth is the most ba...

Q: The demand curve for prepaid internet services is given by Pd = 80 – 0.2Q and the supply curve is gi...

A: Market equilibrium is the process of determining the price through the demand and supply interaction...

Q: Given the demand and supply equations : P + 1/2QD = 10 3P - Qs = 17 a) Find the equilibrium p...

A: As given Demand function is P = 10 - 0.5Qd and supply function is 3P - Qs = 17 》 P = (17+Qs)/3

Q: What is Determinants of supply?

A: The quantity of a good or service that providers or producers are willing to sell in the market at a...

Q: Mavi and Diesel both make basic blue jeans. The demand curves for the two firms are given by Qm=135...

A: Marginal cost is the ratio of change in total cost to the change in output. The marginal cost is the...

Q: Player 2 y 1,3 1,1 0,2 Player 1 b 3,1 2,2 1,0 C 0,2 1,2 3,0 If both player 1 and plater 2 are ration...

A: We will find the pure strategy nash equilibrium for this question. So, we have: If Player 2 chooses...

Q: Is a Function of Price A company produces an electronic timing switch that is used in consumer and c...

A: Answer: Note: we are strictly forbidden to provide handwritten solutions from the company side. Give...

Q: What is the effect of an ad valorem tax of v (the share of the price that goes to the government) on...

A: A fully competitive corporation just has to make one fundamental decision that is how much to produc...

Q: Review absolute and comparative advantages.  Personal private property protection allows for greater...

A: Absolute and comparative advantage are two important concepts in the field of international trade. 

Q: Consider the monopolistically competitive market structure, which has some features of a perfectly c...

A: "As per the guidelines answer is given to the first question because there are two separate question...

Q: Suppose the marginal propensity to consume​ (MPC) equals 0.75. An increase in autonomous investment ...

A: Given:  MPC = 0.75 Autonomous Investment = $200  

Q: Compute the future value of $536 invested every year if the appropriate rate is 11.2% and you invest...

A: Future value is defined as the value of a given investment after a specified time period at a certai...

Q: On his recent birthday on April 18, 2012, Cai was given by his mother a certain amount of money as b...

A: We have given that the rate of interest is 12% (exact simple interest) Date of maturity of the inves...

Q: If A = {1, 2, 3}; B = {2, 3, 4}; C = {3, 4, 5} Verify the distributive law

A: Introduction:

Q: If the demand of a company can be expressed as P = 750 - 2 Q^ 1.5, where Q is the quantity and P is ...

A: Given  Demand of a company: P=750-2Q1.5          ... (1) Where Q represents the quantity and P repre...

Q: If the demand and supply curves of two commodities A and B are given below find the equilibrium pric...

A:

Q: nation's ability to produce a product more efficiently than another country is referred to as global...

A: When the two countries are open to free trade there are always gains from trade.

Q: .At a certain interest rate compounded annually, P100,000 will become P450,000 in 15 years. What is ...

A: We have given that  Present value P =100,000 Value after 15 years =P450,000 We have to find value at...

Q: The principle of Check and Balance in a Presidential Form of government seems to be a perfect arrang...

A: Checks and balances in the form of the government  perfect arrangement among the 3 branches (executi...

Q: Briefly distinguish the specific tax and Ad Valorem tax?

A: Taxes are primary source of income for the government.  

Q: What is the impact of air transport on the hospitality and tourism industry?

A: '' Since it is multiple question, we will solve the first question. If you want any specific questio...

Q: Joe is a college football player considering whether to attend another year of college or to enter t...

A: Marginal analysis is used as a decision-making tool for the maximization of potential benefits. It i...

Q: The goal of health insurance is to O spread financial risk over a large group of people O equally di...

A: Health insurance covers all the medical treatment costs for the people.

Q: The country of "Econoland" can use its resources to produce either 500 tons of crab or 200 tons of p...

A: Here, Two countries are given as Econoland and Arcadonia, which are producing two goods as crab and ...

Q: A monopolist with a marginal cost MC = 2 faces two types of customer groups. Type 1 has it inverse d...

A:

Q: Write the professor Knight's view about the " Uncertainty Bearing" Theory of profits?

A: Answer: According to Prof. Knight's conceptual  framework, the entrepreneur's specific function is t...

Q: Directions: Use the given scenarios and the information you have learned about Fiscal and Monetary p...

A: Given information Increase in price by 4% GDP increase by 5% Unemployment rate =1.3%

Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.