Q: Consider two bidders who are competing for an item in an 'all-pay auction.' Bidder 1 values the item...
A: There are two players in the game : Bidder 1 & Bidder 2 As per the question , If the bids are e...
Q: The following equations describe the long-run situation for prices and costs, where the numbers indi...
A: Answer-
Q: Why is the Philippine Bill of Rights important? Give 5 examples of instances when you can use it to ...
A: The Philippine Bill of Rights The constitution is the basic written principles and rules according t...
Q: NAFTA is Select the correct answer below: O an economic union O a common market O a regional free tr...
A: NAFTA stands for North America Free Trade Agreement that was implemented to promote free trade betwe...
Q: 16 Eradication of a disease with a vaccine subsidy. A terrible disease called fictitia is ravaging t...
A: Dear student as you have posted multiple sub-parts in a question but according to the policies and g...
Q: 5. Costs in the short run versus in the long run Ike's Bikes is a major manufacturer of bicycles. Cu...
A: Answer: LRATC (long-run average total cost)=Long-run average total cost is obtained by taking the mi...
Q: Benefits of government regulating banks.
A: Bank regulation is basically a kind of govt regulation that, among other things, sets certain rules,...
Q: Assume that unemployment at date t+1, Ut+1, is defined as: Ut+1 = Ut Mt + St, (1) where Ut is unempl...
A: Unemployment, according to the OECD, is people above a specified age not being in paid employment or...
Q: How is a patent obtained? Select one: O a. automatically O b. register a grant application with USPT...
A: Patent is a license which is given by the government, granting a right to someone for a period of ti...
Q: If the following table is given for product X, draw the graph with the supply and demand curves and ...
A:
Q: As a matter of monetary policy, if we reduce the discount rate, which one of these will happen? ...
A: "Correct option f-higher employment."
Q: If demand is steeper than supply, this means that Select the correct answer below: producers pay a l...
A: consumers pay a larger proportion of tax Option 2nd is correct. Consumers will bear more of the tax ...
Q: The engineering team at Manuel's Manufacturing. Inc., is planning to purchase an enterprise resource...
A:
Q: Consider the daily demand for pizza at a local Italian restaurant, provided in the table below. The ...
A: Marginal revenue (MR) is the increase in revenue that results from the sale of one additional unit o...
Q: Which of the following is not included in the objectives of tariffs? To promote indigenous research...
A: A duty or tax that is being paid for a certain type of exports and imports is known as tariffs.
Q: How might you move an underperformer to partner status?
A: Corporations are a famous type of business association for huge and independent ventures. In this ex...
Q: How does a business contributes to social responsibility and economic development of a nation?
A: Answer
Q: What is your view of Globalization in the workplace? Don't just offer the pros and cons, which are i...
A:
Q: Boris has $100 to spend on bananas and/or babacos. Suppose you have drawn his budget line for banana...
A: Budget line shows the two various possible combinations that can be bought with given income level a...
Q: Firms promote the activities of the global market by promoting trends of offering the same products ...
A: Answer 2. Totalitarianism is a type of government and political system in which all opposition parti...
Q: Quotas offer greater scope for corruption than tariffs. B. Quotas may not support inflationary pres...
A: To find : Whether the statement is true or false.
Q: A) low skilled workers is $10/hour. The government's goal is to help low-paid families. Is a minimum...
A: A minimum wage is the lowest remuneration that employers can legally pay their employees—the price f...
Q: What is an economic bubble? A product of illegal asset trading. Assets that are worthless. The start...
A: Economic bubble refers to an economic cycle which shows rapid growth in an economy but good by a con...
Q: as firms and workers play to their comparative advantage, trade will also cause the average level of...
A: The measure that depicts the transfer of goods from one entity to another being done in exchange for...
Q: John constructed a commercial building amounting to $1.59 Million. Permits and taxes charges amounte...
A: Given First cost FC= $1590000 Life of the equipment = 50 years Salvage value of equipment after 50 ...
Q: 7) If investment falls a lot when the interest rate rises, there will be A) a steeper investment cur...
A: An item or an asset that is being acquired with the sole goal of appreciation of the asset or genera...
Q: Each rectangle you can place on the following graph corresponds to a particular buyer in this market...
A:
Q: By how much will the slope of Matt's budget constraint change if his income were to increase from $1...
A: In economics, a budget constraint represents all the combinations of goods and services that a consu...
Q: Given the data in the table below, calculate the marginal propensity to save. Consumption Personal I...
A: Marginal Propensity to Save: MPS means the proportion of additional disposable income that is saved,...
Q: Right now, you hold an investment in a bond that is returning 7% annually and you have had it for 2 ...
A: Here, it is given that a bond is providing 7% annual rate of return for two years, but there is infl...
Q: True or False 1. A deferred annuity until ? period of ? interest, and A equal payments, can be comp...
A: A deferred annuity is an insurance contract that guarantees the customer a regular income or a lump ...
Q: The increase in prices resulting from the levy of import duty usually reduces the consumption capaci...
A: The answer is False Here is why Coz when an country imposes a high import duty on foreign goods it ...
Q: Q2. Use a figure as discussed in class to illustrate why the U.S. is exporting inflation to China th...
A: Answer -
Q: International-wide political risk is _______ and global economic exposure is ________ when a firm in...
A: When dealing with the local level or with the international level, in the case of local level the ri...
Q: plz solve with expalnation within 10-20 mins
A: The FAR is a chapter within title 48 of the Code of Federal Regulations - TRUE
Q: The following table contains revenue and cost information for a perfectly compet firm producing comp...
A: given total revenue and variable cost Fixed cost remains the same Total cost = fixed cost + variabl...
Q: Tariffs tend to restrict competition much more than quotas by helping importers and exporters to acq...
A: To find : Whether the statement is true or false
Q: Short answer question: Please explain your answers carefully. Explain the Bank of Canada's open mark...
A: The actions that are available to the central bank of anation for achieving sustainable growth of t...
Q: From the previous graph, you can tell that Teresa is willing to pay s for her 8th slice of cheesecak...
A: The consumer surplus is the difference between the price the consumer is willing to pay and the pric...
Q: Imagine the following case study where two different countries: Albania and Belize have remained sel...
A: Its very easy to do part B(specifically) Since we have given the marginal product of labor MPL( that...
Q: In Engineering Economics, which among these is/are true about a discount? A. It is the difference be...
A: Discount rate:- In a discounted cash flow (DCF) evaluation, the discount rate can be explained as t...
Q: MC ATC P. Pa Ps Outputper period Quantity per period Refer to the above figures for a typical firm i...
A: Under long-run perfect competition, the market achieves its equilibrium when the average total cost ...
Q: hich 2 of the following statements are correct? elect one or more: O a. The higher capital per worke...
A: Production function shows how with increases in the input the output increases. It gives the relatio...
Q: Please try to solve it in 20 minute How much money would you pay in interest if you borrowed $1,600 ...
A: Compound Interest - It is the interest which is charged over principal and also charged in addition ...
Q: What is general government final consumption reflecting in terms of GDP of a country? What it indica...
A: Below is the formula for GDP: GDP = C + I + G + NXC =ConsumptionG = Government expenditureNX = Net ...
Q: Which of the following refers to the direct restriction on the quantity of goods which are imported ...
A: Taxes are referred to as a charge implied on the use of public property or purposes. It is levied by...
Q: Match the most typical tax implication with the most appropriate life stage. Retirement Older Adulth...
A: When tally about tax implications, it can be seen that government charges different tax rates to the...
Q: Consider the model of Bertrand competition with linear demand Q(p) = max[0, a – p) and with two- %3D...
A: GIVEN linear demand with a = 8, and constant cost c = 3 per unit, suppose Firm 1 chooses price p1...
Q: Marissa, a single mother with one child, can’t seem to make ends meet. Rent and utilities eat up mos...
A: The Supplemental Nutrition Assistance Program (SNAP, formerly the Food Stamp Program) is available t...
Q: The following equations describe the long-run situation for prices and costs, where the numbers indi...
A: Answer-
Answer
Step by step
Solved in 3 steps
- As a general rule, is it safe to assume that a change in the price of a good will always have its most significant impact on the quantity demanded of that good, rather than on the quantity demanded of miller goods? Explain.What is the rule relating the ratio of marginal utility to prices of two goods at the optimal choice? Explain why, if this rule does not hold, the choice cannot be utility-maximizing5. Consider a consumer whose utility function isu(x,y) = sqrt(xy) (MRS(x,y)=y/x)a. Assume the consumer has income $120 and initially faces the prices px = $1 and py = $1. Howmuch x and y would they buy? Draw the budget constraint and the demands. b. Next, suppose the price of x were to increase to $2. How much would they buy now? Draw thisin the same figure.c. Decompose the total effect of the price change on demand for x into the substitution effect and theincome effect. That is, determine precisely how much of the change is due to each of thecomponent effects. (Hint: See the lecture notes for the two properties that determine the locationof “z”, the reference point for distinguishing the income and substitution effects.)
- 2 - Suppose that Omer's income is OR 4800. His demand for books ( good X ) and shoos ( good Y ) depends upon the prices for these two goods , if the price of one unit of book ( good X ) is OR 40 and the price of one unit of shoos ( good Y ) is OR 20 . a ) Draw the budget line for Omar ( show your work ) b ) Find the slope of this budget line .14)Why does quantity supplied go up as price goes up? * a)For a given time period, the marginal utility gained by consuming equal successive units of a good will decline as the amount consumed increases b)Because as price rises, producer profit rises, which induces producers to supply a larger quantitiy. c)Because people substitute lower-priced goods for higher-priced goods as price rises. d)Both (a) and (b) above4. URGENT Given that maximize utility of two goods, x and y, is where MUx/Px=MUy/Py MUx/MUy=Px/Py , where MU is marginal utility, and P is price. a. Explain what happens to the marginal utility of x, when more of x is consumed. b. Explain what a rational person should do when MUx/Px>MUy/Py , and how each MU, and MU/P changes or not. c. Graph and explain the intercepts and the slope of the budget line (constraint) when the budget is 100 and the price of x is 5 and the price of y is 4. d. Graph and explain an indifference curve that is tangent to a budget line. This is a general graph with no numbers.
- ASAP!! ANSWER PLEASE Danish Wali has Rs.70 to spend on apples and bananas and wants to maximize his utility on his purchase. Based on the data in the table: How many apples and bananas should Danish purchase? What is his total utility from the purchase? Does the utility-maximizing rule hold true for his purchase? Explain. Apples Rs.10 Bananas Rs .5 Quantity MU TU Quantity MU TU 0 - - 0 - - 1 28 28 1 12 12 2 24 52 2 10 22 3 20 72 3 8 30 4 16 88 4 6 36 5 12 100 5 4 40 6 8 108 6 2 42 7 4 112 7 0 42 8 0 112 8 -2 40Answer the following short questions:a. Suppose that a consumer’s preferences between goods x andy are represented by the utility function u(x, y) = x^2 + 16xy + 64y^2. If these two goods have the same price, describe the optimal consumptionchoice of this consumer.b. Suppose that when the price of a good change, the incomeand substitution effects change the consumer’s demand for that goodin opposite directions.i. Is this good a normal or an inferior good? Explain.ii. Is this good a Giffen or an ordinary good? Explain.c. Is the following statement true or false? The differencebetween a monopolist’s marginal cost and its profit-maximizing price issmaller when the demand is more elastic.A5 Draw a budget line for 2 goods with prices of $1 and $2 for the first and second good, respectively, and income of $8. a. Find some prices and income that will lead to a new budget line that intersects the old budget line ONLY at the midpoint of the old budget line. b. Can the old and new budget line have the same slope? c. Can the old and new budget line have the same prices? d. Can the old and new budget line have the same income and only one different price?
- 2/ Assume a piece of jewelry and 2 consecutive drops in its price. Also consider Alia’s demand to be relative elastic in the price range from p1 to p2, and that she perceives jewelry as a Giffen good in the price range from p2 to p3. Draw her price-consumption curve with well-behaved preferences. Clearly label your graph.For normal goodsA) the substitution effect of a price decrease will decrease the quantity of the good demanded while theincome effect of a price decrease will increase the quantity of the good demanded.B) the substitution and income effects of a price decrease will both increase the quantity of the gooddemanded.C) the substitution and income effects of a price decrease will both decrease the quantity of the gooddemanded.D) the substitution effect of a price decrease will increase the quantity of the good demanded while theincome effect of a price decrease will decrease the quantity of the good demanded.INT BU BIC CH MU AG RA ations allery ia alytics D Question 11 Figure 3-1 Price 0 O A to B. OB to A. Refer to Figure 3-1. If the product represented is a normal good, a decrease in income would be represented by a movement from O D₁ to D2. B O D2 to D1. D₂ Demand, D₁ Quantity