A fall in the price of cucumber from $3.50 to $2.50 per bag increases the quantity demanded from 3,000 to 5,000 bags. The price elasticity of demand is 1.20. 0.67 8.00. 1.50.

Q: Vince loaned a certain amount from a cooperative and promised to pay it back with 2.33 times his…

A: Loan Amount = A Maturity Amount = 2.33A r = 10.42%

Q: C. Dan likes to consume x and y in "fixed proportions": twice as much of x as of y. That is, his…

A: Consumer consumes x & y in the fixed proportion. He consumes twice as much of x as of y

Q: The following graph shows the market for croissants in Philadelphia, where there are over 1,000…

A: Given:

Q: Sven, Andrew and Becky each have an income of $5. Initially the price of commodity x and the price…

A: We know that the budget of a consumer is given by: M= xPx + yPy , where, M= Money income of the…

Q: Give me a basic explanation/description of game theory.

A: Nash equilibrium is an idea inside game theory where the optimal outcome of a game is where there is…

Q: Given the following production cost function: TC=5+29 R1 R² +0.5 R³ TC: total cost in '00 (hundreds)…

A: Production costs are the costs a company incurs while creating a something or providing a service…

Q: Suppose that annual income from a rental property is expected to start at​$1,100 per year and…

A: Given that; Annual income from the rental property is expected to start at $1,100 per year and…

Q: Refer to Table 6.2. Assume that this economy produces only two goods Good X and Good Y. If year 1 is…

A: The GDP Deflator, which is determined based on a base year, is a measure of the price level of all…

Q: Suppose demand and supply are given by Qd = 60 - P and QS = P - 20. a. What are the equilibrium…

A: Equilibrium in the market reaches at the point where quantity demanded is equal to quantity…

Q: Question 5 Consider a corn farmer with one acre of land. In addition to land, other factors include…

A: The Marginal product refers to the change in the total product when additional unit of variable…

Q: Are there any e-business applications that you would recommend to a small firm to help it survive…

A: There are a few e-business applications that can assist a small business survive and prosper in…

Q: You are given the following market data for Venus automobiles in Saturnia. Demand: P = 35,000 - 0.50…

A: Equilibrium is the state where demand is equated to the supply maintaining the balance in the market…

Q: A poverty threshold represents the minimum annual household income for a family not to be considered…

A: Poverty Being unable to engage in leisure activities, send kids on field trips with their…

Q: In a market with perfect competition, 1. Prices are set by businesses. 2. Businesses confronting an…

A: Theoretically, perfect competition creates a monopoly that enables a business to set any price…

Q: Suppose a farmer is using two inputs, labour (L) and capital (K), to produce the same amount of…

A: Given production function Q=L0.5+K0.33 MPP refers to the change in total production due to change in…

Q: 2. A decision at the margin Jake is a hard-working college sophomore. One Tuesday, he decides to…

A: All businesses and individuals aim to maximize their utility when making marginal decisions. They…

Q: 5

A: Market Opportunity A sales-accepted inquiry who has been certified as needing your good or service…

Q: What is Monopolistic Competition. What are the features of monopolistic competition?

A: Market refers to the mechanism in which buyers and sellers interact to reach an agreement on the…

Q: Three stocks have share prices of $20, $10, and $30 with total market values of $400 million, $350…

A: Price weighted index is the average of prices of stocks. The price of stock has strong influence on…

Q: Economists often say that goods tend to have more elastic demand when they have lots of close x8…

A: In the study of economics, the term utility can be defined as the total satisfaction or benefit that…

Q: Suppose an economy produces steel, wheat, and oil. The steel industry produces $80,000 in revenue,…

A: Gross Domestic Product or GDP is the aggregate of the money value of all products and services…

Q: Which of the following is a characteristic of a perfectly competitive market? Multiple Choice All…

A: In perfectly competitive market, there are many firms and buyers. Sellers produce identical goods…

Q: One way to promote a new business is to sell a popular item at a massive discount. If Jared were to…

A: Maximum willingness to pay represents the maximum amount the consumer is ready to pay for a good. It…

Q: If average total costs are minimized for a single, unique quantity of output, then industry. If…

A: Market structures comprise any of the several market features that govern how sellers interact to…

Q: e) Prove, algebraically, that the Marginal Rate of Substitution (MRS) between L and K is given by…

A: Given  Production function:  Y=L0.5+K0.33     .... (1) We have to show that the marginal rate of…

Q: Ramoncito deposited P15,000.00 today and he deposited the same equal amount each month for the next…

A: Deposited Amount 15000.00*10 = 150000 Time period  9 Months Interest  7% value   after 10…

Q: A) True or false: The marginal utility of good 1, that is, MU1, must be diminishing in x1. B) True…

A: 1) Solution: True Explanation:  The marginal utilities of good 1 will be calculated as: MU1 = ΔU/…

Q: Consider an economy with the Cobb-Douglas production function: Y = 3K0.2L0.8 K = 140000; L=8000…

A: In the study of economics, production functions represents the relationship between the quantity of…

Q: Keynesian economists believe that the classical dichotomy does not hold in the short run believe…

A: Keynesian economics developed by John Maynard Keynes deals with macroeconomic theory of total…

Q: ASAP. Use 2 decimal places for the final answer 5. If I loaned an amount of P50,000.00 with an…

A: The detailed answer is given below. Explanation:

Q: While on a trip to Baja California, Mexico, in January 1994, Mary bought a house worth $160,000…

A: A exchange rate is the rate at which one money will be traded for another cash. Exchange rate are…

Q: A typical firm in industry X has the following total cost function: TC = 400 + 38*q + 0.5*q2, where…

A: Marginal cost is the additional cost incurred to produce an additional unit of output. Average cost…

Q: Profitability Index A project has an initial cost of $40,000, expected net cash inflows of $12,000…

A: Hence the answer

Q: 1. Each of two players simultaneously announces either Rock, Paper, or Scissors. Paper beats Rock,…

A: Rock-Paper-Scissors game is a kind of simultaneous game. Simultaneous game is also known as static…

Q: QUESTION 20 f(x) = (3x-4) 4. What is f'(x) at x=2? QUESTION 21 f(x) = x-1 x+1 What is f'(x) at x=1?

A: To find out f’(x) of a function, differentiate the function with respect to x taking other variables…

Q: Question 6 Recall that the MRS at a consumption bundle (x₁, x2) is defined as negative the slope of…

A: MRS is the marginal rate of substitution which is the rate at which one good is substituted for…

Q: Economic activity that is above potential output signals that potential output is about to increase…

A: “Potential output is defined as the maximum amount  of goods and services an economy can produce or…

Q: You are a policy maker who is interested in increasing tax revenues in order to reduce the Federal…

A:

Q: Examples of deflators are the and deflator personal consumption expenditure; gross domestic product…

A: Deflator is a value that is used to measure inflation through changes in current prices or wages…

Q: Suppose a new miracle pill is discovered that increases both the marginal health effects of health…

A: The Production possibility frontier is defined as the curve representing combination of two…

Q: Perform these same calculations for 2018 and 2019, and enter the results in the following table.…

A: CSPI measures the overall price of market basket of goods and services which is fixed throughout the…

Q: Answer the following questions based on the accompanying diagram: Price ($) 20 18 16 14 12 10 00 a 4…

A: Elasticity measures the responsiveness of quantity demanded with respect to change in quantity…

Q: Find the amount at the end of 2 years and 7 months if 425,000 pesos is invested at 8% compounded…

A: Given Information: Amount of Investment (P) =425000 pesos Interest rate = 8% compounded quarterly…

Q: The local goverment unit is planning to construct a steel foot bridge in Davao City. The estimated…

A: Given  Construction cost (initial cost at t=0) = P400M Annual maintenance cost of the bridge…

Q: Match the definition with the type of market structure. Column A 1. 2. 3. 4. - A market with no…

A: "Market structure describes how different industries are categorized and distinguished based on how…

Q: Explain how productivity, demand, and availability/supply affect the values attached to money…

A: The measure that depicts relationship between quantity of goods or services that are being demanded…

Q: and

A: With the increase in world price of wheat, the total revenue of exporting country will increase,…

Q: Briefly explain whether you agree with the following statement: "If consumer surplus LOADING... in a…

A: Economic Surplus : Consumer Surplus + Producer Surplus  Consumer Surplus : Area below the demand…

Q: 1. Given the Philippine labor statistics in the table below: a. Derive the demand and supply…

A: The labor demand curve is the relationship between the wage rate and the number of people employed…

Q: 53) Which of the following statements about the ripple effects of monetary policy is FALSE? Monetary…

A: When a firm encounters a negative shock to the monetary system and is unable to quickly replace…