A good economic model O a) is simple, flexible, and useful for making accurate predictions. O b) never needs to be reevaluated. Od is a perfect replication of reality. O d) is not related to real-world observations. O e) is extremely complex and inflexible.
Q: Use the table Costs for Alina's Apple Pies. If Alina's Apple Pies operates in a perfectly competitiv...
A: Difference between total revenue and total cost gives the economic profit of a firm.
Q: Graphically explain the negative effects of quotas. How about subsidies? Label and explain results...
A: A quota is a limitation or upper limit set for the use, availability, or consumption of goods. A sub...
Q: what is the price elasticity of demand when the price falls from five dollars to four? Price Quan...
A: When price falls from $5 to $4, the quantity demanded increases from 20 to 25 units. Price Quan...
Q: Mc Donald and KFC are two companies that provide fried chicken in Mauritius and they are considered ...
A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the econom...
Q: Is this possible that the Monopolists necessarily make the profit?
A: A monopoly market is the place where a seller experiences dominant power due to no close substitutes...
Q: 4. The catch-up effect Consider the economies of Sporon and Tralfamadore, both of which produce gagg...
A: "The catch-up effect in development economics indicates convergence i.e. over time poorer nations te...
Q: According to the textbook, which of the following statements about taxes in the U.S. is (are) correc...
A: Taxes are defined as the compulsory charges imposed by the government of the country on individuals ...
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: Suppose the UK and Canada produce bread and cars using labor. These goods are produced based on the ...
A: Part a: Here using 1350 labours Canada can produce either 15(1350/90) cars or 270(1350/5) bread. And...
Q: A university lab is a research contractor to NASA for in-space fuel cell systems that are hydrogen- ...
A: Given MARR = 10 % time = 8 years Present worth = cashflow each year / (1 + rate)^time NPV = sum of ...
Q: Which of the following describes a characteristic of banks? O a) Banks are the only type of financia...
A: Financial intermediaries refers to organisations that channel from savers to borrowers.
Q: f a $6 per unit excise (sales) tax is imposed, who will suffer the greater burden of this tax, the s...
A: From the graph, The demand curve passes through (0, 26) and (8,18) and the supply curve passes thro...
Q: Central City is located in the state of Middleground. The government of Middleground has told Centra...
A: The additional amount of sanitation are the amount that we are getting after spending our money whic...
Q: Task of the modern economics: What is the difference between Keynesian theory of economics and the C...
A: Answer: Classical and Keynesian theories are not the same.From a theoretical approach, there are thr...
Q: tion 8 In an OLG model with money: Each gen picks 12 banans when young, 4 bananas when old. Central ...
A: Introduction In OLG model, young generation save money in their young times and consume their saving...
Q: Using the information from Problem 1 about the economy of Fruitopia, compute chain-weighted real GDP...
A: The quantity and prices of goods produced in the firm are given. We have to calculate the chain-weig...
Q: In the hypothetical economy, the AD curve and SAS curve are given by the following equations: AD: Y=...
A: Given Functions Aggregate demand function Y=560-20P+3G Aggregate supply function Y=8+5P-3P(oil)
Q: 1. To set up wastewater plants and connect the trailer and low-income households to the nation's sew...
A: The above problem is based on the cost-benefit analysis whose other name is benefit-cost analysis th...
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: Question 10 In an OLG model with money: Each gen picks 12 banans when young, 4 bananas when old. Cen...
A: The employed workers are those workers who are working and get a job. The unemployed workers are tho...
Q: Suppose that Lizzo's utility function U is given by U = w.53, where w is wealth. Lizzo has wealth of...
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts f...
Q: Consider a game between 2 payers (Ann and Bill) where each chooses between 3 actions (Up, Middle and...
A: Players 1: Ann Player 2: Bill
Q: Select the correct statement/statements which are correct as per the famous 'Say's Law' using the co...
A: Answer: The correct option is: (d) 1, 2 and 3
Q: vantage of a fixed exchange rate system is that governments are required to constantly intervene in ...
A: A fixed exchange-rate is a system applied by an administration or national bank that ties the countr...
Q: If the long-run average total cost is increasing as the output increases we call this: a. economies...
A: The costs that are being accumulated when the production level is being changed over time with respe...
Q: Total Cost and Output, which describes Sergei's total costs for his perfectly competitive all-natura...
A: A perfectly competitive firm is a price taker as it accepts the market price as given.
Q: There is no difference between the marginal rate of substitution and the ma Do you agree with this s...
A: The MRSxy implies the number of units of Y which are given up to get one additional unit of x. On ot...
Q: Consider the following game Gn, known as the Traveler's Dilemma(Basu, 1994). Two business executives...
A: Since the question you have posted consists of multiple parts, we will answer the first two parts fo...
Q: Given cost and price (demand) functions C(g) = 110g + 43,000 and p(g) = - 1.8q + 890, what price max...
A:
Q: 2. Consider the following price-demand function: P = 100 – 4Q, {Q/0< Q< 10} Sketch the price-demand ...
A: PART (i)
Q: A recent government study reported that a college degree is worth an extra P150,000 per year income ...
A: The degree will fetch yearly extra income of 150,000 for 40 years . And it will fetch every year for...
Q: A) Is global interstate system important? (B) What is the importance of market integration in global...
A: Globalization basically refers to an concept which basically highlights the trade between tge two or...
Q: (b) Consider a production function: Q=7(L), where Q represents the output and L is the factor of pro...
A: Envelope theorem is related to the differentiability of certain variables and its impact on the valu...
Q: When the inflation rate is expected to exceed the target rate by a significant margin, the SARB will...
A: Inflation is typically defined as a broad measure, such as the overall increase in prices or the cos...
Q: What principle explains why tech companies are leaving California for Texas but movie studios are no...
A: Perfect Competition refers to the condition of the market of a good or service where all firms sell ...
Q: An economic policy of exporting raw materials and importing manufactured goods a. develops the econ...
A: Ab economy can make imports or exports of any commodity based on its requirements to get products at...
Q: If education is so important, why don’t people/households as well as the government invest equally i...
A: Education, discipline that's involved with strategies of teaching and learning in colleges or school...
Q: Show graphically that the less responsive is investment to interest rates, the less effective is mon...
A: Answer -
Q: The spatial correlation approach and the structural approach to estimate effects of labour immigrati...
A: Spatial correlation approach is used to compare variable based on locations. It is used in statistic...
Q: Suppose that you have a job paying $50,000 per year. With a 5% probability, next year your wage will...
A: Given The income per year =$50,000 There is a 5% chance that the next year the wage is reduced to $...
Q: Find the numerical value of the following factors: (PIA, 2.5%,10) = (F/A, 1%,45) = (A/P, 5%,2) =
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts f...
Q: 11. A firm has a production function of Y = $100 Log(K), where K is the amount of capital used in pr...
A: Optimal level employment of an input is determined by the point where value of the marginal product ...
Q: Discuss the function of technological progress and how it adds to the process of economic growth wit...
A: Economic growth is defined as the increase in the production of goods and services compared to diffe...
Q: Provide a definition of “technological capability” and “social capability”, and describe the differe...
A: In an economy, capabilities explains the ability of the society to deal with the specfiic issue to i...
Q: TRUE or FALSE. If the statement is correct, write TRUE on your answer sheet. If the statement is inc...
A: In a market, additional information about a specfiic good will influence the demand and supply decis...
Q: An increase in would lead to an increase in long-run economic growth. O a) resources and technology ...
A: Economy experiences long run economic growth when its production potential increases.
Q: 70 Supply 60 50 40 30 20 10 Demand 1000 2000 3000 4000 5000 6000 7000 8000 Quantity (number of hours...
A: We know that In free market equilibrium, the economic surplus is equal to consumer plus producer sur...
Q: What is Determinants of supply?
A: Supply: - Supply is the quantity of goods and services that the suppliers are supplying for the cons...
Q: Suppose the government offers investment tax credits to firms. In the market for loanable funds, the...
A: The interaction between the demand for loans and the supply of savings helps in determining the real...
Q: Question Two (Government actions that reduce market power) A monopoly drug company produces a lifesa...
A: A price ceiling is an upper limit on the price implemented by the government. It is the type of pric...
41
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- marginal cost minus marginal benefit. the time spent on an economic activity. the value of the best forgone alternative. the money cost of an economic decision. 2. (TCO1) Which is not a factor of production? Money Land Labor Capital 3. (TCO1) A point outside the production possibilities curve is attainable, but there is not full employment attainable, but there is not optimal allocation unattainable because the economy is inefficient unattainable because of limited resources 4. (TCO1) A basic characteristic of a command system is that wages paid to labor are higher government owns most economic resources free markets are never permitted in a command economy government planners play a limited role in deciding what goods will be produced 5. (TCO 2) Which is consistent with the law of demand? A decrease in the price of tacos causes no change in the quantity of tacos demanded An increase in the price of pizza causes an increase in the quantity of pizza demanded An increase in the price of…Opportunity cost is the expected benefit from: A) All possible choices sacrificed and is objectively measured. B) An individuals' second best choice and is subjectively measured. C) An individual's second best choice and is objectively measured. D) All possible choices sacrificed and is subjectively measured.Elliot and Jordy find themselves on a deserted island. The only two activities available are fishing and finding pineapples. In a full day, Elliot can catch 6 fish or find 12 pineapples or some linear combination of the two; in the same time, Jordy can catch 4 fish or find 10 pineapples or some linear combination of the two. What are each individual’s marginal costs of fishing and finding pineapples? (must provide the correct answer for full credit, no additional work is necessary) Who has an absolute advantage in fish production? Who has an absolute advantage in finding pineapples? Briefly explain your reasoning. Who has a comparative advantage in fish production? Who has a comparative advantage in finding pineapples? Briefly explain your reasoning.
- Production possibility frontiers are thought to be concave from the origin (bowed out) because: A. of the different intensities with which commodities and services are used in producing capital, land, and labor. B. land, labor, and capital are used in fixed proportions in producing all commodities and services. C. of the different intensities of people's labor efforts. D. all productive resources are equally suited for producing all goods. E. productive resources differ in their suitability for producing different goods.Q3. If consumers expect the price of some good to rise next week, then we generally observe the price of the good rising this week. Explain this fact using a graph with proper labelling. Q4. 'Opportunity cost is both subjective and speculative. As such the concept of opportunity cost has no place in the scientific decision making process.' Discuss.casey recently inherited $100,000 from her grandma rather than invest the money in a mututral fund that earns 5% she quit her job of translator which paid $60,000 and started casey's coffee crush which is recently cost $20,000 for this year. the equipments and machines cost $60,000. staffs help and advertising cost another $ 40,000 in her first year her revenue was $150,000 what is the implicit opportunity cost of casey's coffee crush?
- Factors of production are inputs used to consume goods and services. a. False O b. TrueWhat is the opportunity cost in this example? “ To begin, I began selling prints of my pictures in 2019 throughout 2020. It's now closed. USPS and UPS were the options I had during this period to ship out orders. Smaller or lighter packages were more expensive to ship with UPS, but USPS provided a low-cost alternative. UPS ships more than 220 internationally, whereas; USPS is strict about shipping to specific international destinations. I have chosen USPS over UPS; by doing this, orders were delivered on time and without damage by the United States Postal Service.”Is this an good example of opportunity cost? “To begin, I began selling prints of my pictures in 2019 throughout 2020. It's now closed. USPS and UPS were the options I had during this period to ship out orders. I chose to mail my prints via USPS rather than UPS. Even though UPS ships more than 220 internationally while USPS only shipped to certain international destinations. With choosing USPS, the orders were delivered on time and without damage by the United States Postal Service. The opportunity cost is the benefit of UPS shipping.”
- Class Activity •Choice land has 250 workers and produces only two goods, X and Y. Labouris the only factor of production, but some workers are better suited to producing X than Y (and vice versa). The Table below shows the maximum levels of output of each good possible from various levels of labout input a)Draw the production possibilities boundary on a scale diagram, with the production of X on the horizontal axis and the production of Y on the vertical axis. b)If the economy is producing 20 units of X and 800 units of Y, what is the opportunity cost of producing an extra 10 units of XIn order to increase economic activity, a city proposes to allow diesel-powered delivery vehicles to operate in residential neighborhoods. Diesel exhaust contains soot which is a major cause of asthma and other respiratory ailments leading to a decrease in the quality of life in these communties. A neighborhood group opposed to this proposal hires you to conduct a valuation study to show the decrease in the quality of life. a) What specific valuation method should you use? b) How would you use that method? c) What are some problems that might result from your use of that method?Explain why each of the following statements is True, False, or Uncertain according to economic principles. Use diagrams where appropriate. Unsupported answers will receive no marks. It is the explanation that is important. If a Prof leaves their $100,000 per year job to start a business that earns annual revenue $400,000, and has annual labour and rental costs of $200,000, the economic profit of the business is $200,000.
