Assignment 6 Chapter 9. 1. Assignment 6 Base Week-Week 1 Week Good Quantity 3. 4. Cereal 1. $2.50 $2.65 $2.75 $2.45 $2.60 Milk $2.50 $2.75 $2.75 $3.00 $3.25 Oranges $0.25 S0.30 S0.35 S0.40 S0.50 Apple Juice $3.00 $3.50 $3.00 $3.50 $3.00 Cost of Mkt Basket CPI Inflation
Q: 2. Definition of economic costs Lorenzo lives in Detroit and runs a business that sells guitars. In ...
A: Implicit cost refers to foregone income that could have been earned if resources were invested elsew...
Q: A new machine cost of P136,500 has an estimated useful life of 9 years, the salvage value of the mac...
A: Hi! thanks for the question but as per the guidelines we answer only one question up to three subpar...
Q: A firm may pay efficiency wages in an attempt to O all of the options are correct. O attract a well-...
A: Efficiency wages are the wages that are set above the equilibrium level. It increases productivity a...
Q: Do contemporary capitalist economies work this per-fectly?
A: Capitalism, often known as the capitalist economy, is an economic system in which private firms cont...
Q: Briefly explain production function and profit maximization with a diagram in short.
A: The relation between the quantity of productive inputs (such as labor and capital) utilized and the ...
Q: From the perspective of someone using aggregate-demand and aggregate supply analysis, what is the im...
A: The aggregate demand/aggregate supply model is a macroeconomic model that explains what determines t...
Q: A family of four has an income of $15,000 today and will earn $24,000 tomorrow. i). If the family ...
A: Income and distribution effet is the changiñg of the faste and preference of an induolial on the bas...
Q: 1. Abby's Apples Abby's Apples is a perfectly competitive firm. Its total cost is: TC = 20 + 4Q? The...
A:
Q: Consider the following example: Jordan currently works for a corporate law firm. She is considering ...
A: Note:- As per the honor code, we can only answer upto three subparts, we'll answer the first one. Pl...
Q: Typically the model of Monopoly predicts that all customers are charged the same price and that the ...
A: Monopoly is a form of market structure in which a single firm sells a commodity for which there are ...
Q: Price elasticity of demand is ___________________________.
A: Elasticity is a very important concept used in economics to determine the change in the quantity dem...
Q: Que In the context of the job-search model seen in class, if the economy is in the steady-state unem...
A: PLEASE FIND THE ANSWER BELOW.
Q: If Charlie invests $50,000 in a cheese company today and is offered a 7% interest rate. How much wil...
A: The investment function shows the direct relationship between interest rate and investment. It means...
Q: Apply the cross elasticity of demand formula to explain why a decrease in the price for eddoes from ...
A: Answer iii. The cross elasticity of demand is an economic concept that assesses how responsive a qua...
Q: The annual amount of a series of payments to be made at the end of the next twelve years is P500. Wh...
A: The present worth of an investment is the sum of money that is invested for achieving a certain amou...
Q: India produces wheat that it consumes domestically and exports to Sri Lanka. Sri Lanka doesn’t produ...
A: The demand curve shows the inverse relationship between the price and quantity demanded. The demand ...
Q: 4. If a certain machine undergoes a major overhaul now, its output can be increased by 20%, which ...
A:
Q: Table 2 Below is some hypothetical data on the labor market. Quantity Quantity Wage demanded supplie...
A: Minimum wage is an example of price floor where government sets a minimum price that must be paid.
Q: In the texts provided about the major national/ international issues/problems and their possible app...
A: International issues are the issues that countries face on the international level. It may be due to...
Q: Unanticipated Changes, Recessions, and Booms; How an economy self-adjusts to full-employment equilib...
A: Equilibrium in the goods market occurs at the intersection of aggregate demand and aggregate supply.
Q: According to your textbook, what percent of U.S. debt do foreigners hold? If the interest rate on U....
A: The interest rate and price are indirectly related to each other which means as the interest rate ri...
Q: The maintenance of a room air conditioner is expected to be P 200,000 at the end of the first year a...
A: This question is from engineering economics.
Q: onsider Country Y, a hypothetical country that produces only plastic toys. Initially, a plastic toy ...
A: Given: Price of plastic toy=€1.00 Kate has= €200 in her pocket
Q: 1. The Nash bargaining solution between the employer and the worker satisfies the fol- lowing maximi...
A:
Q: In the choice of mechanical equipment you are required to submit your recommendation as to which of ...
A: To determine the better cost effective option among the two , we find calculate the annual cost of b...
Q: Use the given scenarios and the information you have learned about Fiscal and Monetary policy to com...
A: Monetary and fiscal policy are both macroeconomic tools for managing or stimulating the economy. Int...
Q: Walras general equilibrium is based on Existence of monopoly All the above Simultaneous equilibrium ...
A: Walras's law is based on equilibrium theory, which states that all markets must be "cleared" of any ...
Q: a) The University of the East Europe is interested in the overall performance of its students in the...
A: A "population of interest" is a population or group from which a researcher attempts to draw conclus...
Q: The following graph depicts the daily labour supply curve for Jake, a worker in the construction ind...
A: Labour supply curve shows a positive relationship between wage rates and labour hours. It shows at a...
Q: Which of the following is a correct statement for a floating exchange rate regime : Regular interven...
A: A floating exchange rate is a regime where a nation's currency is set by the Forex market through su...
Q: The following table gives estimated coefficients for the equation you identified in the previous que...
A: Money Demand is defined as the demand for money in an economy. It depends on the Rate of Interest an...
Q: Regression Analysis: Growth versus Water, Fertilizer The regression equation is Growth = B + ¢ Water...
A:
Q: We have learned the definition of monopoly as a market with one seller. Let's take some time to unde...
A: The market is a location where the transaction of services and commodities takes place. It is import...
Q: Britney is a baseball fan and attends several games per season. Her expenses per season are listed i...
A: Given: Baseball tickets: year 1=$500 year 2=$560
Q: “The consumption function and budget constraints explained are useful elements in understanding the ...
A: In the study of economics, consumption function relates the consumer spending with other factor that...
Q: SWITZERLAND AGEING POPULATION: Switzerland, like other OECD countries, is ageing. Almost one-fifth...
A: A summary is basically a simplified version of a longer work, often an article or book.Summaries are...
Q: Question 2 If the consumer price index was 88 in 2020, 95 in 2021, and 100 in 2022, then the base ye...
A: PLEASE FIND THE ANSWER BELOW.
Q: Give an example of a demand shock and a supply shock and show how it may push output and employment ...
A: In an economy, demand and supply shocks refers to the situation when there is a sudden change in the...
Q: Commodity Unit January February Маrch April May ROOT CROPS Carrots 97,887 62,325 17,883 9,815 31,248...
A: Given information Pimentos is working under perfect competition P=$13.13 Q=3385
Q: n increasing-cost industry is so named because of the positive slope of which DA. Each firm's short-...
A: Long run average total cost curve is a curve that shows a relationship between Average total cost an...
Q: Moving along the total product curve, which of the following is held constant? A) quantity of labor ...
A: The total product (TP) curve represents the total amount of output that a firm can produce with a gi...
Q: Assignment 4 Chapter 7 Starting GDP Value: $100,000 Growth Rate: 5% Time: 5 years Value of GDP after...
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any...
Q: (3) The Clean Air Act required the EPA to set the National Ambient Air Quality Standards at levels "...
A: An externality is a negative externality or positive externality that bears the cost or benefit to s...
Q: In this question, you'll explore the effect of a drought in Manitoba on the price of blueberries in ...
A: Demand for blueberries pickers depends on price of blueberries and marginal product of pickers. Chan...
Q: What annual interest rate is earned by a 13-week T-bill with a maturity value of $2,900 that sells f...
A: A Treasury Bill (T-Bill) is basically a one-year or less government debt obligation guaranteed by th...
Q: Assignment 3 Chapter 6. Determine if each of the following would be included or not included in USA ...
A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts fo...
Q: process plant making 5000 kg/day of a product selling for $1.75/kg has annual variable production co...
A: *Answer:
Q: Which of the following statements are correct regarding the characteristics of a guardianship of the...
A: A guardian is a person who has been legally appointed to watch after another person's affairs, such ...
Q: How is profit defined under the Marxian and Neoclassical Schools of thought?
A: Marxian economics is a school of thinking based on Karl Marx's ideas, as the name indicates.Marx pub...
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 1 images
- A consumer sets themselves a weekly budget of $15 for vegetables. They only eat carrots and peas. Peas cost $1.50 per pound and carrots cost $1.00 per pound. 2. Draw a budget line for the consumer showing his possible weekly consumption of peas and carrots. Label both axes with numbers and an axis title. Add a second line that shows what happens when carrots go on sale for $0.75 per pound. Upload your diagram. Please give typed answer ASAP with proper explanation of it. Will give you thumbs up only for the correct answer. Thank you .Price1 Price2 Quantity 1 Quantity2 demand for a.cashews 7.50dollar per pound 6.00 dollar per pound 800 pounds per month 1,000 pounds per month 65 per year b.portable hard drive (1 terabyte) 80 dollar 120 dollar 75 per year 65 per year c.12-gauge copper wire 0.60 per lineal foot 0.45 per lineal foot 2,5000 lineal feet per week 5,000 lineal feet per week d.Toothpaste 2.00 dollar per tube 2.40 dollar per tube 10 tubes per moth 9 tubes per month Using the midpoint formula, calculate elasticity for each of the following changes in demand.1. A firm is said to be earning normal profit whenever:A. Accounting profit is zero.B. Economic profit is positive.C. Accounting profit is positive.D. Total revenue equals explicit and implicit costs.2. If a 10% increase in inputs results in a 20% increase in output, then the firm is said to exhibit:A. Diseconomies of scaleB. Diminishing marginal returns to scaleC. Constant returns to scaleD. Economies of scale3. Economists have traditionally attempted to avoid the trap of:A. Thinking in terms of total utility.B. Computing marginal utilityC. Making interpersonal utility comparisons.D. None of the above.4. According to the water-diamond paradoxA. Water has a lower MU than Diamond.B. Water has a higher TU than Diamond.C. Prices reflect MU and not TUD. All of the above.
- Hi, I only need number 3. Microeconomics - Budget Line (BL) Ethan is a collector of pokemon cards and stickers. He has $56 given by his dad to spend on his collection. The store sells them at $14 per pokemon cards and $7 for the stickers. 1. If Ethan spends all his money on pokemon cards, what is the maximum unit that he can purchase based on the given budget If Ethan spends all his money on stickers, what is the maximum unit that he can purchase based on the given budget? 2. Show in a budget line illustration where pokemon cards is in the x-axis and y-axis is the sticker. 3. Compute for the slope based on the illustrated results. What is the implication of the result?Don Juan Perez runs a seafood restaurant on the central coast. His total income last year was $150,000. The rent was $48,000 per year. His labour costs were $42,000 and materials, food and other variable costs were $20,000. Don Juan Perez was going to work as a cookbook writer where he would have earned $40,000 per year, or as a chef de cuisine in another restaurant, where he would have earned $35,000. The economic utility of Don Juan Perez is: Note: the answer is 0 (zero). Please clarify with calculations why this is the correct alternative.Table 13-7The Flying Elvis Copter Rides Quantity TotalCost FixedCost VariableCost MarginalCost AverageFixedCost AverageVariableCost AverageTotalCost 0 $50 $50 $0 -- -- -- -- 1 $150 A B C D E F 2 G H I $120 J K L 3 M N O P Q $120 R Refer to Table 13-7. What is the value of M? a. $50 b. $140 c. $360 d. $410
- 4. If Stopdecay does not change its price, the average monthly total revenue would be (Dropdown options: 240k, 195k, 200k, 162,500) 5. On the other hand, if it changes the price to sell the same number of units as it did before, the average monthly total revenue would be (Dropdown options: 231,920 or 241,440, or 160,000 or 172,480)3. The company that you manage has already spent $8 million on developing a new product – awebsite that combines You Tube, Twitter, and Facebook – called You Twit Face. Thedevelopment is not quite finished. It will cost an extra $2 million to finish development andcomplete the product. Assume that this $2 million amount includes the explicit costs and anyopportunity cost that the company may have. At a recent meeting, your salespeople report thatthe expected sales of your new product (if you finish) are $6 million total. If you do not finishdeveloping the product you can sell the incomplete product to another company for $2 million. What is the MC of finishing the development? __________________ What is the MB of finishing the development? __________________ Should you finish the product? Why or why not? Use the idea of “thinking at the margin” toexplain your answer. Need details explanationMany restaurantsdon’t take reservations. You simply arrive and wait your turn. If you arrive at 7:30 in the evening, you have at least an hour wait. Notwithstanding that fact, a few people arrive, speak quietly with the waiter/waitress, hand him some money, and are promptly seated. At some restaurants that do take reservations, there is a month-long wait fora Saturday evening, three weeks for a Friday evening, two weeks for Tuesday through Thursday, and virtually no wait for Sunday or Monday evening. How do you explain these events using demand and supply?
- Mega Partner is selling two products Marker(m) and Eraser(e) and their budget is given with thefollowing equation: 15Qe+ 30Qm= 3000. Now answer the following questions. I. Draw the budget line for Mega PartnerII. What would be the highest amount spend on Marker with the existing budgetIII. If Total budget increases to 4500 what would be the new budget line (use diagram)IV. If Price of the Marker becomes 15, how this changes the existing budget line keeping allthe values remain same.GivenMonthly rent25,000Monthly Salary/employee10,000Market price of slippers520Total units sold20,000 Solve for the followingTotal RevenueTotal CostProfit/Loss (indicate if its a profit or loss)Just need Q.3 And Q.4;. Asap please , vll upvote and vll share positive feedback