Consider the market for petrol. Which of the following changes would most likely lead to an increase in the demand for petrol? [Tick the best answer] A decrease in the price of petrol cars. O A decrease in the cost of public transport fares. O An increase in income if private car travel is a normal good. Both a and b are correct. Both a and c are correct

Q: Allison will graduate from high school next June. She has ranked her three possible post- graduation…

A: Suppose a person have 5 available options to choose from and he chooses a particular option, now the…

Q: Which term refers to a legally established maximum price that firms may charge? A a price ceiling B…

A: Price floor is a minimum price at which a seller can sell a commodity. Subsidy is the amount of…

Q: I am having difficulty understanding the concepts in this problem. C

A: Law of diminishing returns: It refers to an economic principle under which when a firm increases its…

Q: Ana and Dina are roommates. They spend most of their time studying (of course), but they leave some…

A: Opportunity cost is a financial matters term that alludes to the worth of what you need to provide…

Q: Show complete solution. Consider a teacher depositing an amount P into a savings account and then…

A: P = F/ (1 + R)^t Where P : Present value F: Future value  R : Per annum compound interest rate T :…

Q: 9. Shifts in supply or demand II The following graph shows the market for hot dogs in San Diego,…

A: In the free market, the equiibrium price and quantity is determined by the forces of the demand and…

Q: To demonstrate how a mixed economy differs from both a planned economy and a free-market enterprise…

A: An economy is a region of the creation, conveyance and exchange, as well as utilization of labor and…

Q: 1. A company's sales (in dollars) appear to be increasing linearly. In 2015 the company's sales were…

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

Q: 2. Calculate the elasticity of demand coefficient between point A and B for the demand relationship…

A:

Q: Why is private property so essential to the market system's functioning, and why must property…

A: Any resource, asset, or capital that is owned by a non-governmental organization, a person, or a…

Q: Imelda wants to form a business in the easiest way possible. What form of business should she use?…

A: All businesses require some formalities while it is formed be it small or big. Some type of…

Q: Explain the difference between absolute advantage and comparative advantage. Which is the basis for…

A: Absolute advantage alludes to the a firm's, individual or a country's capacity to create a more…

Q: Identify and explain the three main characteristics and uses of money.

A: Money is something, for the most part acknowledged as a vehicle of trade, a proportion of…

Q: Your uncle owns and operates a small retail store that sells the outdoor clothing of a Ghanaian…

A: A business's method(s) for generating revenue online are described in an online revenue model.…

Q: Refer to Table 7-3. If the price is $1000, what is Jackson's producer surplus? Table 7-3 Seller Dale…

A: Answer..

Q: From the list below, select the measure(s) that are measures of inequality. Intergenerational…

A: the nature of being inconsistent/lopsided/inequality, for example,  social uniqueness.  difference…

Q: Question 11 Intra-industry trade between similar trading partners allows the gains from of a…

A: Intra-industry trade might be extensively characterized as the circumstance where countries…

Q: Let F be the fixed cost of production, let VC be the variable cost of production, C be the total…

A: TC is consisting of fixed cost and variable cost. Fixed costs are those costs which a company has to…

Q: A new piece of equipment costs $100,000. The life of the equipment is estimated to be 15 years.…

A: Answer..

Q: Which of the following statement is correct? A. Wants, needs and demand are essentially simply…

A: Meaning of Economics: The term economics refers to the situation under which there remain…

Q: -What is the present worth of two 500 payments at the end of the fourth year and fifth year, if the…

A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…

Q: B. C. D. E. meaning. Wants and needs are essentially the same, but differ from demand. Needs and…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The following graph shows an economy's short-run aggregate supply curve (SRAS), current equilibrium…

A: Short run equilibrium is achieved at a point where SRAS intersects AD. The current level of…

Q: 2. P(t) = 5000t² + 300t - 200 models the profit, P, of Vroom Used Car Dealership where t is the time…

A: in every business there are two things firm focuses in order to maximize the profit.  1. cost - firm…

Q: How much (if any) does each of the following transactions raise GDP? The Jones family sells its old…

A: The GDP calculation excludes the purchase and sale of used items and pre-owned homes. The commission…

Q: On your weekly grocery shopping trip, you notice that the price ofspaghetti has gone up 50 cents a…

A: Meaning of Price Elasticity of Demand: The price elasticity of demand refers to the situation…

Q: A consumer of two goods has indirect utility v(p,w) = -1/2 P₁+P₂ (a) Find the indirect money-metric…

A: The indirect money metric utility function is the minimum cost of purchasing bundles of goods at…

Q: 480 + 0.5YD I = 110 T = 70 G = 250 a. Calculate the private savings, public savings, and…

A: GDP (Gross domestic product) is a financial proportion of the market worth of the multitude of…

Q: Answer of both parts will appreciate and i will rate positive  B) how can international aid assist…

A: Economic Development  Economic development initiatives are programs, policies, or actions that aim…

Q: Evaluate  how demand and supply in Jamaica affect and determine the country's foreign exchange rate.…

A: We need to check that how the demand and supply in Jamaica will affect the value of its currency…

Q: The explicit cost of production equals:    a. economic cost minus opportunity cost. b. opportunity…

A: Explicit cost is the actual monetary expenditure incurred during the production process Implicit…

Q: How did businesses change over the period 1870-1900? Provide three examples of successful people,…

A: The organisation and management of American industry underwent a significant transformation in the…

Q: Analyze the problem in terms of sandwiches for salads. Choose terms of trade that will be beneficial…

A: Terms of trade is the price of one good in terms of the other good, that two countries / individuals…

Q: Farah has $100 to spend each month on bread and chicken. Suppose the price of bread is $4 a loaf and…

A:

Q: . P 20 15 10 5 D 10 20 30 40 Q In the market shown in the graph, the equilibrium price is: Multiple…

A: Meaning of Market: The term market refers to the situation under which the producers or the…

Q: The following table gives nominal GDP and the price index for two years. Find real GDP in each year,…

A: GDP refers to a monetary measure of the market value of all the final products and services…

Q: How corporations are designated changes depending on where the corporation is doing business? When a…

A: A company is an independent legal body from its shareholders. Numerous of the same legal rights and…

Q: Three mutually exclusive design alternatives are being considered. The estimated cash flows for each…

A: Present worth establishes the value of a number of potential periodic payments at a specific point…

Q: How do you find the population in the chart?

A: Statistical data has been provided in the question representing the various years and population in…

Q: Ismaya and Aditya have created a business together. The business was Ismaya’s idea and he operates…

A: A silent partner invests money in a company in exchange for a share of the profits made by the…

Q: 1 Economists sometimes looks at prime aged labor force participation because it is relatively…

A: Disclaimer- “Since you have asked multiple question, we will solve the first question for you as per…

Q: Al and Bob play a prisoner's dilemma for three times. If one defects and the other cooperates, the…

A: Payoff of the above game are in following manner -

Q: Consider the following two-player game. First, player 1 selects a number x≥0. Player 2 observes x.…

A:

Q: Given the following supply and demand functions for a good, find the equilibrium price and quantity,…

A:

Q: explain why the total output of milk without specialization is 30?

A: Opportunity cost means the cost of next best alternative  - To explain - This means in order to…

Q: Table 4-5 shows the demand and supply schedules for the low-skilled labor market in the city of…

A: Supply and demand  The connection between both the quantity of a good or service that producers want…

Q: Below is the data for the maximum production of the only two products for the countries of Oz and…

A: Food Equipment Oz 32 16 Zas 16 24

Q: Give three definitions of market efficiency used by economists. How does efficiency fit into the…

A: Examples of common market failures include externalities, monopolies, information asymmetries, and…

Q: Would you rather have a savings account that pays 5% interest compounded semiannually or one that…

A: Given information: *Interest rate = 5% *Condition 1 is interest compounded semiannually. *Condition…

Q: Which concept in economics explains how the marginal benefit from an additional unit decreases as a…

A: Marginal benefit refers to an additional satisfaction which is derived from consuming one more unit…