Define the term scarcity in context of economics.   Pls explain in detail.

Q: A machine costs $20,200 and has a 5-year useful life. At the end of the 5 years, it can be sold for…

A: Present value is the value of investment in today's dollar.  Future value is the value of investment…

Q: ing. In the first round, player 1 proposes a division z = (₁, 72, 73), with 7₁ +1₂ + 13 = 1. After…

A: Backward induction is a technique for figuring out the best course of action by going backward in…

Q: Please see below the spending information pertaining to the participants of a hypothetical economy.…

A: Here we are given hypothetical economy  where C = $10 +0.8Y I = $20 G = $30 X - M = $10 Here, first…

Q: . Which of the following causes a rightward shift in the demand for labor in the market for cars?…

A: The rightward shift in the demand for labor means the demand for labor in the market is increasing.…

Q: Assume that a country produces wine and cheese with Leontief technology that uses labour and land as…

A: Leontief production function represents technology in which input are used in together in fixed…

Q: Two bidders compete in a sealed-bid auction for a single indivisible object. For each bidder i, the…

A: Let the valuation of two bidders be: b1 & b2  Also their valuations for the bid be: v1 & v2…

Q: A company's data are provided in the following table: Cost of debt Cost of equity Debt-to-equity…

A: The average interest rate charged by a company to finance its assets is known as the weighted…

Q: When you open a checking account at Bank of America, Bank of America has more reserves and more…

A: Checking account is one of the facilities provided by commercial banks as it is the account in which…

Q: 1. The marginal revenue product of a factor shows how much an additional unit of a factor adds to -…

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

Q: Amir and Beatrice play the following game. Amir offers an amount of money r € [0, 1] to Beatrice.…

A: Let's take There are 2 player Amir and Beatrice  Let's take Amir---A Beatrice ---B X --(0,1)---…

Q: Assume that Canada and the United States frequently trade with each other. Under the freely floating…

A: What is a free floating exchange rate: The amount of domestic currency required as the purchasing…

Q: The following graph plots the short-run and long-run Phillips curves (SRPC and LRPC, respectively)…

A: According to the Phillips curve, unemployment and inflation have a consistent inverse relationship.…

Q: A player's payoff can be made up of Only monetary value

A: A game between two players is represented by a payoff matrix.  In a payoff matrix, the row…

Q: Explain what will happen in each of the following scenarios in a long run constant cost competitive…

A: In perfect competition,  The firm can earn positive profit in short run.  In long run ,  A perfectly…

Q: How might advertising lead to a shift in the demand curve? By increasing the popularity of inferior…

A: Demand curve is the curve which shows all the possible combination of the quantity demanded at the…

Q: What is the profit maximizing quantity of output?  What price should the firm  charge for its…

A: Profit maximization is a process that businesses go through to make sure the best levels of output…

Q: Which of the following statements are correct? Select all that apply. Economic development may…

A: Economic development is the process by which low-income, underdeveloped country economies are…

Q: Suppose an increase in the cost of land increases the firm's fixed costs, as a result, average total…

A: The profit is maximized where MR = MC.  MR is the marginal revenue and is defined as the revenue…

Q: 1. Consider the following two-player game: L C R 2,2 0,2 0,1 T M 2,0 1,1 0,2 B 1,0 2,0 0,0 (a) Find…

A: Nash equilibrium strategy is the game allocation where the players get the maximum payoffs. Any…

Q: The Federal Reserve does not target both the money supply and an interest rate because it would be…

A: The Federal Reserve has many tools and policies to use  when their in instability in the economy in…

Q: The price of the product is $4. If the wage rate is $8.00 per hour, the profit- maximizing number of…

A: Marginal Revenue Product of the Labor is the additional revenue earned due to the employment of an…

Q: Results Real Estate had 6 home sales during the week: $150,000, $140,000, $240,000, $158,000,…

A: One of the measures of central tendency is mode Mode is easy to understand and calculate. Unlike…

Q: C= 1000+ 0.8(Y-T), 1 = 500, G=800, T = 500. Suppose that government spending FALLS by 200. What is…

A: Spending multiplier is given by the following formula :-  Spending multiplier = 1/(1 - MPC)  MPC is…

Q: ou run a shop that sells everything connected with coffee. Currently, you sell 21 coffee makers per…

A: The cross-price elasticity of demand measures the responsiveness of change in demand of one good to…

Q: Which of these does NOT explain the diamond-water paradox?

A: introduction The water-diamond paradox is one of the classic economic problems that has been…

Q: O for Row. N for Column. O for Row and N for Column. In game i, if there is a Nash equilibrium in…

A: A game theoretic approach in economics refers to a tabular representation of strategies and payoffs…

Q: Two entrepreneurs, A and B, independently choose whether to sell their product in country X or…

A: Given information There are 2 players - A and B They choose the strategy independently and…

Q: la) Calculate the new equilibrium price and quantity following the successful advertising campaign…

A: Q1. The equilibrium price and quantity are determined by the interaction of demand and supply. The…

Q: the raffle? Jaime has never won a raffle before, so she is likely to win this time. The raffle has a…

A: A utility function of a rational consumer describes the willingness to consume a particular…

Q: 3. What is the major tax break for homeowners? Why does the tax benefit increase with income?

A: 3) A tax break is a type of tax benefit or a tax concession provided by the government to encourage…

Q: The City Engineering Department of a city submitted a proposal for improving the downtown area. They…

A: To determine the viability of the proposal to improve the downtown area, we need to perform a…

Q: An equal increase in government purchases and taxes will cause an increase in real GDP. no change in…

A: Change in equilibrium GDP due to change in tax is determined by tax multiplier.  While,  The change…

Q: Suppose there is some hypothetical closed economy in which households spend $0.85 of each additional…

A: Marginal propensity to consume is calculated by the change in Consumption divided by change in…

Q: 4. Consider a society that has three individuals - 1,2 and 3 - and three alternatives - x, y and z.…

A: Every individual in a society selects the best possible combination of goods or bundles among…

Q: Explain why a decline in a country's exchange rate will generally increase the demand for its goods…

A: Demand for goods and services by the countries results in trading. Export and imports and the main…

Q: Which of the following events may increase the marginal product of labor? Check all that apply. An…

A: The labor supply curve illustrates the graphical representation of the positive relationship between…

Q: Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly…

A: A monopoly refers to a type of market condition in which there is only one single seller that sells…

Q: What is true about the long-run equilibrium for firms in a monopolistically competitive industry?…

A: In monopolistically competitive market, the sellers sell differentiated produces which are close…

Q: 39   In the following sequential game, person 1 chooses first and person 2 chooses second. Using…

A: Nash equilibrium is the equilibrium level in game theory where the players get the maximum level of…

Q: What are two possible negative outcomes of the increased inflation to 7.3% currently in Australia?

A: Inflation is defined  as the rise in the prices of goods and services in the economy. The increase…

Q: Explain how each of the following helps to stabilize the financial system: deposit insurance,…

A: The financial system consists of the monetary instrument's web, mismanagement might lead to crises…

Q: 13. If the equation for a country's Phillips curve is π = 0.05 – 0.8(u – 0.05), where π is the rate…

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

Q: 4-10 A For what value of n, based on a 31/2 interest rate, do these cash flows have a present value…

A:

Q: 1. If the price elasticity of demand is -0.8 and the firm increases price, revenue will a. Increase…

A: Total revenue is price times the number of quantity sold i.e.TR = P*Qd.

Q: If the exchange rate between the U.S. dollar and Japanese yen changes from $1=70 yen to $1=100 yen,…

A: Under monetary policy, the devaluation means that the value of currency is reducing within the fixed…

Q: Which of the following is a bilateral monopoly?   A) A perfectly competitive firm in the output…

A: A monopoly firm is a single seller in the output market. A monopsony firm is a single buyer in the…

Q: 8. Given the following set of demand and supply functions, find the equilibrium price and…

A: The equilibrium price and quantity could be measured by equating demand and supply equations.

Q: A machine costs P 8,000 which last for 7 years with a salvage value at the end of its life of P 355.…

A:

Q: Suppose that technological change creates economies of scope between two products. One product is…

A: The production of products and services lead to generating some production cost. The level of…

Q: To encourage bike riding the State decides to completely subsidize the cost of bikes as well as…

A: Externalities: When a firm produces a good sometimes it creates cost or benefits for other firms. If…

Financial Statements

Financial statements (or financial reports) are the formal records of the financial activities that are undertaken by a firm. They are convenient instruments used for analyzing a company’s financial position and performance. Financial ratios are created with the help of the numerical values that are derived from the financial statements. They give meaningful information about the financial performance of the company.