Describe in detail about Equilibrium, budget line, new equilibrium as well as how consumers are affected (positively or negatively) by the price change? Explain applying economic analysis

Q: Explain what would be likely to happen if the government placed a price floor on milk. Suppose that ...

A: Price floor is a government imposed minimum price for a commodity. 

Q: The Fed chairman pursued aggressive policies to tackle the problem of unemployment. As a consequence...

A: Answer -

Q: The market for drones is perfectly competitive. Assume for simplicity that fractions of everything, ...

A: Perfectly competitive market is a market structure where all seller sell identical products, firm ar...

Q: Output Variable Total AVC AFC ATC MC (bоxes) Cost Cost $0 $10 1 $20 $15 3 $69 $3.33 $23 4 $2.50 $27 ...

A: According to the table given in the question, total cost at 0 units of output is $10 which means fix...

Q: If provinces were legally bound to have annually balanced budgets, they would likely: Select one: ha...

A: A balanced budget occurs when revenues are equal to or greater than total expenses. 

Q: • Assuming that there is no government spending or trade, an economy's GDP is the sum of domestic co...

A: Answer -

Q: How does your trade area compare to the Toronto average for those with a post secondary education le...

A: In the ranking variable in Canada it is the trading area  that has grown in the demand of the adults...

Q: Question 1 A student club wants to raise just enough income to cover its costs. Its income comes par...

A: Economists use the term "demand" to define how much of a product or service people are willing and a...

Q: Complete each statement below about the demand and supply of bicycles using the dropdown list. In ea...

A: 1) When "there was an increase in the cost of materials in bicycle production then the change in qua...

Q: The demand and supply of some good are as follows: Qd = 3,000 - 20P Qs = 1,000 + 5P (a) Calculate th...

A: Equilibrium occurs where quantity demanded equals quantity supplied. Consumer surplus is the area ab...

Q: Consider the following 2 period model, defining outcomes for people who choose to go or not go to sc...

A: Since you have posted multiple questions, we will answer the first three parts for you. If you want ...

Q: The first cost of an equipment is 65000 and a salvage value of 3000 at the end of its 6 year life. f...

A: Given  First cost of equipment (FC)=65000 Salvage value SV=3000 Useful life (n) =6 year We have to f...

Q: Mohammed Muhsen invested 17 years of his life in developing the World Bank’s international knowledge...

A: The World Bank, often known as the World Bank Group, is an international financial institution affil...

Q: Moving from static efficiency state with an unlimited resource supply to a dynamic efficiency state ...

A: Static Efficiency State is defined as a state where the efficiency depends on the most efficient com...

Q: If the government imposes a $5 excise tax on the production of wine, then from the perspective of wi...

A: Consider a liner supply function P=a+bQ         .... (1)

Q: Distinguish the difference between nominal GDP and real GDP

A: GDP (gross domestic product) is the total value of goods & services manufactured in an economy d...

Q: At what annual interest rate will $1,200 invested today be worth $2,500 in 12 years?

A: We have: Annual interest rate = $1,200 Time= 12 years

Q: In 2021 the European Union has been developing as: O Free trade area but not customs union Customs u...

A: In 2021 the European Union has been developing as : Ans- Non of the above (D)

Q: - All inputs can be varied in O Short run O Long run Both neriods

A: To find : How can be inputs varied. 

Q: Last year Rattner Robotics had $5 million in operating income (EBIT). Its depreciation expense was $...

A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts fo...

Q: Your grandfather asked his financial counselor in looking for options in case nursing homecare is ne...

A: Introduction Here is one possibility is that if the grandfather takes 6 year plan then he has saved ...

Q: Moving from static efficiency state with an unlimited resource supply to a dynamic efficiency state ...

A: Static Efficiency State is defined as a state where the efficiency depends on the most efficient com...

Q: • Assuming that there is no government spending or trade, an economy's GDP is the sum of domestic co...

A: Aggregate Demand includes consumption expenditure and investment as there is no government . In equi...

Q: . Which of the following are determinants of aggregate demand? Choose all that apply. A. a spike in ...

A: Answer: Determinants of aggregate demand: the determinants of aggregate demand refer to the factors ...

Q: If the natural rate of unemployment is 4.5 percent, the current unemployment rate is 7.6 percent, an...

A: We will answer the first question since the exact one was not specified. Please submit a new questio...

Q: Rich's Opportunities. Rich has no nonlabor income, and suppose the price of consumption is $1 per un...

A: A change in the wage or salary will result in a shift in the amount of labour demanded. If the wage ...

Q: 7.) Who discovered the law of comparative advantage? a.) David Ricardo b.) Robert Torrents c.) David...

A: The law of comparative advantage says that a country has a comparative advantage in producing goods ...

Q: A man deposits P 1,000 at the end of each month for 3 years at a nominal rate of 12% compounded mont...

A: Given nominal interest rate = 12 % compounded monthly Effective rate = (1 + 12%/12)^1*12 – 1 = 12.68...

Q: 1. GDE for 2015. 2. GDE for 2016. 3. GDP for 2020. 4. GDE growth for 2016 5. GDP growth for 2020 Tab...

A:

Q: What total payment made today would place the payee in the same financial position as the scheduled ...

A: Given, Interest rate = 4.25% Time = 9month Payment scheduled today = 870 Future value = 1160

Q: 3. Suppose that the nominal exchange rate of the dollar in terms of yen is ¥175/$. The price level i...

A: To solve above question let us consider two period (1& 2 ). In period 1 : Nominal Exchange rate ...

Q: What are the consequences of reduced publicfunding?

A: Public funds are collected through the public by means of taxes, interests, fees, etc. These funds a...

Q: What is the Average Variable Cost if the firm produces 17 units

A: The formula for Average Variable Cost (AVC): AVC = Total Variable Cost (TC) / Quantity (q)

Q: 18.)Which of the following price elasticities of demand would be considered inelastic? а.) 3 b.) 2 с...

A: There is information that in communist kind of government, there is supposed to be complete control ...

Q: How will the age of the existing capital stock affect aggregate demand?

A: In Macroeconomics, the Aggregate Expenditure or Aggregate Demand is the sum total of four components...

Q: The DD-AA model to the right shows an economy's short-run equilibrium at point 1. Note: "E' = Esse S...

A: The DD-AA model represents an economy's asset market and goods market equilibrium. The asset market ...

Q: You are given the following information about an economy: $ Millions  GDP at Market Prices -1,,669....

A: The gross national product (GNP) of a country is a valuable indicator of its economic activity. Gros...

Q: 3. A perfectly competitive individual firm operates in a constant cost industry and produces a level...

A: Answer: (c). ATC=TCqATC=12×q2+5,000qATC=12q+5,000qATC=q2+5,000q Graphical presentation of ATC and MC...

Q: Some economists say that profit earner is a kind of

A: To find : What is  profit earner type 

Q: Imagine that you lease an apartment for $900 a month. The market price for that apartment has increa...

A: Equilibrium Price Equilibrium price refers to a price level at which market demand is equal to the m...

Q: Pleased answer attached

A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question spec...

Q: In how many ways can I make a necklace with 5 beads if the beads can each be of one of 3 different c...

A: Beads required in necklace = 5 Number of beads available = 3 With replacement Each of the five posit...

Q: sumes bread and automobiles. In the following table are data for two different years. 2000 2010 Good...

A: a.    Year 2000 2010 Nominal GDP 100*50000+500000*10=$10000000 120*60000+400000*20=$15200000 ...

Q: ou own a printing firm. Two of your senior managers provide you with advice. The first manager state...

A: Consider the below points: * Profit maximizing level MR = MC.* Profit = Total Revenu - Total Cost  

Q: What policies did Deng Xiaoping take to bring China out of poverty to high growth? please give a de...

A: When consumer or producer product is manufactured, cost  takes place and process of business follow ...

Q: Country A produces GDP according to the following equation: GDP = 5/K and has a capital stock of 9,2...

A: Introduction Country A produces its GDP according to the following equation = 5 K And the capital st...

Q: Assume that the demand for food is relatively inelastic and the demand for jewelry is relatively ela...

A: Answer: If the same tax is imposed on the goods having elastic and inelastic demand then the good wi...

Q: By selecting a bundle of good X and good Y where MRS = MRT, the consumer is saying A) "I value my ...

A: MRS & MRT The marginal rate of transformation (MRT) basically refers to how many units or quanti...

Q: Match the unemployment example to the correct unemployment type High School graduate looking for a j...

A: Frictional unemployment is natural unemployment when the worker either leaves as a job for a better ...

Q: A plant erected to manufacture socks has a first cost of 10,000,000 with an estimated salvage value ...

A: The periodic contribution can be calculated with the following formula   P = Depreciating amount x R...