Describe some government intervention in the economy with the intent of controlling prices. Identify the parties who benefit and those who are or will be hurt by this intervention. What unintended consequences will likely or have occurred as a result of this intervention.

Q: The price elasticity of demand for gasoline is estimated to be -0.25. If the current price of…

A: Elasticity of demand = -0.25 Current Price = 2.50 If quantity decreases by 5% the price will change…

Q: Repeat Question 1 with the utility function u(x₁, x₂) = x₁x2. (a) Determine the (Walrasian) demand…

A: u(x1,x2) = x1x2

Q: The use of knowledge to improve productivity and enhance economic growth is known as Group of answer…

A: The process by which the economy's final commodities and services increase is known as economic…

Q: It is said that tariffs varied and are used based on economic situation and stance.  why is it used…

A: A tariff is a sort of expense required by a country on an imported decent at the boundary. Tariffs…

Q: PROBLEM 6. On a sum of P15,000 for 2 years, if the difference between compound interest and simple…

A: A quick and simple way to figure out interest on money is to use the simple interest technique,…

Q: Determine the F/P factor for 10 years if the interest rate is 2% per month compounded daily. Assume…

A: Here we will use the future value formula in case of compound interest, which is given as:  F =…

Q: McMillan Company manufactures electronic flow sensors that are designed as an alternative to…

A: Here we will use the present value formula for the ordinary annuity. Which is given as:  P = m *1 -…

Q: If labor productivity in a steel mine is 3.5 tons per worker, then 400 steel workers with a fixed…

A: Labor productivity means the production capacity of a group of workers at a specific time.

Q: 5. Henry Mueller Supply Co. sells tamperproof, normally open thermostats (i.e., thermostat closes as…

A: Future value is the value of a current asset at some point in the future based on an assumed rate of…

Q: Fill in the following cost table where cells have been left blank. In other words, use "Units of…

A: Profit is maximum where P = MC or MR = MC  Profit = Total revenue - Total cost.

Q: Prepare the scatter diagram and insert the trendline or line of best-fit. Use a scale of 2 cm to…

A: The regression line is at times called the "line of best fit" since the line fits best when drawn…

Q: Suppose the equilibrium price in the market is $60 and the malginal revenue associated with the…

A: Computing Elasticity Own price elasticity of demand represents the % change in quantity demanded to…

Q: 10. The graph below shows the AD-AS diagram for the US. vel 1200 1100 1000 900 800 700 AD

A: Here we are given the aggregate demand and aggregate supply curves of the US. Here these 2 curves…

Q: Daily demand for gasoline at a Gas Station is described by Q = 980 - 300p, where Q are gallons of…

A: Equilibrium is established where the demand and supply are equal. The change in the demand and…

Q: ompare and contrast the heterodox/MMT approach versus the Neoclassical/orthodox view of government…

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

Q: Find dy dx = x² +7. for y = √u and u= (Simplify your answer. Type an expression using x as the…

A: A derivative is a measure of how quickly one thing changes in relation to another. Derivatives are…

Q: 1. Based on the interest rates and cash flows shown in the cash flow diagram, determine the value of…

A: Solution- Given- Interest rate= 10% Future Value of cash flows:- = $150000 * (1.03) * (1.03) *…

Q: A consumer is observed making two choices. First, he faces prices p = (1,3) with wealth w = 8 but is…

A: Given,  1 Consumer,Two Choices:  Firstly : p=(1,3), wealth w = 8, Bundle chosen : x=(2, 2) Secondly…

Q: Describe the forces that drive family formation according to the neoclassical/Becker model of family…

A: Family Formation is defined as a process in which relationships are created between an individual…

Q: Draw figures that show your indifference curves for the following pairs of goods: ■ Right gloves and…

A: A graph of two products combined that provide the consumer with equal utility and satisfaction is…

Q: Will Stephanie have enough funds for her investment in stocks and bonds, when needed? What will be…

A: Introduction The long-term tool governments and businesses use to raise capital from investors is…

Q: he following equation was used to calculate the Net Present Value (P0) of a cash flow. Find the cash…

A: Given  NPV=-5000+1500P/A,i,5P/F,i,2-700P/G,i,3P/F,i,4+450(P/F,i,2) We know that (P/A,i,n) denotes…

Q: what are the differences in debt sustainability under the heterodox/MMT and Neoclassical/orthodox…

A: The investigation and research of economic ideas seen to be outside of the mainstream or orthodox…

Q: The following income distribution data are for Lesotho: Quintile Percent Share Lowest 10% 2.2%…

A: Given information National income 1.69 Population Income Share Lowest 10% 2.20% Lowest 20%…

Q: Effect of Price on Supply of Eggs Suppose the wholesale price of a certain brand of medium-sized…

A: A measure of how responsively the quantity supplied is to changes in a specific commodity's price is…

Q: What is income inequality in economics. Define it with the help of example.

A: Income inequality basically refers to the uneven distribution of income among a population. The more…

Q: A consumer is observed making two choices. First, he faces prices p = (1,3) with wealth w = 8 but is…

A: Given,  1 Consumer,Two Choices:  Firstly : p=(1,3), wealth w = 8, Bundle chosen : x=(2, 2) Secondly…

Q: Timothy received $100 for his birthday. He wants to buy either a new skateboard or a new mp3 player…

A: Scarcity means that the resources available are less than the resources required. Resources here can…

Q: 1. In the circular flow of financial activity surplus budget units are net lenders of funds while…

A: The circular flow model illustrates how money circulates in an infinite cycle from producers to…

Q: Over the last decade prices in the US for insulin has more than tripled , and is more than ten times…

A: In economics, market structure illustrates how businesses are categorised and differentiated…

Q: Answer the question using 3 step approach 8. What happens to the domestic market when the…

A: Importation of goods implies purchase of goods from the producer of other countries than home…

Q: Question 29 E G H What kind of externality is depicted above? a. Positive Production Externality b.…

A: Externality is the spillover effect of consumption or production on third party.

Q: Question 40 Suppose the elasticity of demand for watches is -0.60. If the price rises by 12% how…

A: given that, elasticity of demand = 0.60 percentage change by price is 12% we have to find quantity…

Q: Fiscal drag is where Select one: a.there is a lag in government spending having any effect.…

A: The term fiscal is used to explain the government action or intervention in the market using its…

Q: Using the concepts of functioning’s and capabilities, explain why income (GDP per capita) is not a…

A: Gross Domestic Product (GDP) per capita depicts  a country's GDP divided by its total population.

Q: a. Referring to the above data, discuss whether gasoline cars and electricity are substitutes or…

A: Since you have posted a question with multiple sub parts, we will solve first three subparts for…

Q: For a population of 1000 items, μ = 50 and o= 10. What is the mean and standard error of the…

A: Introduction Mean is the average value of a given data set. Standard deviation is a measure that…

Q: explain why pink tax meets the conditions for price discrimination.

A: Price discrimination is a marketing tactic employed by monopoly businesses in which they charge…

Q: How much money would you have to deposit for 5 consecutive months starting 2 years from now if you…

A: Here we will use the formula for present value of deferred annuity due.

Q: What is efficiency in economics?

A: Economics refers the transactions of various products goods and their services, thus these goods and…

Q: ns. 35

A:

Q: Year (Base year) 1850 2190 2380 2021 2560 Q.3.2.1 Use the information in Table 3-2 to measure the…

A: CPI (Consumer Price Index) informs on the change in the prices of a basket of items and services…

Q: Question 3 These questions require application of economic theory. Answer ALL the questions. Q.3.1…

A: The statement of a commerce between a domestic and foreign countries is referred to as the balance…

Q: Hi, the diagram in scenario 2 is the same?

A: The both graphs as well as the scenarios are the same in the previous given answer, but according to…

Q: In theory, a greater number of poor and developing countries such as Ghana should be catching up…

A: Lack of resources to meet necessities like food, clothing, and shelter constitutes poverty. But…

Q: The concept of Diminishing/Decreasing Marginal Returns is one of the core economic principles, and…

A: When talking about diminishing or decreasing marginal returns, it can be said that it is an economic…

Q: Armando consumes two goods: grapes and wine. He can purchase both at the market and also possesses a…

A: The quantity that a customer requires of a certain commodity is determined by that good's price,…

Q: A decision-maker with initial wealth w faces a probability of incurring a loss. If the loss occurs,…

A: The propensity to shun risk is called risk aversion. The investor who favors capital preservation…

Q: If buyers expect the price of a good will be lower in the future, then? Group of answer choices…

A: The Equilibrium price is established where the demand and supply are equal.

Q: he aggregate production function is Y = 5KL. If there are 18 units of capital and 50 units of labor,…

A: The production function refers to the function that shows the relationship between the inputs used…