Directions and Analysis Task 1: Economic Concepts Perform online or offline research to learn more about basic economic concepts and write short reports on each of the following topics: three basic questions answered by the economy key differences between needs and wants importance of the factors of production

Q: Assume that the government sets a binding price ceiling on the interest rate that banks charge on lo...

A: Introduction: The 'Bank Rate' is the single most important interest rate in the United Kingdom. It i...

Q: In GDP calculation, contrast the way durable consumption goods (e.g. a car) are treated relative to ...

A: Durable are defined as a category of those consumer goods which do not wear out quickly and last for...

Q: According to the Solow Swan model, an economy with a growing population will eventually have rate of...

A: The Solow Growth model analyzes the variation in output of an economy due to the variation in the gr...

Q: Consider thé fo II 3:2 4:-2 Y 1:3 2;0 I player

A: Given that player, II has two strategies that are strategy X and strategy Y. *player I has two strat...

Q: d. Government imposes costly new regulations to make oil drilling a safer job.

A: Labor demand and supply: The demand for labour exhibits an inverse relationship between wage rate an...

Q: when is the substitution effect greater than the income effect?

A: Income Effect is the change in the demand caused due to purchasing power of the consumer due to chan...

Q: What is the value of the unemployment rate in them most recent period on your graph?

A: Unemployment is an important concept in economics. It refers to the situation where an individual wh...

Q: 51. If rate of interest is 10%, the PV (present value) of Rs.100 received in 1 year's time is А. О 9...

A: Given a specific return rate, the present value of an investment is its future cash flow value today...

Q: Equipment maintenance costs for manufacturing explosion-proof pressure switches are projected to be ...

A: Assuming 1 year = 26 weeks i per week = 10%/ 26 = 0.3846153% per week Effective interest rate = (1 +...

Q: Normal profit is called normal because

A: To find:  Normal profit is called normal because

Q: Find  P(-1.35 < z < 1.35) a 0.8230     b 0.7990     c 0.7757     d 0.7531

A: Calculate value P(-1.35 &lt; z &lt; 1.35)

Q: Wihg graph shows the supply curve for a group of students looking to sell used DVD players. Each stu...

A: Producer surplus is the difference between what the seller expects to get and what he actually gets ...

Q: 38. The Critique of Political Economy, the first fruits of Karl Marx's long painstaking research at ...

A: Karl Marx founded Marxism, a socioeconomic, and governmental hypothesis that concentrates on the con...

Q: Answer all 3 for full credit: Economics is the "human" social science of production, goods and sevic...

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

Q: What is true about equilibrium in the market for loanable funds?   A.   Savings = gross domestic ...

A: Market equilibrium of any things whether goods Markets or money market or Loanable funds market the ...

Q: The supply of a commodity refers to

A: To find:  The supply of a commodity refers to 

Q: Mary's credit card situation is out of control because she cannot afford to make her monthly payment...

A: Card 1 interest computation: Interest = Principal×Interest % per month Interest =$4,500×21%/12 Inter...

Q: A consumer has utility function U(q1, q2) min{4q1, q2}. Find the consumer's (Marshallian) %3D demand...

A: Given  Utility function  U(q1,q2)=min{4q1,q2}       ... (1) Consumer income =y Price of good 1 =p1  ...

Q: 9

A: The production function is an equation that describes the relationship between the amount of produci...

Q: What role did MITI serve in Japanese economy

A: In the areas of investment in plant and equipment, pollution control, energy and power, some aspects...

Q: Explain the monetaey policy

A: Monetary policies are a set of measures that a country's central bank can use to encourage long-term...

Q: 3. The following relationships describe the imaginary economy of Nineland: Y = C+I(Income identity) ...

A:  

Q: Considering an economy with a total labour force of 151 million people, in which 144 million people ...

A: Given: Total labor force= 151 million Employed=144 million Searching for job=7 million Adult populat...

Q: Every factor of production gets rewarded equal to its

A: To find : What is factor of production get rewarded as. 

Q: 3. In which year, was the first volume of Das Capital by Karl Marx published? O 1848

A: To find : When was volume published. 

Q: Explain the concept of interest rates in terms of prime, money markets, repo and borrowing rates

A: Money market is the market i which trading of financial instruments having high liquidity take place...

Q: Roommates A and B are planning to buy public good that costs 190 per unit. Marginal benefits for roo...

A: Public goods can be consumed simultaneously by the many individuals. These goods are not rivals.

Q: Both Google and Amazon are major players in the smart home market, using their own internally develo...

A: First we calculate the profits of google and amazon and the represent the game in a tabular form. ...

Q: The blue curve on the following graph shows the tradeoff between security and tourism; that is, com ...

A: The PPF shows the possible attainable points by an economy. In this case the economy is already on t...

Q: If price changes by 1% and supply changes by 2%, then supply is

A: To find:  If price changes by 1% and supply changes by 2%, then supply is

Q: stand. Non-wage income in royalties from the corn baller are $40 a day. a. Find the MU, and MUc. b. ...

A:

Q: QUESTION 9 If total inflation over 18 years is 17.3%, what is the annual inflation rate? Write the a...

A: Inflation: It is the overall rise in the prices of goods and services/ rate of growth in prices.   T...

Q: Jse the following to answer questions 7-10: A monopolist faces demand Q = 50 - 0.5P and has total co...

A: In a monopoly, there is a single seller selling unique product. The firm has full control over the m...

Q: Which of the following is a true statement? a. In a bubble, the price of the asset is the expected p...

A: The value of a future stream of cash flows at a specified interest rate depicts the present value. V...

Q: Suppose an economy produces only burgers and bags of fries. In 2010, 4000 burgers are sold at $3 eac...

A: GDP is the value of final goods and services produced in the economy within a given period of time. ...

Q: The Texas Enterprise Fund (TEF) was an issue in the gubernatorial campaign in 2014 (Greg Abbott v. W...

A: 1 B an audit revealed that some $200 has been released from the TEF for the political reasons. Democ...

Q: 35. According to Keynes, interest is a payment for A. O Consumer's preference B. Producer's preferen...

A: To find : Interest is payment for. 

Q: 61. The average total cost pf producing 50 units is Rs.250 and total fixed cost is Rs.1000. What is ...

A: Total Fixed Cost =1000 Average Fixed Cost =Total Fixed CostOutput                                   ...

Q: The Cherry Blossom Festival is coming to Georgia. How will it affect the demand for pink ribbons and...

A: In economics, we know that there are various determinants of demand. Amongst them, the most pervasiv...

Q: economic factors thst affect healthy eating

A: Qd(quantity demanded) of a product depends on various factors such as P(own price), Y(income), Ps(pr...

Q: 55. Professor Knight is famous for his theory of

A: To find : Why is Professor Knight famous.

Q: Give the point of view of Joseph Schumpeter on economic development. Explain the pros and cons.

A: The policies and actions that are being implemented for bringing improvement in quality and well-bei...

Q: Economic rent can accrue to

A: To find:  Economic rent can accrue to

Q: :8. The Critique of Political Economy, the first fruits of Karl Marx's long painstaking research at ...

A: To find : When did critique of political and economy appeared. 

Q: . With which of the theories of wages, is the name of John Stuart Mill associated?

A: With which of the theories of wages, is the name of John Stuart Mill associated?

Q: What is the McWorld politics theory of Globalization? Including its advantage and disadvantage

A: McWorld is a word that refers to the globalization related proliferation of McDonald's restaurants, ...

Q: 9. The long run is a Period of three years or longer

A: To find : What is long run. 

Q: According to Keynes, interest is a payment for

A: To find : Interest is pay for? 

Q: Paolo enjoys consuming both soda and coffee. Each can of soda costs Ps = $1, and each cup of coffee ...

A: Consumer will maximise utility at a point where marginal rate of substitution is equal to the price ...

Q: Suppose GDP is Rs.8 trillion, taxes are Rs.1.6 trillion, private saving is Rs.0.5 trillion, and publ...

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a...