Q: The figure shows the graphs of the cost and revenue functions for a company that manufactures and…
A: Break-even is the point where the firm earns zero profit. This means Total Revenue equals the Total…
Q: 50 II 40 30 IV 20 10 10 20 30 40 50 Number of Turkeys Number of Chickens
A: Opportunity cost refers to the cost associated with the trade-off between two goods or services when…
Q: QUESTION THREE 3.1 Discuss two (2) cases of price elasticity of demand. Use diagrams to motivate…
A: The measure that depicts percentage change in quantity being demanded with respect to change in…
Q: Economics
A: Positive demand shock means the demand curve shifts rightward such that the demand increases then…
Q: Jeremy has $30 in his pocket. He would like to take his friend to a movie. The movie would cost $20…
A: Given; Total amount of money he had= $30 Movie cost for both he and his friend= $20 Price of shirt=…
Q: 2 movies that shows utilitarianism in decision making
A: Utilitarianism: In this approach, the overall utility of the mass population tried to enhance by…
Q: A.1 Individuals in a market each have a total budget y to spend on two goods q1 and q2 at the prices…
A: Prices are such that individuals consume positive quantity of both the goods which means that…
Q: Consider an economy characterized by the AS and AD curves in the textbook. Moreover, you can assume…
A: Introduction We have considered an economy characterized by the AS and AD curves. Equation of AS…
Q: List the three reasons for why the aggregate-demand curve slopes downward. Explain Answer
A: At each price level, an aggregate demand curve depicts total spending on domestic goods and…
Q: Assume that nominal GDP is $2,800 billion and the real GDP is $2,000 billion. What is this economy's…
A: The GDP deflator refers to a weighted average of all final product and service prices created in the…
Q: Price Quantity Demanded Quantity Supplied $110 815 525 $125 620 $140 505 620 795 The above supply…
A: Price Q Demand Q Supply 110 815 525 125 620 620 140 505 795
Q: 7. What is the cost in real dollars today of spending $25,000 four years from now if your effective…
A: Inflation is the rate at which the worth of a money is falling and, therefore, the general degree of…
Q: Suppose an economy has 10,000 people who are not working but looking and available for work and…
A: Given:- Unemployed people(people who are not working)=10,000 People employed(or working)=90,000 To…
Q: There is a 20% tax on the first $15,000 of income, a 30% tax on income above $15,000 until $30,000,…
A: Given, 20% tax on the first $ 15000 of income , a 30% tax on income above $ 15000 until $ 30000 and…
Q: 1. XYZ corporation produced 350 units output and sold for a price of $80. The average cost of…
A: XYZ corporation produced 350 units output and sold for a price of $80. Average cost= $650
Q: Economists argue for free trade in import markets because importing goods decreases total surplus no…
A: The Economists argue for free trade in the import markets because the gains to the US consumers…
Q: The following is a total-product schedule for a resource. Assume that the quantities of other…
A: Total product is the total output produced using factots of production or resources. Labor, capital…
Q: What important ideas do you need to understand in order to understand the authors’ line of…
A: Three main global effects on such access are highlighted: international tourism, New Zealand's…
Q: How do you conduct a "DEPEST Analysis" for the macro-environment? Discuss your answer.
A: PESTEL analysis can be done in order to analyze the macro-environment. PESTEL can be elaborated as:…
Q: A firm faces the demand curve: P = 1,350 - 8Q. What is the firm's revenue maximizing price? Enter as…
A: Total revenue is the product of price and quantity.
Q: True or False? Adam Smith believed that his concept of an “invisible hand” guiding human behavior…
A: Adam Smith advocated the concept of free market with invisible hand, in contrast to Keynes who…
Q: As new firms enter a monopolistically competitive industry, the demand and marginal revenue curves…
A: A monopolistic competition is a market where firms sells the nearly identical goods and behaviour of…
Q: In a two-period model, an individual earns and consumes C1 in period 1 and only consumes C2 in…
A: Income in period 1 = $4500 Saving interest rate = 3.3% or 0.033 Consumes C1 in period 1 and only…
Q: Questions 2: Issue 2: 2.1. Does the behavior of Plesco about entering the US market and selling…
A: Property Right refers to the rights that the government or the law of a country bestows on the owner…
Q: Describe how a monopolist will select the profit-maximizing level of output and price. Use a graph…
A: Profit maximization is the point where the firm experience the highest revenues.
Q: 2. give two curvilinear equations of three sector economy: IS, where Y = 2000 – 5000r ISz di mana Y…
A:
Q: Which of the following statements is TRUE? A. When petroleum prices increase due to…
A: Option A: Not True Demand-pull inflation is caused by an increase in the aggregate demand in the…
Q: Year Avocado Sliced bread Refer to the above table. The table 2018 $5 $2 provides the prices for…
A: Since you have asked two unrelated questions, we will solve the first question for you. If you want…
Q: lon. On the day that both franchises opened for business, each owner was observed changing the price…
A: Q=120-5P Or, P=1/5(120-Q) Marginal cost =$3
Q: 7
A: The outcome of a situation of interactions between persons with competing interests is studied by…
Q: Awhl f mco MC P-ME-D f wh Piease refer to the above graph of a perfectly competitive fim's cost and…
A: Dear Student, as your question contains multiple sub-parts but we are allowed to attempt only…
Q: Monopoly Product: Daktronics Scoreboar For the given graph: • Shade the area for TR* on graph.…
A: Below is the curve showing the TR area in green colour.
Q: Consider the following graph of the market for chemical solvents, production of which damages a lake…
A: The external cost occurred during the economic activity by the firm, community or individual in…
Q: Suppose that if all countries acted collectively to reduce carbon emissions, the total benefits to…
A: Externality is the negative or positive spillover by the consumer or producer which affects the…
Q: 19 . 11. Excise Tax on Monopoly with Linear Demand and Constant MC A monopoly has the total cost…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Define and describe the major objectives of the WorldTrade Organization (WTO) and the international…
A: The flow of products, services, capital, and technology between countries is referred to as…
Q: Many people in the property and liability insurance industry complain about the “automobile…
A: The primary goal of purchasing insurance is to restore your financial well-being in the case of a…
Q: aggregate demand though monetary policy may have no effect on output if workers with
A:
Q: 1. A firm must decide between two silicon layer chip designs from Intel. Their effective income tax…
A:
Q: If the labor force of 160 million people is growing by 2.6 percent this year, how many new jobs have…
A: Given: The labor force is = 160 million Growing at a rate of = 2.6% To Find: The new jobs to be…
Q: An adverse weather condition can change the supply of a product.” It can be represented as a: a.…
A: Supply curve shows different combinations of quantity supplied and prices
Q: An engineering analysis by net present worth (NPW) is to be made for the purchase of two devices A…
A: Given; For firm A:- Cost= $600 Annual benefit= $100 Salvage value= $250 For firm B:- Cost= $700…
Q: QUESTION 5 When CPI is calculated, chicken breasts are given greater weight than pork chops if a.…
A: The consumer price index is the measure that portrays the basket value or weighted value of the…
Q: Which of the following statements is TRUE?
A: The value of spending multiplier is dependent on MPC and as well as MPS
Q: Grapes and bananas are perfect complements for Jane and Betty. Jane eats one grape per three…
A: *Answer: Complement Function Jane's utility function = min {20 Grapes, 10 Bananas} Betty's…
Q: 5) Two used car dealerships compete side by side on a main road. The first, Harry's Cars, always…
A: A warranty refers to a promise made by a vendor that a damaged product will be fixed or replaced…
Q: For a certain potential investment project, we have the following estimates: Capital investment I…
A: Given information Initial capital=$100000 Annual revenue=$30000 Annual expenses=$9000 Market…
Q: a) State and explain Arrow’s Impossibility Theorem and its implications for social choice.
A:
Q: The makers of Panax pain reliever do a lot of advertising and have very loyal customers. In…
A: According to the question, The makers of Panax pain reliever do a lot of advertising and have…
Q: Select the correct statement about the centipede game in our lecture. Group of answer choices The…
A: In game theory, the centipede game is an extensive-form game in which two players alternate taking…
Step by step
Solved in 2 steps
- Your grandmother likes old-fashioned yard salesand doesn’t understand why everyone is so excitedabout eBay. Explain to her why the creation of amarket that enables people who don’t live in thesame town to buy and sell used goods increasestotal surplus over the yard-sale market.Adam Smith’s “invisible hand” refers toa. the subtle and often hidden methods thatbusinesses use to profit at consumers’ expense.b. the ability of free markets to reach desirableoutcomes, despite the self-interest of marketparticipants.c. the ability of government regulation to benefitconsumers even if the consumers are unaware ofthe regulations.d. the way in which producers or consumers inunregulated markets impose costs on innocentbystanders.Which of the following are public goods? a. Air bags b. Pencils c. Cycle helmets d. City streetlights e. Contact lenses
- Name two types of market failure. Explain why eachmay cause market outcomes to be inefficient.What is the efficient outcome in this market? Equivalently, which types of bikes should changetheir owners to maximise the social welfare?Graph the following data on social and market demand: Im pretty sure I have the graph correct but I am unsure how to find the anwsers to the questions. Price ($) 20 18 16 14 12 10 Market quantity demanded (units per month) 10 20 30 40 50 60 Social quantity demanded (units per month) 20 30 40 50 60 70 Does this product have external benefits or external costs? How large ($) is that externality
- how does Socio-economic Factors Affect Investors and Suppliers explain each briefly.The federal government decides to require that automobile manufacturers install new anti-pollution equipmentthat costs $2,000 per car. Under what conditions can carmakers pass almost all of this cost along to car buyers? Underwhat conditions can carmakers pass very little of this cost along to car buyers?Explain the causes of food shortages that lead tostarvation.
- Table 1Buyer Willingness To PayLori $50.00Audrey $30.00Zach $20.00Calvin $10.002. Refer to Table 1. If the price of the product is $15, then who would be willing to purchase theproduct?a. Lorib. Lori and Audreyc. Lori, Audrey, and Zachd. Lori, Audrey, Zach, and Calvin3. Refer to Table 1. If price of the product is $30, then the total consumer surplus isa. $-10.b. $-6.c. $20.d. $30.Livestock farmers frequently give antibiotics to their herds. The antibiotics create drug-resistant bacteria, making them less effective. This harms future users of antibiotics who will be using less-effective drugsA. What is the nature of the market failure? (3%)B. Explain whether livestock farmers are more likely to overuse or underuse antibiotics.Popular software can cost thousands of dollars even though the marginal cost of producinganother copy on CD or via download is near zero.What kind of good are these programs?
