Explain the difference between the following concepts: Cardinal and ordinal measures of utility Total and marginal utility

Q: Suppose you pay $25 to enter into a raffle with a $400 prize. If you have a 5% chance of winning,…

A: The expected value is a statistical term that denotes the typical outcome of a chance event after…

Q: Assume that the following data describe the condition of the banking system: Total reserves…

A: Bank lends the excess reserve to the general public.  The excess reserve is the total reserve minus…

Q: What is the homogeneous-good duopoly Cournot equilibrium if the market demand function is and each…

A: The profit is maximized where the marginal revenue is equal to the marginal cost.  Marginal cost is…

Q: Economists examined many indicators in order to determine the standard of living of citizens within…

A: Some of the indicators are: 1. (HDI)Human Development Index: it is a composite metric that considers…

Q: chemical engineer wishes to set up a special fund by making a uniform annual deposits for 20 years.…

A: An annuity provides a fixed stream of payments to an individual over a specified period. It is…

Q: Last week Sara’s income was $12 a week. The price of popcorn was $3 a bag, and the price of a…

A: Real income is the income of consumer measured in terms of any good.  Opportunity cost shows the…

Q: Q 0 1 2 3 4 5 6 7 8 9 10 11 TC $48 73 94 114 130 148 168 189 216 246 278 320 FC 1 VC AFC n/a AVC n/a…

A: Cost is the total expenditures incurred by a firm when utilizing economic resources during…

Q: In an idealized (this should be "perfect" instead) market, the price, p, at which a commodity sells…

A: Marginal profit is the additional profit generated by producing one more unit of good or service. It…

Q: ke's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one…

A: Given information: Ike Bikes is a manufacturer of bikes, currently producing bikes in its only one…

Q: What is the exact change in Jackie's consumer surplus A B7 How large is area 87 In this example,…

A: In this case, we have to discuss the uncompensated demand. Uncompensated demand is known as…

Q: 1. Why is the aggregate demand curve downward sloping?

A: Since you have posted multiple questions, we will provide the solution only to the first question as…

Q: Joe, who has no skills, no job experience, and no alternative job, runs a shoeshine stand. Other…

A: Opportunity cost refers to the benefits or value that a person or business must give up in order to…

Q: escribe the circular flow of income and discuss why GDP can be computed using either income or…

A: Macroeconomics refers to the branch of economics that deals with the performance, structure,…

Q: Describe the major income components of GDP.

A: The income approach is one of the methods used to measure Gross Domestic Product (GDP), which is the…

Q: Write down an exchange economy model with two individuals and two goods, in which there is no…

A: The exchange economy model with two individuals and two goods can be represented as follows: There…

Q: What is the shape of the AFC curve and why does it have this shape?

A: Average fixed cost (AFC) is a per-unit cost that a company incurs in producing its output. It is…

Q: Question #1: A lot of media regulation is geared towards areas such as content (protecting…

A: The study of how economic ideas and principles relate to the media sector is known as media…

Q: Fowle Marketing Research, Inc., bases charges to a clieht on the assumption that telephone surveys…

A: In statistical hypothesis testing, the null hypothesis is the hypothesis that is initially assumed…

Q: Compare and contrast Germany and the Unites States, in terms of Monetary policies in the…

A: Germany and the US have both maintained accommodating monetary policies to promote economic growth…

Q: Assume the following data describe the condition of the banking system. What would the following…

A: The required reserve ratio (RRR) refers to the proportion of deposits that banks are legally…

Q: Based on the graph, a decrease in ________ could cause the economy to move from Point A to Point B.…

A: Aggregate demand is the sum of consumption, investment, government spending and net export.  So,  AD…

Q: 21/1/21 times greater than John's. John's and Dennis' hourly wages added together total $30.99 an…

A: A worker's or employee's wage is the sum of money they are paid in return for their labor or other…

Q: The population is 2000 people with 700 people being unemployed. 10 stricturally unemployed, 200…

A: Unemployment refers to a state where an individual is actively seeking work but is unable to find…

Q: determine the purchasing power of their currency for a consumer good that they would buy from their…

A: To determine the purchasing power of a currency for a consumer good that a country would buy from…

Q: The maximum output that can be produced for a given amount of input is called a: A. discrete…

A: The maximum output refers to the highest level of output that can be achieved with a given amount of…

Q: give a suppl fuction s(q)=q^(2)+2q and demand function D(q)=1672-4q where q reprsents the quantty of…

A: Demand Function : D(q) : P=1672-4q Supply Function : S(q) : P=q2+2q   Equilibrium is a market state…

Q: What is a spending plan? Importance of spending plan?

A: Spending refers to the act of using money or other resources to acquire goods or services. It is an…

Q: Basel Accord- Risk-weighted assets and risk-based capital requirements Consider the balance sheet of…

A: The modern economy is heavily reliant on the banking industry. Banks accept consumer funds and lend…

Q: Colombia is the world’s biggest producer of roses. The global demand for roses increases and at the…

A: Introduction The value that may be obtained when exchanging one currency for another is referred to…

Q: Table 1 P 20 14 8 Qs 852 8 5 2 Qd 0 1 2

A: To calculate the producer surplus, we need to first find the market equilibrium price by looking at…

Q: 87. Revenue. (A) Using the price-demand function p(x) = 75 - 3x 1 ≤ x ≤ 20 from Problem 85, write…

A: The set of numbers for which a function produces an output is said to be its domain. In other words,…

Q: Game theory is designed to study situations in which each agent's decisions are:…

A: Game theory is a branch of mathematics that deals with the study of strategic interactions among two…

Q: Consider the Economist article: "Wild Horses" April 20th 2011…

A: An economic challenge is a circumstance or problem that prevents an economy from operating,…

Q: A 130,000-square-foot building is to be constructed on a university campus. You just received two…

A: Given, Building Area = 130,000 square foot.

Q: Trade liberalization

A: a. The opposite of protectionism. Trade liberalization refers to the process of reducing or…

Q: The following graph shows the short-run average total cost curves and the long-run average total…

A: The short-run average total cost (SRATC) curve illustrates the average cost of producing each…

Q: Consider a consumer who has the following preferences over two goods, X and Y: they are willing to…

A: An indifference curve is a graphical representation used in economics to show the combinations of…

Q: The supply curve for a perfectly competitive firm is its marginal cost curve as the firm should…

A: Introduction All firms would offer similar goods in a market with perfect competition, there would…

Q: Charles has decided to open a lawn mowing company. To do so, he purchases mowing equipment for…

A: The monetary value of the goods and services that producers and consumers acquire is typically…

Q: Determine the returns to scale for the following production functions: 3 1 g (K, L) = 20+ KĀLĀ (1) Q…

A: Returns to scale shows us how the output is changing (rising/falling/remaining constant) when the…

Q: This week Sara’s income falls from $12 to $9 a week, while the price of popcorn is unchanged at $3 a…

A: The premise behind consumer choice is that customers would make reasonable selections to meet their…

Q: Global economy is facing lots of uncertainties due to the pandemic and the recent war. Pick one…

A: pandemic and war makes the global economy downwards because these two factors can stopped the work…

Q: Colombia is the world’s biggest producer of roses. The global demand for roses increases and at the…

A: A central bank is a type of financial organization that controls a nation's interest rates, currency…

Q: Contrast similarities and differences between the two classification for goods and services

A: A market is a place or environment where buyers and sellers come together to exchange goods and…

Q: anks in New Transylvania have a desired reserve ratio of 10 percent of deposits and no excess…

A: The financial services sector known as banking includes organizations that take deposits, lend…

Q: Represent a subsistence economy in a Solow-Swan model. Subsistence: Consumers need a minimum amount…

A: Solow Swan model represents the steady state level of output, investment and capital per worker. As…

Q: A study of the costs of electricity generation for a sample of 56 British firms in 1946-1947 yielded…

A: Total Cost consists of both fixed cost and variable cost. Fixed Cost will remain constant at all…

Q: What is the significance when it comes to 3rd party payor to show it's efficient function of a…

A: Healthcare cost control refers to the methods used by third-party payers, such as insurance…

Q: A group of college friends decide to start their own bank, LSU Community Bank, in rural…

A: A banking procedure is a collection of institutions that gives us financial services. These…

Q: Can you write an Introduction on the above

A: The underlying principles and components that guide how an economy functions are known as economic…