Fred gathered data on the price and quantity demanded of chocolate over the course of a week.  He found the price elasticity of demand for chocolate to be 0.3.  If fred gathered data over the course of a year, he would find the price elasticity of demand to be Response area 0.3. Is it Greater than, less than, or equal to

Q: In the short run, the profit maximization for a firm in a perfectly competitive market would

A: Marginal Revenue is the revenue earned by a firm from additional one unit sale of its product. MR =…

Q: question 1 Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour…

A: Countries construct a measure of GDP called real GDP that accounts for price level changes to…

Q: ENGINEERING ECONOMICS DISCOUNT A hardware store purchased a tool of 20,000 pesos per unit. At what…

A: Here, given information is: Cost of the tool: 20,000 pesos Discount provided on sales price: 15%…

Q: 5

A: Market Opportunity A sales-accepted inquiry who has been certified as needing your good or service…

Q: 1.1 Which represents the law of demand: a shift of the demand curve or a movement along the demand…

A: According to the law of demand, which is a cornerstone of economics, customers will demand fewer…

Q: Who are the mercantilists? What policies did they advocate and how did they expect these policies to…

A: Economic policies helps in building the economy of the country and improving it so that tha GDP of…

Q: Consider the following statements about interest rate risk assuming that banks have assets with…

A: If your interest rate is lowered, the total cost of your loan could go down as a result. There is…

Q: Babs sees an e-book reader on the porch of Coco’s house, takes the reader to her home, and tells…

A: Babs stole goods from someone with the intention of keeping it forever and not returning it. By…

Q: Rent controls force landlords to price apartments below the equilibrium price level. An immediate…

A: Price ceiling refers to a price that has been fixed below the market equilibrium price. In these…

Q: In Session 2 you explored a simple Closed Leontief Exchange Model with five in- terdependent…

A: An input-output model is given by  Leontief. This model refers that an economy is in equilibrium…

Q: The price of crayons has decreased and Shelly decides to buy fewer colored pencils.  Shelly's…

A: Two goods are considered substitutes in economics if they can both satisfy the same need. In the…

Q: Question 9 The table shows the output of bikes and skateboards for Luke and Han (the end points of…

A: Comparative advantage occurs where a country can produce a commodity at lower cost relative to other…

Q: Local party organizations O have more power than their western European counterparts. O are…

A: In electoral process the political parties are at the national, state, and local levels. Local…

Q: Consider an economy with the Cobb-Douglas production function: Y = 3K0.2L0.8 K = 140000; L=8000…

A: In the study of economics, production functions represents the relationship between the quantity of…

Q: 6. John consumes strawberries and cream together and in the fixed ratio of two boxes of strawberries…

A:

Q: 1- Discuss two reasons why discretionary fiscal policy (expansionary & contractionary) may be…

A: Fiscal policy In terms of government tax and spending decisions, fiscal policy is used. Fiscal…

Q: What are two criticisms in World Bank and two of its opportunities in the future?

A: Here, the two criticisms in World Bank are as following: By encouraging or compensating corrupt or…

Q: Subtraction of from Gross National Product yields Gross Domestic Product. O factor income to the…

A: The gross domestic product (GDP)refers to the total monetary value of all completed goods and…

Q: Please answer all subparts. ASAP

A: The production function exhibits the relationship between inout and the output. A country expriences…

Q: What is a characteristic of an unemployed person?   An unemployed person _______.

A: Employed person refers to a person who was working full-time, at least 20 hours per week, for one or…

Q: Explain why there is zero 'crowding out' in the IS-LM model with interest- setting monetary policy…

A: IS-LM model: It refers to the model under which the situations like depression. It helps in…

Q: e Bureau of Labor Statistics reports six alternative measures of the unemployment rate. A. U-3 is…

A: Unemployment rate is calculated by the government designated agency. The unemployment estimates are…

Q: Consider a market for books. Demand is given by QD=120-P. Supply is given by Qs=5P. The equilibrium…

A:

Q: A straight-line supply curve will be inelastic: a. if it intersects the price axis above 0 b.…

A: The price elasticity of supply is a metric used in economics to demonstrate how sensitive or elastic…

Q: Average Fixed Cost (AFC):

A: Fixed cost is a part of total cost which is there or fixed weather output produced is zero. fixed…

Q: Garber Furniture manufactures beds selling for $529 each. Variable costs per unit are $187 for…

A: The break even situation is reached where the Total Revenue and Total cost are equal. or TR -TC = 0

Q: Economics jj Consider the partial data set in the table represents online hours spent shopping by…

A: ID Income Age Online Hour 2201 57000 51 5 2202 57000 48 4 2203 54000 45 5 2204 17000 35 9…

Q: Scenario 5-2 Milk has an inelastic demand, and steak has an elastic demand. Suppose that a…

A: Decrease in the population of the dairy cow and beef cattle will result in the supply to decrease…

Q: Are liberalized institutions better for economic development

A: The processes that encourage free trade, deregulation, the removal of subsidies, price restrictions,…

Q: Breads 4 2 0 France c. 1.0 d. 1/2 e. 1/4 Table 1-Production Possibilities Cakes 0 4 8 c. 6/5 d. 5/6…

A: Hi, since you have asked multiple subparts, we would be answering the first three for you. To get…

Q: Consider each of the following deposit cash flow series. What will the final balance (future…

A: The future equivalent value of cash flows will be computed as the sum of the future value for all…

Q: Why is the unemployment rate never zero, even at full employment?   The unemployment rate is never…

A: The unemployment rate refers to the percentage of the working-age population that is part of the…

Q: how does an increase in population effect a countries GNI?

A: GDP stands for the finished products and services generated in an economy during a specific time…

Q: Consider the basic neoclassical model of labour market. Other things equal, a decrease in demand for…

A: In labor market, the wage rate is determined by the intersection of demand and supply of labor…

Q: Question 3 Which of these is among the principal determinants of economic growth? O the financial…

A: Economic growth can refers to an improvement in the inflation-adjusted market value for the economic…

Q: P. Terry's decides to drop the price of their lemonade from $4 to $3. The company sees that sales of…

A: Elasticity of demand measure responsiveness of change in demand in commodity with reference to…

Q: How will the government alter the demand for or supply of computer chips to solve the problem

A: The supply of computer chips may be increased if the government gave manufacturers of computer chips…

Q: 16. In the short run, the profit maximization for a firm in a perfectly competitive market would be:…

A: Perfect competition is the market where large numbers of buyers and seller exchange the homogenous…

Q: 10 theducation.com/ext/map/index.hen.con-condestemal browser-anchp253A%25 0 Gates for A Answer the…

A: Disposable income is the sum income stayed with the household or individual after subtraction of…

Q: How much must I invest today (September 21, 2022) to have P170,000 on January 4, 2024 at 2%…

A: Months between : 21 Sept 2022   To    4 Jan 2024  => 15 months 14 days  = 15.5 months approx…

Q: If you obtained a loan of P1.5Million at the rate of 12% per year interest rate to build a house,…

A: A loan means the money is lent by individuals or organizations.

Q: Marvin has a COBD-Douglas utility function, 0.5 U=q₁ 110.59₂0 his income is Y = $700, and initially…

A: Consumer surplus. compensating variation and equivalent variation are the measures of consumer…

Q: To maintain an asphalt road in Davao City, P5,000 will be required at the end of three years and…

A: Annual deposit  (A)=5000  The annuity starts at the end of 3rd year. rate of interest i=8% The…

Q: Price (S) 52 48 44 40 36 32 28 24 20 SI 10 20 30 40 50 60 70 80 Quantity 1. In Figure 4, a) Is $48 a…

A: When talking about price ceiling or price floor, it can be said that it is the price control by the…

Q: Lindsey plans to deposit her annual bonus into a savings account that pays 3% interest compounded…

A: Given  Initial deposit A1=$2500 Annual increment G=$1000 Rate of interest i=3%   The factors used to…

Q: How much do you have to deposit now (with a second deposit in the amount of $600 at the end of the…

A: Year Cash Flow 0 a 1 -600 2 250 3 250 4 250 5 500 6 500 r = 5%

Q: A one-year investment has quarterly returns of 2.0% in Q1, -15.6 % in Q2, 13.7% in Q3 and 9.1% in…

A: Here we will assume that the total investment is of $1 in the beginning of the year. Based on that…

Q: Five friends plan to establish a consulting firm after 5 years. The plan is for each to make…

A: Net present value or NPV can be defined as the capital budgeting tool that is used to make a…

Q: 19 In the US, where most private health insurance coverage is provided by employers, changing…

A: a) The insurer is aware that if the employee is not feeling well, he will have to pay a significant…

Q: How has globalization impacted the American economy? (Check all that apply)   the secondary sector…

A: When talking about globalization, it can be said that it is the economy term that is used to explain…