Give typing answer with explanation and conclusion Suppose when the price of ice cream is $2 there are 60 units sold and when the price falls to $1 there are 100 units sold. Calculate and fully interpret the price elasticity of demand.

Q: $500 400 300 200 100 $100 300 200 Real GDP 400 -C+lg 500 Refer to the diagram for a private closed…

A: A private closed economy refers to an economic system in which all economic activities occur within…

Q: In the market for a given good there are only 2 firms satisfying the demand, and their respective…

A: In Cournot model, firms’ production decision depends on its rival firms.

Q: Consider a simple macro model with a constant price level and demand determined output. The…

A: As given,

Q: Virtually all economists and policymakers agree that, within limits, higher employment is better. If…

A: Higher employment is better for individuals, communities, and the overall economy. It provides…

Q: 2. Which of the following countries has the lowest estimated size of the services sector as a…

A: A large group of economic activities that entail giving consumers or other firms access to…

Q: 3. You are the manager of a monopolistically competitive firm, and your demand and cost functions…

A: In monopolistic competitive market there are many firms producing differentiated goods.

Q: Can you explain As members of the Baby Boom generation approach advanced ages, their demand for…

A: The demand curve is a graphical representation of the relationship between the price of a product or…

Q: For Perfect competition markets, determine whether there is market supply curve or not. If yes, how…

A: Perfect competition market refers to the market conditions in which there are many sellers and…

Q: Question The following events shift either aggregated demand, aggregated supply, both or neither in…

A: Aggregate demand (AD) refers to the total amount of goods and services that households, businesses,…

Q: First, explain why the money demand curve is downward sloping. Second, explain what factor(s) will…

A: Money demand refers to the demand for holding cash in an economy. It has a negative relationship…

Q: Did the COVID-19 pandemic create new globalization opportunities for growth in your Caribbean…

A: The COVID-19 pandemic's arrival has altered the worldwide environment in ways that have never before…

Q: our Policy Brief needs to consider the impacts of the pandemic on economic inequality. To analyse…

A: The Gini coefficient is used to measure income or wealth inequality within a population. It…

Q: When externalities cause markets to be inefficient (x) government action is sometimes needed to…

A: Externalities occur when the production or consumption of a good or service creates costs or…

Q: A piece of production equipment is to be replaced immediately because it no longer meets quality…

A: Dear student, you have asked multiple questions in a single post. In such a case, as per Bartleby's…

Q: How many ice-cream will a consumer have,if ice-cream is available free of cost . Need diagram too

A: A consumer is an individual or organization that utilizes a commodity or service. In economics, a…

Q: Consider the market for ethanol in the United States depicted in the figure to the right. Assume the…

A: Consumer surplus is a concept in economics that measures the difference between what consumers are…

Q: Which of the following is a reason why firms in a perfectly competitive market have no influence…

A: Perfectly competitive market refers to the market where large numbers of buyers and sellers exist in…

Q: Consider a kettle firm A in a perfectly competitive market. Table 1 shows the quantity produced per…

A: A perfectly competitive firm is a price taker, which means the price in a competitive market is…

Q: 10. In the equation Y=C+I+G+ NX, a. Y represents the economy's total expenditure. b. C represents…

A: The term "economy" refers to the system that encompasses the production, distribution, and…

Q: Create a sale pitch for the Railroad in the 1800s. the presentation must be something that will hook…

A: Investment : The  act  of allocating money , resources , or time into a venture , project , or asset…

Q: c) Draw a payoff matrix using the results from a) and b) and determine the Nash equilibrium.

A: Nash equilibrium is a concept in game theory that describes a stable state in a strategic…

Q: G.i.v.e. .a. .d.e.t.a.i.l.e.d. .e.x.p.l.a.n.a.t.i.o.n. .a.b.o.u.t. .t.h.e. .s.a.i.d. .t.o.p.i.c.,.…

A: A central bank is an establishment that deals with a country's monetary policy. It is answerable for…

Q: Monetary Policy is one the important drivers in growth & development of an economy. Illustrate at…

A: Monetary policy refers to the actions and measures undertaken by the central bank or monetary…

Q: Suppose Amber and Jade can spend their days making croissants or writing poems. Their output per…

A: A circumstance where both parties to an exchange acquire value and profit from the transaction is…

Q: James has a mortgage of $88,500 at 8% for 30 years. The property taxes are $3,700 per year, and the…

A: Hazard insurance, also known as property insurance, is a type of coverage that protects against…

Q: How much does the production of a kayak add to GDP if the shell costs $250, the paint costs $20, the…

A: The term gross domestic product refers to the situation under which the overall flow of products…

Q: Consumer utility function= U=X^2Y^3. and faces constraint, Income=200, Px=$2 Py=$3. The consumer's…

A: The utility function is given by U(x, y) = x2 y3 Px = Price of good X ; Px =…

Q: our responses using rounded to two decimal places) urs where q₁ equals and q₂ equals. q2 of $

A: We have, A market demand is given = 120-Q MC1 = $30,  MC2 = $60 NOTE =  The producers supply output…

Q: What is the amount of the quarterly deposits A such that you will be able to withdraw the amounts…

A: Given that, Annual interest rate = 7% Quarterly interest rate = 7%/4 = 1.75% Number of quarterly…

Q: In 2017, Philadelphia launched a sweetened beverage tax of 1.5 cents per ounce, raising the cost of…

A: When an intervention is chosen based on a predetermined threshold or cutoff point, the regression…

Q: Please no written by hand Which of the following arguments favour the convergence theory? (Select…

A: Convergence theory is a theory in economics that expresses that as nations develop, they will…

Q: (a) Represent the US economy in a three-equation model. (b) Explain how the fiscal stimulus affect…

A: Representing the US economy on the basis of three equations:- 1. The IS (investment–saving) curve…

Q: A mixed economy combines the best parts of which other types of political economy?

A: In this question, we are discussing the concept of a mixed economy and identifying the other types…

Q: Which of the following statements regarding the Gini coefficient are correct? A. It is the measure…

A: The question asks about the correctness of several statements regarding the Gini coefficient. The…

Q: A way to equate marginal social cost and marginal private cost to eliminate externalities would be

A: Marginal Social Cost (MSC)  refers to the additional cost imposed on society as a whole when an…

Q: 1. Celia chooses how much care, z € [0, 1], to take in programming her robot. This effort costs her…

A: When Celia chooses X level of effortIf no accidentPay off of Celia=V-(X2/2)Pay off of Peter=0 Pay…

Q: Fiscal Deficits and government debts of developing countries/Solomon Islands?

A: Fiscal deficit is the difference between government spending and government revenue. A fiscal…

Q: Explain the difference between (1) the demand for domestic goods and (2) the domestic demand for…

A: Demand refers to the desire of a consumer for a commodity they are able to afford in accordance with…

Q: The essence of the law of diminishing returns is that the marginal product of a variable input will…

A: The law of diminishing returns states that when all or part of the other inputs are fixed, the…

Q: 3) Amazon and Target both sell the new Xbox, and have a choice whether to charge a high price or a…

A: A Dominant strategy is the strategy that yields higher payoff and the strategy doesn't change with…

Q: 3. Explain the policy tools necessary for accelerated growth.

A: Economic growth refers to the increase in the production and consumption of goods and services in an…

Q: Economics  An cement making monopolist with a marginal cost curve of MC=Q was originally faced with…

A: Demand shift: it refers to a change in the entire demand curve for a product or service, resulting…

Q: What are the four phases of the business cycle? Which phase are we in now? When do you think the…

A: It's important to point out that the knowledge of the business cycle has intensified throughout the…

Q: downstream from the factory. Producing an additional ton of bolts imposes a constant marginal…

A: Negative externalities refer to the costs or harmful effects that are imposed on third parties who…

Q: Starting from long-run equilibrium, use the basic aggregate demand and aggregate supply diagram to…

A: The aggregate demand refers to the total demand for all finished goods and services produced in an…

Q: A company imports a product from China with a cost of $50 per unit. The product is imported with an…

A: Tariff refers to a tax or duty imposed by a government on imported goods, typically with the aim of…

Q: There are two goods A and B. In which of the following cases will good A have the more price elastic…

A: In this scenario, we are examining the price elasticity of supply for goods A and B. Price…

Q: Which one of the followings is NOT a correct statement about the future of the healthcare reform in…

A: Health economics is the study of broader health characteristics as well as the economic consequences…

Q: Basic Macroeconomic Model of General Equilibrium under Perfect Competition: Household faces decision…

A: Utility function : U = log (C) + Xlog (1-Lh)Constraint : C = wLh + rKh Profit function : Y - wLf  -…