Q: 4. Complete the missing entries in the following table. Labor 1 2 3 4 5 Total Product 15 40 55 70…
A: Here, ATC = average total cost AFC = average fixed cost AVC = average variable cost TC = total…
Q: The aggregate production function is Y = 2KL. There are 36 units of capital and 25 units of labor.…
A: Y = 2KL K = 36 L = 25
Q: The demand for a given good will decrease when the price of its substitute and the demand for a…
A: Definition of the substitute goods: Two goods x and y are said to be substitute goods if the demand…
Q: a.What was the Harvester Judgement? What was it about? b.What created the circumstances that led to…
A: a. The Harvester Judgement was a decision made by the High Court of Australia in 1912. The case was…
Q: Suppose there are three polluting sources with MAC1 = 100 - 4E, MAC2 = 80 - 2E and MAC3 = 60 -…
A: Three polluting sources are following: MAC1 = 100 - 4E MAC2 = 80 - 2E MAC3 = 60 - 0.5E…
Q: The aggregate production function is Y = 2KL. There are 36 units of capital and 25 units of labor.…
A: Given information: Y = 2KL Where Y is the aggregate output K is capital L is labor…
Q: Dan is considering borrowing $500,000 to purchase a new condo. Based on that information, answer the…
A: A loan that is amortized requires the borrower to make regular payments that are applied to the…
Q: Describe rent control in the long run. (Cons of it).
A: Rent control is a government program that limits rental rates in a city or state. Rent control laws…
Q: Give examples of the factors that shifts the Aggregate Supply Curve.
A: Aggregate supply refers to total supply of all the goods and services in an economy during the given…
Q: Suppose the present value of a series of payments is equal to R84 398 and the (constant) nominal…
A: An annuity refers to the series of payments made at regular intervals. The present value of an…
Q: There are a variety of taxes that a person pays when buying an airline ticket. One tax is called the…
A: Passengers no doubt pay an array of taxes and as mentioned one such is the LUST taxes. When…
Q: Calculate the income taxes that a person has to pay considering the table below- (a) If a person's…
A: Taxable income is the base income upon which tax is levied. It includes some or all items of income…
Q: Suppose the government wants to reduce the total pollution emitted by three local firms. Currently,…
A:
Q: Your firm is thinking about investing $250,000 in the overhaul of a manufacturing cell in a lean…
A:
Q: Interpret the change you drew on the previous graph by filling in the blanks in the following…
A: in long run economy is at full employment level where LRAS=SRAS=AD. full employment is the phase…
Q: What are the expenditure changes police’s that are used to cure unemployment when a nation faces…
A: Expenditure policies are those that, by controlling aggregate demand, change the level of economic…
Q: How can these economic indicators that are affected by the government's fiscal policy, monetary and…
A: The nominal fixed investment is autonomous i.e., it does not depend on any of the endogenous…
Q: The table below uses data for the year 2003 provided by the Bureau of Labor Statistics and adjusted…
A: The labour force participation rates is calculated as the labour force divided by the total…
Q: If the value of the price elasticity of demand is 0.2, this means that: Group of answer choices a…
A: Microeconomics refers to the study of individuals, households, and firms' behavior in…
Q: On the following graph, show the effect of a contractionary OMO on the market for loanable funds. ?…
A: Supply and demand are two important factors governing the buying and selling of goods. They allude…
Q: Show how the concept of focal points can lead us towards unique outcomes in games where multiple…
A: Game theory is a concept that uses statistical and mathematical tools and techniques for analyzing…
Q: Identify and justify two SDGs that support / complement SDG 11 inpromoting an inclusive community /…
A: SDG 16: Peace, Justice and Strong institutions For an inclusive society where children, women and…
Q: What are the factors one should consider when deciding which cities and which parts of the city to…
A: Walmart is about to expand its InHome delivery to LA. In order to decide about the availability of…
Q: Abdul’s utility function is given by U A 5 M A 2 y M B , where M A is Abdul’s wealth level and M B…
A: Consider that; MA is the A's wealth level, and MB is the B's wealth level Initially, MA=MB=10.…
Q: For the given cost function C(x) = 78400 + 200x + x², First, find the average cost function. Use it…
A: Average cost is the per unit cost of production Average cost = C/Q Where C is the total cost Q is…
Q: Mike and Tom debone chicken breasts for Ted's Chicken Co. Mike is new and can only debone 30 chicken…
A: Labor productivity shows the efficiency. Higher labor productivity means higher efficiency. Hourly…
Q: Suppose a domestic market in a country is perfectly competitive. The domestic market is small and…
A: There is perfect competition in a market where all firms offer the same items, market share has no…
Q: Bubba's Burgers sells hamburgers in a perfectly competitive market at a price of $1.50 each. At the…
A: Under perfect competition, an individual seller is a price taker. As a result, the individual demand…
Q: Given the information in essay question (2). Assume that planned investment increases by 50,…
A: Here, consumption function is given as: C=400+0.75Y Where, a is 400 and MPC is 0.75 And, planned…
Q: By definition: a substitute is a good that: Select one: O a. has same likeness as another good O b.…
A: In a market, two or more goods are related to each other directly or indirectly when the change in…
Q: Question 2 Full explain this question and text typing work only
A: we have given the 3 different types of production function, where each is the function of labor and…
Q: un equilibrium, a monopolistically competitive producer achi
A: monopolistically competitive market, the sellers sell differentiated produces which are close…
Q: (c) What is the interest rate when the supply of central bank money increases by $200? (d) Suppose…
A: The demand for and supply of money in the market are impacted by monetary policy. Individual…
Q: Marcel leases a garage. He must pay $500 every week for his lease regardless of how many cars he…
A: Total cost is the sum of total fixed cost and total variable cost. TVC = TC - TFC TC = TFC + TVC…
Q: The Pyro Corporation has outstanding twenty thousand shares of common stock, of which nineteen…
A: Introduction A corporation is a legal entity that is separate and distinct from its owners.A…
Q: In the long run, when the Fed increases the quantity of money, the O demand for money decreases. O…
A: The quantity theory of money usually states that the amount of money that is in economy's…
Q: Product differentiation is important for firms and consumers in monopolistic competitive markets…
A: Product differentiation is the feature or features that make your goods or service stand out to your…
Q: The United States is one of the world’s wealthiest countries. Think of a recent case in which the…
A: We show that Any choice to allocate resources and government spending has both good and bad…
Q: 8. Figure below shows the Percentage of Total National Income Spent on Health Care in the United…
A: A value of a variable as a percentage of the value of the other variable is given as: = (value…
Q: Bob the Builder is currently producing 20 bookshelves at à total cost of $2,000. His average…
A: The fixed cost is constant regardless of price and quantity e.g. rent. It is also known as indirect…
Q: Describe the steps you will take to create your financial plan and budget
A: We show the The first step is to define and agree on your financial goals and objectives. A…
Q: The chart below gives a firm's total cost of producing different levels of output. The profit…
A: For profit maximization, in a competitive firm the marginal cost should be equal to the marginal…
Q: Quiz 6 Practice Problems Question 1: The production function is given by Y = 2 Sqrt(L) + 2 Sqrt (K)…
A: Production function : Y = 2(L)0.5 + 2(K)0.5 K = 4 Output price is p . Price of Labor = wl Price of…
Q: Other things remaining the same, the law of demand implies that: Select one: O a. as the price of a…
A: The demand curve depicts the inverse relationship between price and quantity demanded, by keeping…
Q: A young Thomas Edison makes 20 light bulbs a week in his dorm room. The parts for each light bulb…
A: The selling price = 5.25 Costs per unit = 2.25 No. of units =20
Q: Suppose it is “All You Can Eat” Night at your favorite restaurant. Once you’ve paid $69.95 for your…
A: Utility refers to the satisfaction attained from the consumption of goods. The aim of the consumer…
Q: Explain how price elasticity of consumers in their 40’s would matter to marketing managers for two…
A: The age of consumers is one of those exogenous factors that explain variations in demand for any…
Q: A consumer’s utility only depends on the consumption of goods A and B according to the following…
A: Budget constraint: given the price of 2 goods and consumer’s income. The budget constraint shows…
Q: How will commercial airlines respond to the threat of new $27,500 fines for keeping passengers on…
A: The term shortcoming is a market failure condition in which the unreservedly intersecting market…
Q: B1) Country A has 10 million workers and Country B has 20 million workers. Each worker in Country A…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
how the concept of diminimishing matginal ulitily leads to folks allocating their income to a varied market basket of goods?
Step by step
Solved in 2 steps
- Illustrate the Law of Equi-marginal roles in terms of total utility andmarginal utility.Use the graph below to answer the following question: Which point would give this individual the most utility, while still being affordable? tacos vs chicken fingers Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.Compare and contrast Jevon’s and Gossen’s view of the equimarginal rule for maximizing consumer utility. Which approach best captures the current state of knowledge in microeconomic theory? Why?
- How would universal basic income affect consumer optimum?Focus on the maxims of Quantity, Relation, and Manner. Which maxim(s) is/are flouted whensomeone retweets, and how does flouting the maxim(s) cause viewers to assume an impliedmeaning that a retweet signals agreement with the message in the retweet?The government wants to make medicare benefits available to more people, but to achieve this goal, it needs to make cuts in the existing medicare budget. The two areas where they are considering cuts are non-essential elective surgery and 6-12 month mental health care programs. Applying the concept of diminishing marginal utility, the budget cuts should be made for spending on: a. neither can be compared by measuring marginal utility. b. mental health therapy due to its higher marginal return rate. c. elective surgery due to its lower marginal return rate. d. both programs, which have the same marginal return rate.
- Why tY not substituted for T?Assuming that seafood is your favorite food. Would the law of diminishingmarginal utility apply to your consumption of seafood?Elisha is starting a tuxedo rental business and plans to charge $80 for the first day plus an extra $30 for each day beyond the first day. Create an equation for the income Elisha will receive where I stands for total income and D is the amount of extra days.
- show graphically the equilibrium of a Muslim consumer.David gets $3 per week as an allowance to spend any way he pleases.Since he likes only peanut butter and jelly sandwiches, he spends the entireamount on peanut butter (at $0.05 per ounce) and jelly (at $0.1 per ounce).Bread is provided free of charge by a concerned neighbor. David is a picky eaterand makes his sandwiches with exactly 1 ounce of jelly and 2 ounces of peanutbutter. He is set in his ways and will never change these proportions.a) How much peanut and jelly will David buy with his $3 allowance perweek?b) Suppose the price of jelly increases to $0.15 per ounce. How much of eachcommodity would be bought?c) By how much should David’s allowance be increased to compensate forthe rise in the price of jelly in part b?d) Graph your results of part a through part c.1e) In what sense does this problem involve only a single commodity? Graphthe demand curve for this single commodity.f) Discuss the results of this problem in terms of the income and substitutioneffects involved in the…What do you mean by the inverse relationship between the quantity demanded for acommodity and its price. How would you explain, that a fall in the price of Matchboxdoes not make a consumer buy more of it? Please answer it in 30 min if possible