In an axes, sketch the market demand curve for education and sketch the market supply curve on the same set of axes. Assume that household 1 and household 2 has the following demands for education(a private good) (in units of load per year).Household 1Household 2P (Php)36,00045,00060,000Qd (units per yr)P (Php)36,00045,00060,000Qd607042245836 Assume that the supply for education (representing all private suppliers ofeducation) indicates the following:Qs80P30,00038,00045,00050,00060,00092100110124

Market Demand is the sum of individual Demand. So we have, Price Market Demand 36000 130…

Answered: In an axes, sketch the market demand…

Business

Economics

In an axes, sketch the market demand curve for education and sketch the market supply curve on the same set of axes.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter17: Long-term Investment Analysis

Section: Chapter Questions

Problem 3.2CE: Why has coal dominated as a fuel source for 24/7/365 electricity generation for so many decades?

See similar textbooks

Related questions

Q: Grinding mills A and B are being considered for a 12-year service in a chemical plant. The minimum a...

A: Given Initial cost of mill B: (P)= $14,400 Salvage value (F)=$2700 Annual operating cost =$1200 Annu...

Q: What are the merits/advantages and the demirits/disadvantages/limitations of law of diminishing retu...

Q: A central bank creates money by... O a. Selling government T-bills to the commercial banks. O b. Inc...

A: The Central Bank can affect the money supply by buying or selling government securities and bonds th...

Q: All Numbers are in S Billion Output Consumption Income Spending Net Taxes 100 Investment Government ...

A: In an economy, unplanned inventory refers to the amount of output gap between the actual output and ...

Q: 2. Imports and Exports Now we allow for international trade. Use the following information from prob...

A: Given C=400+89DI ... (1) I=300 G=800 T=0.5Y X=300 M=19×Y .... (2)

Q: Please show in two side by side graphs the connection between the multiplier and the AE curve (aggre...

A: Aggregate expenditure is teh total demand or summation of consumption , investment , government spen...

Q: In the long run, monetary policy has an effect on... O a. All real economic variables. O b. The pric...

A: Monetary policy is the management of the quantity of money available in an economy as well as the ch...

Q: Ceteris paribus, if real GDP falls, there will be... O a. A decrease in transactions demand for mone...

A: The measure that depicts the value of goods and services being produced in an economy during a given...

Q: Consider the Swan-Solow model of economic growth. [Hint: Question (e) below goes beyond the subject...

A: The Solow–Swan model, sometimes known as the exogenous growth model, is a long-run economic growth m...

Q: Assume that it costs a company approximately C(x) = 400,000 + 180x + 0.001x2 dollars to manufacture ...

A: Answer: Given, Cost function: Cx=400,000+180x+0.001x2 (a). To find the marginal cost function let us...

Q: (a) State on thing that would cause market supply to increase (cause the supply curve to shift to th...

Q: Derive and extensively discuss the equi-marginal principle. a. Two commodity case b. Three commodity...

A: Now suppose that there are two commodities that are x and y, the price of x is Px, and the price of ...

Q: True or False a: Medicad and Medicare are examples of Regulatory policies. b: The social underclass ...

A: Medicaid and Medicare ade the related with healthcare of population . And they are different at the ...

Q: 0.41. What would be the effect of a price ceiling of (A) 7150 and (B) 780, in a market with the foll...

A: Given information: Demand equation: Qd=1000-5P ... (1) Supply equation: Qs=5P ...

Q: Which is NOT neutral in the long run? O output O aggregate demand O money O real interest rates

A: The long run is a period of time during which all production and cost parameters are variable. Firms...

Q: 4) Listen Firms in oligopoly markets are playing a 'game' agpinst each other. True False Listen In g...

A: Oligopoly is a market structure where there are few sellers in the market competing against each oth...

Q: Questions: A) Detail and describe a decision that you made in the past that contradicts the assumpti...

A: Consumers try to maximize their utility in order to get maximum satisfaction, consumers, in general,...

Q: 185.Suppose the government wanted to impose a tax and wanted the entire burden of the tax to fall on...

A: here we find the correct option as follow,

Q: Why is climate change expected to exacerbate negative effects on women's environmental health? Oa Be...

A: There are various factors such as social, economic, and cultural which make women vulnerable to clim...

Q: A firms production function is Q(L)=15L2-0.1L3, where output (Q) is a function of a single input lab...

A: For finding out the maximum value of any function, we need to derivative it and put it equal to zero...

Q: Consider a firm that enjoys economies of scale. • If this firm wants to produce 25% more output, it ...

A: In a market, economies of scale refers to the situation when a firm is experiencing an inverse conne...

Q: Market for ABC company’s clothing ABC clothing company produces clothing that is sold online and in...

Q: In the attached diagram, which points represent the production specialization point and the trade so...

A: According to this theory, a country has a comparative advantage in producing that good if the opport...

Q: Consider a town in which only two residents, Gilberto and Juanita, own wells that produce water safe...

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a...

Q: An industry consists of two identical firms with total costs of TC=5q+0.5q^2. Market demand is given...

A: Given, the demand curve is P = 125 - Q and the marginal revenue curve is MR = 125 - 2Q. Profit maxim...

Q: Question 7 The fact that in the USA, a municipal bond could have a lower yield compared to federal g...

A: In the US economy, there are different types of bonds exchanged by the people in the market based on...

Q: Briefly define the steady state and show it in your diagram.

Q: White Oaks Properties builds strip shopping centers and small malls. The company plans to replace it...

A: Given Initial cost or first cost of the equipment P=$750,000 Operating cost =$240,000 per year Salv...

Q: 1. You work for a beer company. Your boss wants to increase yearly sales by 5000 liters. To reach th...

A: 1) It is given that the price and the demographic composition of market is constant. Hence these two...

Q: To reduce the money supply in the economy, the Fed would: engage in actions to increase interest rat...

A: The central bank of a country controls the money supply in the economy. The central bank conducts t...

Q: An increase in government regulation would cause aggregate: O supply to shift to the left. O demand ...

A: A supply shift to the left If there is an increase in the government regulation, it would cause the ...

Q: Required information Problem 05.030 DEPENDENT MULTI-PART PROBLEM - ASSIGN ALL PARTS An electric swit...

A: i = 13% The analysis will be for 8 yrs.

Q: Which of the following statements are true? (i) An increase in the number of available substitutes f...

A: Answer: The demand for a good is more elastic when there are many substitutes for the good available...

Q: How many years will Colombia grow with a GDP of $323 billion dollars at a growth rate of 4%? 7) Ho...

A: The correct answer is given in the second step.

Q: Assume that household 1 and household 2 has the following demands for education (a private good) (in...

A: Price Qd1 (Household 1) Qd2 (Household 2) Total Qd(Qd1+Qd2) 36000 60 70 130 45000 42 58 ...

Q: Consider a ypothetical closed economy in which the marginal propensity to consume (MPC) is 0.8 and t...

A: Here, the marginal propensity to consume of the people of a closed economy is given as 0.8, and the ...

Q: . Country A has a tariff on imported TVs. But, the new government of Country A decided to charge onl...

A: We find that country A has made a trade union with country B.

Q: In your own words, how was the the great recession an externality?

A: The incredible downturn is the externalilty such that it had solid and adverse consequence to the pe...

Q: Anecdotal evidence suggests that some insurance companies in Germany advertise specifically to certa...

A: In the insurance market, it can be seen that there is high risk or more probability to have market f...

Q: 2. Interest Rate Parity Assume that the interest rate on 1 year t-bill in Canada is 60% and the inte...

A: In order for interest panity to hold,

Q: 2. You are given £10,000 as a graduation present and you want to buy a new car in the future. Theref...

A: An interest rate is the amount of interest due per period, as a proportion of the amount lent, depos...

Q: If your bank receives a checkable deposit that results in $20,000 in excess reserves, and the bankin...

A: Here, given information is: Excess reserves: $20,000 Potential money supply: $60,000 To find: valu...

Q: Explain the effects of the following statements to the equilibrium of supply and demand. Use supply-...

A: Equilibrium of supply and demand basically refers to a situation when the demand of a commodity is e...

Q: Derive and extensively discuss the equi-marginal principle.When it is in the two commodity cases? Wh...

A: An equi -marginal principle plays an important role in cardinal utility analysis. The law of equi-ma...

Q: Explain what the theory of money is in words and mathematical expressions, and then relate this prop...

A: The quantity theory of money holds that price changes are related to changes in the money supply. It...

Q: how do think globalization effect communication in the 21st century.

A: Globalization Means the interconnectedness of the nations or markets with global economies .

Q: Graphing the steady-state: reorganize the equilibrium law of motion into two functions, a linear fun...

A: Given information There are 2 function 1 function is liner function which is denoted by g1(k) 2nd f...

Q: 7. The following table shows the demand for water and cost conditions for the New South Springdale W...

A: a) quantity in gallons price per gallon ($) total revenue($) marginal revenue($) marginal costs($...

Q: Targeting inflation is better than monetary fine-tuning when time lags in the implementation of mone...

A: targeting inflation is the monetary tool used to maintain or achieve the inflation rate under prede...

Question

In an axes, sketch the market demand curve for education and sketch the market supply curve on the same set of axes.

Assume that household 1 and household 2 has the following demands for education
(a private good) (in units of load per year).
Household 1
Household 2
P (Php)
36,000
45,000
60,000
Qd (units per yr)
P (Php)
36,000
45,000
60,000
Qd
60
70
42
24
58
36

Assume that the supply for education (representing all private suppliers of
education) indicates the following:
Qs
80
P
30,000
38,000
45,000
50,000
60,000
92
100
110
124

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Why has coal dominated as a fuel source for 24/7/365 electricity generation for so many decades?
Sam lives in San Diego and operates a small company selling bikes. On average, he receives $694,000 per year from selling bikes. Out of this revenue from sales, he must pay the manufacturer a wholesale cost of $392,000. He also pays several utility companies, as well as his employees wages totaling $289,000. He owns the building that houses his storefront; if he choose to rent it out, he would receive a yearly amount of $2,000 in rent. Assume there is no depreciation in the value of his property over the year. Further, if Sam does not operate the bike business, he can work as a programmer and earn a yearly salary of $20,000 with no additional monetary costs, and rent out his storefront at the $2,000 per year rate. There are no other costs faced by Sam in running this bike company. Identify each of Sam’s costs in the following table as either an implicit cost or an explicit cost of selling bikes. Implicit Cost Explicit Cost The wages that Sam pays The…
Assume the following: A community, Manatee, has a small groundwater aquifer, with water to allocate over 2 years. Assume that this resource is non-renewable. Each year is labeled Period 1 and 2, respectively. Use 2 decimal places throughout your work. Water reserves = 12,000 litres, to be allocated over Period 1 & Period 2 Interest rates are at 8% Marginal Benefits: MB1 = 5000 - ½Q1 , MB2 = 5000 - ½Q2 Marginal Costs of extraction: MC1 = 120 , MC2 = 120 (a) What is the optimal allocation of water, under a static efficiency allocation, for both periods? (b) What should the dynamic optimal allocations be (quantities and prices) in Period 1 and Period 2?
What generation technology did Schwarz and Cochran (2013) find to have the lowestLevelised cost of energy (LCOE) after adjusting for the social cost of Carbon?a. Nuclearb. Onshore windc. Offshore windd. Solar
A project management consultant estimated that if a particular project wascompleted,t years after completion,N thousand persons would benefit directly from the project,whereN(t) =(t 3/3)− 4.5t2 + 16t , 0 ≤ t ≤ 10For what value of t,will the largest number of people receive direct benefits?
How much carbon dioxide would you prevent from entering the atmosphere in one year if you replace a 100 w light bulb with a CFL light bulb that uses 30 watts and they fix your that you have on 8 hours per day round the answer to the hundredth place. Your friend uses 5.5 gallons of gas each month mowing his lawn approximately how much CO2 pollution does it cause per month. How much does it create per year. Assuming he mows 6 months per year.
Imagine a firm with a marginal abatement cost (MAC) function equal to: MAC = 27 - 3E. The government introduces a per-unit tax on emissions equal to $6. For a profit-maximizing firm, total compliance costs (total abatement costs plus tax payment) are $____.
A project management consultant estimated that if a particular project was completed, t years after completion, N thousand persons would benefit directly from the project, where N(t) = t3/3 − 4.5t2 + 16t, 0 ≤ t ≤ 10 For what value of t will the largest number of people receive direct benefits?
Economists often point to the impact of improved transportation on land values and related economic development. What is the nature and significance of the transporta- tion impact?
True or false (explanation needed) land distribution in Country B is more unequal than the land distribution in Country A.
The marginal benefit of being able to emit a ton of sulfur dioxide emissions for two firms are given by:MBX = 1000 – ( Ex / 2 )MBY = 600 – ( Ey / 3 ) Note that these marginal benefit figures can be interpreted as marginal cost of abating emission down to levels Ex and Ey.Government regulators want to reduce total sulfur dioxide emissions to a total of 1800 tons.a) If the government imposes the same standard of 900 tons maximum emissions on both firms what would be the total cost of abatement (calculated as the aggregated marginal benefits forgone)? b) If the government distributed 900 tradable pollution permits (one ton each) to each firm what would be the final allocation of these permits after the firms trade them?c) What would be the total cost of abatement in this latter case?
Make a reaction paper regarding the implementation of RA 11203, you must also identify your stance about it. Philippine DA bulletin No. 1 on Rice: Understanding the Rice Tarrification Law (RTL) or RA 11203 | Official Portal of the Department of Agriculture DO NOT PLAGIARISE