In the diagram, at which point is the marginal rate of substitution of renewable fuels for fossil fuels less than the relative price of renewable fuels (MRSR,F < PR/PF)? Fossil Fuels BL2 IC2 BL, E Renewable Fuels X Xg OA. A Ов. В Oc.C OD. D OE. E o........ ...
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- Will the equilibrium price and quantity of ventilators increase or decrease if a new cost-saving technology is discovered?Select one: a. The discovery of this new technology is a supply shifter and will result in an increase in the quantity and decrease in the price of ventilators. b. The discovery of this new technology is a demand shifter and will result in an increase in both the quantity and price of ventilators. c. The discovery of this new technology is a supply shifter and will result in an increase in the price and decrease in the quantity of ventilators. d. The discovery of this new technology is aElsa lives alone on an island with two goods, bananas and fresh water. Her utility function is U = BW where B is the amount of bananas she consumes and W the amount of water. Her production function for bananas is B = 6LB where LB is the amount of labour time she devotes to bananas. Her production function for water is W = 2LW where LW is the amount of labour time she devotes to water. If the total time she has available is 10, what should she do to maximize her utility?Oil prices doubled in 2008, from $67.49 per barrel in June 2007 to $133.88 per barrel in June 2008. Since prices of non-oil products rose less than 2 percent per year during 2003-08, we can assume prices of non-oil products have remained constant. Use a graph to show the income effect and substitution effect of the increase in oil prices in 2008. (You should use oil on the x-axis and non-oil products on the y-axis). Please include your graph with the numbers are given in the question.
- polysilicon prices have been significantly rising in 2022 due to supply shortages. Among many other uses, polysilicon is a major component in solar panels. Assume this trend continues and assume at least part of the population purchases carbon offsets as an alternative to using renewable energy. Which of the following will most likely happen to the market for carbon offsets due to the rising prices of silicon? a. The price of carbon offsets will increase. b. The price of carbon offsets will decrease. c. The price of carbon offsets will be unaffected.The Board of Private Schools offers numerous educational subsidies through grants and low-cost equipment to private schools. They also provide a lot of incentives to learners to attend private schools. Because of this, we expect that the equilibrium price of attending a private school will be indeterminate and the equilibrium quantity of students will go up. true or false Only typed answer and don't use chat gptPundits often complain about gasoline price increases at the pump during periods of market oil price increases, stating that the gasoline at the gas station was purchased prior to oil market price increases. "Why should gas that is purchased and held in inventory, prior to market price increases, be increased in price? Price gouging!" are typical comments. Please comment knowledgeably on any conceivable economic justification for raising gas station prices, for gasoline that is purchased and held in inventory, prior to the market price increase. Only use information found in chapter three fundamental Economic Problem: Scarcity and Choice Textbook: Economics: principles and policy 14th by William Baumol
- Pundits often complain about gasoline price increases at the pump during periods of market oil price increases, stating that the gasoline at the gas station was purchased prior to oil market price increases. "Why should gas that is purchased and held in inventory, prior to market price increases, be increased in price? Price gouging!" are typical comments. Please comment knowledgeably on any conceivable economic justification for raising gas station prices, for gasoline that is purchased and held in inventory, prior to the market price increase. This is business economics. Uses book Economics principles and policy by William Baumol 14th ed. focus chapter 3What are the values of PX and PY in the general competitive equilibrium of this economy? Why?Apple, the consumer electronics giant, on Tuesday rolled out new versions of its popular iPod music player. CEO Steve Jobs also unveiled cheaper models of its Touch music player, a touchscreen-only device. An 8-gigabyte version now costs $229, down from $299. A 32-gigabyte model costs $399, down from $499. Suppose when the price of an iPod decreases by 20 percent, the number of songs downloaded on iTunes increases by 30 percent. Based on this information iTunes are A. a normal good. B. an inferior good. C. substitutes for iPods. D. complements to iPods.
- At a unit price of $340, the quantity demanded of a certain commodity is 80 pounds. If the unit price increases to $560, the quantity demanded decreases by 22 pounds. Find the demand equation (assuming it is linear) where p is the unit price and x is the quantity demanded for this commodity in pounds. p= At what price are no consumers willing to buy this commodity? According to the above model, how many pounds of this commodity would consumers take if it was free?Suppose that imports decreases by 10 and the other components remain, calculate the new equilibrium level of income.Suppose that when the price of gold is $100 an ounce, gold producers find it unprofitable to sell gold. However, when the price is $200 an ounce, 5000 ounces of output (production) is profitable. At $300, a total of 10,000 ounces of output is profitable. Similarly, total production increases by 5000 ounces for each successive $100 increase in the price of gold. Describe the relevant relationship between the price of gold and the production of gold in words, in a table, and on a graph. Put the price of gold on the vertical axis and the output of gold on the horizontal axis. Comment on the advantages and disadvantages of the verbal, tabular, and graphical forms of description.
