Most developing countries have been struggling to achieve economic growth and economic development. As a policy maker explain what advice you would give to these countries to achieve both economic growth and economic development.

Q: A manufacturing company is currently producing 1,000 units of a product at a total cost of $10,000.…

A: Economies of scale refer to the cost advantage that companies experience when they increase their…

Q: Identify and explain two possible threats from globalisation for Daub Ltd

A: It can be defined as the interconnectedness and integration of different counties, societies, and…

Q: The figure below shows the hypothetical domestic supply and demand for baseball caps in the country…

A: An import tariff stands as a tax applied to goods brought into a country from abroad. It falls under…

Q: The following graph plots the supply and demand curves in the market for VR headsets. Use the black…

A: A market's overall surplus serves as a gauge for the general well-being of all members. It is made…

Q: Which one of the following statements is correct? a) Under monopolistic competition, marginal revenu…

A: Monopolistic competition is a market structure in which there are many firms selling products that…

Q: Q: How would each of the following affect the market supply curve for tobacco plant in North…

A: A market supply curve is a graphic representation of several separate supply curves put together.…

Q: 6. At the local high school, one-fourth of the students are freshman, one-eighth are sopho- mores,…

A: Let, total number of students be xFreshman = 1x/4Sophomores = 1x/8Juniors = 153Seniors = 2x/5

Q: For most products, higher prices result in a decreased demand, whereas lower prices result in an…

A: Annual demand describes the total quantity of goods or services that consumers and businesses desire…

Q: a. Increasing prices erode the purchasing power of the dollar. It is interesting to compute what…

A: Macroeconomic monitoring will continue to be critical since it determines the economy's eventual…

Q: A. Explain the Keynesian transmission mechanism, and use graphs to illustrate   B. Suppose that…

A: The Keynesian transmission mechanism is a model of what monetary policy means for the economy. In…

Q: 2. (LO 2.3) Northwind Traders is a fictitious specialty foods company created by Microsoft, which…

A: Numerical data describes the data expressed in terms/ form of numbers. It is of two types : discrete…

Q: Normal Form Game: The table below provides a normal form, 2 x 2 game. The players are Column and…

A: The table below highlights the pay-off values for the players and the strategies adopted by them.…

Q: Let aggregate national income be given by Yt = Ct + It + Gt Where C, I and G are consumption,…

A: The national income is given by The consumption rate is given as The investment equation is given as…

Q: 3. Use the data table to answer the question that follows: Year Nominal GDP GDP Deflator 160 175 1 2…

A: Real GDP refers to the value of economic activities measured at the constant prices. It is the…

Q: The diagrams show movements from position X to Y on production possibility frontiers. In which one…

A: It can be defined as a form of graphical representation of the maximum number of goods that can be…

Q: Consider the competitive market for production of a chemical as shown in the diagram below. This…

A: Consumer Surplus: Consumer surplus is the net benefit that the consumer receives by purchasing…

Q: How do credit cards contribute positively to the economy?

A: Credit cards originated in the second half of the twentieth century as an easy way of making a…

Q: The discount rate should be chosen when analyzing an investment project using Net Present Value…

A: The discount rate is a financial idea that's utilized to decide the present value of future cash…

Q: Biomet Implants is planning new online patient diagnostics for surgeons while they operate. The new…

A: Given:First cost=$300000Annual maintenance=$5000Reveneu at year 1=$80000 and it increases by $10000…

Q: A firm produces a product which it sells in a perfectly competitive market. The price of the product…

A: Profit, difference  of TR over TC, is highest at the unit of output where marginal cost matches the…

Q: B A Marginal Benefits to Factory A+B+C A+B E A B C Marginal Costs to Community F D E The graph above…

A: The above chart illustrates the incremental advantages a factory gains from pollution and the…

Q: Suppose market demand for oil is Q(P)-5-0.125P where Q is billions of barrels (BBL) or oil per year…

A:

Q: Silicon is an important input in the production of computer chips. If the price of silicon…

A: To determine the expected outcome when the price of silicon decreases concerning the supply of…

Q: Does accounting cost exclude implicit cost, if not what does it exclude?

A: Implicit costs refer to the opportunity costs of resources that could have been used in alternative…

Q: Total producer surplus equals:    -the area beneath the supply curve and above the demand curve.…

A: Producer surplus refers to the monetary benefit or profit that producers or suppliers receive in a…

Q: The diagram below shows the market for product B. If the shift of the supply curve from S₁ to S₂…

A: A shift in the supply curve refers to a change in the quantity supplied of a product at every price…

Q: The UK inflation rate is predicted to be 10% and the United States inflation rate is predicted to be…

A: Purchasing parity measures the exchange rate/price level of two countries. The theory evaluates…

Q: You are considering adding a new software title to those published by your highly successful…

A: Net Present Value (NPV) is a concept utilized to determine the profitability of an investment or…

Q: (Figure: The Demand and Supply of Quinoa) Use Figure: The Demand and Supply of Quinoa. If the price…

A: In economics, the equilibrium point occurs where the demand for an item equals the quantity…

Q: Problem 3 Consider an economy with two goods only. Use Slutsky decomposition for good 2 (Ar₂ = Ar +…

A: We can define The Slutsky decomposition as the decomposition that  breaks down the change in the…

Q: There are two firms, A and B, located on a mile stretch. Firm A has a marginal cost=$4, and Firm B…

A: A best response function is a concept used to describe the optimal strategy that a player should…

Q: Consider a market where the inverse demand function is P = 400 – 20Q, where Q is the aggregate…

A: The bertrand competition is form of oligopoly where the prevailing firms compete on prices. In this…

Q: Your insured's young son has just purchased an automobile and wants you to insure it in his father's…

A: The situation described in the question involves a potential insurance policy for a young son who…

Q: OilPatch is a mineral rich economy in which the government gets most of its tax revenue from oil…

A: Initially, the government introduced an income tax of $2 per hour worked.Then it doubled its income…

Q: Which one (1) of the following situations is covered under the "Watercraft, Outboard Motor Trailer,…

A: Compensation : payment or remuneration provided to someone for services, damages, or losses…

Q: Use the profit maximising condition to advise on the quantity that the firm should produce and the…

A: Monopoly is a market situation where there is a single seller. The monopolist is the price maker.…

Q: Identify the correct option According to the graph, at R60, the amount that is demanded is 100…

A: According to the chart, once we hit point R60, there is a request for 100 units, yet the actual…

Q: 35. Suppose the government opens the border to free trade in widgets and foreign suppliers have a…

A: Market equilibrium is a situation where the price at which quantities demanded and supplied are…

Q: The average product of labour is the output per employee often called labour productivity. Use the…

A: Given,Output unitsNumber of employees1,000102,500206,000307,000408,00050As the number of employees…

Q: Consider an economy, where there is a single consumption good and two states of nature {a,b}. There…

A: The steady state of the model can be found by setting the growth rates of each variable equal to…

Q: Suppose a certain city has a monopoly cable-television company.  This company has total costs TC =…

A: We are given the following equations:

Q: A price elasticity of supply of 1.25 means that if the price increases by 10%, the quantity supplied…

A: A measure of the responsiveness of the quantity (Q) supplied of a good or service to a change in its…

Q: What is the true income tax rate on interest income if the nominal interest rate is 8 percent a​…

A: Income tax is crucial because it is governments' principal source of fiscal revenue, enabling them…

Q: Question 12 According to the law of diminishing returns, a) The total product declines as more units…

A: In an economic context, "returns" generally refers to the benefits or outcomes obtained from an…

Q: List three to five local challenges presented by GCC. Estimate the risk (likelihood and potential…

A: GCC stands for the Gulf Cooperation Council. It is a political and economic alliance of six…

Q: Smith points out the possibility of producers contriving to raise prices. Are there other problems…

A: Adam Smith, the father of economics wrote a book in 1776 titled 'The Wealth of Nations'. He argued…

Q: The Ghanaian Economy has experienced a restrictive growth for the past few years. Many practitioners…

A: The Ghanaian economy has experienced a restrictive growth for the past few years, and there is no…

Q: Question Papa's Italian Joint has a promotion for $1 off any large specialty pizza. Ernie's Shop…

A: Demand for a good /services tells us about the number of units that its potential consumers want to…

Q: A homogeneous products duopoly faces a market demand function given by Q = 20 - 2P, where Q = Q₁ +…

A: Q=20-2PInverse demand functionP=10-0.5QQ=q1+q2MC1=4MC2=4

Q: Which one (1) of the following statements correctly completes the sentence? A "Proof of Loss" form…

A: An insurer is a company that provides insurance policies, handles claims, and sells policies.The…