Mr. Scoobertini owns a store specializing in soccer jerseys. In 2008, he purchased $150,000 worth of jerseys from manufacturers, employed one worker for $40,000, purchased $20,000 worth of supplies from an office supply store, and sold jerseys for $280,000. Based on this information, what was the value added at Alejandro's store in 2008? A) $70,000 B) $110,000 C)$280,000 D) $490,000

Q: The maximum value a correlation coefficient (r) can take is , the minimum value r can take is .A…

A: The correlation coefficient (r) measures the magnitude of the linear relationship between the 2…

Q: The AD/AS graph illustrates an inflationary gap when the equilibrium level of real GDP is…

A: This can be defined as a concept that shows the total amount of commodities and the services…

Q: For each of the following scenarios, determine which time lag is most likely to result when…

A: Fiscal policy refers to the use of government spending and taxation to influence the aggregate…

Q: Question 49 1) euro depreciation. Use the above figure. A leftward shift of the supply curve,…

A: This problem is related to the exchange rate between the dollar and the euro. The exchange rate is…

Q: One of these four answers best explains the effect of disposable income on consumption. Which one? O…

A: Consumption is the purchase of a good by the consumer with the available income. It is affected by…

Q: Suppose you start saving for retirement when you are 45 years old. You invest $5,200 the first year…

A: Cash flow:The sum of the total money is represented in the diagram. It represents the magnitude and…

Q: Coke and Pepsi are in a market together in which they can each make the following sequence of moves.…

A: Sub game perfect Nash Equilibrium: A Nash Equilibrium is said to be sub game perfect if and only if…

Q: ased on our class lessons and your understanding of Chapter 5; the Hirfindahl Hirshman Index (HHI)…

A: The Herfindahl-Hirschman Index (HHI), which measures market concentration, is frequently used before…

Q: Figure 13-3 Refer to Figure 13-3. Curve D intersects curve C O 1) where the firm maximizes profit.…

A: Cost of production is the cost curve that is graphed as a function of the total quantity produced.

Q: Draw a horizontal line at the price cap that regulators set that enables the Big Top to break even…

A: Breakeven point is a point at which total revenue and total cost are equal. This occurs when the…

Q: When economists say that the demand for labor is a derived demand, they mean that it is... A.…

A: Derived demand is the demand that is seen in the case of complementary goods where the increase in…

Q: Please use the following information for the remainder of the questions. Peter, Sara and James live…

A: In economics, the term "environment" implies the natural world and its resources, including air,…

Q: Match each good with either "final good" or "intermediate good". Cowhide, purchased by a tanner, to…

A: Answering first three parts as per guidelinesIntermediate Goods are those goods that are used in the…

Q: *4. Consider the production function: Y = AK0.310.7 a) Show the production function has the property…

A: ***Since the student has posted a question with multiple subparts, the expert is required to solve…

Q: Draw a production possibilities curve for food and clothing. If you are operating on the curve, what…

A: The Production Possibilities Frontier (PPF) illustrates all the possible output combinations of two…

Q: An amendment to the Texas Constitution requires a balanced budget. This means that _____.   A.…

A: A balanced budget amendment is a constitutional rule requiring that a state cannot spend more than…

Q: 10 A Giffen good is always the same as an inferior good. is the special subset of inferior goods in…

A: Price effects refer to the combined income and substitution effects. The income impact explains how…

Q: Suppose that the production function is Y=K^((1)/(3))(EL)^((2)/(3)) where E is the efficiency of…

A: Steady state refers to a condition in which a system or process has reached a stable equilibrium and…

Q: In the health insurance market, moral hazard occurs when   A.) chronically ill people refuse…

A: An asymmetrical information scenario happens when one of the parties to an economic agreement has…

Q: Suppose that Tom has preferences represented by u left parenthesis x comma y right parenthesis…

A: Individuals select how to spend resources like money and time based on their preferences and needs.…

Q: Refer to the above figure. What price-output combination would apply under perfect competition?…

A: Perfectly competitive market is the one in which there are large no of  sellers.The large no of…

Q: WAGE Market for Labor LABOR Supply Demand { Demand Supply ? From the graph, you can deduce that the…

A: In the above diagram, due to the migration of labor from Kansas, the supply of labor falls. This…

Q: Refer to the following balance sheet of a banking system: Suppose the required reserve ratio is 20%…

A: Money expansion refers to the increase in the total money supply within an economy. This can occur…

Q: The graph shows the income-expenditure model for the country of Mireland, where AE represents…

A: The marginal propensity to consume (MPC) is 0.5The government decided to reduce total spending by…

Q: When the costs of negotiation between parties is low, whoever values the entitlement more is likely…

A: This issue pertains to the study of economics, specifically microeconomics, and it is grouped with…

Q: Calculate the market-clearing (equilibrium) price and quantity for airline and train tickets on…

A: At the equilibrium price, the quantity demanded is equal to the quantity supplied.Equilibrium occurs…

Q: 3. Graphically illustrate the Keynesian Model, show the equilibrium level of GDP (label it Ye) and…

A: According to Keynes equilibrium is not necessarily established at full employment level. The…

Q: O R X₁ S V -IC, IC, B X, X, B, ICA B₂ (a) Are goods X and Y substitutes or complements? Explain. B₂…

A: Individuals decide how to spend resources such as money and time depending on their preferences and…

Q: In this market, the equilibrium wage is 50 100 150 200 200 300 200 400 400 300 LABOR (Hundreds of…

A: Labor market functions through the interaction of workers and employers. It is where the demand for…

Q: The first graph presents the utility maximizing combinations of bread and brie that Hayden chooses…

A: Price of bread=$1 per loafThe price of brie could either be: $4 or $6 per wheel

Q: Pablo used to work for a marketing firm. Although he liked his job, he had to resign because it took…

A: When people who are able, willing, and actively looking for work are not able to locate adequate job…

Q: GDP and CPI: Tracking the Macroeconomy - End of Chapter Problem How might the current weighting of…

A: Consumer Price Index:CPI means the price change based on a basket of goods and services. CPI is a…

Q: Which of the following is true regarding network effects and two-sided markets? I. "Traditional"…

A: Market refers to a place at which the buyers and sellers of goods or services comes in contact with…

Q: Compute the average variable cost, average cost, and marginal cost for each function.

A: Total cost is the cost that is incurred in production of a hiven level of output.Variable cost is…

Q: Refer to the figure below. This graph describes a good that:

A: There are two types of externality in economics: positive and negative. Positive externality refers…

Q: $150 Cost per Unit 125. 100 75 50 25 0 5 له b 15 25 30 MC ATC AVC Units per day Use the graph above…

A: Average total cost = total cost / quantity => Total cost = Average total cost * Quantity

Q: Use the following graph for a private closed economy (an economy with only a private sector and no…

A: Aggregate demand refers to the total demand for goods and services in an economy at a given price…

Q: As output rises, which of the following always increases? variable cost only marginal cost only…

A: Total expenditure incurred by firms for the production of goods and services by using resources ,…

Q: Suppose that President Clinton has recently recommended that the U.S. should use some of the…

A: Disclaimer- “Since you have asked multiple questions, we will solve the first three questions for…

Q: Where is unemployment, such that employment is below the full-employment level, plotted in relation…

A: In economics, PPF stands for "Production Possibility Frontier". It is a fundamental idea in…

Q: wo children living in a neighborhood have decided to go into business running lemonade stands. Annie…

A: Supply refers to the quantity that a producer wishes to sell at a given price in given period of…

Q: The profit-maximizing level of output for a perfectly competitive firm is socially efficient, while…

A: In a monopoly market structure,  There exists a single seller. There exists high barriers to entry…

Q: The following graph plots daily cost curves for a firm operating in the competitive market for…

A: A perfectly competitive firm is a price taker, which means it takes the price set by the market…

Q: Critics of raising the minimum wage argue that   A. minimum-wage laws are too expensive for local…

A: A minimum wage law is a legal requirement that employers pay their employees a specified minimum…

Q: PRICE LEVEL Figure 33-5 W LRAS X Y N V AD₁ QUANTITY OF OUTPUT AD₂ AD₂ SRAS Refer to Figure 33-5.…

A: Aggregate demand is the sum of consumption, investment, government spending and net export. This…

Q: Part A Bourne (2008) mentions several reasons why the governments' tax income may be less than…

A: The issues covered by the questions and the responses fall within the more general categories of…

Q: Other things the same, an increase in the price level makes the dollars people hold worth? a. more,…

A: Lets analyze the question.

Q: Suppose Hong Kong's money supply data as at 31 Dec 2016 and 31 Dec 2017 were as follows: Total legal…

A: M1: Includes cash (coins, paper money) and demand deposits (checking accounts) - the most liquid…

Q: A monopolist has four distinct groups of customers: group A has an elasticity of demand of 0.2,…

A: A measure of how sensitive the quantity (Q) demanded of a good or service is to changes in its price…

Q: Refer to Figure 14-4. When price falls from P3 to P1, the firm finds that it a. should produce Q1…

A: Efficient level of production in the market is the level of output where the total producer surplus…