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Please provide axamples from USA and China related to David Hume’s theory of automatic
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- Cloud Cafe is considering the sale of promotional mugs. It can have the mugs produced by one of two suppliers. Supplier A will charge them a setup fee of Php13000 plus Php40 for each mug; Supplier B has no setup fee and will charge Php60 per mug. The company estimates its demand for mugs to be given by Q=32000-400P, where P is the price in Philippine peso and Q is the number of mugs (hint: the price equation is P=80-0.0025Q). In order to make sound decisions, the company's management asked the assistance of their student trainees from FEU in assessing the cost and revenue implications of the promotional campaign. 1. If the company wants to give the mugs away for free, how many mugs should it order? 2. What is the company's marginal cost if Supplier A is chosen? 3. What is the company's marginal cost if supplier B is chosen? 4. If the company seeks to maximize profit from selling mugs and Supplier A is chosen, how many mugs should the company order? 5. If the company seeks to maximize…Policies are designed to address issues, often with good intentions. However, the most difficult thing in designing policies is that they imply a balanced analysis of the trade-offs to avoid a worse outcome than the initial problem. Price controls are usually introduced to curb rising prices during emergencies or in specific industries. As the Covid-19 crisis continues in Malaysia, the government has imposed a maximum price control scheme on essential items, starting from April 15 until the end of the Movement Control Order (MCO) period. I believe that price control is not a good measure to reduce the upward movement of prices during a period of emergency. This is all the more true under the current scenario, where the eventual upward movement of prices is not dictated by a shortage, but is the consequence of the policy designed to contain the spread of Covid-19. In the present situation, producers are ready to meet the pressure coming from the demand if they could do so. In order to…Enabling Assessment - Demand Estimation and Forecasting Given: The ATV Company produces a specialty cement used in the construction of roads. ATV is a price-setting firm and estimates the demand for its cement using a demand function in the linear form: Q = f (P, M, PR) where Qc = demand for cement/month (in yards) Pc = the price of cement per yard, M = country’s tax revenues per capita, and PR = the price of asphalt per yard. The manager of ATV obtained the following results in her attempt to estimate the demand for cement in the succeeding months. The results are presented below: DEPENDENT VARIABLE Qc R- SQUARE F-RATIO P-VALUE ON F OBSERVATIONS 64 0.8093 84.872 0.0001 VARIABLE PARAMETER ESTIMATE STANDARD ERROR T-RATIO P-VALUE INTERCEPT 8.20 4.01…
- Q29 a government mandated price which is set below the equilibrium price in order to prevent thr price from rising any further is termed choices - price floor - price ceiling - import tariff - export tariffA particular equilibrium price-quantity is more theoretical than real in most markets. Does that make the concept useless? Explain.Data in 1970-1999 suggest that wine consumption per capita in the State of New York is: %∆Wine = – 0.7*(%∆Price of Wine) + 3.8*(%∆Income) + 1.0*(%∆Price of Beer) where Wine is a gallon of wine per capita, Price of Wine and Price of Beer are prices of wine and beer, respectively, and Income is the nominal income per capita. All variables are expressed as percentage changes year-over-year, which are denoted as %∆ in the above equation. Explain the demand behavior of wine drinkers in New York. Does the behavior of New York consumers follow the law of demand? Why or why not? In 2003, the New York government was considering allowing supermarkets to sell wines. Lobbyists argue that the proposed law would help the local governments to balance their budgets. The argument is that the wine prices will fall, people will buy more wines, and consequently, local governments have more tax revenues. Giving the above-estimated demand function, do you support their argument? In addition, the…
- Shortages normally accompany an effective price floor. True FalseDescribe how to establish the "approximate price level" using demand-oriented, cost-oriented, profit-oriented, and competitionoriented approches.If the demand function for a commodity is given by the equation p2 + 4q = 1200 and the supply function is given by the equation 700 − p2 + 10q = 0, find the equilibrium quantity and equilibrium price. (Round your answers to two decimal places.)
- What theories are best related to the effects of rise in prices on housholds?For a certain commodity the demand equation is given by Demand = −30p + 1000. At a price of $5, 600 units of this commodity are supplied. (a) If the supply equation is linear and the market price is $10, find the supply equation. (b)If the price of this commodity increases by $3 per unit, what effect will this have on the supply and demand of the commodity?effect of fiscal and montary policy on price stability in zimbabwe