Price Quantity (dollars per demanded bushel) (bushels) 8 2,000 7 4,000 6 6,000 5 8,000 4 10,000 3 12,000 The table above gives the demand schedule for sn peas. The price elasticity of demand increased from $6.00 to $7.00 per bushel is (please use point elasticity of demand in your calculation)

Q: a. Define the gravity model. Specify the variables utilised. b. Apply the gravity model to India and...

A: Answer a.  In international economics, the gravity model of international commerce is a model that f...

Q: An investment of P20,000 will be required at the end of the year. The project would terminate at the...

A: Investment Required Initially after year 1 = 20,000 Salvage Value after year 5 = 26000    So , there...

Q: what are the advantages and disadvantages of Rice Tariffication Law to the rice farmers.

A: Trade is defined as the exchange of commodities and services across the boundary of the country.  In...

Q: Foreign exchange is determined based on demand and supply for a specific currency.” Explain and disc...

A: Trading one currency for one more is understood as interchange (forex or FX). The euro, for instance...

Q: In the graph, consumer surplus is equal to S 16 D O $6 O $14 O $20 O $60 20 22 2.

A: Consumer surplus is the difference between willingness to pay for a good and its actual price.

Q: 30. In land markets, the following characteristic is true:     Changes in demand have an outsized ...

A: The land markets consists of adequate institutional checks. The land markets provide the the ownersh...

Q: When government removes an import tariff, the effect on domestic producers is Select the correct ans...

A: Tariff refers to the tax that is imposed on imports. It redistributes income from consumers to produ...

Q: 6. In the year 2017, the net national product for a country was RM12 000 million. In year 2019, the ...

A:

Q: Direction: Explain the PEST ANALYSIS Political: Economic: Social: Technological:

A: PEST ANALYSIS: The full form of PEST is Political Economic Social and Technology. This is used to m...

Q: How are developed countries helping developing countries?

A: While governments in developing countries struggle to enhance the living conditions of their citizen...

Q: Calculating GDP with the exenditure approach and income approach... O..gives the same result ..can g...

A: GDP measures the market value of final goods and services produced by an economy during a given peri...

Q: Question 2: A firm faces the following cost function: C(y) = 4y2 + 10, resulting in a marginal cost ...

A: C=4y2 + 10 Differentiate C w.r.t y MC = dC / dy => MC = 8y ------------------------- C=4y2 + 10 =...

Q: econorusts are baying that eauntores have inplation,

A: Despite the fact that the Fed's performance has never been stronger, with both unemployment and infl...

Q: which statement is correct Price ceilings and price floors usually reduce the welfare of society be...

A: At the marketplace, market price is the determinants of market situation as a change in market price...

Q: The forward rate of exchange is 2 , the spot rate of exchange is 1.75. The US has a bond of 9% inter...

A: There are a variety of market-specific definitions for terminology, such as "ahead rate" and "spot r...

Q: Next question Price (dollars per bucket) The figure shows the market for buckets of golf balls at th...

A: Leisure time Tax on supplier will increase the cost of production which leads to reduce the supply a...

Q: In the graph, if the government sets a price floor of 90 75 50 25 10 D 200 500 800 O shortage of 600...

A: Price floor refers to the legal minimum price that can be charged for a good. 

Q: The economy below has a linear production possibility frontier, given by C=Y-G/q. The government has...

A: Since public good is inferior, its quantity demanded goes down if it becomes cheaper. Here because o...

Q: International trade causes the loss of jobs in industries where a country has Select the correct ans...

A: When there is free trade, parties involved gains from trade by trading with each other.

Q: Discuss wether all firms in a country will welcome a change in people’s income.

A: Income plays a crucial role in deciding the purchasing power of individuals in an economy. The highe...

Q: If you build an amusement park that abuts to a national forest and this park damages the adjacent na...

A: The tragedy of the commons situation in economics can be understood when the individuals neglect the...

Q: The Ocean Spray juice company on Cape Cod has developed a new piece of machinery that can bottle 60 ...

A: Supply curve shows different combinations of price and quantity supplied. It shows positive relation...

Q: 7. Effect of a tax on buyers and sellers Part 2 The following graph shows the daily market for wine....

A: As we can see from the graph, Before tax Quantity=50, Price buyers pay= 25, Price sellers receive=25...

Q: Suppose that Mr. Ali's disposable income declined from 15 000 TL to 12 000 TL. Given that Mr.Ali's m...

A: Marginal Propensity to Consume is the proportion of an increase in income that gets spent on consump...

Q: 7. Effect of a tax on buyers and sellers Part 2 The following graph shows the daily market for wine....

A: The dynamics of demand and supply determine the equilibrium price and quantity in a free market, but...

Q: What happens to equilibrium price and quantity when there is an increase in technology? Why?

A: Equilibrium in the market of goods and services occurs where quantity demanded equals quantity suppl...

Q: The manager of a large apartment complex knows from experience that 100 units will be occupied if th...

A: Let's use t to represent the number of nine-dollar increments in which the rent will be raised, R to...

Q: Compared to a competitive labor market, wages in a bilateral monopoly, are: Select the correct answe...

A: (Since you have asked many questions, we will solve the first one for you. If you want any specific ...

Q: state of nature combination: States of Nature Weather related cost per hour Alternatives Cold cost/d...

A: the expected value of perfect information (EVPI) is the price that one would be willing to pay in or...

Q: Data for 2019 (Base Year) Data for 2020   Quantity Price Quantity Price Potato 600 2.50 68...

A: Dear student, you have asked multiple sub-part questions in a single post. In such a case, I will be...

Q: portional income tax on the representative cc sumer's wage income. That is, the consume wage income ...

A:

Q: Measurement of GDP includes O Stay-at-home labour O Consumption O Environmental damage Free time

A: When talking about GDP, it is the measure of income of a country at a specific point of time, such t...

Q: Which of the following is NOT an example of technology strategy?   Select one: a. Low technology ...

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any ...

Q: which statement is true and why are the others false.

A: Moving production from high cost producer to low cost producer will decrease total supply: If the go...

Q: Consider an economy in which all taxes are autonomous and the follov us consumption, planned investm...

A: Disclaimer “Since you have asked multiple questions, we will solve the first question for you. If yo...

Q: A tax on water pollution is proposed for four factories in a manufacturing town of 110,000 people. T...

A: To put it another way, taxes are forced contributions placed on individuals or businesses by a gover...

Q: Why do Urban populations are capital accumulating whereas rural populations are capital consuming?

A: There are business cycles which have to be known by the business groups all around the world. Techni...

Q: The definition of Game Theory is: Game Theory is a field of mathematics that analyzes strategic-inte...

A: As mentioned above , A game is a situation in which the outcome is determined by the acts of two or ...

Q: Lawmakers must decide on government budget fast: will they prioritize increasing budget for the Depa...

A: In the above question, it is given that : Lawmakers must decide on government budget fast : They wil...

Q: The graph shows the supply curve of haircuts and the market price of a haircut. Price (dollars per h...

A: In a perfect competitive market, the marginal cost of the firm is shown by its supply curve. Produce...

Q: Which of the following situations would lead to actual inflation of 3%? A. future inflation is 1%; o...

A: The rate at which a basket of selected goods and services in an economy's average price level rises ...

Q: The People's Republic of China has an estimated $101.54 trillion of capital with a depreciation rate...

A: The contribution of capital is 0.4 and it would affect the GDP accordingly. The rise in capital stoc...

Q: Consider the following Economy: Price of Apples Quantity apples Price oranges Quantity Oranges Time ...

A: Real GDP is the GDP that is measured in base-year prices. Base Year=Year 2 Real GDP in Year1= Quanti...

Q: If a rightward shift of the supply curve leads to a 6 percent decrease in the price and a 5 percent ...

A: Given: Percentage change in quantity demanded=5% Percentage change in price=6%

Q: 2. Which of the following outcome is likely to occur in the long-run. (a) zero unemployment if the r...

A: The end of the day may be a span of your time throughout that all production parameters and prices a...

Q: After the Seattle 1999 World Trade Organisation Ministerial Conference there were many demonstration...

A: IMF: The International Monetary Fund (IMF) is an association of 190 nations, attempting to cultivate...

Q: The table below shows economic information for a hypothetical economy with a flexible exchange rate...

A: Here, the given table pro information about CPI, labor force, employed people, foreign debt and fore...

Q: Beyond the Solow model, how do endogenous growth theories provide greater understanding of the proce...

A: Neoclassical growth model: - Neoclassical growth model was first given by Robert Solow and Trevor Sw...

Q: How does Philip's curve describe the relationship of inflation and unemployment? What are the critic...

A: Philip's Short Curve: -   The reality between growth rates and unemployment rates is relàted to rela...

Q: . The von Thunen model of land and housing rents . . . A. Is refuted by the fact that the poor live ...

A: The answer is - D. None of the above.