Que All of the following are fundamental concepts of economics EXCEPT O marginalism. O profit maximization. O the working of efficient markets. O opportunity cost.
Q: (a) Find the average rate of change (in $ per unit) of C with respect to x when the production level…
A: Marginal cost addresses the incremental costs caused while producing extra units of a good or…
Q: Dina's Diner only produces sliders and hot wings. Can you explain the opportunity cost pattern as…
A: Opportunity cost measures the decrease in the production of one good due to an increase in the…
Q: According to aggregate supply and aggregate demand analysis, what happens to P (price level) and Q…
A: Aggregate supply and aggregate demand analysis show how the equilibrium price and equilibrium output…
Q: question 1 Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour…
A: Countries construct a measure of GDP called real GDP that accounts for price level changes to…
Q: is the estimated annual profit for a mine producing 21,000 tons per year (which is at 100% capacity)…
A: Production of zinc mine in Tennessee (at 100% capacity) = 21,000 tons per year Price of zinc = $1.00…
Q: Problem 1 - Revenue and Cost Calculations A manufacturing plant operation has fixed costs of…
A: The total cost of producing and providing a good or service to customers is referred to as cost of…
Q: Let consumer have CES utility function u(q1, q2) = (q1^0.5 + q2^0.5)^2 with income Y=10, and…
A:
Q: Assume that the cost to produce x school T-shirts is given by C(x) Ex+750 and the T-shirts are sold…
A: Breakeven position is reached where the total revenue is equal to the total cost. Or the profit is…
Q: If the average variable cost is $23 and the average fixed cost is $12, what is the average cost
A: The quantity of labor and capital a corporation uses to produce its output determines the cost of…
Q: In five years, P18,000.00 will be needed to pay for a building renovation. In order to generate this…
A: Sum required in future = 18000 Total Time Period = 5 years Number of Annual Payments to be made = 3…
Q: Calculate the present worth in year 0 of a series of cash flows that starts at $142,000 in year 0…
A: Given Interest rate = 8 % Time = 8 years cashflow in year 0 = 142000 $ constant increase in cashflow…
Q: On the circular flow graph below, identify what is the flow of each blank. Resources (land, labor,…
A: Factor market- It is the market for factors of production like labor and capital. Product Market- It…
Q: What would happen if a product with strong demand had a minimum price that may be charged
A: In a market, buyers and sellers interact with one another in order to exchange goods and services at…
Q: The selling price for hamburgers is $5.99, and the daily price-response function is: d(p) = 590 -…
A: The price-response function, [i.e. d(p)] determines the demand for item of a single seller as a…
Q: Assume that the economy can experience high growth, normal growth, or recession. Under these…
A: State of economy Probability Return High Growth 0.2 45% Normal Growth 0.7 20% Recession 0.1…
Q: F(K, L) = AK¹/21/2 The capital and labor supply are equal to 100 each, A=10, G = 200 and T = 200.…
A: # Consumption: C = 90 + 0.7(Y-T) # Investment: I = 250 - 20r # Production function: Y = AK1/2L1/2 #…
Q: 2. Suppose that society could produce the following combinations of pizzas and books: Alternative…
A: Opportunity cost refers to the next best alternative forgone.
Q: Keynesian economists
A: Keynesian economics is based on ‘ effective demand ‘ which means the level of output /income depends…
Q: In october 2020 on Sandy Island, 20,000 were employed, 1,000 were unemployed, and 3,000 were not in…
A: People who are actively looking and able for a job are considered unemployed. People who are working…
Q: 7. PPF Lumber and Clothing There are 10 million workers in country A, and each is capable of…
A: Given Total number of available workers in the country is 10 million Each worker can either produce…
Q: To promote economic growth, gov'ts should O increase the amount of machines available to workers…
A: We have the production function as: Y = AF(K,L) Where Y : total output A : total factor…
Q: The fed funds rate and the discount rate are interest rates banks charge households to borrow money…
A: The fed subsidizes rate is the financing cost at which banks loan to each other. The markdown rate…
Q: With the recent war between Russia and Ukraine, the production and thus exports of wheat have…
A: At Equilibrium Price, quantity demanded and supplied are equal to each other. Change in demand…
Q: DA Printing Press would like to invest a certain amount in a bank that will accumulate to P157800 in…
A: Given accumulated amount = 157800 P Time = 4.5 years Interest rate = 8 %
Q: Which event increases frictional unemployment? A. More people decide to take early retirement…
A: Frictional unemployment refers to a type unemployment that shows the gap between someone voluntarily…
Q: The GDP deflator in the United States in 2015 was 105, and The GDP deflator in the United States in…
A: Given information: GDP deflator in 2015 = 105 GDP deflator in 2019 = 112 Real GDP in 2015 = $17.4…
Q: Suppose that a small business sells 725 units of goods per month at $15 per unit. The unit cost of…
A: An economic profit or misfortune is the contrast between the income got from the offer of a result…
Q: i A monopoly can be identified by a few traits that distinguish it from other market systems.…
A: When one company has a monopoly, all other viable competitors are unable to compete due to the…
Q: Your parents change their mind, and decide to make a matching offer. They will give $0.25 for every…
A: Budget: It refers to the amount of revenue and expenses that are considered over a period of time.…
Q: A survey was conducted among four consumer-classes as to the relationship between the average price…
A: Given, A survey was conducted among four consumer classesTo determine the relationship between…
Q: What is a business cycle? Explain the four elements of a business cycle and what happens to…
A: Business cycles are contained purposeful recurrent rises and downswings in the expansive proportions…
Q: 16. In the short run, the profit maximization for a firm in a perfectly competitive market would be:…
A: Perfectly Competitive Market: This is the market that encompassed a large number of sellers and…
Q: Scenario 5-2 Milk has an inelastic demand, and steak has an elastic demand. Suppose that a…
A: Decrease in the population of the dairy cow and beef cattle will result in the supply to decrease…
Q: The economy has an annual inflation rate of 3.5%. It will take approximately how many years for the…
A: Inflation rate = 3.5% Number of years
Q: Given the following demand and supply equations: Demand Qd = 100 - 2P Supply QS = 10 + P 1.…
A: Equilibrium price is the price at which quantity demanded equals quantity supplied and the market…
Q: On Coral Island in 2019, the labor force is 12,000, the unemployment rate is 10 percent, and the…
A: Formula to be used: Labor force participation rates =Labor forceTotal working- Age population ×100…
Q: Why is the short run marginal cost curve U- Shaped?
A: The time frame is which at least one of the inputs (factors of production) is fixed but the other…
Q: Capital Goods M P K Consumer Goods 4. Assuming the inner curve is our current production…
A: A production possibility curve represents the potential level of the combination of two goods that…
Q: Write down the two decision variables of a household or the two goods (including both market and non…
A: Real business cycles models are those whose proponents contend that real market shocks are balanced…
Q: 16. Quantity (Banana) TU 1 2 3 4 5 6 15 19 24 29 26 20 Find a. MU & MU/Peso, Price-0.60 b. Graph MU…
A: Marginal utility, is, the extra fulfillment or advantage (utility) that a customer/consumer gets…
Q: The nominal interest rate O is a percentage of the amount borrowed makes no allowance for inflation…
A: Irving fisher established the relationship between interest rate and inflation. There are two types…
Q: n January 2019 , the labor force was 163.2 million, employment was 156.9 million, and the…
A: The labour force participation rate is an important labour market indicator because it represents…
Q: hich of the following groups is most harmed by unanticipated inflation? Select one: a.Those whose…
A: Inflation refers to the sustained rise in the general price level. It reduces the real value of…
Q: Market (inverse) demand is given by P = 100 - 2Q = MB where MB is marginal benefit. Market (inverse)…
A: Given Marginal benefit equation: P=100-2Q ..... (1) Marginal private cost equation: P=10+0.25Q…
Q: 3. "For any good or service, the revenue-maximizing price (not the profit-maximizing price) can be…
A: All monies received by a company are referred to as "revenue," while "profit" is the amount left…
Q: The following graph shows the supply curve for a group of sellers in the U.S. market for digital…
A: Graph-1 :- At market price of 175, Based on the information on the previous graph, you can tell…
Q: If there is no tax placed on the product in this market, producer surplus is the area a. C + D + F.…
A: The price a person is willing to pay for a good and the market price for that good are separated by…
Q: B a = 7 b=5 c=18 d=24 Q
A: Autarky refers to the closed economy where a economy does not have trading relationship with other…
Q: Babs sees an e-book reader on the porch of Coco’s house, takes the reader to her home, and tells…
A: Babs stole goods from someone with the intention of keeping it forever and not returning it. By…
Q: 6. Consider the following game 2 1 U 3 C M D X C, 2 3,5 5,1 Y 3,1 4,2 2,2 N 3,3 2,1 5,4 (a)…
A: Rationalizable methodologies is the arrangement of procedures for a player that stay after this…
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- Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or normative statement?Give at least 3 Executive orders(EO) or Lawsimposed in the philippines that cater the flow ofmicroeconomics.Provide two microeconomic statements and two macroeconomic statements. Classifyyourstatements as positive or normative.
- please only do: if you can teach explain steps of how to solve each part what is the optimizatio formula to use for foc? please solve“Study of economics starts by acknowledging life’s trade- offs”. Discuss the statement incontext of principles of economics about individual decision making.E2 (b) Construct one example for each of the following category statements. (i) Positive (ii) Normative (iii) Microeconomics (iv) Macroeconomics
- Combinations of goods outside the productionpossibilities curve (PPC) have which of the followingcharacteristics?a. They are attainable today only if weemploy all unemployed or underemployedresources.b. They are not attainable given our existingstock of resources and technology.c. They imply that some resources, such aslabor, are unemployed or underemployed.d. None of the answers is correct.In what sense is economics like a science? • Draw a productionpossibilities frontier for a society that produces food and clothing. Showan efficient point, an inefficient point, and an infeasible point. Show theeffects of a drought. • Define microeconomics and macroeconohdics.The world in which we live is complex and to understand it, human beings make use of some orother simplification process. A theory can accordingly be seen as an attempt to simplify things.Such an observation may come as a surprise to those who have often heard remarks to the effectthat such and such a theory is difficult, or at the least terribly complicated. We should neverthelessremind ourselves that a theory involves an attempt to simplify things – it is the world out there thatis the complicated entity. A particular theory (or model) is merely trying to reduce it to manageableproportions, at least as far as understanding our environment is concerned.”In economics, theory is presented in a simple form by making the…1.23a) Post hoc assumptionb) Fallacy of compositionc) Ceteris paribus assumptiond) Blinkered approach
- Carefully define the following terms and explain their importance to the study of economics. a. resources b. rational decision c. scarcity d. opportunity costwhy is the market for recycled aluminium good and the market for plastic bad in the US? Depict this with a firm input choice model. I understand that recycled plastic decreases in qualiy everytime it is recycled while aluminium does not and can be recylced without the decrease in quality, but I dont know how to depict this graphicallyhi this question is for Macroeconomics but on bartleby it show economics