Question: Who among the following economists introduced the concept of the "invisible hand" to describe the self-regulating behavior of the marketplace? A) Adam Smith B) John Stuart Mill C) Friedrich Hayek D) Paul Samuelson
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Question: Who among the following economists introduced the concept of the "invisible hand" to describe the self-regulating behavior of the marketplace?
A) Adam Smith
B) John Stuart Mill
C) Friedrich Hayek
D) Paul Samuelson
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- (This is a single question with five parts to the answer. I would appreciate help with all five parts if possible. Image screenshot of the original question with the formulas more easily readable than can be identified here is attached) Tech firms produce goods and services from labor and energy. The total cost in dollars to produce y amount of goods and services for each firm j is cj(yj) = yi2. There are 100 identical tech firms which all behave competitively. What is the individual supply of technological goods and services? What is the market supply of technological goods and services? Suppose the demand curve for these goods is D(p)=200-50p. What is the equilibrium price and quantity sold? How much is the total surplus of this economy? Now suppose that the industry makes a one-time investment for $K amount of dollars to innovate in a new technology of production that allows every firm to reduce its cost of production to a 1/4 fraction of the previous cost. What is the new total…In economics, the operation of the competitive market model (Perfect Competition) produces efficient uses of resources and meets people’s needs and wants; in other situations, markets fail to satisfactorily use resources efficiently and meet the needs and wants of people. Discuss, demonstrating your understanding of how, why and when markets work well or fail and what can governments do when markets fail. Use diagrams to help your explanation and argument.Friedrich von Hayek won the Nobel Prize in Economics in 1974. In awarding the prize, the Academy specifically referred to his conclusion quoting the Academy, not Hayek "that only by far-reaching decentralization in a market system with competition and free price-fixing is it possible to make full use of knowledge and information." What did the Academy mean?
- Part 1 - 10 Marks Demand for Pepsi Consider the price-setting power of firms in a unique time in history, post-pandemic amidst an outbreak of high inflation (2022 to mid-2023), followed by a steady period of relatively moderate inflation in recent months. We shall focus on the beverage giant, PepsiCo. To give you some relevant knowledge and guidance for this task, read the following freely available articles: https://www.fastcompany.com/90902098/how-long-can-companies-raise-prices-inflation-pepsi https://www.crikey.com.au/2024/02/12/mcdonalds-pepsi-price-gouging-inflation-cost-of-living/ Consider two scenarios. Scenario 1: Assume the firm increased price of their Pepsi fizzy drink by 25% over 2022-2023. Scenario 2: Assume the firm increased price of their Pepsi fizzy drink by 5% in first quarter of 2024. For each scenario, do the following: ▪ Draw a single straight-line demand curve and explain the relevant details on the price elasticity of demand (PED). ■ Show the workings of your…Imagine a scenario in which the fashion industry is suffering from monopolistic price gouging and a dwindling demand (due to the existence of sweatshops and environmentally unfriendly business practices). A hypothetical situation such as this is likely to cause high unemployment in the fashion industry. What could the government do to correct this market failure? Including diagrams where/if appropriate)3. Technology has the ability to disrupt industries. You are involved in an industry that is undergoing changeand disruption by taking this class. The traditional textbook industry is being disrupted by the availabilityof digital textbooks, and free textbooks such as this one are further impacting traditional textbookpublishers. Place the following statements into Porter’s Five Forces model.a. Students have access to the material at a greatly reduced cost.b. Authorship is funded through philanthropic donations rather than royalties paid from textbook salesrevenue.c. More students have access to the Internet than ever before.d. Companies, governments, and students invest large sums of money in their education.e. Traditional public educational institutions are adapting their delivery models for online learning.f. Private companies such as Apollo (University of Phoenix) are offering lower-cost education options.g. Bookstores now offer traditional textbooks as well as used and rental…
- MODIFIED TRUE or FALSE. Write "T" if the given statement is TRUE, correct and valid. Write "F", if otherwise. If your answer is either "T" or "F" explain, why is it true or false. Cite a theory, use a formula or graph to support your answers. 1. In a perfectly competitive market, there are many buyers and sellers and no can influence the market price or quantity. 2. Economic model is an abstract representation of the "unreal world" phenomena that one wishes to examine. 3. Economic model can be expressed to an equation holding other variables to be constant. 4. Independent variable or the explanatory variable (in an economic model) is the variable that provides the explanation for any change(s) in the response variable. 5. Points below the Production Possibility Frontier or PPF are the choices of the society that are infeasible due to its limited resources. 6. Law of demand asserts that quantity demanded and its own price is directly related. 7. Law of supply states that…MODIFIED TRUE or FALSE. Write "T" if the given statement is TRUE, correct and valid. Write "F", if otherwise. If your answer is either "T" or "F" explain, why is it true or false. Cite a theory, use a formula or graph to support your answers. 1. In a perfectly competitive market, there are many buyers and sellers and no can influence the market price or quantity. 2. Economic model is an abstract representation of the "unreal world" phenomena that one wishes to examine. 3. Economic model can be expressed to an equation holding other variables to be constant. 4. Independent variable or the explanatory variable (in an economic model) is the variable that provides the explanation for any change(s) in the response variable. 5. Points below the Production Possibility Frontier or PPF are the choices of the society that are infeasible due to its limited resources.In terms of Adam Smith’s concept of the invisible hand, an efficient overallallocation of resources is likely to result from:(2)(1) The behaviour of public-spirited people, who consider the benefits theiractions will have on others;(2) The behaviour of self-interested individuals striving to maximise their ownwell-being;(3) The regulation of markets by economic planners;(4) The operation of command rather than market economies.
- 10, Name three main ways by which a firm might differentiate its product through nonprice competition. Briefly for managerial economics classDiscuss briefly the implication or significance of this EQUILIBRIUM POSITION or CONDITION? What does this mean in the real world of business where producers and buyers interact in the MARKET?answer in short is there an evidence that having two close outs in a month has beneficial effect on sales ?