If the average variable cost is $23 and the average fixed cost is $12, what is the average cost

Q: An electromechanical machine manufacturer has a demand function for his machines: P(q) = 5,500 -…

A: Profit depends on the equation profit = Total revenue - Total cost. As a result, a company optimizes…

Q: Q.22. What do you mean by Money Supply and explain its components? explain elaborately?

A: Money is the main & most important ‘medium of exchange’ in an economy. Through these medium…

Q: 1.1 Which represents the law of demand: a shift of the demand curve or a movement along the demand…

A: According to the law of demand, which is a cornerstone of economics, customers will demand fewer…

Q: other steps could be taken to make people more knowledgeable about the journey that food takes from…

A: Food is a material that is mostly made up of nutrients such as protein, carbohydrates, and fat and…

Q: Suppose that the inverse demand curve for a product is given by: 100-Qd+2M, where M is the average…

A: In economics, an inverse demand function is the inverse function of a demand function. The inverse…

Q: You have a field on which you can grow two types of crops, barley and wheat. The field has 30 acres…

A: Opportunity cost, in economics, refers to the cost of giving up a resource when an individual is…

Q: Subtraction of from Gross National Product yields Gross Domestic Product. O factor income to the…

A: The gross domestic product (GDP)refers to the total monetary value of all completed goods and…

Q: If the price of sugar were to double, would you use less of it? Explain in terms of the determinants…

A: Meaning of Price Elasticity of Demand: The price elasticity of demand refers to the situation…

Q: 3. Consider the following international transactions, which together make up all the transaction of…

A: the BOP of a nation is the difference between all money flowing into the nation in a particular…

Q: Suppose maple syrup and waffles have a cross price elasticity of (-0.75). This would make these…

A: The cross elasticity of demand(XED) is an economic concept that measures how sensitive a quantity…

Q: Sketch a correctly labeled graph of demand showing the effect of an increase in the number of…

A: Demand simply refers to a consumer's willingness to pay the price for goods and services without…

Q: Mr. Cruz borrowed P50,000.00 with interest at the rate of 15% payable annually. The debt will be…

A: Given that, Principle, P = 50000 Interest Rate = 15% Time period = 5Years

Q: Three professional siblings decided to save money so they can buy a house and lot for their parents…

A: Present worth is the discounted value of money at a given interest rate during a given time period.…

Q: Adjust the following graph by shifting either the curve or the point on the curve to illustrate a…

A: The Aggregate Demand is key determinant of Income level in the economy. Change in AD causes change…

Q: Xinyi has an income of I = 140, and faces prices px = 1 and py = 2. Her utility function is U(x,y) =…

A: Utility function : U(x,y) = xy + x Px = 1 , Py = 2  Budget Constraint : 140 = x + 2y  Optimization…

Q: The new iPhone 14 was released last week. You need a P12,000 immediately as a down payment on this…

A: Amount required = 12,000 r = 7% compounding continuously n = 8 years

Q: Consumer surplus is measured as the area: between the demand curve, the supply curve, and the price…

A: Consumer Surplus can be defined as the surplus or the benefit available to the consumer while…

Q: Given the production function y =( lp +Kp)1/p , what is the technical rate of substitution, the…

A: Production function represents a relationship between quantities of input and output of goods.

Q: Question 9 The table shows the output of bikes and skateboards for Luke and Han (the end points of…

A: Comparative advantage occurs where a country can produce a commodity at lower cost relative to other…

Q: You have a field on which you can grow two types of crops, barley and wheat. The field has 30 acres…

A: Production bundles of goods which use all the resources are efficient.

Q: In Japan, one worker can make 5 tons of rubber or 80 radios. In Malaysia, one worker can make 10…

A: In economics, opportunity cost is the cost of something that an individual rejects or forgive to…

Q: 10. Price elasticity of supply in the short run and long run The following graph shows the short-run…

A: Price elasticity is quite possibly of the most key, fundamental economic idea any business owner or…

Q: Irving has 10 hours available for knitting scarves and hats. It takes him 20 minutes to knit a scarf…

A: Opportunity costs is the benefits foregone in picking one among a few alternatives. The opportunity…

Q: ENGINEERING ECONOMICS DISCOUNT A hardware store purchased a tool of 20,000 pesos per unit. At what…

A: Here, given information is: Cost of the tool: 20,000 pesos Discount provided on sales price: 15%…

Q: Discuss economic, institutional-governmental and social environment variables of the…

A: The term "macro environment" refers to the more widespread conditions that can have an effect on a…

Q: Market for Gasoline: U.S. workers increase their use of "work from home" and Zoom. New technology…

A: Equilibrium in the market occurs at the point where quantity demanded is equal to quantity supplied.

Q: Why do mainstream institution theories have a highly problematic understanding of the relationship…

A: The mainstream institution theories have a highly problematic understanding of the relationship…

Q: 4. Find all correlated equilibria of the "Bach or Stravinsky" game. What is the highest symmetric…

A: Bach or Stravinsky game is a type of coordination game that is also known as the battle of sex. In…

Q: Richard York makes the following claim:    "Social perceptions of the environment are affected by…

A: Changes in the size and circulation of populaces and related prevailing difficulty as, for instance,…

Q: 1. What information do we gain by isolating the income and substitution effects from each other when…

A: There are 2 ways to explain the substitution effects  a) Hicksian substitution effect b) Slutsky…

Q: In the PPF below, if the economy moves from point A to point B, opportunity cost will A Hybrid cars…

A: Opportunity Cost is the value that we lose by choosing one alternative over other. Slope of PPF…

Q: (Figure: The Market for Ford Mustangs) Price (thousands) P, 30 P₂ 20 (A) .60 Quantity (thousands)…

A: Price elasticity of demand measures the responsiveness in quantity demanded of a commodity to a…

Q: A decrease in price and an indeterminate change in quantity are consistent with a:

A: In order to assess if a market is in equilibrium or disequilibrium, we can graph the supply and…

Q: At which point does the SMC curve cut the SAC curve?

A: The change in total cost per unit of change in output is known as short-run marginal cost (SMC).…

Q: 16. In the short run, the profit maximization for a firm in a perfectly competitive market would be:…

A: In the short-run, a perfectly competitive firm has an incentive to earn profit due to relatively…

Q: 1. Recently. European Union (EU) governments approved a five-year EU trade protec- tion against…

A: GOES market rivalries are portrayed in the scenario. 1. Producer vs. Producer - The producers of the…

Q: Local party organizations O have more power than their western European counterparts. O are…

A: In electoral process the political parties are at the national, state, and local levels. Local…

Q: Suppose the economy has a population of 35 million people and a labor force participation rate of…

A: Given  The population of the economy  is 35 million Labor force participation rate (LFPR) =50%  The…

Q: Item Shoes Oranges Medical Services Quantity 8 25 12 GDP data 2010 Price2010 30 4 120 Quantity 10 31…

A: Here, the given table shows three items that are produced in 2010 and 2012 with different market…

Q: Consumer surplus is defined as the area between below the Demand function and above the Supply…

A: Consumer surplus arises when market price is less than maximum price consumers are willing to pay.

Q: Massam works for a company that is having a hard time competing in the market. Massam really wants…

A: Massam wants to make his career in marketing. Marketing is all about understanding the consumer…

Q: If the two nations operate in autarky, which of the black points (plus symbol) are attainable for…

A: Given that,  Consider the two hypothetical nations of Greenburg and Fireton. Suppose they both…

Q: D4.  Discuss two reasons why discretionary fiscal policy (expansionary & contractionary) may be…

A: Contractionary fiscal policy:- When the government either slashes expenditure or hikes taxes, it is…

Q: Discuss the idea of Non Satiation and scarcity which underlie micro economics.

A: Micro Economics is concerned with economic problems at the micro level. It does not study economic…

Q: Uniform Payments You just graduated. Congrats. You need a car to get to your new job at Intel. Uncle…

A: Given  Present value or loan amount =$9000.Credit card rate =20% per year We know that 1 percent…

Q: Question 3 Which of these is among the principal determinants of economic growth? O the financial…

A: Economic growth can refers to an improvement in the inflation-adjusted market value for the economic…

Q: Countries that trade on the basis of comparative advantage have __________ than countries that do…

A: Comparative advantage refers to the ability of the country to produce the product at a lower…

Q: 3. Consider the economy described by the following equations Y=C+I+G Y = 8,000 G=2,000 T = 1,000…

A: Given that; Y = 8,000G = 2,000T = 1,000C = 250 + 0.75(Y −T )I = 800 − 50r ------------------ C = 250…

Q: Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour worked. What…

A: Productivity is a measure of how effectively commodities or services are produced. Productivity is…

Q: A house and lot can be acquired at a down payment of Php500,000.00 and a yearly payment of…

A: The present value factor is used for estimating the current worth of a sum of money that will be…