Show in a diagram the effect on the demand curve, the supply curve, the equilibrium price, and the equilibrium quantity of each of the following scenarios. The market for gasoline Scenario 1: Electric cars have increased in popularity. Scenario 2: The price of sports utility vehicles rises.

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A: Economics is the stdy of allocating scarce resources efficiently and effectively. It is the study of…

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A: A customer refers to any individual or entity that makes a purchase from another company, whether it…

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A: given that, fixed cost: P180000 salvage value: P15000 life of 12years

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Q: Due to heavy rains the price of ground produce increases. Which core principle is represented in…

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Q: It is most practical to raise GDP per capita in the short term and with almost full employment by:…

A: When everyone is able to obtain job at the going rate of pay, this is considered to be full…

Q: Draw a curve that shows the relationship between quantity and total revenue when the demand curve…

A: Given that the demand curve is linear so liner demand equation will be P=a-bQ      where a, b is…

Q: he monthly demand for trotro rides in Kumasi, Ashanti depends on the price of a taxi ride, the price…

A: Elasticity of demand measures the responsiveness of percentage change in quantity demanded due to…

Q: The price of a Universal Testing Machine doubles in  15 years. What is the compounded yearly…

A: The future value formula is given as:  F = P(1+R)n Where P : present valueF : future valueR : Rate…

Q: Consider the following simplified scenario. Imagine that the Australian national rugby union (for…

A: Profit maximisation is a process that companies go through to ensure that the best output and…

Q: The Nicor family is planning to purchase a new home 3 years from now. If they have Php 12,000,000…

A: As given Present worth = 12,000,000  Interest rate = 12% per year  time = 3 years  FV = PV(1+r)n…

Q: Pedro made 24 payments of P200,000.00 each, and all payments are made at the beginning of each year.…

A: Given  Annuity =P200,000 Number of payments =24 All payments are made at the beginning of each year.…

Q: A company's cost function is given as: TC = 25+ 30Q + 0.2Q² What is the equation for the company's…

A: Variable cost refers to the cost which changes with change in the level of output. The fixed cost…

Q: Demand is the schedule of quantities of a good or service that people are willing and able to…

A: According to the law of supply and demand, a product's market price changes are related to its…

Q: what is a health economist & what do they do?

A: Health care economics deals with the effectiveness and financial efficiency of health and health…

Q: What is an emerging economy? How can countries with emerging economies make use of information…

A: An emerging economy  (or an arising nation or an arising economy) is a market that has a few…

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A: In economics, anything that will give some utility, benefit or any value is known as an economic…

Q: 3:39 The dictator game Multiple Choice reveals nothing important about economic behavior because the…

A: Behavioral Economics: Behavioral economics makes a structure that combines economics and psychology.…

Q: How does healthcare system in country affect economic development?

A: A health framework, medical care framework, or medical care framework is an association of…

Q: Take a look again at Figure 1 (originally from the page in the text titled "Neoclassical and…

A: The difference between real GDP and potential GDP, when both are measured in real terms, is known as…

Q: Assume P = 201 - 1Q and TC = 129 + 1Q2. What level of production maximizes profit? Enter as a value…

A: In this case, we have to see profit maximizing output. Now we know that in the market economy there…

Q: If the Federal Reserve purchases $100 million worth of government securities in open market…

A: Given, Value of securities = $100 million Required reserved (RR)  = 8% The required reserve ratio…

Q: Explain the difference between income elasticity, demand elasticity, and cross-price elasticity.

A: Elasticity is the measure of responsiveness in change in quantity due to change in income or price…

Q: Was demand for its products more elastic or inelastic and why? Were consumers well informed of the…

A: ▪︎The law of demand states that as a good or service's price increases, demand for that good or…

Q: Identify and explain three of the factors that help determine how elastic demand for a particular…

A: Price elasticity of demand(ed) is the ratio of % change in Qd(quantity demanded) and% change in…

Q: A profi-maximizing monopolist will set its price Select One: a) along the elastic portion of its…

A: A monopolist is an individual, gathering, or organization that controls all of the market for a…

Q: determinants of demand are internal to the firm?

A: Demand refers to the amount of a good that consumers are willing and able to purchase at different…

Q: Which of the following problems makes it difficult to interpret human experiments using cooperation…

A: According to cooperative game theory, coalitions of players serve as the main decision-making…

Q: Consider a profit-maximizing monopoly operating with marginal cost MC(Q) = 2+2Q and total cost…

A: Monopoly is a form of market structure in which a single firm sells a commodity for which there are…

Q: How much money should be deposited each year for 12 years if you wish to withdraw Php 15,450 each…

A: An interest rate lets you know how high the cost of borrowing is, or high the rewards are for…

Q: 3. Samson bought a new cutting machine for P5,000,000.00. The machine could be sold for P50,000.00…

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Q: The two graphs on the next page represent the market supply and demand for a good (the first graph)…

A: As average total cost starts increasing marginal cost will be more than average cost as both fixed…

Q: A gardener is trying to maximize profit by growing tomatoes (T) and carrots(C) with fertilizer(F).…

A: In economics, elements of production are the resources people utilize to manufacture goods and…

Q: Consider how the COVID-19 pandemic has caused major disruption in global supply chain affecting the…

A: The relationship between aggregate demand (AD) and aggregate supply (AS) is used in a macroeconomic…

Q: 4. Saving for his retirement days is the main reason Mr. Suarez invests his money in an account that…

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Q: Why do these goods have the elasticity that they do? Inelastic Coffee, Elasticity: 0.25 Elastic…

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

Q: Heuristics Multiple Choice are rules of thumb that generate decisions that generally maximize net…

A: Heuristics can be defined as simple, efficient and effective rules uses by people to judge or decide…

Q: nsider the effects of an increase in the global price of oil. For a country such as Australia, which…

A: The consumer price index is used to estimate inflation. The CPI tracks the prices of a basket of…

Q: Please provide examples of what is an emerging economy and its definition?

A: An economy is a system of interrelated production and consumption exercises that eventually decide…

Q: What is an example of calculating IRR?

A: For calculation of IRR We utilized the method of interpolation to compute IRR. This requires the…

Q: 3. Frank's utility is given by U = InX+2Y, where Mux = 10/x and MU 2. Prices are Px = 2, Px=4 and M…

A: utility depends on the number of commodities which are consumed by the consumer. The marginal…

Q: 5. Which entities in the Federal Reserve System control the discount rate? Reserve requirements?…

A: DISCLAIMER “Since you have asked multiple question, we will solve the first question for you. If you…

Q: If an electric appliance present worth is P120,000.00 and is being paid P5000.00 indefinitely,…

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Q: Tess wanted to have P100,000 on her bank account at the end of 8 years. She plans to deposit an…

A: Present Value (PV) is the present value of money you expect from future income and is determined as…

Q: Consider a smopec in the market for bread. The domestic equilibrium price without trade would be…

A: Equilibrium is the state wherein market supply and demand balance one another, and accordingly,…

Q: Mary makes year-end deposit of $4500, the first year increasing the year’s deposits by 8% until the…

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Q: 6. A new medical study indicates that eating blueberries helps prevent cancer. If the demand for…

A: Production: Production implies converting raw materials into finished goods. The finished goods are…

Q: Consider a worker who consumes one good and has a preference for leisure. She maximizes the utility…

A: The labor-leisure problem is this. Where the customer chooses the right amount of leisure and…

Q: Samson bought a new cutting machine for P5,000,000.00. The machine could be sold for P50,000.00…

A: Given  Samson bought a new cutting machine for P5,000,000 so the first cost or initial investment in…