Suppose that your maximum willingness to pay for a bicycle is $331. The actual price of a bicycle you purchase is $278. What is your consumer surplus from making this purchase?

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A: Communities have experimented with incentive compensation for police, such as paying officers based…

Q: 1. You are given the following sample annual data about the prices of Alibaba and Google stocks: a.…

A: Returns refer to the change in value of an investment over a period of time, typically expressed as…

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A: Net present value (NPV) will be calculated as a difference among the present value of cash inflows…

Q: How does the impact of fixed costs change production decisions in the short run and in the long run?…

A: Fixed cost refers to the cost which remains the same at each level of output. It means that fixed…

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A: Production possibility curve (PPC) shows the combination of two goods that can be produced with the…

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A: Supply curve is the upward sloping curve.  Elasticity measures the change in quantity due to change…

Q: Consider the following cash flow diagram: $10 $10 $10 $10 If the interest rate is 10% per period,…

A: The future value of a series of cash flows will be computed as total value of the future amount of…

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A: A monopolist is a single seller in the market that sells goods with no close substitutes and has the…

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Q: Problem 2.5    The cost function for Acme Laundry is  TC(q) = 10 + 10q + q^2 so its marginalprod…

A: The sum of all costs, both fixed and variable, is known as the Total cost. The cost per unit…

Q: An economy is described by the following equation C d=14400 0.5(Y-T)-40000r, Ip=8000-20000r, G=7800,…

A: Aggregate expenditure refers that the total or aggregate expenditure or sum total of the expenditure…

Q: 1. Assume a Ricardian trade world where there is only one factor of production. We divide the world…

A: Gains from trade are the increase in the consumption opportunities that result from indulging in the…

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Q: Task 10 Which of the following statement (s) correct: a) When the real interest rate is relatively…

A: Considering the 4 given statements and the reasoning, the statements which are considered to be true…

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A: The way a society arranges the creation, transfer, and consumption of products and services is…

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A: Price is the amount of money paid for acquiring a product or service.

Q: 3. Define positive rights. 4. Define negative rights.

A: Disclaimer Since you have asked multiple questions, we will solve the first one for you. If you want…

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Q: a) What is the Nash equilibrium in this game?

A: The nash equilibrium is the pair of strategies from which none of the players in the game want to…

Q: Retainer 0 1 Expenses 2 Revenue N Years How much can you afford to spend on the first year expenses…

A: A hurdle rate, which is also know as the minimum acceptable rate of return (MARR), is the minimum…

Q: Suppose you consume three goods, and you have the following expenditure function: E(Pa, Pys P, U) =…

A: Elasticity of demand is a measure of the responsiveness of the quantity demanded of a good or…

Q: 11. Calculating the price elasticity of supply Nick is a volunteer fire fighter living in Chicago…

A: Elasticity is used to measure the percentage change in quantity due to percentage change in price.…

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A: A monopsonistic market is a type of market structure in which there is only one buyer for a…

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Q: 5. Free-trade benefits There are a number of good outcomes associated with international trade for…

A: Free trade is a strategy where a government doesn't favor certain exporters over others or interfere…

Q: Using either the arc elasticity formula or calculus, calculate cross price elasticity of demand…

A: Cross price elasticity of demand for good X with respect to good Y : It refers to the percentage…

Q: 1. Suppose a cost function is defined as C(q) = 8 + 13q + 15q^2 (a) Find the ATC, AVC, AFC and MC…

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A: Introduction Consumer behavior is the study of how people, communities, and organisations decide…

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A: A competitive market is a type of market structure in which the firm is a price taker, there are a…

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Q: Consider a market transaction that you have recently undertaken for considering) as a consumer which…

A: Economics refers to the social science that studies the production, distribution, and consumption of…

Q: How does the impact of fixed costs change production decisions in the short run and in the long run?…

A: Fixed costs are costs that do not change with the level of production output in the short run, such…

Q: Which of the following best represents a medium negative correlation? A. 0.49 B. -0.53 C. -0.97 D.…

A: Correlation measures the relationship between two variables.  The range of correlation lies between…

Q: GDP as a general indicator of general health of the economy is misleading. Discuss.

A: Introduction Gross Domestic Product (GDP) is a measure of the total value of goods and services…

Q: 9. Market erriciency and market failure Suppose that the following graph shows a free market…

A: Introduction  Equilibrium quantity is when is  no storage or surplus of the product in the Market.

Q: Explain equilibrium in economics?

A: Economic equilibrium is when market influences stay adjusted, bringing about ideal economic…

Q: • Key fiscal policies used within 6-12 months before COVID-19 (up to March 2020) and after COVID-19…

A: Fiscal policy is a macroeconomic policy by which government uses government spending and taxation to…

Q: Consider the following example, which follows the analytical framework of Goldin and Katz (2008). a)…

A: Given information There are 2 inputs: Capital and labor wage rate=$20 Rental rate of the capital=$10…

Q: 5. Last year, Jarod left a job that pays $60,000 to run his own bike-repair shop. Jarod's shop…

A: Explicit expenses are determined whenever a direct payment is made during an economic transaction…

Q: Suppose supply is P= ―3 + (2/5)Qs and demand is P= 51 ― (1/10)Qd. If the government put a tax of $1…

A: Demand curve is the downward sloping curve.  Supply curve is the upward sloping curve.  Equilibrium…

Q: 26 Variable Costs = $1500 per week per worker + $45 parts and utilities per mower 27 28 1. Fill out…

A: Cost refers to the monetary value of products and services that sellers and consumers purchase. The…

Q: The market demand is given by P=250-2Q and the market supply by P=40+Q. What will be the resulting…

A: Demand curve is the downward sloping curve.  Supply curve is the upward sloping curve.  Equilibrium…

Q: Consider the following statement and describe its accuracy: "A country's male labour force…

A: In this case, we have to discuss the labor force participation rate and labor force participation…

Q: The cost of controlling emissions at a firm rises rapidly as the amount of emissions reduced…

A: To determine the maxima and minima, first derivative will be computed and afterwards compute the…