Terrell is a barber who can perform a shave and a haircut to a customer at a constant marginal cost of $+. If Terrell charges each customer $10 and serves seven customers, how much producer surplus has he earned?
Q: Y6
A: Short run Philips curve is downward sloping, showing inverse relationship between unemployment rate…
Q: Currently, you get 2.2 Canadian dollars for each Wakandan dollar. In Canada, you can buy a Big Mac…
A: Purchasing Power Parity is the equilibrium between two currencies of two countries that is brought…
Q: a. The following table below shows the production possibilities combination of two products in a…
A: Production function shows the different combinations of two goods that can be produced with…
Q: A risk-neutral monopoly must set output before it knows the market price. There is a 50 percent…
A: Given information: There is a 50 percent chance the firm's demand curve will be P=20 - Q and a 50…
Q: Samsung wants to prevent Whirlpool from entering the market for high-priced, front-load washing…
A: Samsung can use the following strategy to prevent Whirlpool from joining the front-load washing…
Q: What are the advantages and disadvantages of unrestricted (free) trading?
A: The concept that depicts the movement of goods and services between economies in exchange for some…
Q: Suppose that the number of non-institutional civilian (working age) population is 150 million. Of…
A: We are going to use a labor force definition to answer this question
Q: the advantages and disadvantages of a weak dollar bill (3 of each)
A: a weak dollar implies that a U.S. dollar can be traded for more modest measures of unfamiliar cash.…
Q: In what ways is economic science similar to the natural sciences? In what ways is it different? What…
A: Economics is unique compared to other academic disciplines in that it is more theoretical than other…
Q: The IS (Investment equals Savings) curve describes the relationship be- tween deviations from…
A: The IS curve portrays the arrangement of all degrees of interest rates and the result (GDP) at which…
Q: Consider the following diagram showing the cost and revenue conditions of a firm. Price (RM) 65 52…
A: Market is divided into 4 types on the basis of number of buyers and sellers, available of…
Q: With an initial wealth of $160,000, a consumer who abides by the von Neumann-Morgenstern axioms…
A: A utility function or activity is a representation that defines individual preferences for goods or…
Q: Exporting products is a business strategy for multinational corporations. Which of the following…
A: Introduction : Global commerce is the exchange of goods and services between nations. Because they…
Q: (f) Discuss the differences, and similarities if any, between the Phillips Curve and Okun's Law.
A: Phillips curve: * It explains the relationship between the unemployment and the inflation * It is…
Q: Can you change the payoffs in the table to the right so that the firms choose to invest in safety?…
A: There are two players in the game - Firm 1 and Firm 2 Strategy Set of firm 1 = Strategy Set of firm…
Q: 3. Suppose that the parents of a young child decide to make annual deposits into a savings account,…
A: Annuity is defined as the series of annual payment that are paid or received at beginning or at the…
Q: In how many years will $1,500 yield an interest of $200 at 2% simple interest?
A: given that, The principal sum is $1500 simple interest is $200 rate of interest is 2%
Q: Asymmetric information and/or imperfect information can cause two forms of market failure: 1)…
A: Adverse Selection in economics refers to that phenomena when in any transaction between two people ,…
Q: Law borrowed $2000 from Bence at 8% per annum. After 6 year he cleared the amount by giving $2600…
A: Following is the given information: Borrowed amount = $2000 Interest rate = 8% Time = 6 years
Q: What means supply of money?
A: Meaning of Exchange Rate: The term exchange rate refers to the situation under which a particular…
Q: An industry has two firms. Firm 1's cost unction is TC1(q1) = 2q1 + 500 and firm 2's cost function…
A: Cournot model is a part of oligopoly market. The firms compete on the basis of output in the Cournot…
Q: If nominal GDP in 2014 is $20.000 billion while real GDP is $16.500 billion, then the GDP deflator…
A: The GDP deflator, also called implicit price deflator, is a measure of inflation. It is the ratio of…
Q: Explain in general what mean World Unemployment and Labor Markets ?
A: An agreement that is entered between an employee and an employer for providing certain services in…
Q: The Copenhagen Consensus approaches aid by looking at ____ and it found that ____. a.the best…
A: Copenhagen Consensus is a venture that looks to lay out needs for progressing worldwide government…
Q: True/False/Uncertain and Explain Gains from trade arise when countries specialize in producing the…
A: In financial aspects, gains from exchange are the net advantages to monetary specialists from being…
Q: References Mailings Review View Help In a one-shot game, if you advertise and your rival advertises,…
A: a) From the given information ,we get the payoffs of the game as shown below: Your rival Your…
Q: If the inverse demand function is P=10-Q and total cost is C=2Q, what is the optimal fixed cost to…
A: Demand and supply In perfect market competition the optimum quantity is produced where the demand…
Q: monopolistically competitive markets, zero economic profit is associated with: saved 1 out of…
A: Monopolistically Competitive Market:- In a market system known as monopolistic competition, numerous…
Q: What is the meaning of a “colonial legacy” and what are possible advantages ?
A: The dominance of one culture, community, or country over another is referred to as colonialism. To…
Q: Describe the role of repo rate and reverse repo rate in correcting deflationary gap in an economy.
A: Repo rate is the term used to describe the rate at which commercial banks borrow money by offering…
Q: tsource production to Bangladesh and other low-wage economies. Show your results in single diagram.…
A: Unemployment is a term alluding to people who are employable and effectively looking for a job yet…
Q: 3. Law borrowed $2000 from Rence at 8% per annum. After 6 year he cleared the amount by giving $2600…
A: Here, given information is, Law borrows (P): $2000 Interest rate (r): 8% per annum Time period (n):…
Q: D Question 27 Which organization hosts a nationwide network of Volunteer Centers? O Relay Council on…
A: Organization refers to the grouping or coming together of people who have a common objective or…
Q: Johnston Implants is planning new online patient diagnostics for surgeons while they operate. The…
A: In the present worth analysis, we find the present values of all the cashflows. If the value of…
Q: Assuming that Mohamed is maximizing his utility. His MUX/Px = 80 and MUY = 600. Then the price of Y…
A: In the mentioned question we have been given MUx/Px and MUy which means we are given the marginal…
Q: Let Pm be the monopoly price and p" be the competitive price. Initially, there are many souvenir…
A: The above question provides a market scenario in which there are many seller but still the prices…
Q: Assume that one year's worth of work in the USA can produce 15,000,000 cars or 20,000,000 bottles of…
A: Meaning of Opportunity Cost: The term opportunity cost refers to the situation under which the…
Q: What are the defects of Indian money market?
A: The money market is a group of institutions, traditions, and conventions created to facilitate…
Q: 24. Let i be the rate of inflation and r the nominal interest rate. (We used pi to denote the rate…
A: Here, correct option for real interest rate is required to find out.
Q: What would be the effect of an increase in money supply on aggregate demand, GDP and inflation ? Use…
A: As per Keynesians, an increase in the money supply will a. decrease the loan cost, and increase…
Q: 7. Suppose that a country has $100 billion in bank reserves, $200 billion in currency held by the…
A: Reserve ratio refers to that percentage of bank deposits that commercial bank should keep with…
Q: The idea of (A) Opportunity costs (B)Scarcity (C)Marginal analysis (D)Specialization in economics…
A: Opportunity cost is defined as the benefit which is lost while making a different decision. You must…
Q: See attached image. Identify the value of savings in the economy What is the value of…
A: Circular flow of income describes the flow of income among the sectors. The sectors of the economy…
Q: In the open-economy macroeconomic model, if a country's supply of loanable funds shifts right, then…
A: An open economy is a form of economy in which organisations from other nations trade goods in…
Q: The following table shows the demand and supply of ice-cream market. Price (RM) Quantity Demanded…
A: Price Control can be of two types based on the purpose for which they are implemented - 1 .) Price…
Q: Bitcoin depends on miners to the following functions, except : store and broadcast the block chain…
A: Bitcoin mining is the interaction by which Bitcoin exchanges are approved carefully on the Bitcoin…
Q: Suppose you are the production manager of a small perfectly competitive firm making a single…
A: Profit maximizing quantity for the firm is where the marginal revenue curve intersects the marginal…
Q: A bank charges 11% discount on short term loan& Find the sum received by the borrower who requests…
A: Given Discount rate =11% Loan amount =Php 1500 Starting date is October 3, 2011, and the maturity…
Q: Question THREE Some reasons why resources could be allocated inefficiently by the market are…
A:
Q: show graph for the following, thanks
A: In the mentioned question we have been asked to carve the variable cost, total cost function on the…
Step by step
Solved in 2 steps
- The price of a good is $50. The market for this good is perfectly competitive. The marginal cost that afirm producing these good faces is MC = 4 + 0.5Q, where Q is the quantity of good produced. Howmany units of the good does this firm produce? Show your mathematical workAnderson is willing to pay $12. Kendrick can provide the item for $10, but producing the item imposes a cost of $8 on Talib. If Anderson purchases the item from Kendrick for $11, what is the total surplus from the transaction? (Remember, do not enter the $, and enter the - if TS is negative.)Producers' Surplus The manufacturer of a brand of mattresses will make x hundred units available in the market when the unit price is p = 50 + 90e0.06x dollars. (a) Find the number of mattresses the manufacturer will make available in the marketplace if the unit price is set at $200/mattress. (Round your answer to the nearest integer.) mattresses (b) Use the result of part (a) to find the producers' surplus if the unit price is set at $200/mattress. (Round your answer to the nearest dollar.) $
- The market for used phones is perfectly competitive. The Marginal Willingness to pay (MWTP) and the Marginal Costs (MC) for the buyers and sellers in used phon market are given in the table below. If they buy a phone, each buyer purchases only 1 phone. If they sell a phone, each seller sells only 1 phone. What is Total Surplus in the used phone? Remember all market trades are voluntary. Enter a number only. Do not enter the $ sign.what do you understand by consumer and prducer surplus ?what is the impact of price decrease on consumer surplus?and on producer surplus.show graphically and interpret.Explain how sellers’ costs, producer surplus, and thesupply curve are related.
- If you sold 500 pounds of beef for $5 per pound when you usually sell it for $2 per pound. What is your total producer surplus?Q. Analyze relation between law of demand and law of deminishing marginal cost?If marginal benefit is equal to marginal cost, then the: A. sum of producer surplus and consumer surplus equals zero. B. market has squeezed out total surplus so that it equals zero. C.sum of producer surplus and consumer surplus is as large as possible. D.producer surplus is equal to the consumer surplus.
- (a) If lemons cost $1 per pound, the wage rate is $1 per hour, and theprice of lemonade is p, what is his marginal cost function? (b) What is his supply function? (c) If lemons cost $4 per pound, the wage rate is $9 per hour, and theprice of lemonade is p, explain in detail how these changes would affect theoriginal supply function in part (b)? ONLY ANSWER PART B AND C.Assume that consumers view tax preparation services as undifferentiated among producers, and that there are hundreds of companies offering tax preparation in a given market. The current market equilibrium price is $170. Joe Audit’s Tax Service has a daily, short-run total cost given by TC = 1000 + 4Q2 + 10Q with marginal cost MC = 8Q + 10. How much will he earn in profit, found by total revenue minus total cost, each day?Consider the market for a iced coffees. Each shop can make at most one drink. For shop A the marginal cost of making the coffee is $1.25, for shop B, it is $2.10, for shop C it is $3.00 and finally, for shop D it is $2.50. If the market price is P = $2.75 a. what is the quantity supplied? b. what is the total producer surplus?
