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The cost of freight ships increases, what happens to the
A) It increases.
B) It decreases.
C) It remains the same.
D) It changes ambiguously.
What kind of good is Lyft for riders?
A) Club good
B) private good
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Solved in 3 steps
- Who gets the benefit when there is a surplus market condition? a. Consumers b. Sellers c. middlemen because there is a lot to be transacted d. Government because of Taxes If Quantity Demanded is less than Quantity Supplied. a. curves will shift to the right b. suppliers get all the benefit c. consumers gets most of the benefit d. government gets taxes Cars and gasoline are an example pf what types of goods? a. Luxury b. Complimentary c. Substitute d. CompositeWith the aid of the diagram, show and explain the effects of change on market for education with the increase in school fees on the equilibrium price, quantity and equilibrium pointExplain why voluntary transactions improve social welfare.
- (J) please answer asap.... For what products is the Law of Demand true? a. for luxuries but not for necessities b. for all products as long as everything else remains constant c. for products with elastic demand but not for products with inelastic demand d. for products in a market economic system but not for products in a command economic systemIn Country Faraway, cigarettes are forbidden, so people trade cigarettes in a black market. The cigarette demand is QD = 12 − P , and the cigarette supply is Qs = 2P . Find the equilibrium price and quantity in the black market. The government becomes aware of the black market and reinforces the police so that half of the cigarette supply would be seized and destroyed. Under this circumstance, what are the demand and supply functions? What is the new equilibrium price and quantity? Show the change by using a supply and demand diagram.Question 5: Consider the analysis described in Figure 20.6. Tom and Dick each earn $25,000 per year. Tom has a spouse and two children, and Dick is unmarried. Health insurance and other goods trade off dollar for dollar (there is no tax advantage to health insurance). (a) Where would each of the two be located on the budget constraint, and why? (b) Which of the two would more likely take up a health insurance program, such as Medicaid? (c) How would your answers to the first two parts change if health insurance were subsidized (as it is) relative to all other goods?
- Many cities have taxes on products that are considered "bad," like cigarettes and alcohol. These things may be bad for the individual who consumes them (in terms of lowered health), but also imposes costs on society if people who smoke need health care or people who drink cause accidents. Taxes on these sorts of goods are sometimes referred to as "sin taxes." The idea is that taxing the good will cause people to buy less of that bad (sinful) product. Do you think these taxes work well do produce the desired effect of lowering consumption? What factors may cause a tax to work better or worse as far as lowering consumption? Would these factors cause more or less tax revenue to be raised? If the goal is to reduce consumption, does tax revenue even matter? Would a sin tax work as well on other products like sodas? Why or why not? You don't have to answer every one of the questions I posed -- pick a couple/few that are of interest to you. I threw a lot in there to get you…Draw the demand curve in the market for medical care and upload your picture of your diagram, the horizontal axis should represent the number of medical procedures.) Show the quantity of procedures demanded if each procedure has a price of $100. On your diagram, show the quantity of procedures demanded if consumers pay only $20 per procedure. If the cost of each procedure to society is truly $100, and if individuals have health insurance as described above, will the number of procedures performed maximize total surplus? Explain. Consider how health insurance affects the quantity of healthcare services performed. Suppose that the typical medical procedure has a cost of $100, yet a person with health insurance pays only $20 out of pocket. Her insurance company pays the remaining $80. (The insurance company recoups the $80 through premiums, but the premium a person pays does not depend on how many procedures that person chooses to undertake.)Suppose that new type of mining equipment replaces low-income miners, but require highly skilled technicians to operate and maintain. The new equipment will shift the demand curve for low-income workers to the ______ while shifting the demand curve for high-income workers to the _____.
- The CC’s are a major league basketball team CC’s charge $10 for a reserved seat ticket to any one of their 71 home games they play each year In addition, only before the season begins, the team offers to sell one and only one ticket book to each fan The ticket book contain 10 reserve seat tickets to any game for a total payment of$50 Using consumer theory, show why the CC’s sell the ticket book If CC’s tickets are an inferior good, could a fan end attending fewer games a year because of the ticket book offer? If CC’s tickets are a normal good, could a fan end up attending fewer games a year because of the ticket book offer? What does this suggests about the team’s belief concerning the income elasticity of demand for tickets?Daniel can spend no more than $40 at the fair. If admission into the fair is $10 and the rides cost $1.50 each, which inequality represents the greatest number of rides Daniel can go on?which statement is correct A result of welfare economics is that the price of a product is considered to be the best price because it maximizes total surplus. A seller would be willing to sell a product only if the price received is less than the cost of production. Suppose that the equilibrium wage in the labor market is $8.00 per hour of labor. If a law increased the minimum wage from $7.25 to $10.00 per hour of labor, any possible increase in producer surplus would be smaller than the loss of consumer surplus. In a market, for any given quantity, the price on a demand curve represents the marginal buyer's willingness to pay.
