The exception to law of demand is

Q: 43. If income elasticity for a good is 2, then it is a A. Necessity item B. O Inferior good C. O Lux...

A: Elasticity of demand is used to assess the change in quantity demanded as a result of changes in dem...

Q: Consider the closed-economy model of the money market in which, the demand for real balances depends...

A: Given information Money demand function M/P=L(i,Y-T) M/D= real money demand  i= interest rate Y-T= d...

Q: Last year 1000 galone of amond ma non dairy produt were soldprice of S0 Y yearabad harvestin Caomia ...

A: Given: Quantity of almond milk=1000 gallons Price=$10

Q: You have been commissioned to estimate the demand curve for admission to Lake Saint- Michel, a recre...

A: The consumer surplus is the difference between the expected consumer expenditure and the actual expe...

Q: The marginal revenue for a perfectly competitive firm is equal to the market price. Why is this not ...

A: In a perfectly competitive market, there are a large number of buyers and a large number of sellers,...

Q: By which principle can the size of a pay-off matrix be reduced? Game Inversion Game Transpose Domina...

A: Sometimes we work in the opposite direction in game theory which means given the agents equilibrium ...

Q: Depreciation is the additional capital stock in a year. the amount of decline in business inver the ...

A: Depreciation refers to a process of asset valuation and due to depreciation, the revenue produced by...

Q: The difference between the amount we spend to import products from other countries and the amount we...

A: International trade: - it means the buying and selling of goods and services with other countries.

Q: Apply your knowledge in identifying the factors that will contribute to the economic progress of a c...

A: When a product gets underway for the production process, cost  takes place for producing that produc...

Q: How can someone account for international economic equilibria between/among trading partners if our ...

A: Please find the answer below.

Q: If the U.S. interest rate increases, there's a(n) in the supply of dollars and a(n) in ti

A: The rate of interest is determined through  the demand and supply for the fund or money. If of rate ...

Q: Define and give a concrete example of Locality development and Social Planning

A: To find : What is locality development and social planning with examples.   

Q: hink about the rival and excludable properties of public goods. To what degree is radio broadcasting...

A: Public goods are those goods which are non-rivalrous and non-excludable.

Q: Is it even better for perfectly competitive firms to produce output even though it is losing money? ...

A: Perfect competition occurs in economic theory when all companies sell identical products, market sha...

Q: 20. Using two carefully drawn and labeled diagrams, analyze an input cartel. That is, on the left si...

A: Cartel refers to the group or association made by the collusion of similar firms in a market to expl...

Q: nges and Salaries. $1300 rsonal Income Taxes. 90 yroll Taxes (e.g. Social Security tax) 85 come Rece...

A: 1. GDP using income approach is calculated using the formula  = Total national income + Sales taxes ...

Q: ABS mall is considering building a new parking lot. The land will cost $25,000 and the construction ...

A: We have: The land will cost = $25,000 The construction cost of the lot =$150,000 The income from the...

Q: The United States, Japan, and China are among members of a trade organization referred to as O A. AA...

A: APEC (Asia Pacific Economic Cooperation) established in 1989 APEC facilitates trade, economic growth...

Q: At Emory's Pens and Pencils when they produce 50 pens their total cost is $80. Emory's marginal cost...

A: Average Total Cost (ATC) can be calculated by dividing the Total Cost (TC) by Quantity (Q).

Q: Valair is an airline flying a particular route that has seasonal demand. The firm's total demand is ...

A: On the off chance that the carrier charges similar costs in each market, we get the benefit expansio...

Q: You pay a cover charge of $50 to get into a popular local nightclub. As the DJ is playing and you ar...

A: Opportunity cost is the cost that is incurred by giving up the next best alternative while making a ...

Q: 8. One characteristic not typical of oligopolistic industry is

A: To find : Which is not characteristics if oligopolistic competition  

Q: ick on the items on the left to read a description. Then, drag each item to the correct implication ...

A: The government takes several measures in order to enhance the export and overall trade of an economy...

Q: Duke Energy's prices are subject to approval by a regulatory agency. If the regulatory agency sets a...

A: When a firm follows Average cost pricing, price is set equal to average cost. The firm is said to mi...

Q: Supply Price $80 $40 320 Quantity Supplied Producer surplus in the figure above is equal to (market ...

A: Given market price = 80 $ Quantity traded = 320 units Minimum price of supplier = 40    

Q: Last year, 1000 gallons of almond milk (a non-dairy product) were sold at a price of $10. Yet, this ...

A:   When almond milk “a non dairy product” harvest has been destroyed in California, it resulted in su...

Q: Which of the following is not an indicator of Globalization Opening the economy for unrestricted imp...

A: When talking about globalization, it can be said that it is the important part of an economy as it c...

Q: 23. Can the government bring about an efficient outcome by imposing a price ceiling on a monopoly? E...

A: Answer: A monopolist maximizes its profit by selling the quantity where the marginal revenue (MR) an...

Q: Consider the following payoff matrix. L C R U 6, 3 3, 4 7, 2 1 D 3, 4 | 6, 2 8, 1 What is the probab...

A:

Q: The law of diminishing marginal product holds that as a variable input increases while other inputs ...

A: The law of decreasing marginal product asserts that once a certain degree of consumption has been re...

Q: Q TC AVC AFC MC 10 200 Y 20 7 X Refer to the table. What is the value of the variable Y? a. $200 b. ...

A: Q TC AVC AFC MC 0       - 10 200     Y 20   7 X 6 6) MC=change in TCchange in quantityMC=20...

Q: The WorldLight Company produces two light fixtures (products 1 and 2) that require both metal frame ...

A: When a linear function is subjected to many constraints, linear programming, a mathematical modeling...

Q: MB. Homer and Bart both have income of $100, and the price of both the private good and a firefighte...

A: The correct answer is given in the second step.

Q: > Suppose a firm's production function is: Q = LK2 Find points and draw isoquants for Q1 = 10, Q2 = ...

A: Q=L12K12Q1=10 L K 5 19.89 10 9.99 20  5.01 25 4 50 1.98                          

Q: 46. Suppose the total cost of producing commodity X is Rs.125000. Out of this cost, implicit cost is...

A: To find : Explicit cost of commodity X. 

Q: a. If the GDP deflator is 125 in a country whose real GDP is calculated as 400 billion TL in 2019, w...

A: a) According to the question, GDP deflator in year 2019 is 125, real GDP in year 2019=400 billion TL...

Q: QUESTION 37 The European Union is the product of two political factors. The devastation of two world...

A: European Union:-  The European Union (EU) is a global body that governs economical, political, and s...

Q: SRATC or small plant SRATC tor medium plant SRATC for arge plant LRATC S500 Diseconomies of Scale S4...

A: Costs in the long run are determined by the firm's level of output, factor costs, and the quantities...

Q: A Nash equilibrium occurs if all players in a game play their best strategies O a. given what their ...

A: Nash equilibrium is achieved at a point where no player can be made better off without making others...

Q: 1. If the price of 'X' rises by 10 percent and the quantity demanded falls by 10 percent, 'X' has

A: To find : Change in price of x

Q: Suppose a consumer lives in two periods, with his income in period 1 as $100 and his income in perio...

A: Utility maximizing consumption bundle is when MUC1 / MUC2  = 1 + rWhere MUC1 = Marginal utility from...

Q: D. All of the following are determinants of demand except

A: To find : What is determinants of demand except. 

Q: A production function is given by q=4L^( 2/3 ) k^ ('/?) where L = labour, k = capital. (a) Find beha...

A: (a) q=4L23K13Now,Marginal Product for labour is,∂q∂L=MPL=4(23)L-13                     =83L-13Margin...

Q: Ann decided to fund a hospital in perpetuity. The first payment is made today (t=0), which is $12,50...

A:

Q: MACHINE COST P80,000 AND THE SALVAGE VALUE IS  P20,000 AFTER 10 YEARS. CALCULATE THE DEPRECIATION AT...

A: According to sum of years digit method it takes the asset's expected life and adds together the digi...

Q: It is given that the initial quantity demanded is 40 units when the price of the good is $10. Now, t...

A: As per question, "initial quantity demanded = 40 units." Let this initial quantity demanded be repre...

Q: why is the economy not self-correcting? What can be done about it?

A: The principle that if economy is left to its own devices is called self-correcting. When an economy ...

Q: 公。 云 * 00 T QUESTION 26 Consider the following table for Spain and France in which output for grapes...

A: Absolute advantage occurs when a country can produce more of a particular good with the same given r...

Q: Which of the following is true for suppliers when an industry is on the path to commoditization: opt...

A: Commoditization is the process, by which was a once-unique or inventive product or service, now beco...

Q: 12. Discuss how the interdependence of input markets for labor, capital, and land might affect suppl...

A: Economists refer to all of the resources that firms employ to buy, rent, or hire what they need to g...