The graph shows the demand curve for wallets and the market price of a wallet. Price (dollars per wallet) 18.00- 16.00- Draw a point that shows the value of the 30th wallet. Label it 1. 14.00- Draw a point that shows the willingness to pay for the 45th wallet. Label it 2. 12.00- Draw an arrow that shows the consumer surplus on the 45th wallet. Label it CS. 10.00- 8.00- What is the consumer surplus on the 45th wallet? 6.00 Market The consumer surplus on the 45th wallet is $. price 4.00- >>> Answer to 2 decimal places. 2.00- 0.00- 15 30 45 60 75 90 105 Quantity (wallets per day)

Q: You are a risk-averse investor with a CRRA utility function. You are faced with the decision to inve...

A: Total wealth= £1000000 Returns from investing in riskless asset= 5% Risky asset which either generat...

Q: Question 22 Figure 5: Demand for turkey in the United States price DB quantity Refer to figure 5. Al...

A: Fertilizers can increase the fertility of land and hence quality of agricultural production can be i...

Q: When any of the life-sustaining basic needs is absent a condition can be called underdevelopment. a...

A: Underdevelopment is defined as a low degree of development marked by low real per capita income, wid...

Q: The single largest expenditure component in GDP is      A) investment. B) consumption. C) exports. ...

A: Gross domestic product (GDP) has four primary components to explain the total output generated withi...

Q: nuts, if the quantity demanded changes by 10 percent when the price of peanuts rises by 50 percent. ...

A: given rise in price = 50 % %age change in quantity demanded = -10 %

Q: Expectations about price changes will affect A) the demand curve only. B) both the deman...

A: Correct answer is option B) both the demand and supply curves.

Q: Production Function. Consider the Cobb-Douglas production function discussed in class: F(K, L) = AK...

A: The Cobb–Douglas production function is a functional form of the production function that is widely ...

Q: 5. If the 1-year term deposit interest rate in the US is 2% higher than the rate offered in Europe, ...

A: Answer-

Q: A chemical manufacturer uses chemicals 1 and 2 to produce two drugs. Drug 1 must be at least 80% che...

A: Let the chemical 1 and 2 used for drug 1 be x and y respectively and chemical 1 and 2 used for drug ...

Q: E. Show that if Mr. Green is forced to spend a fixed amount of his income on a particular good, his ...

A: Utility maximisation is the case where consumer spend their income freely to equalised the MRS = pri...

Q: Which of the following is NOT part of the opportunity cost of attending university?      A) The alt...

A: Opportunity cost is defined as the benefit an individual or business misses while choosing some othe...

Q: Compare the emission fee vs. the cap-and-trade system to deal with an externality, in the presence o...

A: Emission fee is the tax imposed on the pollution emitted in production of goods and services. It is ...

Q: ove lyer 3. chooses a number r; in the range 1 < r; < 2. The payoff functions are

A: In Game Theory a strategy is called dominant strategy for a player if it result in the best payoff (...

Q: The amount $101 is available to be paid out to two players. The players must make simultaneous claim...

A: Given,  Two Players : Player 1 and Player 2 The Amount to be paid to the two players : $101 The clai...

Q: 1) At what price does Shortage and Surplus occur? Once a market has shortage and surplus, then what ...

A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...

Q: Suppose that you find $100 dollars and you deposit it into your bank account as a checkable deposit....

A: The required reserve ratio is the fraction of deposits that the Fed requires banks to hold as reserv...

Q: Evaluate the statement: "Inflation reduces the purchasing power of the peso.

A: Answer to the question is as follows:

Q: Which methods would you use to attract applicants to the international call centre in the United Kin...

A: There are various methods used to attract the applicants to the international call center in the Uni...

Q: Explain what policies can a government undertake to achieve faster economic growth?

A: In an economy, faster economic growth can be achieved to improve the overall efficiency of markets a...

Q: Consider a monopolist which faces the following demand: P= 500-20Q. The marginal cost or supply of t...

A: In economics, profit maximization is the short run or long run process by which a firm may determine...

Q: 2. Externality. The table below lists the expected daily benefits between a resident that owns a tre...

A: There are two agents : Homeowner  &amp; Neighbor Benefit matrix is following :   Homeowner Neighb...

Q: What is the Kuznets Curve?

A: The economics as a study is based upon the basic idea of scarcity, as the economies tend to face a l...

Q: Suppose a random sample population correction factor if appropriate. Round your answers to two decim...

A: given   Sample size (n) = 30 Population standard deviation (σ) = 8 Formula: The standard error of th...

Q: Many MNCs locate in cities and hence cause many migrants to move from the countryside. What is this ...

A: Migration is defined as the progression of individuals over a certain distance (or as nothing else f...

Q: There are three groups of citizens who visit a beach. Group C, which is the farthest away, has to pa...

A: Here, it is given that three groups of citizens pay different charges to visit the beach due to the ...

Q: market for N-95 masks is perfectly competitive. Market Demand is given by Q=434-2P and Market Supply...

A:

Q: Explain whether each of the following statements describes a change in demand or a  change in quanti...

A: The demand curve is where the market's many price/quantity combinations come together. The price-qua...

Q: 3. The value of a worker's marginal product is $40 per hour for high-ability workers and $10 per hou...

A: Separating equilibrium In an separating equilibrium high-capacity laborers pick a more significant l...

Q: When the price of chicken unexpectedly rises, many consumers choose to purchase corned beef instead...

A: Substitute goods are those goods whose elasticity is positive. It is the product which is used as al...

Q: Suppose that you are starting up a lawn-raking business. All of your workers are required to supply ...

A: Answer -

Q: 1. It doesn't matter how far apart we might be geographically, economically or culturally, we're all...

A: Global economy: A worldwide economy is a financial association laid out between the most compelling ...

Q: READ the following statements about globalization and discuss the key concepts in each. What do you ...

A: Globalization is described as the spread of technology, products, jobs, and information across count...

Q: Equilibrium unemployment refers to unemployment that       A) arises in a cyclical downturn. B) occu...

A: Unemployed occurs when people who are willing and able to work cannot find job. 

Q: Question 11 Figure 1: Inflation rate in Peru and U.S. (1980 2009) 8000 -200 7000- 6000 - 160 5000- 1...

A: The answer is -  Option 2: In the late 1980s the growth rat of money was higher in U.S than it was i...

Q: Question 23 Table 2: Quantity demanded and supply for a given market Price Quantity Demanded Quantit...

A: The equilibrium price is the point at which the supply of goods equals the demand for them. When a m...

Q: Are ASEAN countries still experiencing absolute poverty, name the country and present some data base...

A: ASEAN, or the Association of Southeast Asian Nations, is a political and economic union in Southeast...

Q: sale. Suppose that each owner of an orange Citrus values it at $12,000; he is willing to part with i...

A: There are two types of cars in the market - Lemons &amp; Oranges . Fraction of lemons = 40% For Oran...

Q: 2. Show on a diagram how a negative external effect can lead to a situation where marginal social co...

A: Ghar ma ar ar amar khala h na ho to the percentage method of payment is done and I am a little bette...

Q: In Michael Porter's Diaond Model of National Advantage, having the most competitive investment banks...

A: The Michael Porter's Diamond Model is the model ot approach to understand the competitive advantage ...

Q: A certain bank advertises that they pay 8% compounded quarterly. What is the effective interest rate...

A: Given:- Compounded quarterly=8% or 0.08 Deposit=P5000 Time=3 years To calculate:- Effective interest...

Q: Figure 2: Circular flow diagram C Refer to figure 2. Declan T. works as an attorney for a corporatio...

A: The circular flow of income is a model of the economy in which the major exchanges are represented a...

Q: Consider the following decision problem with monetary outcomes: State: Si S2 Probability: a $100 $0 ...

A: (a) A risk neutral individual will pay the expected value of the lottery. Therefore, For act "a" Ann...

Q: Expected Utility formulation was initially proposed as a solution to the St. Petersburg paradox (or,...

A: ANSWER The paradox known as the St. Petersburg Paradox is obtained by a simple coin flip game. The r...

Q: When Kenadi O. trades with Kieran F. O only Kenadi O. benefits since Kieran F's high wage allows him...

A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...

Q: Beginning with a capital input of 4 and a labor input of 49, show that the marginal product of labor...

A: q = 100 x K0.75L0.25 Marginal product of labor, MPL = dq / dL = 100 x 0.25 x (K / L)0.75 = 25 x (K /...

Q: Table 1: The following table contains some production possibilities for an economy for a given year ...

A: The answer is - Option 4: 4000 &lt; x &lt; 4600

Q: Marginal cost function (C'(q)) and marginal yield function ('R(q)) to extract a smartphone is as fol...

A: Marginal cost is the additional cost incurred in order to produce an additional unit of output. 

Q: What are the direct and indirect economic impacts related to air transportation and how do they diff...

A: We know that, The Air transport hàs become one of the world's most important industries. As a màjor ...

Q: In the short‑run specific‑factors model, consider a decrease in the stock of land. For example, supp...

A: a. The decrease in arable land will decrease the supply of land for planting crops therefore supply ...

Q: Revenue and elasticity. The price-demand equation for hamburgers at a fast-food restaurant is x + 40...

A: Here we can use the following equation for calculating total revenue, TR=P×X Here, P is the price of...