This assignment assumes demand and supply schedules for widgets P=120-3Qd and P = 40 + 2QS Please record your answers without dollar signs. Now suppose this country can purchase all the widgets it wants at a world price of P = 48. When the country opens up to trade, the price that will prevail in this marketplace will be the world price, P=48. This assumption applies for the remainder of the questions. Consumer Surplus for buyers (consumers) in this country will now equal QUESTION 9 Producer Surplus for sellers in this country will now equal QUESTION 10 Total Consumer and Producer Surplus will be dollars. dollars dollars

Q: What would the best society look like? Will the United States ever have universal health care?

A: A healthy society is about something beyond forestalling wounds and decreasing the loss of life from…

Q: The interest rate is 15% per year, compounded annually.

A: Given cashflows for 5 years interest rate = 15 % Net present value = cashflow each year / (1 +…

Q: A firm will shut down in the short-run whenever* price is less than ATC. price is less than AFC.…

A: A short run is a time period in which at least one factor of production is fixed and the rest can be…

Q: In a neighborhood, guest parking has its own area. Some families have more cars than what can fit in…

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: what is the modification of Phillips curve?

A:

Q: Suppose the paper production industry causes a negative externality and paper is sold in a perfectly…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: Question 2 Q 0 1 23 8 3 TC 5 M What is the correct value for M? VC FC AC 6 AVC H 5 AFC MC 3

A: Here, the given table provides some value related to different types of cost associated with the…

Q: The difference between economic profit and accounting profit is that economic profit is calculated…

A: Introduction A producer will be in equilibrium if he maximize his revenue and minimize his cost.…

Q: What is economics

A: The study of issues related to wealth production, exchange, and distribution, as well as the…

Q: The Taylor Rule is given by r = it + pt + 0.5(it - i*t) + 0.5(u*t - ut) The Federal Reserve is…

A: Taylor rule is used by the Government to set the interest rate so that inflation is controlled and…

Q: 4. Determine whether it shows a linear trend, quadratic trend or exponential trend (e.g. using the…

A: First differences are found by subtracting the 2nd year term with the first year, 3rd year term with…

Q: explain how government grants may crowd out fundraising by charities and private donations in the…

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Fiscal Policy and how it can be implemented in a recessionary gap.   Recently, COVID-19 has…

A: As we know that Pandemic pushed the many economy years back almost all countries . There growth rate…

Q: in Assume the following macroeconomic conditions in the United States and that US policy makers…

A: Here, the information about output, unemployment rate and inflation rate in United States is given…

Q: Diminishing returns* characterize all stages of production. eventually occur in all short-run…

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

Q: Which statement is INCORRECT? Statisticians use the prices of goods and services like a ruler to…

A: Introduction Gross domestic product is the market value of final goods and services produced during…

Q: he Island Nation of calculate the M2 measure of the money supply. Source Amount Cash in circulation…

A: The money market is a part of the economy which provides short-run funds. The money market deals in…

Q: 10. Minimum-wage laws and unemployment Consider the market for labor depicted by the demand and…

A: Minimum wages lessen business valuable open doors for young people and make unemployment. Labourers…

Q: Short answer question. Discuss how a firm’s demand for labor and the wage rate might change if the…

A: The demand curve for labour, under the ceteris paribus assumption, shows the amount of labor…

Q: ymakers are provided data about the private and social benefits of a good being sold in the market.…

A: An externality is a cost or benefit associated with the production or consumption which is borne or…

Q: Inflation is best described as: A sustained increase in the demand for goods and services. A…

A: Inflation is a proportion of the pace of rising costs of goods and services in an economy.

Q: "Chinese workers earn only $0.75 an hour; if we allow China to export as much as it likes, our…

A: Meaning of Trade: The term trade refers to the situation under which the products and goods are…

Q: how are rules and governance important to economic Development and growth?

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Use the diagram below to answer the question. O A OF O C ΟΕ Which point corresponds to level of…

A: Income of the individual can either be saved or consumed. So, Income = Savings + Consumption. Or ,…

Q: 5. Profit: iPhones Assume that Apple's marginal cost function for the manufacture of x 32GB iPhone…

A: Introduction We have given Apple's cost function for the manufacture of x 32 GB iPhone 6's per hour…

Q: Q4) Answer the following, providing a graphical illustration along with your answer where necessary:…

A: A perfectly competitive market is the one in which there are many sellers and buyers . Also there is…

Q: 1. A firm sells 150 units of output at a price of $8 each. The economic cost of producing the 150…

A: Economic Profit  An economic profit or loss is the difference between the sales profits from a…

Q: Discuss the main theories underlying mercantilism and justify its relevance in current times by…

A: Mercantilism is economic theory that supports the government intervention in the economic…

Q: e. judge. 6. Assume a perfogly competitive firm incurs a total cost of $10.000, marginal cost of…

A: A perfectly competitive firm is a price taker, which means that it must accept the equilibrium price…

Q: Suppose that the market for computers is dominated by a single firm, like IBM, that is able to exert…

A: The measure that depicts the ways in which firms are classified and differentiated on the basis of…

Q: Which of the following statements is/are correct? I. Because aggregate variables are essentially the…

A: While macroeconomics examines choices made by nations and governments, microeconomics analyses…

Q: 7. A government is utilizing fiscal policy by increasing government spending by 2 billion. If this…

A: Given information: The government spending is increasing by 2 billion => Change in government…

Q: 1.)The rise of globalization is due to the many companies that have become multinational…

A: Globalization is the process through which businesses expand their activities to a global scale. It…

Q: Explain and calculate Price Elasticity in an example you come up

A: The price elasticity of demand measures the change in demand of a good or service in response to a…

Q: 1. Should gender be a deciding factor for people to access education? Why? 2. Are there specific…

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

Q: ulating inflation using a simple price index ra fictional price index, the College Student Price…

A: Price index measures how the average cost of a market basket of goods and services changes over…

Q: Give an example of Oligopoly market and a Simultaneous Move Game you observe in this market

A: The oligopoly market is just like the market of monopolist but here there are more sellers but the…

Q: ader-follower (Stackelberg duopolists). Which of the following conditions ibrium? least one firm…

A: Perfect competition is an ideal kind of market structure where all makers and buyers have full and…

Q: A. What is AP of four drivers? B. What is the MP of the 6th driver? C. What is the AVC of providing…

A: Labor Outpurt 0 0 1 8 2 18 3 32 4 52 5 68 6 76 7 80 8 82

Q: ional country of Pyrotania. Initially, Charles produced five fire engines, but he has decided to…

A: In a monopoly, there is a single seller and demand curve slopes downward. A firm has to lower price…

Q: n part a, round your answers to 2 decimal places. For all other parts, enter your answers as a whole…

A: DISCLAIMER  “Since you have asked multiple question, we will solve the first question for you. If…

Q: Refer to Figure 23-5. Suppose that an increase in government purchases by 50 causes the AD curve to…

A: Given increase in government spending = 50 million The simple multiplier takes account of only the…

Q: What is the difference between Gordon method and Brainstorming?

A: The process of forming and transmitting ideas, whether they are abstract, tangible, or visual, is…

Q: Given the following production function for the mythical Tight Jeans Corporation, calculate the…

A: Marginal physical product is the additional output produced by employing an additional unit of…

Q: Vusi Mkhabela, the owner of Black Rose, sold food at weekend markets and did catering. He lived…

A: All those elements or forces that have an indirect impact on business operations and working…

Q: The model of competitive markets relies on these three core assumptions: 1. There must be many…

A: Perfectly competitive market: This is the market situation where a large number of firms or sellers…

Q: The following graph shows the daily market for small cardboard boxes in San Diego. mall box) 10 9 8…

A: In a perfectly competitive market, there are a large number of identical firms which sell homogenous…

Q: Price Level OOOO Aggregate Demand price level; GDP; decreases price level; consumption; decreases…

A: Aggregate demand shows relationship between price and GDP

Q: Consider the following data. 10,11,7,2,4,−410,11,7,2,4,−4 Copy Data Step 2 of 3:  Determine the…

A: The Median is the midpoint value which separates the higher half from the lower half of the data…

Q: If the VMP of the last worker hired is $45 and the wage rate is $40, the firm should O lower the…

A: The situation that depicts when people are able and capable to work but are not able to find jobs in…