Q: Define Surplus ?
A: Answer - Surplus - It is the excess amount of any resource which is being used in a firm or any othe...
Q: 1) How does the concept of scarcity fit into an understanding of economics? How does it relate to th...
A: Scarcity refers to the finiteness of a resource, commodity, or capital that has the ability to gener...
Q: Give two examples other than oligopoly that show how the prisoners' dilemma helps to explain behavio...
A: Oligopoly is a market form which has few sellers and the price and the output policy are decided by ...
Q: Explain the link between scarcity and the need for a rationing device
A: Meaning of Scarcity of Resources: The wants that can be satisfied by consuming goods and services ...
Q: Now suppose that if Zimbabwe uses all of its resources, it can produce 50,000 tons of metal ores or ...
A: Both countries will trade that good in which they have a comparative advantage. The country has a co...
Q: Suppose the revenue (in dollars) from the sale of x units of a product is given by R(x) = 56x2 ...
A: R(x) = (56x2 +65x)/(2x+2)
Q: Suppose that the demand for a product is P = 50 – 2Q. If price rises very slightly from P = ...
A: When P= 24 , quantity demanded be as follows P = 50- 2Q 2Q = 50 - P Q = 50/2 - 1/2 P Q = 25 - 1/2 P...
Q: Outline the four properties that apply to all indifference curves.
A: ANS Four properties that are common to all indifference curves (IC) are as follows: Downward slopin...
Q: Ghana imports and exports food from and to neighbouring Côte d'Ivoire. The latter nation is very sim...
A: Since Ghana and Côte d'Ivoire have similar environment, level of education and institutional backgro...
Q: Suppose a Farmer has a fixed resource of 80 acres planted in corn. If the farmer does not cultivate ...
A: Number of cultivation Output Marginal benefit 1 50 - 2 57 7 3 61 4 4 63 2 From the above ...
Q: Sodium-sulfur batteries are potentially a substitute for lithium batteries. Carbon is often used al...
A: If the price of sodium-sulfur batteries decrease, then the price(P) of lithium batteries also will f...
Q: In which situation can the simple money multiplier value equal that of the extended money multiplier...
A: The Money Multiplier says how an initial deposit will contribute to a greater final increase in the ...
Q: How is willingness to pay determined by opportunity cost?
A: Opportunity cost refers to the cost by which an individual uses something and sacrifices the other t...
Q: What are three textbooks definition of economics?
A: Economics is a science that studies the efficient production, allocation, and distribution of scarce...
Q: ***PLEASE READ THE QUESTIONS CAREFULLY - PART B HAS MULTIPLE REQUIREMENTS*** Given: Barbara has a...
A: Net present value is the current value of the future cash flows. It is used to estimate the current ...
Q: Is the claim that lower company taxes adding to investments correct or is it debatable given the pre...
A: A government collects tax revenue in different ways such as income tax from households, corporate ta...
Q: a. Draw a figure depicting market equilibrium in the ice-cream market. Label the figure properly. Br...
A: a) To depict the equilibrium in the ice-cream market: The market equilibrium is where D1 & S1 i...
Q: Define economies of scale
A: Economy of scale is a microeconomic term used as an important element of productivity growth. Produc...
Q: In the 1990s, developed countries agreed to double their aid to Africa by 2015. A report by the Unit...
A: Monopoly refers to a situation where a single firm possesses a dominant power over the entire market...
Q: Should the Park Service be concerned about the economic impact of a reduceddemand for visits on surr...
A: Meaning of Economic Impact or Market Economy on Demand: It refers to the products that society get...
Q: 1. Classify each pair of goods as substitutes, complements, or independent. - shoes and sandals - b...
A: According to the nature of demand of the good, a good is classified as a substitute, complement or i...
Q: Which of the following will cause a decrease in CS? a.firms believe that the price of the food to b...
A: A decrease in Consumer surplus can be caused due to an increase in the price.
Q: To make sure he has enough energy for the teaching, Ernie spares $60 every week tospend on Blue Bull...
A: Given: Budget, M = $60 every week Price of Blue Bull (Px) = $2, Price of Gigantic (Py) = $3
Q: How many books will a publisher have to sell to breakeven if fixed costs are $100,000, the selling p...
A: The Break-even point is that level of output, beyond which the producer starts earning supernormal p...
Q: The parties to a sourcing negotiation can discuss many issues besides price. Select fivenon-price is...
A: Negotiation in the process, or a skill required to build a better relationship. It is important for ...
Q: Suppose that you are a manager of a monopoly firm with the marginal revenue of R550 million and a ma...
A: A monopoly firm is a sole supplier in the market for specific products and services. It has the powe...
Q: Suppose that the residents of Vegopia spend all of their income on cauliflower, broccoli, and carrot...
A: If 2017 is considered as the base year, the price of the market basket is used to find the CPI. For...
Q: assume an initial market price of $5. identify the initial area of producer surplus (PS(sub 1) when...
A: Initial market price = $5 Market price falls to $4
Q: The Salar de Uyuni basin in Bolivia contains one of the world's largest deposits of lithium. Howeve...
A: Given, Worth of mining = $380 million Worth of farming = $11 million Worth of tourism = $27 millio...
Q: Consider a simple economy that produces two goods: pencils and oranges. The following table shows th...
A: Part 1 According to question given that, the data of three years for the production of pencil and or...
Q: Question 3 on Topics 6 & 7 COVID-19 has sent the economy of Classica into recession. The finan...
A: (i) Cut in stamp duty will definitely motivate people to buy houses because a decrease in stamp duty...
Q: Economics Question
A: Answer: Given values: Old price (P1) = $1.75 New price (P2) = $1.25 Old quantity (Q1) = 250 New quan...
Q: Why is it important for companies to decide on their corecompetencies before choosing an organizatio...
A: Core competency is an association's characterizing quality, giving the establishment from which the ...
Q: Question 2 on Topic 5 Most people in the country of Classica tend to keep $3 out of every $100 of t...
A: The reserve requirement ratio (RR) is 4% and the wallet reserve or individual preference to hold by ...
Q: Figure 2-4 shows various points on three different production possibilities frontiers for a nation. ...
A: Influx of mmigration of labor means that there is an increase in the labor force and hence more prod...
Q: Why is collusion or coordination (such as cartels) not prevalent in the United States and other deve...
A: The collusion or coordination in the market is illegal under the antitrust law in the united states ...
Q: give your own detailed explanation of liquidity preference theory and how the demand for money curve...
A: Meaning of Aggregate Demand Function: The aggregate demand function refers to the maximum expected...
Q: Table 2-9 One Canoe One Sailboat Guatemala 10 hours 60 hours Honduras...
A: Comparative advantage will drive the nations to specialize in the production of the goods for which ...
Q: Bill is a professional photographer. His camera is broken, and he needs a new one within the next ho...
A: Willingness to pay (WTP) shows the maximum price that the buyer or consumer is ready to pay to get a...
Q: Homewörk: 2) Problem / Due Friday, September 25: The New York Times reported... That subway ridershi...
A: The price elasticity of demand is equal to the ratio of the percentage change in quantity demanded o...
Q: The average hourly wage in 1975 was $6.50, and $17 in 2002. CPI stood at 42 in 1975 and the CPI base...
A: Hi, thank you for the question. As per the guidelines, we are allowed to attempt only first question...
Q: Would a cut in stamp duty and other purchase charges on the purchase of existing houses really boost...
A: When the economy is in recession, the cut in the stump duty will help the economy to boost.
What Is Negotiation Planning?
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- Why is alliance very important in the Chinese economic agenda?Is communicative action a necessary part of strategic planning? Argue in a four-point.As a student of the subject “The Contemporary World”, explain the reason why it is necessary for most, if not all, nations in the world to engage in diplomacy at all cost?