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A: Answer: Suppose there are two alternatives where I can spend 10 dollars and both options cost 10…
Q: What is transaction cost economics?
A: Transaction costs plays an important role in the net returns of an investment. Therefore, the…
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A: Spending on Honda = $20,000 Spending on Kia = $14,000 Consumer purchases Kia
Q: What is your own understanding of the Budget Constraint?
A: Budget constraint can be defined as the limit to which a consumer can purchase the required goods…
Q: Economising can best be described as allocating limited resources in order to achieve which of the…
A: Economics is all about the using the limited resources in such a that satisfaction can be maximised.…
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A: The good is either normal or inferior. For normal goods, the demand for the good increases as income…
Q: Are options b through h correct or incorrect?
A: The question is asking about the possible reasons for which imports can be limited. Different…
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…
Q: Anna has four choices. She can study, go to the movies, tutor someone or work at the bakery. If she…
A: The central problem of economics is the scarcity of resources. The existance of unlimited wants and…
Q: Why do Economic agent make decisions at the margin
A: It is very important that decisions are made at the margin. Economic agent take risk factor and…
Q: Explain a situation where you had to make a choice given different options due to limited resources?
A: The situation narrated in the question which involves making a choice given different choices and…
Q: Suppose you are consuming two goods, A and B. Your marginal utility from good A is 40 while your…
A: "Since you have posted multiple questions, I can only answer the first question, rest you need to…
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A: Maximum satisfaction is attained at a point where marginal benefit equals marginal cost. In the…
Q: Which of the following statements is correct?
A: c) A company must use LIFO for financial reporting if it uses it for tax purposes.
Q: Should grades in an economics class be rationed according to the dollar price instead of how well…
A: Economics refer to the study of scarce resources in the presence of unlimited wants of people. The…
Q: In microeconomic terms, the ability of a good or a service to satisfy wants is called and it is…
A: Microeconomics is the branch of social science that deals with issues concerning an individual,…
Q: Nora's marginal benefit exceeds her marginal cost by the greatest amount when she is consuming 10…
A: Marginal benefit: It is the maximum amount that a consumer is ready and willing to pay for consuming…
Q: According to Richard Thaler, economics is the sum of two parts. One is Optimization. What is the…
A: Richard Thaler was an American economist who won the Nobel Prize in Economics in 2017 for his…
Q: An efficient allocation of resources occurs when?
A: An efficient allocation of resources happens when resource allocation can be governed with the…
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A: Given Price of a ticket to see Robin =$25 Price o ticket to see Beth =$20
Q: constraint analysis is good or bad? write paragraph
A: The Theory of Constraints is a method for identifying the most major limiting factor (i.e.,…
Q: What is a willingness to pay? How does this relate to the concept of demand?
A: Note- Since you have posted multiple independent questions in the same request, we will solve the…
Q: Market prices are a)irrelevant to a rational choice b) an indication of how scarce items are c)…
A: The price of a commodity when sold in a market is referred to as the market price of the commodity.
Q: True or false? Basic economic concepts can be used to understand the pricing of products.
A: Goods and services are produced by bring together various factors of production. These factors of…
Q: Because one’s productivity in the workplace is likely to be affected by one’s health, investment in…
A: We know that a person's productivity in the workplace is positively related to his state of health.…
Q: With respect to consumer behavior, one's attitudes, learning, and perceptions would be O…
A: Consumer behavior refers to a behavior of a consumer while taking an economic decision that shows…
Q: Is the opportunity cost of an action a subjective evaluation?
A: Subjective evaluation refers to the judgment based on personal beliefs and opinions. According to…
Q: When individuals face viable alternatives, a) there is choice b) there is always cost c) A and B…
A: A choice or possible solution that might work is referred to as a viable alternative.
Q: Should grades in an economics class be rationed according to a dollar price instead of how well a…
A: A way to evaluate the student's performance is grading. If the grades are rationed according to a…
Q: Define Willingness to sell?
A: The sale is a trade where the money is traded for a product or service. It also applies to the…
Q: ________ can predict the Impact of an economic event on economic choices..
A: According to the given question The events which can be initially measured in the terms of money or…
Q: Explain a situation where you had to make a choice given different options due to limited resourcea?
A: The scarcity shows the excess of human desire over the limited resources. In the economy, the…
Q: Example of marginal analysis with explanation.
A: In financial matters, marginal investigation implies we take a gander at the last unit of…
Q: In Economics SRP means Group of answer choices a. firms can change some factors of…
A: SRP Short Run Period
Q: How do constraints affect decision making?
A: A type of external constraint is economic constraints. An external constraint is a factor in the…
Q: How does economics play a role in decision-making at Asian Paints?
A: The corporation can make the best business decisions by analyzing economic aspects.
Q: Why is market definition important for economic decision making?
A: Market: Market refers to the place where the buyers and sellers contact each other, and this…
Q: In your own words, why isn't the cost of producing a product sufficient to predict its market price?
A: The production cost directly impact the price charged for a good or service. As production costs…
Q: Opportunity cost can be measured as the: Select one: a. Increase in the quantity produced of one…
A: Production possibility frontier depicts the combination of two goods that a nation can produce by…
Q: What is choice on economic
A: Scarcity: - it is a very basic problem of economics that is related to the limited availability of…
Q: Think of an economic decision you made recently wherein the benefit outweighed the cost (or the cost…
A: Marginal Cost (MC): - it is the additional cost incurred due to the production of additional units…
Q: c) is the value of the next best alternative foregone in making a choice
A: Opportunity cost can be defined in simple words as, the letting the other options go for selecting…
Q: Would you say that a sacrifice represents the cost of a particular decision?
A: In opportunity cost, sacrifice plays a vital role when buying the alternative products by the…
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- Application of new better technology shiftssupply leftwards.Select one:0a. TrueO b. FalsePisa Pizza, a seller of frozen pizza, is considering introducting a healthier version of its pizza that will be low in cholesterol and contain no trans fats. The firm expects that sales of new pizza will be $20 million per year. While many of these sales will be to new customers, Pisa Pizza estimaes that 40% will come from customers who switch to the new, healthier pizzai nstead of buying the original version. a) Assume cusotmer will spend the same amount on either version. What level of incremental sales is associated with introducing the new pizza? b) Suppose that 50% of hte cusomters who will switch from Pisa Pizza's orignial pizza to its healthier pizza will switch to another brand if Pisa PIzza does not introduce a healthier pizza. What level of incremental sales is associated with introducing the new pizza in this case?[A] Suppose that a drug company has developed an ointment that can be used to treat sores and reduce scarring. Surveys indicated that the ointment, which costs $10,000 for a full course of treatment, can improve the quality of life from 0.6 to 0.7 for patients with this problem. Assume that this population has a life expectancy of 70 years. No need to worry about discounting. 1. What is the Incremental Cost-Utility Ratio (ICUR) for taking the ointment over doing nothing for a typical 20-year-old patient? [Hint: This patient has only 50 years of life remaining.] 2. If the cost-effectiveness threshold is $5,000 per QALYS, will the 20-year-old patient choose to get the ointment? What about a 60-year-old patient? [B] Is it appropriate to evaluate a healthcare intervention using various methods of economic evaluation as discussed in this course, or should we choose one primary method that best fits the analysis?
- Ain a community of 10000 people, each is willing to pay Ksh 10 for each well dug. The cost of digging the wall is is given by C= Q2+20Q. Calculate the pareto efficiecy number of wells to be dug. If the government want to dug the well at a minimal cost, how many walls will it dig and how much will it spen if the projet is given to a private, profit making organization, how many well would the firm dig?Problem 1. During your first month as an employee at Greenfield Industries (a large drill-bitmanufacturer), you are asked to evaluate alternatives for producing a newly designed drill bit on aturning machine. Your boss’ memorandum to you has practically no information about what thealternatives are and what criteria should be used. The same task was posed to a previous employeewho could not finish the analysis, but she has given you the following information: An old turningmachine valued at $350,000 exists (in the warehouse) that can be modified for the new drill bit.The in-house technicians have given an estimate of $40,000 to modify this machine, and they assureyou that they will have the machine ready before the projected start date (although they havenever done any modifications of this type). It is hoped that the old turning machine will be able tomeet production requirements at full capacity. An outside company, McDonald Inc., made themachine seven years ago and can easily do the…What P(s1) would the decision-maker be indifferent between the "buy" and "make" decisions, all other data input remaining the same?
- During your first month as an employee atGreenfield Industries (a large drill-bit manufacturer),you are asked to evaluate alternatives forproducing a newly designed drill bit on a turningmachine. Your boss’ memorandum to you haspractically no information about what the alternativesare and what criteria should be used. The same taskwas posed to a previous employee who could notfinish the analysis, but she has given you the followinginformation: An old turning machine valued at $350,000exists (in the warehouse) that can be modified for thenew drill bit. The in-house technicians have givenan estimate of $40,000 to modify this machine, andthey assure you that they will have the machine readybefore the projected start date (although they havenever done any modifications of this type). It is hopedthat the old turning machine will be able to meetproduction requirements at full capacity. An outsidecompany, McDonald Inc., made the machine sevenyears ago and can easily do the same…When AVC= 600 AP= 0.14 , find w.A farmer believes there is an equal chance that the next growing season will be abnormallyrainy. His expected return function has the formExpected return = 0.5lnYNR + 0.5lnYRwhere YNR and YR represent the farmer’s income in the states of “normal rain”and “rainy,” respectively.Suppose the farmer must choose between two crops that promise the following incomeprospects:Crop YNR YRMaize $14,000 $5,000Cotton $9,500 $7,500a) Which of the crops will he plant?b) Suppose the farmer can plant half his field with each crop. Would he choose to do so?Explain your result.c) What mix of Maize and Cotton would provide maximum expected utility to this farmer?d) Would Maize crop insurance, available to farmers who grow only Maize, which costs$2,000 and pays off $4,000 in the event of a rainy growing season, cause this farmer tochange what he plants?
- 10--Two workers work one hour each to obtain 750 grams of yarn from 1.2 kg of cotton. The total cost of the inputs is 100 TL, while the total value of the output is calculated as 120 TL. Accordingly, which of the following is the total efficiency?A) 0.625B) 1.2C) NoneD) 1.6E) 0.833Using the homogeneity condition and given a PED of -.28 with a YED of -1.28: What is the XED? A. -0.56 B. +0.56 C. -1.56 D. +1.56Yi = -1336.049+12.7X1i+8.57X2iSE (175.2725) (0.9123) (5.8019)R2 = 0.89 n=38 DW= 0.37Where Y= Auction Price of antique clocks in dollars.X1= Age of clock in years and X2= Number of bidders* What does underlined bold term mean? Explain