What kind of firm can sell all its product at the market price but nothing above that price?

Q: Consider a government that raises money in a two-good economy by taxing good 1 at a rate of t per…

A: Given,  Government raises money in a two-good economy by taxing good 1 at a rate of t per unitThe…

Q: What is the difference between production possibilities frontiers that are bowed out and those that…

A: The production possibility curve shows the different combinations of good X & good Y which an…

Q: If New Zealand's inflation rate is 5% inflation vs 10% inflation in our trading partners and the $NZ…

A: The real exchange rate formula is given as:  Real exchange rate = nominal exchange rate * (domestic…

Q: 16. In the short run, the profit maximization for a firm in a perfectly competitive market would be:…

A: Profit maximization is the process by which businesses ensure that the best output and price levels…

Q: On the following graph, use the black point (cross symbol) to indicate the equilibrium price and…

A: Demand and Supply  Demand refers to the quantities of a commodity that the consumers are ready to…

Q: A competitive firm sells its product at a price of one euro per unit. Its total cost function is 1…

A: Cost function refers to the functional relationship between cost and output. It studies the behavior…

Q: The price of paint increased by 18 %. As a result the quantity of paint produced increases by 27 %.…

A: Give Increase in price = 18 % Change in supply of paint = 27 %

Q: The following graph shows the aggregate demand curve in a hypothetical economy. Assume that the…

A: Given,  The Aggregate Demand curve in a hypothetical economyThe money supply in the economy remains…

Q: Economics Why is the rational expectations, representative agent model useful in the study of…

A: An economic hypothesis is a collection of ideas and guidelines that describe the potential of…

Q: Which of the following is a government function that regulates the economy to ensure that it…

A: We know that The government of a country is responsible for fair and smooth functioning in the…

Q: An individual makes six annual deposits of $2,000 in a savings account that pays interest  at a…

A: Given  To solve the given problem, we need a cash flow diagram. There are six annual deposits of…

Q: How would the DEMAND CURVE shift if there was… An increase in income and the good is a normal good A…

A: Demand curve shift if :-  1) An increase in the income and the good  being a normal good causes the…

Q: Figure 1 Capital Goods M N K Consumer Goods 1. Which movement between two points represents economic…

A: Production possibility frontier shows the different different combination of production of two…

Q: George receives $50 as a birthday gift. In deciding how to spend the money, he narrows his options…

A: Opportunity cost is the cost of next best alternative use which is sacrificed. George has the four…

Q: Consider an economy with production function given by Y = AK0.5 10.5 where A is the total factor…

A: Production function : Y = AK0.5L0.5 Where , A = TFP , K = Capital , L = labor  Let the price of…

Q: If the price of an apple is $.50, the marginal utility per dollar spent for the fifth apple Number…

A: Answer: Marginal utility per dollar: marginal utility per dollar is calculated by dividing the…

Q: Explain whether a patent should be used to provide an incentive for investors If your answer is…

A: A patent is an elite right conceded for a development, which is an item or a cycle that gives, as a…

Q: Taxes are costs, and, therefore, changes in tax rates can affect consumer prices, project lives, and…

A: A firm, project, or investment's future stream of payments is valued today using a method known as…

Q: Bill Mitselfik borrowed ​$16,000 to be repaid in quarterly installments over the next five years.…

A: Present value refers to the value of cash receipts of payments (PMTs) in future expressed as it to…

Q: Other things being equal, when the Fed sells bonds, the money supply curve shifts to the causing…

A: Money supply is a total amount of money circulation in the country. higher money supply leads…

Q: The demand for office chairs in thousands is Q=40-2 P2 At a price of $2, the price elasticity of…

A: The elasticity of demand tells us the responsiveness of quantity demanded with respect to the price…

Q: Suppose that people in France decide to permanently increase their savings rate. Predict what will…

A: We are given that the people of France have increased their saving rate permanently. Now we will see…

Q: A cash payment made by the government to people who do not supply goods, services or labor in…

A: The balance of payments summarises an economy's economic transactions with the rest of the world.…

Q: Consider the market for chocolate ice cream where the supply and demand are very elastic. In the…

A: Here we are given that both and demand curves are elastic. It means that both the curves are…

Q: c. Suppose PA = 1 but the price of tea drops to PT = 3. Find the new equilibrium price and quantity…

A: The market is said to be in equilibrium when the quantity bought and sold is the same for both the…

Q: Juice producers are price takers since they compete in a highly competitive market. The going rate…

A: Any amount of the good can be sold by a completely competitive company, which acts as a price taker.…

Q: Question 4 The table gives information from the Current Population Survey. Item Labor force…

A: Ans. 4. The working-age population is the adult population of a range of start working and…

Q: Federal alcohol excise taxes are designed so that the alcohol content of beer and wine is taxed at a…

A: Excise tax is defined as the tax that is imposed on specific goods or services like, fuel, tobacco…

Q: It is a hot day and Bert is thirsty. Here is the value he places on a bottle of water: Bottle of…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: The number of orders for installation of a computer information system arriving at an agency per…

A: The cumulative distribution function is given as:  F(x) = P(X ≤ x)

Q: Suppose an economy produces steel, wheat, and oil. The steel industry produces $100,000 in revenue,…

A: The entire dollar worth of all products and services produced over a certain period of time in an…

Q: Suppose that in a closed economy, GDP is $15 trillion, Consumption is $6 trillion, Government…

A: Disclaimer: “Since you have asked multiple questions, we will solve the first 3 subparts question…

Q: Consider the market for tablets depicted below (think iPad or Microsoft Surface). If a price ceiling…

A: Price celling is the government tool to control the market situation. price celling is that price…

Q: 3. If you borrow money from your friend with simple interest of 12%, find the present worth of…

A: Present value is the sum of cash that should be invested to accomplish a particular future…

Q: A survey was conducted among four consumer-classes as to the relationship between the average price…

A:

Q: 1. Charlie Chaplin borrowed P100,000.00 on October 31, 2019 from Mr. Beans and the loan has an…

A: According to the question, it is given that : Principal = P 100,000 Rate of Interest = 6% Time…

Q: Assume that a consumer is faced with a market basket for pizza (P) and burritos (B) with price/unit…

A: We are given:  Pp (prize of pizza)= 1 , Pb(price of burritoes) = 2

Q: 2. Suppose that society could produce the following combinations of pizzas and books: Alternative…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Assume that the economy can experience high growth, normal growth, or recession. Under these…

A: State of economy Probability Return High Growth 0.2 45% Normal Growth 0.7 20% Recession 0.1…

Q: Question 3 Which of these is among the principal determinants of economic growth? O the financial…

A: Economic growth can refers to an improvement in the inflation-adjusted market value for the economic…

Q: Write short notes on; succession of WTO from GATT.  Objectives of WTO Functions of WTO

A: The Asia Pacific Economic Cooperation (APEC) forum and the Association of South East Asian Nations…

Q: "Japan's real gross domestic product (GDP) inched up 0.3 percent in the second quarter compared to…

A: One of the most crucial metrics for assessing how effectively or poorly an economy is performing is…

Q: Opose that the price of a movie ticket changes 20 % and quantity demanded changes 49 %, th the given…

A: Introduction Demand elasticity significantly alters the idea of demand. Demand can be divided into…

Q: What is Money? What makes it useful? Explain its primary and derivative functions of Money

A: The world won't move without money, though that may sound dramatic. Of course, it will abruptly…

Q: 16. In the short run, the profit maximization for a firm in a perfectly competitive market would be:…

A: A perfectly competitive market is a market structure consisting of a large number of firms and large…

Q: If I loaned P165,796 today and promised to pay it back after 5 years to the bank with monthly…

A: Loan amount, P = 165,796 Time Period, n =  5 Years = 60 Months Rate Of Interest, r = 10.46% = 0.1046

Q: Consider an economy in which the consumption, investment and production functions are as follows. C…

A: Equilibrium in economy is achieved at the point where , aggregate demand equals aggregate…

Q: Concerned by low wages, the government imposes a price floor beneath the current equilibrium wage.…

A: A price floor is imposed by the government in a market when the government imposes a minimum price…

Q: Trace the development of the concept of globalization since it first appeared in the 1940s. What…

A: Globalization  The term globalization describes how economies, cultures, and populations throughout…

Q: What is the purpose of market equilibrium in relation to supply and demand?

A: When market supply and demand are in balance, prices become steady. This is known as equilibrium. In…