When my income doubled, I started watching two movies in the theatre per week (instead of no movies, whic. was the case before). Movies are goods for me. (Select all that apply.) □ a. inferior b. necessary c. normal O d. luxury
Q: b. Which of the following are necessary conditions for third-degre Instructions: In order to receive…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: A firm is currently producing such that: MPL = 30 W = 10 MPK = 20 To minimize the cost of…
A: Marginal productivity of capital is when an additional unit of capital is engaged in this scenario,…
Q: Mustapha maintains a monopoly in the holographic TV market because of its patent, but it is about to…
A: The monopoly refers to the market where only single seller exists in the market. The profit is…
Q: Which economic school relies most heavily on "sticky prices" to explain the effects of Aggregate…
A: The father of contemporary macroeconomics is the British economist John Maynard Keynes, who founded…
Q: Q.3.3 Explain the steps of the motivation process and how it applied to John.
A: Motivation: It is a process where people behave in a way that helps the business to achieve its…
Q: A company operates in a competitive market, selling each unit of output for a price of $20 and…
A: Price per output = $20 Market wage per labour per day = $330 Value of marginal product of labour…
Q: The demand for coal lumps is given by the following: p=180-0.25*Q. The private marginal cost of coal…
A: Deadweight loss is a loss to society which is created by market inefficiency and due to this market…
Q: MP and MRP and Profit-Maximization Questions: If tacos sell for $2.50, and wage=$12.50, answer…
A: Given information Selling price=$2.50 W=$12.50 Given table
Q: 2 Suppose a firm's production function is f(x₁x₂) = x1/4x2/4, the price for output is p; and the…
A: In this question:- Production function is fx1,x2=q=x114x214 Here the price of the output is p the…
Q: Objective of importation
A: The term importation refers to bringing in products and services from a foreign nation in the form…
Q: Since 1980, aggregate per capita GDP in sub-Saharan Africa has declined at almost 1 percent per…
A: A country's economic output is broken down by its per-capita gross domestic product (GDP), which is…
Q: Again, the following graph shows the economy in long-run equilibrium at the expected price level of…
A: Investment tax credits are essentially a type of tax incentive that, in addition to standard…
Q: Using the AE-PC Model illustrate graphically the impact of each these factors in separate and…
A: *Answer: * There is a sudden rise in oil prices: The increase in the price of crude oil causes a…
Q: Suppose the Economics Department has a graduation party for its students but as a final test they…
A: The Pareto set, also known as the contract curve, is a group of points that reflects possible final…
Q: A firm hires two inputs, input 1 and input 2, to make output. Unfortunately, for every unit of input…
A: There are two inputs - x1 & x2 Proportion which is employable = a When the production…
Q: ) Consider a country in which three goods (A, B, and C) are produced. The following table shows…
A: Given Base year = year 1 We have to calculate the GDP deflator between year 1 and year 2 From the…
Q: There are two firms competing in the market for Airplanes - Boeing (B) and Airbus (A). The market…
A: In the mentioned question we have been given about the market for Airplanes in which there are two…
Q: Fill in the blanks by typing 'at most', 'at least', or 'equal to'. To receive credit, make sure to…
A: Note:- Since we can only answer one question at a time, we'll answer the first one. Please repost…
Q: The total depreciation of an equipment after its 16 years of useful life is P448,475. Using the…
A: Given The total depreciation of equipment after 16 years is P448,475 Useful one of equipment =16…
Q: 1)"Gasoline prices have increased greatly during the past year. Using economic concepts from class,…
A: Gasoline has an inelastic demand even when the price rises there is less impact on the demand for…
Q: What types of price discrimination have you experienced (for example, out-of-state versus in-state…
A: When one set of consumers is charged a higher price than another for the identical product, this…
Q: State five criticisms of a monopoly.
A: Monopoly : A market structure characterised by a single seller selling a market-exclusive product.…
Q: cost of coal Tumps is given by the following: MC=10+0.25Q. In addition, there is an external cost of…
A: In economics, deadweight loss refers to the loss in economic rents (or total surplus) that not…
Q: ០៣៩៣៩៥៩អ៊ីវត83ទវគ៖ 90 85 80 75 65 60 55 50 45 40 35 30 25 20 15 10 0 5 10 15 20 25 30 35 40 45 50 55…
A: The consumer reservation price refers the maximum price a consumer is ready to pay for commodity.
Q: Show complete solution David won a lottery worth $10,000,000. He has opted for an annuity payment…
A: Future value (FV) is the value of an ongoing asset eventually founded on an expected growth rate.
Q: Fill in the blank by typing 'increase', 'decrease', 'no change', or 'uncertain'. To sure to type the…
A: In the free market, the equilibrium price and quantity is dtermined by the forces of the demand and…
Q: A person's social security benefit is based upon a. How much she/he earned their entire life b.…
A: Social Security Benefits provide partial replacement income for qualified retired adults and persons…
Q: At any meeting of the Federal Open Market Committee, that committee's voting members consist of A B…
A: The U.S. central bank implements its monetary policy through the Federal Open Market Committee…
Q: Starbucks' pumpkin spice latte is back to mess with your brain Yes folks, it's time! The sugary,…
A: Elasticity measures the responsiveness of quantity to changes in price
Q: QUESTION (1) Consider the following game tree of a two-stage dynamic game. Write the players'…
A: Above game has two players - Player 1 & 2 Strategy Set of Player 1 : {A , L , R } &…
Q: Which of the following statements regarding the discount rate is correct? a. The private discount…
A: Discount rates are used to put a present value on costs and benefits that will occur at a later…
Q: 1
A: We know that In the long run, competitive firms will operate at a level where marginal cost cuts the…
Q: Price + Level P3 P₂ P₁ Y₁ none of the above LRAS Y₂ Y3 SRAS AD₁ AD₂ Quantity of Output At which…
A: The full employment refers to the employment where all resources are fully utilized in the economy.
Q: Calculate the amount of money that must be deposited today in a savings account that pays 15% annual…
A:
Q: Are carbon prices working? Economists say that raising the cost of burning coal, oil, and gas is a…
A: The cost of missed opportunities is the benefit that might have been obtained from an alternative…
Q: 4. (If P = 2 and Y= 1000, then which of the following pairs of values are possible? A. M = $500, V =…
A: From the quantity theory of money The equation of exchange is MV= PY Where M is money supply, V is…
Q: Why Are the Factors of Production Important to Economic Growth?
A: Increases in the production of products and services from one period to the next are referred to as…
Q: Are the following statements true or false? Justify your answer with macroeconomic theory. (a) An…
A: Macroeconomics is worried about the comprehension of total peculiarities, for example, monetary…
Q: We often use the SRAS/AD model to describe which of the following? short run economic…
A: SRAS/AD model comprises of a downward slanting aggregate demand curve "AD" and an upward inclining…
Q: A few years ago in Northern California wildfires destroyed many vineyards. The market for wine was…
A: Demand is the market's willingness to buy the item or service, while supply is the market's capacity…
Q: A manufacturer estimates that its product can be produced at a total cost of c(x)=40,000+100x+x^3…
A: Profit is maximized where the MR=MC. or profit function is differentiated and put equal to zero.
Q: When sellers expect the price of allergy medicine to fall in the future, today in the market for…
A: Supply curve shows different levels of quantity supplied at different prices.
Q: 4. True/False: From Walras' law it can be concluded that in the market with two goods, if demand…
A: Introduction Walras' argued that all prices and quantities in all market determined simultaneously…
Q: Plum charges £500 for its smartphone, producing a revenue of £8 million per month. It fears that a…
A: Marginal cost alludes to the increment or abatement in the cost of creating another unit or serving…
Q: $ interest rate is 10%. Euro interest rate is 5%. Spot exchange rate is 2$/euro. Forward exchange…
A: The forward conversion standard is the pace of trade, settled upon now, for an unfamiliar trade…
Q: The following graph shows an increase in aggregate demand (AD) in a hypothetical country.…
A: "Aggregate demand in a nation represents the total amount of commodities demanded by consumers in a…
Q: Question 25 Let's say that financial investors, who at least potentially are interested in buying…
A: When market conditions are not good and investors fear from the market than negative sentiment…
Q: Which of the following statements is not true? Multiple Choice Public goods are only provided by…
A: In terms of the economy, governments are responsible for establishing economic laws, often known as…
Q: H10. the plot of national income and price represents aggregated supply true false
A: The idea of supply is used in economics to estimate the volume of a good or service produced by…
Q: X The cameras in flagship smartphones like the Samsung Galaxy S20 Ultra and Google Pixel 5 are…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Step by step
Solved in 2 steps
- This is from Microeconomics Pertains to Chapter 21 Mankiw - Theory of Consumer Choice (Question not in the book, just as a reference I put this) 1) A Culinary Conundrum Assume that Georgetown University President John DeGioia is interested in encouraging healthier eating habits on the part of Georgetownstudents. Assume further that Georgetown Students have two options for their meals: they can eat in the cafeteria on campus or at one of the fancy restaurants in the surrounding neighborhood. Meals on campus are healthier than most off-campus options, so President DeGioia would like to encourage students to eat on campus more often. However, students think it’s fun to go off campus for their meals when they can afford to do so. Thus,you should consider on-campus meals to be inferior good standoff-campus meals to be normal goods. President DeGioia has four options:i) he could lower the price of on-campus meals without discouraging the GRA from offering a discount to Georgetown…I submitted the other questions to this problem. Now I need C answered.. (Reference Mankiw Microeconomics The Theory of Consumer Choice - Chapter 21) 2) Labor Market Analysis Assume that Sarah is awake for 100 hours per week. a.) Use a diagram to show Sarah’s budget constraints if she earns $6 per hour, $8 per hour, and $10 per hour. Your diagram should have consumption (as measured in dollars) on the y-axis and hours of leisure per week on the x-axis. Do not count the time that Sarah sleeps as “leisure” in your analysis. Assume that Sarah allocates each of the 100 hours that she is awake each week either to labor or to leisure. b) Now draw indifference curves on your diagram such that Sarah’s labor supply curve is upward sloping when her wage is between $6 and $8 per hour, but is downward sloping when her wage is between $8 and $10 per hour. (sent this in a prior question right before) c) Use words to explain why your graph suggests that the supply curve is upward sloping…1 explain the role of ceteris paribus in economic analysis
- 3. Study of one consumer’s behavior in the market is classified under _____________. a. Macroeconomics. b. Microeconomics. c. Negative economics. d. Positive economics.Hi, I only need number 3. Microeconomics - Budget Line (BL) Ethan is a collector of pokemon cards and stickers. He has $56 given by his dad to spend on his collection. The store sells them at $14 per pokemon cards and $7 for the stickers. 1. If Ethan spends all his money on pokemon cards, what is the maximum unit that he can purchase based on the given budget If Ethan spends all his money on stickers, what is the maximum unit that he can purchase based on the given budget? 2. Show in a budget line illustration where pokemon cards is in the x-axis and y-axis is the sticker. 3. Compute for the slope based on the illustrated results. What is the implication of the result?Reference Microeconomics Mankiw Chapter 21 The theory of Consumer Choice Assume that Sarah is awake for 100 hours per week. a.) Use a diagram to show Sarah’s budget constraints if she earns $6 per hour, $8 per hour, and $10 per hour. Your diagram should have consumption (as measured in dollars) on the y-axis and hours of leisure per week on the x-axis. Do not count the time that Sarah sleeps as “leisure” in your analysis. Assume that Sarah allocates each of the 100 hours that she is awake each week either to labor or to leisure. b) Now draw indifference curves on your diagram such that Sarah’s labor supply curve is upward sloping when her wage is between $6 and $8 per hour, but is downward sloping when her wage is between $8 and $10 per hour. c) Use words to explain why your graph suggests that the supply curve is upward sloping when the wage is between $6 and $8 per hour and is downward sloping when the wage is between $8 and $10 per hour.You do NOT need to draw the corresponding…
- 2) This MCQ from MICROECONOMICS course.Chandra received a gift certificate that covers threesalsa dance lessons. After the first lesson, Chandradecided that she doesn’t like salsa, yet she stillplans to go the next lesson because it doesn’t costher anything. Evaluate Chandra’s logic.A consumer sets themselves a weekly budget of $15 for vegetables. They only eat carrots and peas. Peas cost $1.50 per pound and carrots cost $1.00 per pound. 2. Draw a budget line for the consumer showing his possible weekly consumption of peas and carrots. Label both axes with numbers and an axis title. Add a second line that shows what happens when carrots go on sale for $0.75 per pound. Upload your diagram. Please give typed answer ASAP with proper explanation of it. Will give you thumbs up only for the correct answer. Thank you .
- This is from my microeconomics class, Mankiw Chapter 12. It is one question broken up into two parts. 1) A Culinary Conundrum Assume that Georgetown University President John DeGioia is interested in encouraging healthier eating habits on the part of Georgetownstudents. Assume further that Georgetown Students have two options for their meals: they can eat in the cafeteria on campus or at one of the fancy restaurants in the surrounding neighborhood. Meals on campus are healthier than most off-campus options, so President DeGioia would like to encourage students to eat on campus more often. However, students think it’s fun to go off campus for their meals when they can afford to do so. Thus,you should consider on-campus meals to be inferior good standoff-campus meals to be normal goods. a.) True, false, or uncertain: if President De Gioia orders the cafeteria to lower the price of its meals, students will eat on campus more often. Explain your answer. b.) True, false, or…Microeconomics - Budget Line (BL) Ethan is a collector of pokemon cards and stickers. He has $56 given by his dad to spend on his collection. The store sells them at $14 per pokemon cards and $7 for the stickers. 1. If Ethan spends all his money on pokemon cards, what is the maximum unit that he can purchase based on the given budget? 2. If Ethan spends all his money on stickers, what is the maximum unit that he can purchase based on the given budget? 3. Show in an illustration where pokemon cards is in the x-axis and y-axis is the sticker.Microeconomics - Budget Line (BL) Ethan is a collector of pokemon cards and stickers. He has $56 given by his dad to spend on his collection. The store sells them at $14 per pokemon cards and $7 for the stickers. 1. If Ethan spends all his money on pokemon cards, what is the maximum unit that he can purchase based on the given budget If Ethan spends all his money on stickers, what is the maximum unit that he can purchase based on the given budget? 2. Show in a budget line illustration where pokemon cards is in the x-axis and y-axis is the sticker. 3. Find the slope using the illustrated result.(I only need the answer for number 3.)