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Which is positive statement and explain.
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- Mom’s Pretzels is a fairly small firm selling gourmet pretzels in a popular mall. As shop owner and operator, you have observed that your daily sales tend to follow a pattern that can be stated as: Q = 600 - 160PP + 1A - 25Ps + 6I where Q = unit sales of pretzels, PP = price of pretzels in dollars, A = advertising expenses, Ps = price of soda pop sold at your stand in dollars, and I = per capita income of customers in thousands of dollars. You are currently charging $1 per pretzel, spending $200 in advertising, charging $1 for a soda pop, and per capita income is $25,000. a. Compute price elasticity, advertising elasticity, income elasticity and cross-price elasticity. b. You are currently paying $.90 to produce a pretzel (including cost for dough cost to bake, and wrapping). Is this the profit-maximizing price? Explain/show your math.a) Diagrammatically show and explain how oil prices dropped as concerns over fuel demand in the near term in covid-19 pandemic it europe and the united states. b)Diagrammatically show and explain what happened to the oil market if the price remained unchanged despite the concerns over the fuel demand.Due to good weather, there is an increase in the demand for the good. The new demand equation is Qd = 190 – 2P. The government is trying to decide between two options: Maintain the number of quotas and let the market adjust, orMaintain the price support and increase the number of quotas. Suppose that the government decides to maintain the number of quotas and let the market adjust. Calculate:ii) the consumer surplusiii) the producer surplusiv) dead weight loss HINT: Sketch the supply and demand equations. Which of the two options would be preferred by the producers? Which of the two options would be preferred by society as a whole?
- Note: this is an economics question. *What were the policy responses used to combat the shortage of hand sanitizer, masks and disinfectant products during the covid-19 pandemic? *Explan.Scenario The government of the island nation of Autarka has become increasingly concerned about the health and wellbeing of low-income households. Medical experts stress the importance of a healthy diet in this regard. They have determined that, ideally, a household would consume at least 10kg of fresh fruit and vegetables each week. The government has proposed implementing a new voucher scheme to ensure that the 10kg per week consumption target is met. Under the government’s proposal, the vouchers would be redeemable for fresh fruit and vegetables, but could not be used for other types of food, or for non-food consumption. Moreover, to limit the cost of the voucher scheme, the value of the vouchers sent to a household would be linked to the household’s income. Community groups in Autarka have expressed concern that a voucher scheme is unnecessarily paternalistic; depriving low-income households of the choice of how to spend their income. These groups argue that the government’s…Scenario The government of the island nation of Autarka has become increasingly concerned about the health and wellbeing of low-income households. Medical experts stress the importance of a healthy diet in this regard. They have determined that, ideally, a household would consume at least 10kg of fresh fruit and vegetables each week. The government has proposed implementing a new voucher scheme to ensure that the 10kg per week consumption target is met. Under the government’s proposal, the vouchers would be redeemable for fresh fruit and vegetables, but could not be used for other types of food, or for non-food consumption. Moreover, to limit the cost of the voucher scheme, the value of the vouchers sent to a household would be linked to the household’s income. Community groups in Autarka have expressed concern that a voucher scheme is unnecessarily paternalistic; depriving low-income households of the choice of how to spend their income. These groups argue that the government’s…
- Scenario The government of the island nation of Autarka has become increasingly concerned about the health and wellbeing of low-income households. Medical experts stress the importance of a healthy diet in this regard. They have determined that, ideally, a household would consume at least 10kg of fresh fruit and vegetables each week. The government has proposed implementing a new voucher scheme to ensure that the 10kg per week consumption target is met. Under the government’s proposal, the vouchers would be redeemable for fresh fruit and vegetables, but could not be used for other types of food, or for non-food consumption. Moreover, to limit the cost of the voucher scheme, the value of the vouchers sent to a household would be linked to the household’s income. Community groups in Autarka have expressed concern that a voucher scheme is unnecessarily paternalistic; depriving low-income households of the choice of how to spend their income. These groups argue that the government’s…Scenario The government of the island nation of Autarka has become increasingly concerned about the health and wellbeing of low-income households. Medical experts stress the importance of a healthy diet in this regard. They have determined that, ideally, a household would consume at least 10kg of fresh fruit and vegetables each week. The government has proposed implementing a new voucher scheme to ensure that the 10kg per week consumption target is met. Under the government’s proposal, the vouchers would be redeemable for fresh fruit and vegetables, but could not be used for other types of food, or for non-food consumption. Moreover, to limit the cost of the voucher scheme, the value of the vouchers sent to a household would be linked to the household’s income. Community groups in Autarka have expressed concern that a voucher scheme is unnecessarily paternalistic; depriving low-income households of the choice of how to spend their income. These groups argue that the government’s…Scenario The government of the island nation of Autarka has become increasingly concerned about the health and wellbeing of low-income households. Medical experts stress the importance of a healthy diet in this regard. They have determined that, ideally, a household would consume at least 10kg of fresh fruit and vegetables each week. The government has proposed implementing a new voucher scheme to ensure that the 10kg per week consumption target is met. Under the government’s proposal, the vouchers would be redeemable for fresh fruit and vegetables, but could not be used for other types of food, or for non-food consumption. Moreover, to limit the cost of the voucher scheme, the value of the vouchers sent to a household would be linked to the household’s income. Community groups in Autarka have expressed concern that a voucher scheme is unnecessarily paternalistic; depriving low-income households of the choice of how to spend their income. These groups argue that the government’s…
- Scenario The government of the island nation of Autarka has become increasingly concerned about the health and wellbeing of low-income households. Medical experts stress the importance of a healthy diet in this regard. They have determined that, ideally, a household would consume at least 10kg of fresh fruit and vegetables each week. The government has proposed implementing a new voucher scheme to ensure that the 10kg per week consumption target is met. Under the government’s proposal, the vouchers would be redeemable for fresh fruit and vegetables, but could not be used for other types of food, or for non-food consumption. Moreover, to limit the cost of the voucher scheme, the value of the vouchers sent to a household would be linked to the household’s income. Community groups in Autarka have expressed concern that a voucher scheme is unnecessarily paternalistic; depriving low-income households of the choice of how to spend their income. These groups argue that the government’s…Due to good weather, there is an increase in the demand for the good. The new demand equation is Qd = 190 – 2P. The government is trying to decide between two options: Maintain the number of quotas and let the market adjust, orMaintain the price support and increase the number of quotas. Suppose that the government decides to maintain the number of quotas and let the market adjust. Calculate:ii) the consumer surplusiii) the producer surplusiv) dead weight loss HINT: Sketch the supply and demand equations.The COVID-19 pandemic severely affected the Australian restaurant industry. Also, Government policy restricting the seating capacity of restaurants resulted in a drastic decline in the number of people dining in restaurants. As the number of COVID-19 cases is steadily decreasing, the government has removed the restriction and, in addition, offered adults in every household a $40 dining voucher to pay part of their restaurant bills. What would be the short-term impact of the government’s $40 dining voucher policy on the equilibrium price and quantity of restaurant meals? Assume that the restaurant industry is competitive and currently in long-run equilibrium. Illustrate your answer with either DIAGRAM A or DIAGRAM B.