Which of the graphs in the figure show perfect substitutes? Good Y Good Y Good Y Good Y Good X Good X Good X Good X (b) (c) (d) (a) 1) (a) 2) (b) 3) (c) 4) (d) 5) (c) and (d)
Q: A situation of excess labor demand caused by a salary cap in the National Basketball Association…
A: The demand (dd) for a commodity states the quantity that the consumers desire to purchase at…
Q: t substitute
A: The marginal rate of substitution is defined as how many units of good x have to be given up for…
Q: The effect of a change in the wage rate on the number of labor hours that households are willing and…
A: labour-supply elasticity measures the responsiveness of the work hours provided by the domestic…
Q: What should Faith do?
A: From the above information person F has received funding. Also there is the demand of dresses and…
Q: The demand for skilled workers in the United States has been increasing. To increase the supply of…
A: The US economy experienced an increased flow of skilled immigration into the economy and the…
Q: The price of raw sugar reached its highest level since 1981 due to problems with supply.…
A: The fermentation of sugarcane juice and molasses produces sugarcane ethanol, an alcohol-based fuel.…
Q: the graph input tool to help you answer the following questions. You will not be graded on any…
A: Equilibrium is achieved at the output level where Qs equals Qd
Q: If a decrease in the price of product X causes the demand for product Z to decrease, then product Z…
A: A normal good follows law of demand which states that there exist inverse relationship between price…
Q: In the short run, the technological change will cause the price to fall from P₂ to P₂- In the short…
A: In the short-run, the technological improvement is difficult and the inputs are constant supply not…
Q: Hamad is a biochemistry student who is considering taking an extra course in French. An incentive…
A: The individual is doing the course in Bio-chemistry and the individual is taking an exam additional…
Q: Fountain pen and ink are Substitute goods. True/False
A: # as the name suggest substitute goods are those words which can be used on place of each other for…
Q: The price of raw sugar recently reached its highest level since 1981 due to problems with supply.…
A: Price elasticity of demand or supply of sugar means means percentage change in quantity of sugar…
Q: Consider the market gold, if people expect a lower future price of gold. Change in Demand Increase…
A: The demand shows the negative relationship between the price and the quantity demand. It is also…
Q: Pizza subs S The producer of pizza is able to get tomatoes for half the regular price. What will be…
A: Meaning of Demand and Supply: The term demand refers to the willingness of an individual to…
Q: Name some factors that can cause a shift in the demand curve in markets for goods and services. Name…
A: 1. The law of demand refers to the inverse relationship between price and quantity demanded (other…
Q: The Application “Occupational Licensing” analyzed the effect of exams in licensed occupations given…
A:
Q: Question 3: Comment on the following statements (they are not related): Statement one: An increased…
A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the…
Q: Which firm would have more ability to respond to a change in input prices, one where inputs are…
A: Perfect substitute: A perfect substitution occurs when two things are seen to be identical. Perfect…
Q: More firms find they need to hire computer programmers to manage their websites and computer…
A: When the firms find that they need to hire more programmers in order to manage their website they…
Q: How is the buying behavior in business markets impacted by different types of demand? Identify the…
A: Various eminent market strategists have argued that the policymakers must take into account the…
Q: Why would demand for steel may decline when demand for aluminum rises? What kind of relationship…
A:
Q: Omar's Fruit Shop sells only apples and bananas. Each week, Omar puts either apples or bananas on…
A: Omar's expected profit when he puts apples on sale is calculated as follows. Expected…
Q: demand, supply, cost, opportunity cost, prices, income, preferences, utility, choice, etc. Using…
A: Opportunity cost is the cost of not being able to gain benefits from the next best alternative that…
Q: What are the concepts of microeconomic theory with respect to the supply and demand of the inputs…
A: Demand refers to the quantity that a consumer wishes to buy at a given price in a given period of…
Q: What effect over the last decade, has the increasingly efficient and inexpensive technology of…
A: Demand for physical textbooks is a direct demand and demand for textbook editor is derived demand.
Q: Autoworkers negotiate a wage increase. How does this change affect the supply curve of cars? Group…
A: The demand curve shows the association between the amounts of commodity demanded by the consumer at…
Q: . Factor which affects market demand but not individual demand can be: (a) Number of consumers in…
A: # Individual demand refers to the concept based on microeconomics whereby we study the demand of a…
Q: An increase in the cost of flour used to bake bread is most likely to
A: Increase in the cost of flour is a increase in the cost of raw material used for making bread. So,…
Q: If Starbucks in the United States raises the price of Frappuccinos, which of the following would…
A: GDP measures the total income of everyone in the economy, and the total expenditure on goods and…
Q: We have discussed the following concepts in class: demand, supply, cost, opportunity cost, prices,…
A: "Since you have asked two questions, we will answer only first question for you. If you want other…
Q: Explain, using a numerical example and a diagram where relevant, one of the following microeconomic…
A: A2. Price elasticity of supply is defined as the responsiveness of the quantity supplied of a good…
Q: If the competition in the market increases: A) The price setting curve shifts downward B) The wage…
A: Introduction its answer is A) The price setting curve shift downwards Because when the competition…
Q: Product is A complementary product of product D. if the price of B increases, quantity demanded for…
A: Answer a) Product A and D are Complementary Products if one product price falls then the other…
Q: We have discussed the following concepts in class: demand, supply, cost, opportunity cost, prices,…
A: Demand is the quantity of a good that consumer are willing and able to buy at various price during…
Q: Wages (prices) for high-skilled labor have continually risen, despite an increase in people with…
A: Wages is determined in the labour market when demand for labour and supply for labour are equal .
Q: Select the correct response: As the demand for calculators decreases, the price of calculators…
A: Diseconomies of Scale : It can be defined as a situation when a company or business grows or expands…
Q: Which theory does best explain the increasing trend in obesity in the past 150 years Decline…
A: Answer - Need to find - theory does best explain the increasing trend in obesity in the past 150…
Q: When MRS is constant, then this means that Good X and Y are Substitutes. True / False
A: Marginal rate of substitution denotes the slope of the indifference curve and is defined as the rate…
Q: Bread and mayo are complement goods True/False
A: # Complement goods must be use together and they both are used to satisfy a perticular want. For…
Q: Bread and butter are Substitute goods True/False
A: # Goods are considered to be as complement goods if they are used together to satisfy a want. On the…
Q: If firm sales (revenue) is increasing but costs are increasing faster (MR<MC) then: Answer: "Y" for…
A: Hi, thanks for the question. Since there are multiple questions posted, we will answer first three.…
Step by step
Solved in 2 steps
- Harriet McNeil, proprietor of McNeil's Auto Mall, believes that it is good business for her automobile dealership to have more customers on the lot than can be served, as she believes this creates an impression that demand for the automobiles on her lot is high. However, she also understands that if there are far more customers on the lot than can be served by her salespeople, her dealership may lose sales to customers who become frustrated and leave without making a purchase. Ms. McNeil is primarily concerned about the staffing of salespeople on her lot on Saturday mornings (8:00 a.m. to noon), which are the busiest time of the week for McNeil's Auto Mall. On Saturday mornings, an average of 6.8 customers arrive per hour. The customers arrive randomly at a constant rate throughout the morning, and a salesperson spends an average of one hour with a customer. Ms. McNeil's experience has led her to conclude that if there are two more customers on her lot than can be served at any time…Draw the diagrams for MRS for perfect substitutes, perfectcompliments and close substitutesLast year, a toy manufacturer introduced a new toy truck that was a huge success. The company invested $2.5 million for a plastic injection molding machine (which can be sold for $2.0 million) and $100,000 in plastic injection molds specifically for the toy (not valuable to anyone else). Labor and the cost of materials necessary to make each truck is about $3. This year, a competitor has developed a similar toy that has significantly reduced demand for the toy truck. Now, the original manufacturer is deciding whether they should continue production of the toy truck. If the estimated demand is 100,000 trucks, what is the break-even price for the toy truck? Should you shut down?
- True/False The market in which there are many sallers and buyers is called perfectly competitive market.If firm sales (revenue) is increasing but costs areincreasing faster (MR<MC) then: Answer: "Y" for Yes or "N" for No How are the following measures affected? *assume the following effects are in time order Increase (right) Decrease (left) No effect Unknown Preference for the good being sold Firm Profits Output Supply shifts Output market price Factor demand shifts (relative to output) Wages (income) Economic (Consumer) Welfare due to wage effect Labor supply shifts (due to wages) Leisure (due to wage change) Economic (Consumer) Welfare (overall) Demand for substitute goods Preference for related goodsExplain why the competitive output maximizes welfare
- Gerstner added $20 billion in annual revenue to IBM. Which one of the following formulas would calculate the profit IBM earned? Select one: a. Profit = cost – income b. Profit = price x cost c. Profit = income – cost d. Profit = price x units soldProduct A cost $8 and demand for product B is 12 units then product A is reduced in price to $5 and demand for product B falls to 2 units please use the correct midpoint formula to solve thisA competitive firm is selling the product for Rs. 30. Is itpossible that he sells the product on Rs. 35? Explain this pointwith the help of a diagram
- The airline industry was hit particularly hard after the 9/11 attacks on the World Trade Center in 2001. In 2002, Southwest Airlines, one of the healthier airline companies, decided to lengthen the useful lives of its aircraft from 22 to 27 years. Shortly thereafter, following Southwest’s lead, other airlines made the same move.Would it have changed earnings or cash flows, and if it did, would the change have been favorable or negative? Is it favorable or negativeSuppose that a firm can not give up one input in an exchange for the other and still maintain the same level of output. Calculate the elasticity of substitution in this case and elaborate on your answer.Resource demand Select one: a. Does not depend upon the productivity of the resource b. Is a direct demand c. None of the answers are correct d. Is a relationship between price of product and cost of resource e. Is a derived demand