Use the following information to plot a Lorenz curve

Q: Suppose that Omar’s marginal utility for cups of coffee is constant at 5.5 utils per cup no matter h...

A: Utility refers to the satisfaction gained by the consumers through the consumption of a service or a...

Q: in Iceland, demand and supply for television use (pay per view) by choice is described by the follow...

A: Demand = 198 - 2v Supply = -2 + 2v The world market price for TV is ISK 30/ item

Q: Give an example of a long term debt cycle in the COVID Pandemic

A: One of the best example of long term debt cycle Conclusive move has been made to address the wellbei...

Q: Do you think that dead weight loss of soda junk food tax would be relatively large or relatively sma...

A: Deadweight loss is a measure of loss of efficiency and it occurs when the demand and supply is not i...

Q: 8.1 The fixed costs at Harley Motors are $1M annually. The m revenue of $9.90 per unit and $4.50 var...

A: Profit is calculated by finding the difference between total revenue and total cost.

Q: 3.2. Refer to Scenario 7-2. How much is total surplus at the equilibrium price in this market?

A:

Q: The firm with total revenues of a 100 million explicit cost of 90 million and implicit cost of 20 mi...

A: Accounting Profit is the difference between total revenue earned by firm and the explicit costs. Eco...

Q: What has economic globalization meant to the US?

A: Economic globalization has contributed greatly towards the social and economic development of U.S. U...

Q: a. Rich nations have nothing to gain from trading with poorer nations? Do you agree with this statem...

A: As there are multiple parts to the problem, the first part would be solved. To get answers to the re...

Q: Money market is name given to various firms and institutions that deal with near money. Select one...

A: In financial economics, the word near money refers to highly liquid non-cash assets that are easily ...

Q: Using the Tobin’s q theory, elaborate on the relationship between investment and capital stock?

A: In his q-theory of investment, James Tobin suggested that companies make investment decisions based ...

Q: Suppose there are 6 roads connecting town A to town B and 4 roads connecting town B to town C. In ho...

A: Suppose the 6 roads between A and B as 1,2,3,4,5, and 6. Suppose the 4 roads between B and C as 7,8,...

Q: Suppose the domestic shoe demand and supply equations in a small open economy are: P = 168-4QD P = 2...

A: Tax which is imposed on commodities which are exported to or imported from the rest of the world is ...

Q: In tax indences is analyzed by using the tools of supply and demand.  government unveiled a new subs...

A: Due to subsidy,supply would increase. Price of product would be reduced.

Q: 2500-p The demand equation for a product is found to be q where p is the price of the product in dol...

A: Given  Demand equation : q = 1/3√(2500 - p²) a. Price = $30      Formula for the price elasticity of...

Q: Suppose, in the base year, a typical market basket purchased by an urban family cost $250. In Year 1...

A: In economics and finance, an index is a statistical measure of change in a representative group of i...

Q: 1. Suppose the current administration decides to increase government expenditures as a means of figh...

A: Below mentioned Graph depicting the aggregate demand and supply, and the effects of an increase in g...

Q: What is the formula for calculating elasticity?

A: There are different types of elasticity and they can be inferred as:  1) Price elasticity of demand ...

Q: Demand and supply for television use (pay per view) by choice is described by the following demand a...

A: decision is now made to impose a 30% duty on the planet market value of imports (foreign streaming s...

Q: Technological analysis on the ship breaking industry of Turkey. What are the factors that contribute...

A: Shipbreaking – the destroying of old and non-practical boats, or those which  cost more to keep in a...

Q: the number of panels produced. The cost function is C(n) =100(2)30 . R and C are shown on the graph ...

A: (a) The breakeven point is a situation where revenue earned by the firm is exactly equal to its cost...

Q: The price of a HeeHaw Model BR549 computer is presently $2200.If deflation of 2% per quarter is expe...

A: Inflation means there is a rise in the price level over a period of time. Deflation means there is a...

Q: Define asset and liability

A: An asset is a property owned by an individual. It can be measured in terms of money and is considere...

Q: multiple choice

A: Since you have asked multiple questions, we will solve the first question for you. If you want any s...

Q: 1. Discuss Oman and USA national plan to do reduce unemployment?

A: There are two principle methodologies for diminishing unemployment –  Request side arrangements to ...

Q: Are capital and finance within the US a significant component of development?

A: Capital and finance are very important for U.S economic development. With greater amount of capital ...

Q: Having a marginal product of labor that increases over low levels of employment is common in this si...

A: Option B) often it has to do with specialization- workers are able to divide up tasks and be more pr...

Q: Example of inflation with solution

A: Inflation is continuous rise in prices. For example, continues rise in the price of milk, and gasoli...

Q: 8.1 The fixed costs at Harley Motors are $1M annually. The main product has revenue of $9.90 per uni...

A: Breakeven Quantity=Fixed Cost/(Revenue per unit-Variable cost per unit)

Q: Determining Rent in a Market with Low-Cost and High-Cost Firms Suppose firms in a competitive market...

A: The competitive market is the one where there are infinite buyers and sellers who produces homogenou...

Q: If you have the following information Grandfather The amount of flexibility -) Item type -Y Economic...

A: As the Price of item Y increases from 40 to 60, the quantity demanded of item X increases from 10 to...

Q: Consumer surplus measures the benefit to consumers of purchasing a product. Producer surplus measure...

A: An overall surplus in a market is a measure of the total wellbeing of all participants in a market n...

Q: 3. What are the benefits to make rational decision?

A: Rational Decision refers to a step-wise process for making a choice between the two or more alternat...

Q: Give a example of short debt cycle in the pandemic Give an example of long debt cycle in the pandem...

A: The first paragraph talks about how inflation has been low within the years which allows the govt to...

Q: Q: In your opinion, who should be the owner of the product created in manufacturing process?

A: The whole process of manufacturing is long, starting from the basic design of the product, which the...

Q: Briefly explain the role played by banks between savers and borrowers and the economic benefit, if a...

A: Banks provide savings to depositors by providing them with saving rate and borrowers borrow money at...

Q: 8

A: Real income = Nominal Income/CPI × 100  

Q: ProblemYou are given the following information about an open economyGross private domestic investmen...

A: Gross Domestic product (GDP) is the sum of money value of all goods and services produced in an econ...

Q: The demand function for specialty steel products is given, wherep is in dollars and q is the number ...

A: The demand function for specialty steel industry is, p=150100-q3 where, p is in dollar q is the numb...

Q: Annual maintenance cost for a machine is P1500 this year and it is estimated there is an increase 10...

A: Annual maintenance cost = P1500 Yearly increase = 10%  

Q: Suppose the own price elasticity of demand for good X is -5, its income elasticity is 2, its adverti...

A: a) Price elasticity of demand is given as  Ed= % change in quantity of good X/ % change in price of ...

Q: the agent has a maximum of 12 hrs in a day that she can work, and her aspiration is not a utility le...

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

Q: Suppose you earned $100,000 in a given year. Calculate your real income, assuming the CPI is 200 for...

A: Given, Nominal income = $100,000 CPI = 200

Q: You are economic consultant for Jack, who farms raw cotton in a perfectly compe market. One day he g...

A: Given: Price = $5.00 Output = 2000 Pounds TC= $8000 FC= $2000 MC= $5 (a) Profit = TR-TCπ=(P×Q)-TCπ=(...

Q: Suppose that a firm with market power could charge a different price to every customer based on how ...

A: Firm with market power charge a different price to every customer based on how much he or she were w...

Q: 3. What is the relation between productivity growth and living standards?

A: The productivity would be the output produced by one person in a given time period. The productivity...

Q: Suppose the domestic shoe demand and supply equations in a small open economy are: P = 168-4?D P = 2...

A: The following problem has been solved as follows:

Q: Millicent’s utility function is U(w) = W0.5 , where W is her wealth. She owns a “pure water” produci...

A: In economics, "risk aversion" is a situation in which an individual prefers lower returns or he is n...

Q: Problem a)Discuss the main functions of money b)Consider that the Ghanaian economy is a Small and cl...

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...

Q: Suppose that initially Px = 2, Py = 8, I = 96 and the Marshallian demand function for good 0.51 0.5P...

A:  Y* = 0.5 I / Py + 0.5 Px /Py -0.5