Q: How will a decrease in the wage rate of pizza makers affect the market for pizza?
A: the answer is given below
Q: What does Gross Domestic Product mean? Why do we need to use market value GDP? What for do we use…
A: The term GDP means gross domestic product, which the market value of all goods and services produced…
Q: The system of equations below describes the market for cars where G stands for the price of…
A: Given Demand equation for cars: Qd=α-βP+γG .... (1) Supply equation: Qs=-δ+θP-λN…
Q: Explain the characteristics monopoly, oligopoly, monopolistic and perfect competition markets
A: The number of firms in a market, the similarity of the products they sell, and the ease of entering…
Q: 3. Consumer Optimization Utility Function: U = In (x) + 2*In (y) Budget Constraint: 50 = x + 2y Find…
A: A budget constraint addresses every one of the mixes of goods and services that a buyer might buy…
Q: Which of the following is not an assumption of monopolistically competitve markets? Group of answer…
A: Monopolistic competition basically refers to a usual market condition in which competitors providing…
Q: Suppose demand for a monopoly’s product falls so that its profit-maximizing price is below average…
A: A monopolist can decide its profit-maximizing cost and amount by dissecting the marginal revenue and…
Q: Question 1 Which of the following is not a characteristic of a perfectly competitive market? Group…
A: A market system with a large number of firms and commodity buyers is known as perfect competition.…
Q: uppose a consumer views two goods, X and Y, as perfect complements. Her utility function is given by…
A: The utility function in economics measures a consumer's welfare or satisfaction as a function of…
Q: The transfer payment multiplier is smaller than the expenditure multiplier by the: O a. Transfer…
A: When talking about the multiplier impact of transfer payment and expenditure, it can be said that…
Q: (a) Consider a two period model of a small open economy. Being careful to state any assumptions you…
A: Assume that there is a two-period small open economy with periods 1 and 2. In periods 1 and 2,…
Q: In not less than five sentences, explain ONE risk that a banking company is exposed to and how do…
A: Answer -
Q: f an insured purchases an Annuily from which income is received, the insured is the receiver…
A: Answer is given below
Q: Which of the following statements regarding contemporary development theories is true? a. None of…
A: Answer - Development theories :- These are the theories which analyze the different patterens of…
Q: Exercise A.5 A company operates with production function q=K¹/2¹/2 a) What type of returns to scale…
A: Returns to scale refers to the proportional increase in output as a consequence of increasing the…
Q: If the government increases the excise tax on tires and the tax is added to the price, describe how…
A: Taxes refers to the quantity of cash paid through an individual to the authorities and classifies as…
Q: The given matrices are payoffs for two-person, zero sum games. Decide whether the games are strictly…
A: -3 -5 2 -1
Q: DIRECTION WITH GOOD X Part 11 GOOD X Y QUESTION: DIPT : PLOT THE IN THE HORIZONTAL AXIS Production…
A: Economics refers to the social science that studies the production, distribution, and consumption of…
Q: Please use microsoft excel
A: Net Saving = Saving - Operating Expenses Present Value = Future Value/(1+r)n where n is time period…
Q: Q1. Consider the adverse selection model, where the ability of each worker, 0, can be 1, 2 or 5.…
A: Ability of each worker = 1, 2,or 5 Probability associated to each = (1/3,1/6,1/2) Reservation Value…
Q: It is proposed to place a cable on existing pole line along the shore of a lake to connect two…
A: Given that; By the rate of return on an additional investment method Land route Depreciation…
Q: Suppose all banks have zero excess reserves. The Fed buys bonds for $1 million and a bond dealer…
A: Here, it is given that the amount of $1 million is deposited in a bank that the bank loans out its…
Q: Which of the following is not a characteristic of a monopoly? Group of answer choices the seller has…
A: In general there are 4 main types of market structures which are as follows:- (1) Perfectly…
Q: The estimated capital investment and the annual expenses) for four alternative designs of a…
A: Given:- MARR=20% Total alternative designs=4 Life=5 years Please find detailed answer from next…
Q: Referring to Figure 1 in Question 14, When the price of the good is $175, the firm's maximum profit…
A: Profit=Total Revenue-Total Cost Profit=TR-TC We know that, TR=P*Q When P=175, Q=515 TR=175*515…
Q: Last year Wei Guan Inc. had $350 million of sales, and it had $270 million of fixed assets that were…
A: Given the actual sales = $350 Capacity = 63%
Q: please explain the balancing and reinforcing loops of the CLD
A: Commercial location development (CLD) is a strategy utilised by the government to position its area…
Q: market for paperback detective novels is perfectly competitive. Suppose we have identical book…
A: In economic matters, explicitly broad balance hypothesis, an ideal market, otherwise called an…
Q: When a perfectly competitive firm decides to shut down, it is most likely that Group of answer…
A: In the Long Run, a firm in perfect competition always gets normal or zero profits. A perfectly…
Q: Refer to Figure 5-1 The firm will earn positive economic profits if the price is P4 only P4 or P3…
A: In perfect competition, eqm Q(quantity) is found by the intersection of MC(marginal cost) and…
Q: NewTech
A: Making a arboreous diagram to sketch out a course of action or a applied math likelihood analysis is…
Q: hat is the effective interest rate on an overdraft facility where the bank requires 3.5% interest…
A: Answer is given below
Q: Draw the initial equilibrium for the domestic economy in the IS-LM-IP diagram. Then, draw the new…
A:
Q: For a perfectly competitive firm, profit maximization happens at: A. P=MC B. AR=MC C. MR = ATC D. MR…
A: A perfectly competitive market is the special type of market where a single firm cannot influence…
Q: positive turbulence-causing factors during the next five years healthcare in malaysia
A: There are several sources of turbulence in the health-care and medical businesses. They are…
Q: The slope of the total revenue curve for a competitive firm is equal to __________, which is equal…
A: While a firm in a perfectly competitive market has no impact on its cost, it decides the result it…
Q: How do we restore confidence in the financial and banking industries and our political systems?
A: Introduction: The Industrial Revolution was one of the most significant events in human history,…
Q: What is inflation ? Briefly explain the costs of inflation . Use your outlined cost of inflation…
A: The expenses that are being incurred for carrying out day to day transactions of a business or…
Q: 12. Given the demand equation Qd = 100 - 10P, and Pe (market price) = 6,The consumer surplus at the…
A: In accordance with the question Market Price is determined as the amount of the Current Price at…
Q: Question 1 What is the significance of a price elasticity of demand that is equal to 2?
A: The link between the price of a good and the quantity demanded is represented by price elasticity of…
Q: What are two great that the Fed deals with in the short run? macroeconomic problems
A: Macroeconomics is the part of financial aspects that arrangements with the design, execution,…
Q: If the foreign interest rate is 5%, the risk premium on domestic assets, ρ, is -7%, and the expected…
A: In the economy the theory of interest parity tells in general that relating to which interest rate…
Q: For each prompt below, carefully and thoroughly follow the directions. For the graphs, be certain to…
A: The aggregate demand-aggregate supply model commonly written AD-AS model depicts how national income…
Q: Given an interest rate of 12%, how much does one need to invest today to acquire 5,000 pesos…
A: Given information, Interest rate (i): 12% Annual income (A): 5,000 pesos Time period (N): 20 years…
Q: Draw a graph of Pepsi company that related to the product differentiation.
A: Monopolistic competition: It has the features of both a monopoly and a perfectly competitive market.…
Q: Discuss the utilitarian argument for conserving and preserving natural resources for future…
A: Individual animals may be used sustainably as long as evidence shows that their usage helps conserve…
Q: If the CPI in 2015 was 114.7 and the CPI in 2016 was 124.5, then the rate of inflation between 2015…
A: The CPI is used to measure the inflation rate in economy.
Q: Describe the arguments for and against society responsibility
A: Society Responsibility or social responsibility refers to the rationality of any individual or…
Q: an I see part A - D ?
A: he values provided in the question are; The year is 2018, Debt land’s GDP = $550 billion…
Q: Question 11 A firm that is suffering an economic loss in the short run should continue to operate as…
A: Short run refers to a period of time which is short enough that the firm cannot change its fixed…
Step by step
Solved in 2 steps
- 7. Models: Apply the supply-and-demand model to the following markets. In each case, state the key endogenous variables in the market as well as some important exogenous variables or parameters. Also, express each model as a system of mathematical equations. As an example, Q = F(P, X) might be the demand curve in the computer market, where X captures some exogenous variables like the availability of the iPad or computer games. How many equations are there within each example? How many unknowns? 1. The computer market. 2. The market for your favorite music. 3. The market for a particular currency, such as the dollar, the yen, or the euro. (Hint: This last example suggests an important point about "exogenous variables": what is exogenous in one model, as in a narrow study of the supply and demand for dollars, may be endogenous in a richer model-like a study of the entire U.S. macroeconomy.)Question3 a) Suppose a household is faced with the choice between consuming gasoline (G) and all other goods (OG). Today the household consumes 800 liter of gasoline a year.Suppose then that a gasoline price increase is perfectly compensated by a wage increase. If the family followed the utility maximization model, how would this affect their consumption of gasoline? Explain by using a figure. b) Explain by using an example why an MRS (Marginal Rate of Substitution) between two goods must equal the ratio of the price of the goods for the consumer to achieve maximum satisfaction?6. All other things constant or nothing else changes Juanita is a research assistant for her favorite biology professor, Dr. Ogechi. Dr. Ogechi is interested in studying the effects of feeding a certain chemical to rats to see how it affects their appetites. Juanita knows from her economics class that to isolate the effects of a particular phenomenon, all other things must remain the same. In Latin, this is referred to as In order to keep all other things the same and isolate the effects of one particular variable in the biology experiment, Juanita will want to do which of the following? Check all that apply. O Avoid drawing conclusions after one trial. O offer the same type of food to the rats in ead trial. O Make sure all tested rats are the same age.
- Question 9 ) Listen The negative slope of the budget line (or production possibilities curve) has a special meaning in economics. Which of the following does not indicate the negative slope correctly? 1) Consumers must make trade-offs in their consumption decisions. 2) There is an inverse relationship between the amount of one good and that of the other. 3) Positive slopes are always preferred to negative slopes. 4) To get more of one good, we must give up with less of the other good. Question 10 ( ) Listen Which of the following is a macroeconomic statement? 1) The price of farmland in the U.S. increased by 30 percent in 2011 to 2012. 2) The gross domestic product in the first quarter of 2014 decreased from the previous quarter. 3) General Motors' profits increased last year. 4) The productivity of steelworkers increased by 1 percent last year.4) The fact that wants cannot be fully satisfied with available resources reflects the definition of A) the what tradeoff. B) scarcity. C) the big tradeoff. D) for whom to produce. 5) Suppose the Gallo sisters, Ernestine and Julia, were not on speaking terms with one another. They each raised grapes and peanuts. Ernestine could increase her output of grapes by one bushel if she reduced her output of peanuts by two bushels and Julia could increase her output of grapes by one bushel if she reduced her output of peanuts by four bushels. According to this information, Ernestine has: A) a comparative advantage in the production of grapes. B) a comparative advantage in the production of both goods. C) a comparative advantage in the production of peanuts. D) an absolute advantage in the production of peanuts 6) Factors of production are grouped into four categories: A) land, labor, capital, entrepreneurship B) land, labor, capital, money C) land, capital, money, entrepreneurship D) labor,…14. What assumption is important in using economic model to make predicitons? a) the law of demand b) the rationality assumption c) ceteris paribus/ other things being equal d)evryone being a price taker
- (1). Which of the following is the best definition of economics? A) the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided B) the study of how consumers spend their income C) the study of how business firms decide what inputs to hire and what outputs to produce D) the study of how the federal government allocates tax dollarsDr Rafiu is planning to send his son to study Finance either at KFUPM or Imam Abdulrahman Bin Faisal University, ceteris paribus. When the session is about to start, the school fees of KFUPM increases while that of Imam Abdulrahman Bin Faisal University remain the same. So, Dr Rafiu decides to enroll his son at Imam Abdulrahman Bin Faisal University. (a) What kind of goods can you classify the two universities from the perspective of Dr Rafiu? (b) What is the nature of elasticity facing Dr Rafiu (hint: elastic, inelastic, Unitary)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 unnec- essarily paternalistic; depriving low income households of the choice of how to spend their income. These groups argue that the government’s…
- Last Word) Behavioral economics incorporates culture and the studies of Multiple Choice sociology and economics. psychology and economics. mathematics and economics. finance and economics. None of these choices are correct.Question 18 1) Listen Some agricultural sub-Saharan nations of Africa have overfarmed and overgrazed their land to the extent that significant portions of it have turned into desert. This suggests that: a) the production possibilities curves of such nations have shifted inward. b) the production possibilities curves of such nations have shifted outward. c) the concavity of the production possibilities curves of such nations has increased d) these nations are operating at some point outside of their production possibilities curves. Question 19 ) Listen Individual's economizing problem is related to decisions about what to produce and what to forgo, based on production possibilities frontier. 1) True O 2) FalseE2 Describe the difference between the "endogenous" and the "exogenous" variables of an economic model. Which type of variable is, by construction, independent of all of the other variables in a model? In the supply/demand model of a competitive market which variables are endogenous and which are exogenous (give at least 3 of each type)?