Q: For a mixed good with an external benefit, a free market would produce than than the marginal the…
A: 3) A mixed good with external benefit would be considered as a good having positive externality.
Q: A clothing store decreases the price of its T-shirts from $20 to $12. Correspondingly, sales…
A: Total Revenue = Price*Quantity So when the price is $20 then the Total Revenue is 20*1200 = $24000…
Q: DEMAND Describe the determinants of demand. Why are they important?
A: Demand refers to the total amount of commodity that individuals demand from a marketplace and give…
Q: 1. A company produces at an output level where marginal cost is equal to marginal revenue and has…
A: Total revenue is the product of price and quantity. Total cost is the sum of total variable cost and…
Q: 5. Problems and Applications Q10 Consider the following table of long-run total costs for three…
A: Here, the information about the long-run total cost of three firms at different output level.
Q: The figure shows the supply curve of lead Between points A and B, the elasticity of supply is OA.…
A: Elasticity measures the responsiveness of quantity supplied to changes in price.
Q: Consider the following table of long-run total costs for three different firms: Quantity 1 2 3 4 6 7…
A: We have given the cost schedule Q TC (firm A) TC (Firm B) TC (Firm C) 1 25 70 15 2 30 75 40…
Q: Economics
A: Amartya Sen has been known as the Mother Teresa of Economics for his work on starvation, human turn…
Q: A manufacturer's total cost equation per day is given by the equation TC = 440 + 4q+,0001Q². If each…
A: Given Manufacturer's cost function TC=440+4q+0.0001q2 .... (1) Demand function:…
Q: Illustrate the differences
A: The field of economics is distributed into microeconomics, i.e., the analysis of individual markets,…
Q: You must write down all steps in your working. 1. In 2010, M1 was $1,832.2 billion, M2 was $8,816.4…
A:
Q: The consumption function is defined a C= 800 + (0.8)YD, the marginal income tax rate is t = 0.5,…
A: Introduction Budget surplus is the difference of income and expenditure in an economy. When an…
Q: QUESTION 7 for th below two machines and based on AW analysis which machine we should select?…
A: Disclaimer- “Since you have asked multiple question, we will solve the first question for you as per…
Q: Suppose that the world price of bananas is 18 U.S. cents a pound and that when Australia does not…
A: Introduction International trade is indeed the transfer of capital, commodities, and services…
Q: Which of the following statements is NOT correct? O The long-run total cost curve is the lower…
A: Marginal rate of technical substitution is the rate at which input factor labour and capital is…
Q: 3) Diminishing marginal rate of substitution can be seen when indifference curves A) become flatter…
A: Typically, marginal substitution is lessening, meaning a shopper picks the substitute instead of…
Q: Costs of production for each competitive firm is given by: C(q) = 1+q². Market demand is Qd = 200 -…
A: In long run competitive firm we know earn only normal profit due to free exit and entry in the…
Q: 1) Mr. Bora's disposable income is 10 000 TL. per month. His zero level autonomous consumption is…
A: MPC is the marginal propensity to consume and MPS is the marginal proprnsity to save. We use the…
Q: variable production cost and the price of a product were both reduced by $1.00 per unit, which of…
A: If variable production cost and the price of of product were both reduced by $1 per unit then break…
Q: Use the AS/AD diagram to show( graphically only) the short term and long term effects of restrictive…
A: Restrictive fiscal policy leads to the fall in the AD and recessionary pressure rises up in the…
Q: In a product liability claim based on strict liability, the plaintiff must show that the product was…
A: In general, a plaintiff must establish that a product's inherent sickness caused the damages claimed…
Q: represents trade costs. A higher index represents higher trade costs and less globalization. Based…
A: National borders do not mark the beginning or end of trade. Many enterprises and people encounter…
Q: Q5. Company X, works in perfectly competitive market. where the average $40 price equals marginal…
A: perfectly competitive market , where large numbers of firms and buyers exchange homogenous products…
Q: Which of the following statements is true? OA. When a large proportion of income is spent on a…
A: In economics, price elasticity is the concept that is used by the market participants when they make…
Q: 8. In the economy, we found a recessionary gap of 50, relative to potential output of 4,800. Suppose…
A:
Q: Kim spends all her weekly income of R200 on two goods, X and Y. The prices of the two goods are R5…
A: A budget constraint refers to all the different combinations of goods and services that a consumer…
Q: Consider the following table of long-run total costs for three different firms: Quantity 1 2 3 4 6 7…
A: Question related to the topic Economies of scale
Q: 2. Models of inventory systems frequently consider the relationships among opening stock, production…
A: (a). Ending inventory for period j = closing stock from the previous period (beginning inventory for…
Q: Explain how the price leader determines a profit-maximizing price.
A: In a market, price leadership refers to the situation when a firm in the market gets some…
Q: 1. The production possibilities curve represents: (select only one option) A. The production…
A: Production Possibility Curve The production possibility curve is also known as the curve which may…
Q: According to Excel's sensitivity report for the previous formulated model (Eagle Tavern), the shadow…
A: Here, Betty Malloy, owner of the Eagle Tavern in Pittsburgh, is preparing for Super Bowl Sunday for…
Q: First-differences is used to solve the problem of... Time-constant unobserved factors…
A: The first-difference (FD) estimator is a kind of estimator used in statistics and econometrics to…
Q: 20
A: We have sequential move game between two players where each player moves two times in the game.
Q: The O&M cost of an equipment is given in the table below. Determine the EUAC of this equipmen in…
A: Equivalent Uniform Annual Cost. is the tool by which a firm can expresses the life period of costs…
Q: Dillon sells football. When output = 200, average fixed costs (AFC) = $3; and total variable costs…
A: Total cost is a sum of fixed cost and variable cost.
Q: Maintenance on an old machine is $100 this year but is expected to increase by $25 each year…
A: In the present worth analysis, we find the present values of all the cash flows.
Q: 4
A: Marginal cost of firm behaves like supply curve and when tax is implemented the supply curve will be…
Q: A principal can choose to make the allocation of tasks broad (B) or narrrow (N). At the same time an…
A: We have two players simultaneously move game where one player is principal and other is agent
Q: For each of the regions, use the midpoint method to identify whether the supply of this good is…
A: The measure that depicts the change in quantity being demanded of a good with respect to price level…
Q: Would you consider your demand for gas to be relatively elastic or inelastic? What changes do you…
A: Price elasticity measures the responsiveness of demand to changes in price. Elastic demand is…
Q: On our trip, diesel fuel cost averaged €1.80/l. The currency conversion rate in April 2012 was…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Stakeholders are: a) customers and competitors who interact with the business. b) groups or…
A: A business entity has stakeholders to whom it has a responsibility.
Q: The following function relates price to quantity demanded: price = 100 - 3q And note that when price…
A: Price elasticity of demand is a measurement of how a product's demand changes in response to price…
Q: = 2x₁ + x2. Income = $100. p₁ = 28 and p2 = 10. The utility maximizing quantity of x2 is? Round your…
A: Utility refers to the satisfaction. The aim of the consumer is to maximize the utility subject to…
Q: Which of the folowing statements is TRUE? OA. Statistical discrimination cannot persis in the long…
A: Profit maximization refers to the condition of private firms trying to increase their revenues from…
Q: sider the following table of long-run total costs for three different firms: Quantity 1 2 3 4 7 Firm…
A: Question related to the topic Economies of scale
Q: Suppose that the income tax in a certain nation is computed as a flat rate of 5 percent, but no tax…
A: The amount of a person's income or total amount of money that must be paid in taxes is referred to…
Q: How much overhead was applied during the year? I A. $231,000 B. $150,000 C. $166,000
A: The labor marketplace is a type of marketplace structure wherein the trade of labor services for…
Q: The following graph shows the annual market for Florida oranges, which are sold in units of 90-pound…
A: The point where demand and supply intersect each other give rise to equilibrium. Demand is more…
Q: A weaver working with a handloom is able to produce 16 yards of fabric per day. The typical weaver…
A: Production costs are the overall costs of producing a product or providing a service, including…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Everything is made up of the four factors of production. Look at the shirt you have on right now. List the four factors of production and give a specific example of each which might have been used in the production of your shirt. You have to be specific with each factor. You cannot say "resources" or "land".True/False The resources used to make all goods and services are called factors of productionmaking a large number of goods that are the same is?