• Please explain the difference between the short run and long run equilibrium under a per- fectly competitive market in your own words.

Q: After economics class one day, your friend suggests that taxing food would be a good way to raise re...

A: The curve that depicts various quantities being demanded by individuals at various levels of price i...

Q: If the MPC in 2020 was 0.9, a. how much would consumption increase initially as a result of the reco...

A: Given:- MPC=0.9 Recovery rebate=$293 billion in direct payment To calculate:- Rise in consumption=? ...

Q: Question 3 • C В Jeans Refer to the graph above. Productive efficiency occurs at what points? Sweate...

A: The production possibility curve (PPC) shows the combination of two goods that a nation can produce ...

Q: Which of the following statements are correct? (This is an "all-or-nothing" question: if you do not ...

A: GDP is defined as the total value of all final products and services produced in a certain period of...

Q: The real GDP of the U.S. economy was $19,222.0 billion at the end of 2019. (a) Calculate the real GD...

A: If  GDP is Y, Growth is g% per year, after t years the GDP will be Y(1+g100)t Here given Y= $19222 B...

Q: 5. Provide answers for the each of the following independent questions. a. Suppose Auto Fitters sell...

A: Answer(A). Yes, the choice of contracts would allow the firm to differentiate between good and bad s...

Q: Is there a connection between the concepts of Long Run Aggregate Supply and the Natural Rate of Unem...

A:

Q: If an increase in price from $1 to $2 causes a decrease in quantity demanded from 120 to 100, calcul...

A: Elasticity is used to calculate the relative change in the quantity demanded of the good as compared...

Q: 3. Under which market structure, average revenue of a firm is equal to its marginal revenue

A: To find : When is average revenue equal to it's marginal revenue. 

Q: Mario and Chris are the only two consumers in a particular market for train tickets. The following t...

A: Market demand is the horizontal sum of all consumers demand for a good in a given period for differe...

Q: Price £/unit E 'D3 D1 D2 Quantity Figure 4 Supply and demand curves for a normal good Figure 4 shows...

A: Market equilibrium is determined when the quantity demanded of a good is equal to the quantity suppl...

Q: Suppose the government imposed taxes o1. salt. Who bears the tax incidence and why?

A: Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is...

Q: The actual unemployment rate is composed of three types. Identify each type and explain whether the ...

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new que...

Q: In an economy with 200 million people, 150 million hold jobs and 20 million are not working but are ...

A: The unemployment rate is the number of unemployed people divided by the labor force. The formula is,...

Q: e equilibrium exchange rate is 0.70 euros per dollar. At this exchange rate, the quantity demanded e...

A: According to the question, The equilibrium rate is 0.70 euros to the dollar. The quantity required e...

Q: Which of the following is correct? The relationship between the MPS and the MPC is such that: Select...

A: Hi! Thank you for the question as per the honour code, we’ll answer the first question since the exa...

Q: 72 Supply (20 fems) 04 Demand 48 Supply (40 firms) 40 32 Supply (60 firms) 24 10 118 240 358 400 s08...

A: We know that a perfectly competitive market is a market condition where many buyers and sellers are ...

Q: Match the following List 1 List 2 i. Dummy variables li. Dicky fuller test. ili. R2 iv. Durban Watso...

A: "Correct option is I-3,ii-4, iii-1, iv-2."

Q: Question 3 A decision maker has a utility function U = VĪ. This decision maker is: O risk-loving. O ...

A: U = √I is a concave utility function. We know that for concave utility function the individual is ri...

Q: If the Fed increases the money supply in response to higher inflation, this represents a movement al...

A: Answer is False The movement along the demand curve is a result of change in price level, whereas a...

Q: Consider a two-good exchange economy withr identical consumers. The consumption set is R, the indivi...

A:

Q: economics, money refers to wealth income currency assets used and accepted as payment.

A: Money consider as a medium of trade, as a store of significant value, and as a unit of record. Mode ...

Q: Suppose that the demand function for Brand X is P = 360- 50Qd. Show whether going from 3 to 4 units ...

A: Demand Equation: P=360-50Qd Price elasticity measures the percentage change in the quantity demanded...

Q: If the daily demand curve for gasoline is as provided in the graph attached, then how much consumer ...

A: Consumer surplus are the monetary benefits that the consumer receives while buying goods and service...

Q: questions to determine if Olivia is making the best decision. a) Who has the absolute advantage in d...

A:

Q: A textile firm in a competitive industry employs a particularly efficient manager to run the operati...

A: Economic Profit refers to the profit that includes in its calculation the forgone opportunity costs ...

Q: This summer has been very hot. In fact, many crops that need water to thrive have been suffering fro...

A: When there is a rise in imports or a fall in the export of a country it implies a negative impact on...

Q: Do you believe or think PPP(Public Private Partnership) could be a game changer in the post covid HR...

A: When a certain product is manufactured, cost is involved and process of business then follow ups. Bu...

Q: Suppose the following data describe a nation's population: Year 1 Year 2 Population 320 million 330 ...

A: Unemployment rate = (unemployed / labor force) Labor force = Employed + Unemployed -----------------...

Q: Section 11.4 U-Shaped Average Total Cost Curve exhibit 2 Hgh AFC H ATC Hgh MC MC ATC Mrmum Dmnheg ma...

A: Average Total Cost is the total cost per unit of output.  Average Fixed Cost is the fixed cost per u...

Q: . A monopoly is currently producing an output level where P = $30, MR = $20, AVC = $16, AC = $24, a...

A: Monopoly Monopoly refers to a market in which there is only one single seller. Due to high hurdles t...

Q: An inferior good is Multiple Choice O generally of low quality. O purchased in the underground econo...

A: The good is either normal or inferior. For normal goods, the demand for the good increases as income...

Q: Rock-paper-scissors is a game in which players typically use mixed strategies. Can you think of othe...

A: The theory for conceiving social situations among the players that are competing and producing optim...

Q: Is the perfectly competitive market model realistic? If not, why do we want to study the perfectly c...

A: Perfect competition is a market model that assumes a large number of firms produce identical goods t...

Q: The WorldLight Company produces two light fixtures (products 1 and 2) that require both metal frame ...

A: When a linear function is subjected to many constraints, linear programming, a mathematical modeling...

Q: In the United States, the wearing of a helmet is mandatory when riding a motorcycle. Which of the fo...

A:

Q: ssible, it should tax: The good with unit elasticity of demand and unit elasticity of supply The goo...

A: Businesses eliminate deadweight loss in the long run by changing prices to attract customers. Firms ...

Q: how does the philips curve explain trade-off between unemployment and inflation

A: Philip curve:- This curve was created by A. W. Phillips, which states that inflation and unemploymen...

Q: 20. Using two carefully drawn and labeled diagrams, analyze an input cartel. That is, on the left si...

A: Cartel refers to the group or association made by the collusion of similar firms in a market to expl...

Q: Imagine that the demand curve for beer is given by P=9-Q and supply for beer is given by P=1+Q. What...

A: Demand and supply  In perfect market competition the optimum quantity is produced where the demand c...

Q: Consider an economy where the natural rate of unemployment rate is 5% and real GDP at full employmen...

A: A natural economy - is a kind of economy wherein cash isn't utilized in the exchange of assets among...

Q: ick on the items on the left to read a description. Then, drag each item to the correct implication ...

A: The government takes several measures in order to enhance the export and overall trade of an economy...

Q: The Theory of Comparative Advantage states that countries gain from trade, this is because : The wor...

A: There are two important categories of business cycles which are inflation and recession that occur. ...

Q: The below graph shows the demand and cost curves for ABC Electric Co, a natural monopoly in a small ...

A: Answer: Note: we are not allowed to provide the handwritten solution. An unregulated monopoly firm m...

Q: Which European institution is responsible for proposing EU egislation, implementing it, and monitori...

A: European institutions consist of 7 decision-making bodies.  

Q: what is differentiation? What are some forms of differentiation in washing detergents? How does diff...

A: A differentiation strategy is a methodology organizations create by giving clients something special...

Q: 3. The second glass of lemonade gives lesser satisfaction to a thirsty biy, this is a clear case of ...

A: The second glass of lemonade gives lesser satisfaction to a thirsty biy, because as he consumes more...

Q: Germany Production Possibilities (Production Alternatives) Product D Autos 4 12 16 20 Chemicala 40 3...

A: * SOLUTION :-  Given that ,    (3)      

Q: why is the economy not self-correcting? What can be done about it?

A: The principle that if economy is left to its own devices is called self-correcting. When an economy ...

Q: Total product refers to 1. the change in output produced for a given level of variable input (such a...

A: Total Product refers to the total volume of output produced by a firm, for a given quantity of input...

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.