Q: John is thinking about going to the movies tonight . A ticket costs $ 9 and he will have to cancel h...
A: The opportunity cost of doing any activity is the value of the next best alternative which has been ...
Q: The demand for labor is L= 4000 - 300w, where L is the number of workers demanded and w is the hourl...
A: Labor Demand : Ld=4000-300w Labor Supply : Ls=200w Equilibrium wage=$8 Equilibrium quantity of labor...
Q: The market for drones is perfectly competitive. Assume for simplicity that fractions of everything, ...
A: Perfectly competitive market is a market structure where all seller sell identical products, firm ar...
Q: Under which market structure, average revenue of a firm is equal to its marginal revenue
A: To find : Under which structure, average revenue of a firm will be equal to it's marginal revenue
Q: Goods imports 635 Goods exports 419 Services imports 144 Services exports...
A: Current account balance includes the export and import of goods and services and unilateral transfer...
Q: 7. Find the utility for the following time-discounted situations ( U = 100 + E(100 - 50)0.95' %3D a.
A:
Q: Under a gold standard, countries should Group of answer choices keep the supply of their domestic ...
A: Gold Standard features:- (i) The monetary unit is established in accordance with the specific gold a...
Q: Select the correct answer below O for each firm when antitrust regulators split this company exactly...
A: A monopoly firm is a firm that has control over the market supply. This happens because a monopoly f...
Q: 0. Who is the 'father of economics'? Мax Muller
A: To find : Who is father of economics
Q: Which of the following statements about labour productivity (Y/L), also known as the average product...
A: Labour Productivity Labour productivity is defined as actual production per labor hour, and the chan...
Q: If the quantity demanded of bananas decreases by 5% when the price increases by 10%, demand is Group...
A: Answer: Introduction: When the percentage change in quantity demanded is greater than the percentage...
Q: While game theory predicts noncooperative behavior for a single play of the prisoner's dilemma, it w...
A: As indicated by game theory, a prisoner's dilemma shows a situation in which two people acting egoti...
Q: On a (0,1) linear segment, two firms A and B selling the same good are located symmetrically at loca...
A: Consumer Utility = 10 - 4d - p Firm A is (L) = 0.2 (Given ) Firm B is at (1-L) = 0.8 Let us ...
Q: his question requires a (very modest) amount of reading ahead in the early section h of the followin...
A: The Multiplier can be defined as the change in income due to the change in the investment in the eco...
Q: Amy has $24.00 a week to spend on coffee and Quantity (cups of coffee per week) рop. 24- The price o...
A: Budget line: - it is the graphical representation of different combinations of two goods that a cons...
Q: In the world market, a pair of shoes from China is sold for $40 and that from Mexico is $50. U.S. ma...
A: Before free trade:- Price of shoes in China= $40 Price of shoes in Mexico= $50 Price of shoes in sho...
Q: 7.2 (LG 7.2) Maryhill Mines has a pelletizer that it is considering for replacement. Every three yea...
A: Introduction:- The pelletizer gadget, which changes over the item into pellets of different shapes a...
Q: If a company is running short of funds and they want to increase revenue. Should you increase or dec...
A: When the firm runs short of funds then increasing revenue is the best way to fulfill fund requiremen...
Q: There is often litter along highways but rarely in people's yards. Provide an economic explanation f...
A: Externality: The unintended consequences caused by activities of the market create externalities. I...
Q: A binomial probability experiment is conducted with the given parameters. Compute the probability of...
A: a frequency distribution of the number of successful results that can be achieved in a specified num...
Q: B. The law of consumer surplus is based on
A: To find : What is law of consumer surplus based on.
Q: Demand for final consumption arises in Household sector only
A: To find : When do demand for final consumption arises.
Q: The Fed chairman pursued aggressive policies to tackle the problem of unemployment. As a consequence...
A: Answer -
Q: Consider food stamps where the government gives a person $100 worth of food stamps that can only be ...
A: Budget line A budget line is a graphical depiction of all conceivable combinations of two commoditie...
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...
Q: This is an "all-or-nothing" question: if you do not mark all the correct answers, or mark any incorr...
A: Answer is given below
Q: Explain what would be likely to happen if the government placed a price floor on milk. Suppose that ...
A: Price floor is a government imposed minimum price for a commodity.
Q: Is there a connection between the concepts of Long Run Aggregate Supply and the Natural Rate of Unem...
A:
Q: How is marginal product affected if workers are added who are equally good at the job? a. The increa...
A: Law of diminishing return to scale implies that as the number of a variable input is raised keeping ...
Q: 15.) Consider the market for microphones. What will happen to the equilibrium price and quantity in ...
A: Given : Due to pandemic , use of microphones is pushed for taking digital meetings rather than havin...
Q: Which of the following statements are correct? Select one or more: O a. Government spending on goods...
A: GDP The Gross Domestic Product (GDP) basically refers to the sum of all the value added in a given e...
Q: Complete the following table by calculating marginal product and average product. Instructions: Ente...
A: Formulas which we are going to use in this question are: 1. Marginal Product (MP) = Total Product at...
Q: i = 8% 0 – 1-2- 3- 4-5-6 $5500 $7100 F $9500
A: Given information: Interest rate = 8% Required to find = F
Q: The difference between private cost and social cost is that A) social cost only considers the extern...
A: Private Cost is the cost of producing a good or service. Social Cost is the sum of private and exte...
Q: The demand function for fountain pens last week is given as Qd=14-2P. If two fountain pens are sold ...
A: 1. Given information: Qd = 14 - 2P Price, P = $4 Supply function: Qs = xP Qs = 2 P = 4 Insert values...
Q: 2 plates of pasta 9.) Suppose that Bob still has 10 hours and can produce 10 hamburgers in 1 hour in...
A: Given: Number of hours=10 Bob: 10 hamburgers or 2 plates of pasta Jimmy: 4 hamburgers or 1 plate of ...
Q: Suppose that chicken wings and blue cheese dreassing are complements. If the price of chicken wings ...
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any...
Q: 24. What is the GDP of country X? 25. What is the per capita GDP of Country X?
A: The term GDP means the aggregate total output produced by a country in the current year. This produc...
Q: why do technological improvements only increase population and not the long-run standard of living?
A: In an economy, technological improvement refers to the situation when their is an enhancement in the...
Q: Assume that the demand for food is relatively inelastic and the demand for jewelry is relatively ela...
A: Answer: If the same tax is imposed on the goods having elastic and inelastic demand then the good wi...
Q: “Short-Run Production Theory is the mirror opposite of Short-Run Cost Theory,” Is this statement tru...
A: Answer -
Q: A perfectly competitive, profit maximizing firm earns zero economic profit in the long run. The firm...
A:
Q: Community colleges account for __________ percent of all college students in the United States.a. 51...
A: The answer is - d. 43%
Q: The market for drones is perfectly competitive. Assume for simplicity that fractions of everything, ...
A: Given; Total cost; TC=292+q2 Marginal cost; MC=2q Market demand; Q=677-2P ...
Q: Select the correct answer below O for each firm when antitrust regulators split this company eacly i...
A: A natural monopoly is a monopoly that exists due to a higher fixed cost of production. This creates ...
Q: Consider the two-period endownment economy model in which the net interest rate is 4 percent. The co...
A:
Q: 10. Unemployment benefits usually last for 26 weeks; however, the federal government can vote to ext...
A: The economics as a study is based upon the basic idea of scarcity, and the resources which are prese...
Q: The preferences of agents A and B are representable by expected utility functions such that uA(x...
A: Pareto efficient allocation is the one from which no player/agent can be made better off without mak...
Q: Signaling (1 of 3) Suppose that 10 percent of workers are low-productivity types and 90 percent of w...
A: Disclaimer “Since you have asked multiple questions, we will solve the first question for you. If yo...
Q: Huxley llost $80 in the stock market. According too behavioral economics research, how much of a gai...
A: Let's first learn about the concept of behavioral economics research. To study human nature and thei...
6. Which of the following examples comes closest to a
a. medical equipment producers
b. cleaning supplies manufacturers
c. agricultural commodities market
d. furniture suppliers
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 31. Which of the following is the best example of a perfectly competitive market? a. soft drinks b. farm products c. diamonds d. athletic shoes4. When firms in a perfectly competitive industry are suffering losses, a. what happens to the industry supply? Why? b. What happens to the market price?Which of the following is a reason why firms in a perfectly competitive market have no influence over price? a.Buyers and sellers lack perfect information about the product and pricing. b.All firms in the market sell identical products. c.Barriers exist to enter the market. d.There are many sellers that produce similar, but not identical, products..
- Columbia’s coffee producers operate in a perfectly competitive industry. The market price for a pound of coffee is determined by? A.the Columbian government. B.the intersection of world supply and world demand for coffee. C.the international coffee federation. D.Columbian coffee farmers.The market for fertilizer is perfectly competitive.Firms in the market are producing output but arecurrently incurring economic losses.a. How does the price of fertilizer compare to theaverage total cost, the average variable cost, andthe marginal cost of producing fertilizer?b. Draw two graphs, side by side, illustrating thepresent situation for the typical firm and for themarket.c. Assuming there is no change in either demand orthe firms’ cost curves, explain what will happenin the long run to the price of fertilizer, marginalcost, average total cost, the quantity supplied byeach firm, and the total quantity supplied to themarket.Many small boats are made of fiberglass and a resinderived from crude oil. Suppose that the price of oilrises.a. Using diagrams, show what happens to the costcurves of an individual boat-making firm and tothe market supply curve.b. What happens to the profits of boat makers in theshort run? What happens to the number of boatmakers in the long run?
- 2. A fisher sells Hilsha fishes in a perfectly competitive market and faces a price of $5 per kg at possible weekly outputs of between 3000 and 5000 kg. a. Identify the fisher's marginal revenue in this output range. b. Explain how the relationship between price and marginal revenue is affected by the fact that this fisher operates in a perfectly competitive market. c. Draw the fisher's marginal revenue curve. Does it have the shape you expect? Explain.True or false b. Charging a price greater than marginal cost leads to maximum efficiency c. In reality, few markets are perfectly competitive, and some loss of economic efficiency occurs in most markets d. Most markets are perfectly competitive and economists have found that there is no loss of economic efficiency in the U.S. economy.a perfectly competitive market over the long run, a. an increase in market demand or a decrease in firms' costs will lead to a decrease in the number of firms operating within the market. b. an improvement in production technology will increase profits at fust, but those profits will be competed away over time as more firms enter the industry and reduce market price. c. market price will equal maximum possible average total cost in long-run equilibrium. d. an increase in demand will cause the final market equilibrium to be at the original price but at a lower output level.
- a. What is the Marginal Revenue function and price and quantity in this market? b. Draw a graph showing this market, including Supply, Demand and MR. c.1. Assume the market for coffee mugs is perfectly competitive. Firms in themarket are producing output, but are currently making economic losses. a. How does the price of coffee mugs compare to the average total cost, the averagevariable cost, and the marginal cost of producing coffee mugs?b. Draw two graphs, side by side, illustrating the present situation for the typical firm andin the market.c. Assuming there is no change in either market demand or the firms’ cost curves,explain what will happen in the long run to the price of coffee mugs, marginal cost,average total cost, the quantity supplied by each firm, and the total quantity supplied tothe market.8. Suppose the book-printing industry is competitive and begins in long-run equilibrium. a. Draw a diagram describing the typical firm in the industry. b. Hi-Tech Printing Company invents a new process that sharply reduces the cost of printing books. What hap- pens to Hi-Tech's profits and the price of books in the short run when Hi-Tech's patent prevents other firms from using the new technology? c. What happens in the long run when the patent expires and other firms are free to technology? 1 use the