and whe concepts 1. Scarcity and why it exists 2. Resources. List and define them 3. Selfinterest 4. How are choice and trade offs related? 5. What is the Opportunity Cost of you coming to college? 5. The minimum wage in the USA should be increased to $15 per hour. State clearly why this is or is not a Positive or Normative Statements/Analysis. possible use examples:
Q: what accounts for the shape of the PPC? In other words, what is it about the relationship between…
A: The production possibility frontier (PPF) is a curve on a graph that delineates the potential…
Q: For each of the following scenarios, determine if there is an increase or a demand for the good in…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: An increase in demand will lead to an increase in “supply” and an increase in “quantity supplied.”…
A: We know that demand and supply are the two forces of market which determines the price in the…
Q: 1. Integrate the following: 7x2 (10x3 + 79 )0.5 within the range 5 and 9. (Please give your answer…
A: Let U = 7x2(10x3 +79)0.5 Range 5 to 9
Q: 3.A certain good has its average revunue curve as, AR = 42 - 11Q and supply curve as, P= 7+ 12Q.…
A:
Q: ogo has a utility function: e price of X is px = $12, the price of Z is p₂ = $14, and his income is…
A: Cobb-Douglas utility function is written as U =AXaY1−a If a is more than (1-a), then X is preferred…
Q: A firm uses L and K to produce Q, and the firm's production function is Q=0.2L + 0.2K. The wage per…
A: Production function shows the functional relationship between the output and input. The production…
Q: 3. What causes the long run costs to be U shaped a. Economies and Diseconomies of Scope b.…
A: In a market, when a firm faces U-shaped average cost curve in the long-run, it implies that the…
Q: 7. A honey farm is located next to an apple orchard and each acts as a competitive firm. Let the…
A: In economic matters, an externality or external expense is a circuitous expense or advantage to a…
Q: Fixed cost=20,000$ Variable cost per unit of production=500$ Number of items sold= 1000 price=800$…
A: Revenue is the total receipts collected from the sale of goods and services in the market. Cost is…
Q: Explain how the concept of Nash Equilibrium can be applied to the tragedy of commons.
A:
Q: A company produces a special new type of TV The company has co able to sell 800 TVs. If the company…
A: Total revenue from the sale of a commodity is price times quantity. TR = P×Q Total cost is the sum…
Q: Suppose that a salesperson earns a basic monthly salary of $800 plus a commission rate is 15% and…
A: Demand basically implies a purchaser's craving to purchase labor and products without a second…
Q: For each of the following scenarios, determine if there is an increase or a decrease in supply for…
A: Since you have asked a multi-part question, and according to the policy, we can only solve the first…
Q: Product X currently sells for $12 per unit. The variable costs is $4 per unit and 10,000 units are…
A: Given that, Profit = $30,000 Total sales = 10,000 Selling Price =$12 Variable Cost = $4 To find:…
Q: Aniva (tariff $1,000) mly (quota 40 million rugs) or False: The increase in demand helps domestic…
A: World price = $3000 In Aviva , tariff =$1000 so price = world price + T = $4000 price = $4000 At P…
Q: QUESTION 7 In the first chapter of The Wealth of Nations, Smith introduces the idea of the which…
A: Adam Smith is one of the principal defenders of Modern financial matters who is otherwise called the…
Q: A jewelry store makes necklaces and bracelets from gold and platinum. The store has developed the…
A: Given, Maximize profit=300x_{1}+400x_{2}300x1+400x2 Subject to: 3x_{1}+2x_{2}\leq183x1+2x2≤18…
Q: What would happen if suddenly banks stop lending (this has happened in the past)? Can it grow?
A: A commercial bank is a type of financial organisation that takes deposits from the general public…
Q: what selling price do the break even occurs for the new design?
A: Break even point refers to the level at which total revenue and total expenditure are equal. So at…
Q: Which of the following means of battling workers' compensation fraud involves employing operatives…
A: Workers' compensation fraud occurs when someone willfully makes a false statement or conceals…
Q: 2. The following equations refer to the goods market of an economy in billions of euros: Y=1610…
A: Given, C=480+0.5YDI=110T = 70G=250
Q: The price/demand function of a company is p=36-0.001D and the cost function is 20D+1000. Determine…
A: The profit is maximized where the Marginal Revenue (MR) is equal to the Marginal cost (MC). Firm…
Q: For the following total-revenue and total-cost functions of a firm: TR=22Q - 0.5Q2 TC= (1/3)Q3…
A: The profit is maximized where the marginal revenue (MR) is equal to the marginal cost (MC).
Q: Consider an economy described by the following equations: Y=C + I +G Y=7,000 G=4000 T=2,000…
A: given data Y=7000 G=4000 T=2000 C=150+0.75(Y-T) I=1000-50r now G is rising by 1000.
Q: for a. Write the social marginal benefit equation: MBS = Type integers. b. The socially optimal…
A: Streetlight is public good . Public good means a good which is non excludable and non rivalry in…
Q: In a Capitalistic economy, due to the "mixed market" and economic freedoms that are a part of this…
A: Kinds of economic systems regulate economic choices in various nations. They utilize different…
Q: Explain the difference between a Bayesian-Nash Equilibrium and a Nash Equilibrium.
A: Bayesian-Nash equilibrium- A Bayesian Nash equilibrium (BNE) is a technique configuration that…
Q: What is the correct interpretation of elasticty value of 0.5 for Y with respect to X? Select one:…
A: Elasticity measures the responsiveness of a dependent variable with respect to a change in another…
Q: Explain what is Comparative Advantage and an give example? Why is this theory important to consider…
A: Opportunity cost can be defined as the potential benefits that is given up by an individual or a…
Q: Oregon Hikes Cigarette Tax by $2 Last November Oregon voters overwhelmingly approved higher taxes…
A: Tax Rate refers to the rate at which various goods and services are taxed by the government of a…
Q: A start-up company sets aside 1,100,000 now into an exigency fund, how much will have the company…
A: Money is the main & most important ‘medium of exchange’ in an economy. Through these medium…
Q: Question 7 The table sets out some data for an economy. Item Consumption expenditure Indirect taxes…
A: GDP is defined as the total production of all goods and services within territory of the country in…
Q: Define purchasing power parity. What is the importance of purchasing power parity when you are…
A: Purchasing Power Parity(PPPs) are the currency conversion rates that try to equalize the purchasing…
Q: Suppose that the price of product A increases from $10 to $19. As a result, quantity demanded for…
A: Complementary goods: Two goods are complementary when they are used together by consumers to…
Q: What showed Americans that they were dependent on the global price of oil
A: The cost price of oil, or the oil cost, by and large, alludes to the spot cost of a barrel of…
Q: Find the future value after 30 years if a one-time investment of $1,000 is made at a 10% yearly…
A: Interest is the sum that the borrower pays the lender over and above the principal amount. Both the…
Q: A small mining group is considering the purchase of a continuous of all expenses expressed in year 0…
A: Given information: Net present value = $8889024 Interest rate = 14%
Q: 3. Consider a firm that produces a single output Q using two inputs, 9₁ and 92. The production…
A: When we have a function like: f(x,y) = d ; where x and y expresessions are un separable (which…
Q: 1.4. Consider two economies, labelled A person be endowed with 20 units of the consumption when…
A: welfare economics matters are the investigation of what the portion of goods and products means for…
Q: ake two countries of two goods and set up your own numbers such that labor has absolute advantage in…
A: Let a hypothetical example in which India and China are producing wheat and LED bulbs. Let us…
Q: 23. What are economic benefits of using biodegradable plates? Explain.?
A: We know that Biodegradable plates are substitutes for plastic plates. The reason biodegradable…
Q: 1. The maximum amount of steel or aluminum that Canada and France can produce if they use all the…
A: The production possibilities curve (PPC) is a diagram that shows each of the various mixes of result…
Q: Discuss why in many liability firms, the managers do not receive a fixed payment for their work, but…
A: Payment is the sum of money given in return for the purchase or completion of goods or services.…
Q: c. Explain the concept of production possibility frontier and interpret the slope of the production…
A: The production possibility frontier (PPF) shows the various combination between two goods when the…
Q: 1.4. Consider two economies, labelled A and B. In each one, let every two-period-lived person be…
A: Two economies - A & B The young person's choice maximizes lifetime welfare Every two period…
Q: Real-Time Data Analysis Exercise* The table lists some U.S. macroeconomic data in 2022. Item Wages…
A: The GDP by expenditure method is calculated as GDP at MP= consumption expenditure+investment…
Q: Company Z has $ 564809 in annual fixed costs. The primary product generates $ 95.13 in revenue per…
A: Here, given information is: Annual fixed cost: $564809 Revenue per unit: $95.13 Variable cost per…
Q: The UK government is considering the introduction of a unit tax on meat to alleviate the impact of…
A: Imposition of taxes on any good leads supply curve to move leftwards as the producer is unable to…
Q: The Consumer Price Index in 1987 was 113.6 (1982 - 84 = 100), compared to 30.2 in 1962. Given that…
A: The impact of inflation and deflation on the economy is measured and reported by the consumer price…
part 4 5 6
Step by step
Solved in 2 steps
- a. Explain why scarcity leads to tradeoffs. b. What is the difference between positive and normative analysis? Which of the following statements would entail positive analysis, and which normative analysis? i. Internet auction companies will erode the profits of local automobile dealerships. ii. The government should impose special taxes on sales of merchandise made over the Internet. c. Why is the circular flow model important?a. Would the study of economics be necessary if resources were unlimited? b. "Wants are not limitless. This can be proven. I get all the breakfast I want every morning." Explain. c. You are invited to go to the movies this weekend as a gift for your birthday. Explain whether or not this gift is free. d. List two opportunity costs a law student may incur in order attend law school. Do you think two different students will incur the same opportunity costs? Explain.1. Which of the following statements is a normative as opposed to a positive economic statement? A)If the price of cars goes up, people buy fewer cars. B)When a government prints too much money, inflation tends to rise. C)Labor unions should be allowed to organize in every country. D)Consumer spending helps to create jobs. 2. The production possibilities curve shifts outward when A)there is an increase in resources or technology .B)we produce more consumption goods over productive investment in equipment. C)the economy is producing efficiently. D)the law of increasing additional cost takes hold.
- what are the opportunity cost in the following questions: a. buying a high-priced flat screen TV vs. a moderately- priced one. b. deciding whether to buy a gift online or go to an actual store to buy it. c. A firm trying to decide whether to allocate part of its budget to prototyping and testing and new product X. d. firm considering investing in checkout automation technology.Which of the following best demonstrates the influence of economic factors on consumer decision-making? a. A consumer buys a Lexus after her neighbors and garden club pals each buy one. b. A married couple with three young children purchase a minivan. c. A blue collar worker holds off on buying a new truck, pending potential layoffs at work. d. A young professional buys a utility vehicle for off-road exploring.trade-offs that you face in your life.Explain them using the terms resources, scarcity/scarce, rational decisions, efficient decisions. (Please give 2 examples)
- How Many Pints of Blackberries? The pleasure you get from each pint of freshly picked blackberries is $2.00. It takes you 12 minutes to pick the first pint, and each additional pint takes an additional 2 minutes (14 minutes for the second pint, 16 minutes for the third pint, and so on). The opportunity cost of your time is $0.10 per minute. a. How many pints of blackberries should you pick? Illustrate with a complete graph. b. How would your answer to (a) change if your pleasure decreased by $0.20 for each additional pint ($1.80 for the second, $1.60 for the third, and so on)? Illustrate with a complete graph.Identify a news item that you would like to discuss. This could range from traditional news headline items, journal articles, appropriate television shows or music. Please remember the Netiquette rules when posting. Be polite, professional, and respectful of others and their posts. 1. Post a discussion contribution about the economics-related media item that you have selected. Your contribution should include a brief summary of the news story/ media clip and a discussion about which economics concepts apply and how they apply. 2. Include a link or attachment of the item for reference."What is Economics?" Please respond to the following: 1. Identify a recent purchase that you made, recently, and determine how scarcity influenced your purchase decision. 2. Give an example of how scarcity of a product would have an impact on a microeconomic level. Please explain your rationale.
- Sam has two options this weekend. He could work at his job and earn $9/ hour for three hours, or he could go to the ahow at tje theater for that three hours. A ticket at the theater costs$30. What is the opportunity cost of going to the theaterPart 1 Identify the elements of scarcity, choice, and opportunity cost in each of the following: 1. The manager of an automobile assembly plant is considering whether to produce cars or sport utility vehicles (SUVs) next month. Assume that the quantities of labor and other materials required would be the same for either type of production. 2. A young man who went to work as a nurses’ aide after graduating from high school leaves his job to go to college, where he will obtain training as a registered nurse. If all other things are unchanged, what happens to the supply curve for car rentals if there is (a) an increase in wages paid to car rental staff, (b) an increase in the price of car rentals, or (c) an increase in the number of car rental stores? Draw a graph that shows what happens to the supply curve in each circumstance.Problem 1 Is each of the following a positive or normative statement? If it is a positive statement, write a normative statement that addresses the same issue. If it is a normative statement, write a positive statement that addresses the same issue. a.) Decreasing tax rates causes total tax revenue to increase. b.) The U.S. government should eliminate seat belt requirements for new vehicles. c.) The College of New Jersey should decrease tuition and fees for students. d.) If a state adopts "Right to Work" laws, wages will go down.