Consider a competitive market for corn for which the quantities demanded and supplied (per year) at various prices are given as follows: Price (RM) Demand (millions) Supply (millions) 60 22 14 80 20 16 100 18 18 120 16 20   1. What are the equilibrium price and quantity of corn?     2. Suppose the government sets a price ceiling of RM80, will there be a shortage or surplus and how much? Explain why the market is in disequilibrium.                                                                                                                  3. What are the impacts from the regulated price by government?

Q: Use the following diagram, which depicts a typical market with a positive externality, to answer…

A: Answer (20): Without government intervention, the competitive equilibrium will prevail and the…

Q: The federal budget deficit has grown so quickly in the past 5-10 years because of a) increased…

A: Federal Budget Deficit is the excess of government spending over government receipts.

Q: Why did some people want to form labor unions? A to improve working conditions B to open the…

A: Labor unions are groups of workers with leaders among them who band together to protect and develop…

Q: Suppose you take a 15-year mortgage for a house that costs $208,556. Assume the following: • The…

A: Annual interest rate (r) = 3.9% Minimum down payment = 10% of 208,556  =10100×208,556=20,855.6…

Q: n this section, the context is a large negative shock to autonomous consumption in an open economy.…

A: Given date ,           the context is a large negative shock to autonomous consumption in an open…

Q: Determine whether the statement is true, false, or uncertain. If the statement is false or…

A: When talking about closed economy, it is the economy whose economic activities bate limited to its…

Q: 5.3 What is the slope (value) of Mrs. Bain budget line? 5.4 In theory, what is the slope (value) of…

A: An indifference curve is a graph that displays the combination of two items that give the client…

Q: what is the 3  benefit adopting a single currency ?

A: The measure that depicts the rate of one currency being measured in terms of another currency is…

Q: In a hypothetical economy, real GDP is $10 trillion, investment is $2 trillion, the capital stock is…

A:

Q: What links the principle of the fisher effect and quantity theory of money?

A: Money, prices and inflation are the three building blocks of the economy’s overall price level. The…

Q: One effect of the minimum wage is to reduce employment oppor­tunities for minority teenagers. What…

A: Employment most by and large means the condition of having paid work — of being utilized. To utilize…

Q: In the Solow model, the steady-state level of output per worker is a function of: Correct Answer: c.…

A: Solow model is a type of exogenous model which shows long run economic growth. Long run economic…

Q: The main responsibility of a Central bank is: O Neither monetary or fiscal policy Both monetary and…

A: Monetary  policy is the policy of the Monetary Authority of the country "Central Bank" that aims to…

Q: 1. Use the following lon from a fictional economy: Consumption, C = 250 + 0.8 Yd Investment, I = 200…

A: NOTE:Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: budget constraint) at point X, skiing 2 days and spending 3 days horseback riding. 5 4 Budget liņe 3…

A: An indifference curve basically refers to a graph that depicts the combination of two commodities…

Q: Identify the statement as True, False, or Uncertain, and explain your reasoning: a) In a 2-bloc…

A: Since you have posted a multiple question, we will solve first question for you. If you want any…

Q: In this hypothetical economy, there are two consumers living over two periods of life. Ann's incomes…

A: Answer: For Ann, Consumption in period 1 = c1 = 50000 , income = y1 = 50000 Let savings in period 1…

Q: Costa Rica can produce either 18 oranges or 9 watermelons a day, while Panama can prodace either 16…

A: A country should produce a good in which it has comparative advantage. Where a country has a…

Q: 6. Assume that the demand for real money balance (M/P) is M/P = 0.6Y- 100i, where Y is national…

A:

Q: In general, the sacrifice ratio is smaller, the... O a. Shorter it takes to revise inflationary…

A: In economics, the sacrifice ratio is used to explains the cost of reducing inflation in terms of a…

Q: he portion of additional income that is spent on consumption is called the Da) average propensity to…

A: MPC + MPS = 1 where, MPC is Marginal Propensity to Consume MPS is Marginal Propensity to Save

Q: has the greatest advantage of lower cost labor, regional suppliers, and local knowledge when making…

A: A strategy where greatest advantage of lower-cost labor, regional suppliers, and local knowledge is…

Q: According to the neoclassical growth model: A. The equilibrium growth rate can never change  B.…

A: The neoclassical growth model explains how labor, capital and technology can results into steady…

Q: If the statement is false or uncertain, please correct the statement to make it true.  If the…

A: A closed economy is one in which products and services are not imported or exported, meaning that…

Q: Which of the following is likely to be the least important factor for firms in determining…

A: Production is an activity that employs labor, capital, products, and services as inputs to generate…

Q: Mandatory outlays a) cannot be altered once they are made into law. O b) require changes in existing…

A: The federal funds can be divided into mandatory outlays, and discretionary outlays. The mandatory…

Q: Excise taxes are levied on a) individual income. O b) specific goods or commodities. c) corporate…

A: The answer is as follows:-

Q: 4.The following table shows that the united states and England produced wheat and corn quantities in…

A: Answer -

Q: 5.3 What is the slope (value) of Mrs. Bain budget line? 5.4 In theory, what is the slope (value) of…

A: Marginal rate of substitution (MRS): - it is the rate that shows the number of units of one good…

Q: Irade Center? 2. Explain the economic significance of the changes in stock market prices illustrated…

A: Economic significance refers to the statistical significance and economic consequences of a decision…

Q: 4. An auctioneer holds a second-price auction for two bidders, Ann (A) and Bonnie (B), who have…

A: Answer - "Thank you for submitting the question.But, we are authorized to solve only 3 subparts.…

Q: Assume the money supply is $1,000, the velocity of money is 12, and the price level is $4. Using the…

A: (Q) Assume the money supply is $1,000, the velocity of money is 12, and the price level is $4. Using…

Q: In a recession, monetary policy is more effective in restoring the economy to its prerecession…

A: when the real GDP is less than the potential output, the economy is in recession and the…

Q: Which of the following is an example of an excise tax? O a) cigarette tax O b) social insurance tax…

A: Excise tax is the tax which consumers don't pay directly to the government. It is an indirect tax.

Q: An American manufacturing company has new equipment with a first cost of $ 25,000, an estimated…

A: Given, Cost of asset= $25,000  Salvage value= $1500  Useful life= 9 years

Q: 1. Use the following information from a fictional economy: Consumption, C= 250 + 0.8 Yd Investment,…

A: c and d part only))hand written plzzzzz...othereise skip

Q: 1. Use the following information from a fictional economy: Consumption, C = 250 + 0.8 Yd Investment,…

A: e part oy hand written

Q: __________ When fresh vegetables are shipped to Oklahoma from Mexico, which utility is added?a.…

A: The total satisfaction that a consumer receives from the consumption of an item or service is…

Q: 4. Perfect competition is a hypothetical market form associated with neo- classical economic theory.…

A: An  market is a collection of systems, institutions, processes, social relationships, and…

Q: Which of the following is true about the House Rules committee? It is less powerful than the Senate…

A: The Rules Committee of the United States House of Representatives is a subcommittee of the House of…

Q: Law of diminishing return and its shape of the curve

A: In a market, when a firm makes production activities, it requires to analyze the behaviour of the…

Q: Problem: The cost of maintaining a certain permanent monument in Washington, DC occurs as periodic…

A: The formula for computing the annual payment is as follows: A = F[i/(1+i)n-1]   Were, F =…

Q: Suppose that the first P300,000 income earned is not taxed at all, the next P500,000 earned is taxed…

A: Introduction Data of income and tax structure has given. Table: Income T(y) tax percentage 0 -…

Q: Figure: Foreign Exchange Markets Dwon D, Quee Qs Reference: Ref 12-3 (Figure: Foreign Exchange…

A: The change in the interest rate affects the inflow and outflow of funds.

Q: Hierarchy of Isoquant

A: Answer -

Q: Deficit spending: increases the government's demand for loanable funds, A. driving up interest rates…

A: In an economy, deficit spending refers to the government expenditure on compensating for its deficit…

Q: QUESTION 7 Consider the following Taylor rule i=0.02+0.5y +0.5(x-2% ) where y is the percentage…

A: * SOLUTION :-  Given that ,  (7)

Q: Use the IS-LM model to analyze the short run impact of a fall in consumer confidence on the economy.…

A: The LM curve shows income (GDP) and interest rates (i) at which money supply (MS) matches money…

Q: The data in the table below represents Total product (TP), for an agri-business involved in potato…

A: Given, Capital (fixed factor) Labor (variable factor) Output(units) or Total physical…

Q: When a currency appreciates, there are always groups, in each country, who benefit from a stronger…

A: Exchange rate refers to the rate at which the currency of one country can be exchanged to another.…