Food laws and regulations are globally standardized yet each country has their own laws. Why do you think separate laws are required?

Q: Explain why LAC is called the envelope curve further bring out the difference between economies of s...

A: The LAC curve will be a smooth curve that encircles all short-run average cost curves, hence the ter...

Q: In Monopoly at various output levels

A: To find : What is various output levels in monopoly. 

Q: A factory owner bought a Diesel Generator set for P10,000 and agreed to pay the dealer a uniform sum...

A: Given PV = 10,000 n = 5 years r = 8% = 0.08 The annual payment is given by P = r × (PV)1 - (1 + r)-n...

Q: Consider the following diagram, which includes a concave line of best fit: 40,000- US 35,000 - Belgi...

A: The correct answer to the question is option B i.e the line represents diminishing returns to scale....

Q: iii. If electric vehicles are considered as close substitutes of fuel cell vehicles (fuel cars) then

A: (iii) The elasticity of demand measures the responsiveness of change in quantity demand to change in...

Q: What are the benefits of government setting and managing bank fees and rates?

A: Answer -

Q: If a certain present value P is amortized into 10 equal payments, then the future worth F will alway...

A: Since you have posted multiple questions, as per answering guidelines, we are supposed to solve only...

Q: In the past Christmas season, the roast suckling pig market was impacted by a large number of buyers...

A: Here, it is given that the market of roast suckling pig was affected by the buyers in the past Chris...

Q: 17) For a country with unequal income distribution the Gini coefficient is: a. greater than 0 b. gra...

A: Gini coefficient is an economic measure of inequality in income distribution. The range of the Gini ...

Q: Real GDP is better than nominal GDP if    a. we want to measure the decline in wages.  b. we want to...

A: GDP or Gross Domestic Product refers to the final value of total goods and services produced in an e...

Q: If it is more efficient for a country to produce a mixture of all goods (a combination that contains...

A: Production possibility curve (PPC): This curve helps to produce the two goods in the most efficient ...

Q: Find the point (x,y) that solves the following problem: 1 1 u(х, у) — — In x +-In y s.t. PxX + руҮ —...

A: Given; Utility function; u(x,y)=12In x+13In y Pxx+PYy=m MUx=12×1x       =12x MUy=13×1y       =13y  

Q: Rajiv lives in Denver and runs a business that sells boats. In an average year, he receives $842,000...

A: Opportunity cost: - opportunity cost is a forgone benefit that we could have earned by applying all ...

Q: Suppose a market in which demand equals Q=1200-10p and supply equals Q=20p a- What is the value of ...

A: Consumers' surplus is a proportion of consumer government assistance and is characterized as the abu...

Q: Which of the following is an objective of dumping?

A: The basic objective of dumping is to increase the market share in a foreign market by driving out co...

Q: A person buys a piece of property for P100,0 wn payment and ten deferred semi-annual paymen P8,000 e...

A: Present value is the idea that expresses a measure of cash today is worth more than that equivalent ...

Q: True of False? Most economists support protectionism against international trade in cases where dome...

A: Protectionism refers to the policy adopted by the government to protect domestic industries and firm...

Q: 1. The prairie dog has always been considered a problem for American cattle ranchers. They dig holes...

A: Production possible Frontier (PPF) It refers to the graphical representation of possible combination...

Q: Consider the problem of an individual that has Y dollars to spend on consuming over o periods. Let c...

A: In period 1 : Consumption = c1  Income = Y  Budget Constraint : P1c1 + s = Y  Y - P1c1 = s Income in...

Q: hich if the following is not one of the 3 types of Intellectual Property protection lect one: Оа. со...

A: 1. Intellectual property assurance helps the economy. 2. Intellectual property insurance advances de...

Q: Higher reserve ratio will a. decrease GDP b. bring easy monetary policy. c. increase labor fo...

A: "Correct option a- decrease GDP."

Q: interrupts the oil supply. How responsive do you believe the customers will be to price changes as a...

A: Opportunity cost and consumers: Consumers have to make choices while purchasing goods and services. ...

Q: hich 2 of the following statements are correct? elect one or more: O a. The higher capital per worke...

A: Production function shows how with increases in the input the output increases. It gives the relatio...

Q: Activity 2.2 : COMPLETE ME Complete the table below by supplying it with products that you consider ...

A: When it comes to shopping for items, consumers frequently have a variety of options. Price changes i...

Q: Question 2 The data of average productivity for each number of workers for a firm are given in the t...

A: a) Figure attached below show the calculations for total product of labor which is computed by multi...

Q: An asset is purchased for 108882. It is estimated life is 10 years, after which it will be sold for ...

A: Under the SYD method, the depreciation rate percentage for each year is calculated as the number of ...

Q: Consider the graph below where there are two pollution-abatement technologies (Old and New) availabl...

A: The graph in the question represents the two different curves of marginal abatement.  The firm would...

Q: Using two AD/AS diagrams, explain cost-push and demand-pull inflation.

A: Inflation can be divided into two types of categories: 1. Demand-Pull Inflation >Inflation that a...

Q: The following table shows the total output each week of workers on a perfectly competitive cherry fa...

A:   marginal product of labor = (change in total output / change in the quantity of labor) value of m...

Q: Profit is maximum when Distance between TR and TC is maximum

A: The firm has objective to maximize the profit level. Some firms might have different objectives over...

Q: Which type of worker would earn the high income but has lesser marginal productivity?     a.Fashion ...

A: At the marketplace, it can be seen that different occupation provide different range of income to th...

Q: Most economists international trade because elect the correct answer below: oppose; it hurts domesti...

A:   The country in international trade will always be better off because it increases the net social w...

Q: How long will it take any sum to double itself with an 11% interest rate compounded continuously? a)...

A: Continuous compounding refers to compounding interest an infinite times in a year.  The formula stat...

Q: How long will it take any sum to double itself with an 11% interest rate compounded continuously?

A: Suppose the present value of sum be P and future value of the sum is A

Q: A tariff means increased revenue for the government. True False

A:     A tariff is a type of tax imposed on imported goods. The imposition of tariffs increases the pri...

Q: 1. Suppose Maeby Bluth's wage-schooling locus is given by: Years of Schooling Earnings $18,500 $21,0...

A: A rate of return is the net gain or loss on an investment over a specified time period expressed as ...

Q: Assume that unemployment at date t+1, Ut+1, is defined as: Ut+1 = Ut Mt + St, (1) where Ut is unempl...

A: Unemployment, according to the OECD, is people above a specified age not being in paid employment or...

Q: Consider "Providing a Public Good under Incomplete Information" (refer to pages 70-74, lecture notes...

A: Given information There are 2 consumer C1 and C2 C1 has 2 strategy and C2 has 2 strategy 2 public go...

Q: a. Policy uncertainty after a political scandal in the White House leads to a fall in consumer confi...

A: IS curve: - IS curve shows different combinations of interest rate and the level of GDP where invest...

Q: In Engineering Economics, which among these is/are true about a discount? A. It is the difference be...

A: Discount rate:- In a discounted cash flow (DCF) evaluation, the discount rate can be explained  as t...

Q: In your country, the demand curve of a litre of petrol is given by: P = 137 - 2Qp- Due to political ...

A: Given that: Original Demand Equation: P = 137 - 2QDQD = (137 - P) / 2 P1 = 60P2 = 75 Y1 = 25202Y2 = ...

Q: Using the supply and demand graph below, identify the areas of consumer surplus and producer surplus...

A: Answer: Consumer surplus: consumer surplus refers to the area between the equilibrium price and the ...

Q: Suppose that a firm's marginal abatement cost function with existing technologies is MAC = 12 - E. ...

A: Given, With existing technology MAC = 12 - E   With new technology, MAC = 6 - 0.5E As we know that, ...

Q: bidding. Two bids wer rs. The first bid off- for 5 years, each pa ng of each year. The se 0,000 the ...

A:   Present worth is the possibility that communicates a proportion of money today is worth more than ...

Q: Suppose that a consumer has $200 to spend on two goods: beer and pretzels. The price of beer is $6.0...

A: Given; Income of the consumer=$200 Price of beer= $6 Price of pretzels= $3

Q: % increase in quantity to estimate (crudely) both the elasticity of supp f demand at the equilibrium...

A: *Answer:    Given demand and supply can be used to determine the market price by equating them . And...

Q: . At the point of equilibrium of firm (under perfect competition)

A: To find : What happens at point of equilibrium of firm. 

Q: A free trade agreement is characterized by Select the correct answer below: O coordinated monetary a...

A: Answer: Free trade agreement: A free trade agreement is a pact signed by two or more countries to tr...

Q: Suppose that a typical firm in a monopolistically competitive industry faces a demand curve giver by...

A:

Q: .If the economy wants to decrease private sector's investment spending,

A: The correct answer is b) the government must increase its spending.  

Market Failure Analysis

To understand Market failure, we need to first understand welfare economics. An Italian economist, Vilfredo Pareto stated that allocation of resources in an efficient manner such that an economic change, which harms no one and makes someone better off, indicates an increase in social welfare. It is also called Pareto Optimality, where resources cannot further be reallocated without harming one. This does not apply to those economic changes, which harm some and benefit others. social welfare increases if the utility of any of its members' increases and none decrease in the economy.