Popular software can cost thousands of dollars even though the marginal cost of producinganother copy on CD or via download is near zero.What kind of good are these programs?

Q: CPU Total Marginal Total Marginal GHz Benefit Benefit Cost Costs 2.0 $1,000 $900 2.5 $1,400 $100 3.0…

A: A cost-benefit analysis is the process of comparing the estimated costs and benefits associated…

Q: (d) Slavery is abolished. Brad is required to give Angelina half of everything she produces. (i)…

A: Introduction Angelina is a peasant farmer who produces food. i) Brad and Angelina both will get the…

Q: What is production efficiency and product mix efficiency? What is the main condition for each type…

A: Production efficiency is a financial/economic term portraying a level in which an economy or element…

Q: What is the Benefit-Cost Analysis?

A: A Benefit-cost analysis which is also known as a cost-benefit analysis is used to predict the costs…

Q: What is the Benefit-cost ratio?

A: The process of analyzing the total benefits and total costs associated with the implementation of a…

Q: Q15. If there are 20 units of good X being produced efficiently each day, how many units of good Y…

A: Efficient producer is such a producer which is able to produce a particular good at a lower…

Q: In the stages of the product life cycle, sales differ, and in turn, profits are similar, and this…

A: Product Life Cycle: It is referred to the time length a product gets introduced to the consumers in…

Q: F. Veblan good is: (a) Good of status (b) Consumed by very high income group (c) Like diamonds (d)…

A: # Usually when the price rise, then according to the law of demand the demand must falls. But for…

Q: Define the term Benefit-Cost Ratio?

A: The process of analyzing the total benefits and total costs associated with the implementation of a…

Q: Explain the Valuation of Benefits and Costs?

A: Most of the investment decisions in the economy are very important for the economy as the economy’s…

Q: Describe the process of Valuation of Benefits and Costs?

A: The valuations are needed for many reasons such as investment analysis, capital budgeting, merger…

Q: Articulate how economic factors influence acustomer’s ability and willingness to buy products

A: General economic conditions of a country can affect the ability and the wiliness of an individual to…

Q: Do you think 24-hour store follow the marginal benefits principles? Why or why not?

A: The dollar price a customer is able to charge for each transaction is often referred to as marginal…

Q: Imagine that you are a barber in a world withoutmoney. Explain why it would be tricky to…

A: Bartering is based on the following basic concept: two people discuss the relative value of their…

Q: Can you think of some social costs or issues that are not included in the marginal cost to the firm?…

A: The question relates to the topic of externalities, which causes markets to fail.

Q: Weekly Income: $28 Price of Soup: $5 Price of dessert: $3 i) How much dessert should be consumed at…

A: Answer - Given in  the question - Weekly Income: $28Price of Soup: $5Price of dessert: $3

Q: Why is competition important in a free market? How can competition affects privces?

A: Free market: Free market is an economic system that is very much dependent on the demand and supply…

Q: Many transportation systems, such as theWashington, D.C., Metro (subway), charge higherfares during…

A: Charging of higher prices during peak demand is known as peak pricing. It is basically done to…

Q: Can you give an example of cost-savings?

A: Answer: Cost reduction is a continuous process of implementing various ways to bring a reduction in…

Q: OFair use is defined in Section 107 of U.S. copyright law. It includes four factors designed to…

A: Fair use is any replicating of copyrighted material accomplished for a restricted and…

Q: How can government assist resource-poor poultry farmers in acquiring broiler advancements technology…

A: Answer: The government can subsidize the producers engaged in producing the machines used for the…

Q: You are in a bookstore. Your benefit from a book, expressed in dollars, is $32. The price is $17. If…

A: Opportunity cost is the foregone benefit derived from not choosing the alternative option.

Q: The last column of Table 2.2 shows the marginal cost of Good U, which we also assume that the fixed…

A: We know; MC = Change in TC / Change in Q So; Change in TC = MC x Change in Q Average Cost = Total…

Q: is generally determined by the consumer rather than by the producer. In other words, if a customer…

A: Every product consumed, is consumed for the utility/ satisfaction it provide to the consumer.

Q: Why do individuals or firms usually provide thegoods and services people want

A: The demand for a consumer represents the desire to purchase a service or good. It acts as an…

Q: What is Transportation of Goods and Services?

A: There can be a transportation of intermediate as well as final goods.

Q: Goods that satisfy humans wants though their direct use or consumption are called _______?

A: According to the given question In simple words the consumption in economics is basically known as…

Q: Does a firm have the riight to "create" wants and try to persuade consumers to buy goods and…

A: Meaning of Consumer Welfare: The term consumer welfare refers to the situation under which an…

Q: person 1 can allocate her 8 hour day between the production of two goods: A and B. Each hour devoted…

A: When talking about production ability, it provides information about how much goods are be generated…

Q: What is the difference between an Internal Customer and an External Customer? Why are both equally…

A: External Customers are those customers to whom the business is having business dealing for selling…

Q: How are the following prices determined and what do theyhave in common?a. admission to a local…

A: The price of a product is the amount of money that must be paid in order to obtain it. Price is a…

Q: You plan to study on weekend and your friends ask you to go to a farm house with them. What do you…

A: Trade-offs are considered to be an important part of economic decision making. It simply refers to…

Q: It is a beautiful afternoon, and Jose is considering taking a leisurely two-hour stroll through the…

A: Opportunity cost refers to the best given up values among the alternate in the process of gaining…

Q: How can clothing industry be economic sustainable?

A: The clothing industry can be made sustainable if the following points are kept in mind :

Q: Water is necessary for life. Is the marginal benefit of a glass of water large or small?

A: The marginal benefit of any substance is only measurable relative to the consumer. For me, a glass…

Q: Goods and Services are scarce becauser resources used to produce them are

A: # We know well that we live in a world of scarcity where the resources we have are limited in nature…

Q: Describe the Benefit-Cost Ratio Calculation?

A: A benefit-cost ratio (BCR) or B/C ratio is a ratio used to sum up the overall relationship between…

Q: Explain a situation where you had to make a choice given different options due to limited resourcea?

A: The scarcity shows the excess of human desire over the limited resources. In the economy, the…

Q: The various combination of goods that can be produced in any economy when it uses its available…

A: A. Demand curve - It is the curve which shows the relationship between quantity demanded and price…

Q: Why is water, which is essential to life, so cheapwhile diamonds, which are not essential to life,…

A: Economic law of diminishing marginal utility asserts that the marginal utility from each additional…

Q: Sophia and Victoria spend their day at a daycare center while their mother goes to work. Picking up…

A: Here the mother expect to reach 20 minutes late.

Q: It’s Friday night. You already have a ticket to aconcert, which cost you $30. A friend invites youto…

A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…

Q: Audiences are not concerned with where media texts come from.’ To what extent do you agree with…

A: Generally, people prefer to watch or reach the media text from a reliable source. The Sources of…

Q: Explain the causes of food shortages that lead tostarvation.

A: Starvation is a severe deficiency in the intake of caloric energy, below the level which is needed…