Suppose that both farmers and ranchers live in a watershed. Farmers have the following demand (MB) for units of water (W): MB = 200 - W whereas ranchers have the following demand for water: MB = 200 - 2W Suppose the supply of water is 150 units. What is the efficient allocation of water between farmers and ranchers?
Q: Consider the game of Chicken in which each player has the option to “get out of the way” and “hang…
A: Given Game table: Player 2 Get out of the way Hang tough Player 1 Get out of the way 2,…
Q: Units of Resource Total Product 1 24 2 42 3 54 4 64 5 72 The table shows a total-product schedule…
A: Introduction Marginal revenue product (MRP) is the marginal revenue created by using one additional…
Q: Consider the market equilibrium for office space in the graph on the right. Then illustrate the…
A: Equilibrium in the market occurs at the intersection of demand and supply curves. At the…
Q: Consider the graph at right. The economy is initially in short-run equilibnum at point D and worker…
A: The equilibrium occurs where the Aggregate demand is equal to the Aggregate supply. The long run…
Q: Describe the three stages of Money Laundering
A: Money laundering is the practice of passing the profits of illicit activity through a complicated…
Q: True/False Central Bank directly deals with the consumer in the economy.
A: A central bank is a financial institution that serves as the banker and lender of last resort to…
Q: The monopolist faces the following demand curve: Price Quantity $20 $19.50 $19 $18.50 $18 $17.50 $17…
A: In a monopoly, there is a single seller of the product in a market. Profit maximizing output is…
Q: With the 5-day national strike of the PUJs, what do you think is/are the direct impact of this on…
A: The recent 5-day national strike of the Public Utility Jeepneys (PUJs) in the Philippines has caused…
Q: The table shows an economy's demand for loanable funds and supply of loanable funds schedules when…
A: The expression loanable funds are utilized to explain funds that are available for borrowing.…
Q: When the price of coffee rose from $4 to $5, quantities for coffee decreased from 57 to 44 and the…
A: Introduction Cross elasticity of demand measures the extent to which the demand for one good…
Q: Consider a country that produces computers (C) and food (F) using capital (K) and labor (L). Both…
A: An industry or business is said to be capital intensive if it requires a sizable capital expenditure…
Q: Assume that a loal of bread cost 950 and an equivalent loal of bread cost $2.25 in 2000. Based on…
A: Inflation is the rise in general price level over period of time where it reduces the value of…
Q: The Marshallian demand function is not free from money illusion. True or false?
A: Money illusion can occur because people tend to perceive changes in nominal prices as changes in…
Q: In real life, consumers do not sometimes satisfy their budget constraint. True or false?
A: Budget constraint represents the maximum amount a person can spend on different goods and services…
Q: A bank receives an initial deposit of $10,000. The bank is also required to maintain a reserve ratio…
A: Banks can create credit through the lending. The lending capacity of banks depend on the reserve…
Q: Pharmaceutical drugs have an inelastic demand, and computers have an elastic demand. Suppose that…
A: Elasticity is the ability of a variable to adapt to changes in another variable. Elasticity is a…
Q: The following data pertains to Googa, an economy. Population:258 million. Population 16 years and…
A: Given information, Total population: 258 million Population unemployed: 3 million Population…
Q: Using the IS-LM-FX model, illustrate how each of the following scenarios affects the home country.…
A: The IS-LM-FX model is an economic framework that combines the IS (investment and saving), LM…
Q: A custom motorcycle company can produce more motorcycles if it has more workers. The company has…
A: When a corporation adds a single labour unit while maintaining the same level of production, the…
Q: The marketing director of the Reicken Furniture Company has determined that the demand curve for one…
A: To solve this given question, use the concept of price elasticity of demand. Price Elasticity of…
Q: Please answer letter B. Georgina is the owner and manager of a small café with monthly sales of…
A: Profit is the financial gain or advantage that a company, person, or other entity experiences after…
Q: Let a firm's production function be f(K, L) = √2K¹/21/2 a) Solve for the contingent demand functions…
A: Contingent Input demand function : It is the cost minimizing level of input which is required to…
Q: A company predicts they will make $1,321 per year over the next 19 years if they spend $2,497 on a…
A: Present value is the value of investment in today's dollar. Future value is the value of investment…
Q: The graph on the right shows the supply of automobiles. Suppose that there is a decrease in…
A: Productivity is one of the major significant factor affecting Supply.Productivity is output per unit…
Q: 6. The Fisher effect and the cost of unexpected inflation Suppose the nominal interest rate on…
A: Real and nominal interest rates: The interest set at the beginning of any time period based on the…
Q: 2. How should different types of spending be shared between different levels of government?
A: The sum of money that the government sets aside to pay for its numerous initiatives, services, and…
Q: Suppose the economy is on a balanced growth path in the Romer model, and then, in the year 2030, ̄l…
A:
Q: The graphs shows an individual consumer's supply and demand curves (Sr and Dr, respectively) for a…
A: The utility derived from the additional units consumed is known as marginal utility. The marginal…
Q: 7. Ariel, Steven, and James are potential consumers of sushi. Ariel's demand for sushi is given by…
A: Quantity demanded and demand: The demanded quantity of any commodity reflects the amount of that…
Q: in: (Click to select) ang: (Click to select) c. If the two countries specialize in the product in…
A: Given the labor productivity as: Machines Loaf of Breads Yin 3 12 Yang 5 3 Both "Yin"…
Q: Suppose that a firm's production function is given by the following relationship: Q = 2.5√LK (i.e.,…
A: Production function shows the relationship between the two inputs which are capital and labor. In…
Q: You Answered Correct Answer Suppose you are given the following equation: Qx-50-10 (Px) + 4 (Py) +…
A: Elasticity of demand measures the responsiveness of quantity demanded when price of a good changes.…
Q: Print out the last page of this document and fill in the table according to the following…
A: a) AROC for each interval of consecutive decades: 1910-1920: (21,400 - 17,400) / 10 = 400…
Q: 5. A garage buys spare tyres to sell them to customers next year. 6. If a Jamaican citizen works…
A: GDP: It indicates total monetary value of all the finished and final goods and services produced…
Q: 4 (b). Investment in a crane is expected to produce profit from its rental of $15,000 the first year…
A: Present worth formula: Present worth = Future value /(1+r)n where, r= rate n= number of years
Q: In the United States, how can we improve the funding resources of the state and local governments…
A: The total sum of money that a government owes to its creditors, which include people, businesses,…
Q: 1. Consider the following data on Prices and Quantities of T-Shirts and Pajamas on the attached…
A: GDP, and PCE: GDP determines the sum of the values of all end commodities produced within an economy…
Q: If an allocation is already Pareto efficient and if indifference curves between the two goods have…
A: Pareto efficiency is one of the most fundamental principles in welfare economics. Although fully…
Q: Given the following on a closed economy. C = 40 + 0.8Yd C= consumption I = 55 –…
A: Autonomous consumption is the consumption which is independent of output and induced consumption is…
Q: Assume that England and Holland can switch between producing milk and oats at a constant rate.…
A: The production possibility curve depicts the combination of two goods that can be produced by using…
Q: How does magna carta define small and medium enterprises?
A: Enterprises, in general, refer to organizations or businesses that are engaged in economic…
Q: Consider the following data on Prices and Quantities of T-Shirts and Pajamas. Year Price of…
A: Nominal GDP = Price (Current Year) * Quantity (Current Year) Real GDP = Price (Base Year) *…
Q: Economic model illustration Illustrate and discuss the simple and complex circular model flow SHOW…
A: The circular flow model shows the movement of money, goods, and services between different sectors…
Q: In what way is it true that barks make money by making money?.
A: Banks are financial institutions that are licensed to accept deposits from customers and use those…
Q: Suppose you put $1000 into a savings account for 5 years and were paid $10 every quarter. The…
A: Here, $1000 would be our principal amount. It is being deposited for 5 years. $10 is paid Quarterly…
Q: Let a firm's production function be f(K, L) = min{2K, L}. a) Solve for the contingent demand…
A: The production function shows the connection between input land, labor, capital, and entrepreneur…
Q: The concept of vaporizing serves as a powerful tool of control and propaganda for the Party, as it…
A: The concept of vaporizing falls under is totalitarianism, propaganda, and control in George Orwell's…
Q: A private university charges the same tuition for both in-state and out-of-state students, and it…
A: A private school notices that in-state and out-of-state students seem to react to tuition hikes…
Q: What should the government do to avoid these kind of effects in the Phillipines?
A: A particular community, state, or nation's government is referred to as a system or collection of…
Answer plzz...
Step by step
Solved in 4 steps
- Graph the following data on social and market demand: Im pretty sure I have the graph correct but I am unsure how to find the anwsers to the questions. Price ($) 20 18 16 14 12 10 Market quantity demanded (units per month) 10 20 30 40 50 60 Social quantity demanded (units per month) 20 30 40 50 60 70 Does this product have external benefits or external costs? How large ($) is that externalitya. Draw a graph showing the market for ride-hailing services in midtown Manhattan before the congestion fee was imposed. Indicate the efficient equilibrium quantity and the market equilibrium quantityThe following graph shows the supply curve for a group of students looking to sell used graphing calculators. Each student has only one used calculator to sell. Each rectangular segment under the supply curve represents the "cost," or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used calculator. 300 250 Rosa 200 Area: 200 Nick 150 Latasha A O 100 Jake Frances 50 Dmitri 2 3 6 QUANTITY (Used calculators) PRICE (Dollars per used calculator) B.
- 11. The market for cigarettes in Chapel Hill is given by the following demand and supply curves, where Q is packs of cigarettes: P = 20-2QD and P= 2 + Qs Assume that each pack of cigarettes smoked imposes an external cost of $6/pack on others in the form of second hand smoke. a. Calculate the equilibrium price and quantity of cigarettes. In an effort to decrease cigarette sales, the Chapel Hill city council has decided to impose a $4 tax on the buyers of cigarettes. b. What is the tax wedge? C. Sketch a graph showing the effect of the tax. Clearly label MPC, MSC, MPB, MSB, CS, PS, the tax revenue (TR), and DWL. d. Calculate PBUYER, PSELLER, and QTAX. Iles of Microeconomics - Spring21 The table below shows the demand schedules for pizza for Abby and Barry who are the only buyers in the market. Abby's quantity Barry's quantity Price (dollars per slioe) demanded demanded (slices per month) (slices per month) 2.50 25 50 3.00 20 40 3.50 15 30 4.00 10 20 4.50 10 5 00 Based on the table, what is the marginal social benefit from the 45th slice of pizza? Select one: O a. $3.50 O b. $3.25 O c. $0.50 Od. $911. Compared to a good with no externalities, a good with a negative externality will appear to have experienced a OIncrease in Supply ODecrease in Supply Olncrease in Demand ODecrease in Demand at each corresponding price...
- Suppose that an environmentally polluted area of land is cleaned up. After the clean-up, the supply of land increases from 5 acres to 7 acres. a. Using the supply-and-demand model below, show how the supply of land changes as a result of the clean-up. Instructions: Use the tool provided 'Supply2' and plot only the endpoints of the line such that the first point touches the horizontal axis. Market for Land 50 Tools S 45 40 Supply2 35 30 25 20 15 10 1 2 4 7 8. 9. 10 Quantity (acres of land) Instructions: Enter your answer as a whole number. b. Using your graph, after the change in supply, the total value of economic rent for all acres of land (Click to select) ♥ by Land rent (dollars)Only typed answer and please don't use chatgpt The inverse demand for leather is given by P = 50-0.5Q. The industry supply of leather is determined by its marginal cost: MC = 0.4Q. Unfortunately, the production of leather causes noxious chemical residue to leach into groundwater supplies. The external marginal cost caused by these residues grows with the amount of output, and is measured as EMC = 0.05Q. 1A. How many leather is produced in the free market if the externality is not corrected. B) What is the free market price of the leather if the externality is not corrected? C) What is the social marginal cost?B. Let’s consider the market for flour in a different town. Assume that it is efficient (i.e. that there are not external costs to producing flour, and no external benefits from consuming it). Price ($/lb) Quantity Supplied (thousands of lbs per day) Quantity Demanded (thousands of lbs per day) 1.5 8 14 2 9 13 2.5 10 12 3 11 11 3.5 12 10 4 13 9 What is the price and quantity of flour sold without government intervention. Graph this equilibrium. XXXX 2. Suppose that, alarmed by the inability of many poorer consumers to buy flour, the government institutes a $2/lb price ceiling. How much flour will suppliers wish to sell, and how much will buyers demand? How much flour will actually be sold? Show this outcome on the same graph you drew for question 1. XXXX 3. Describe, in one sentence each, three problems that this policy might create? Please do not simply copy down phrases from the textbook, but instead describe ways that…
- Carbon tax debate heats up in Montpelier VT Vermonters are debating the pros and cons of a state carbon tax-a new tax on gasoline, heating oil, and other fossil fuels sold in the state. Backers say the tax revenue would be used to cut other taxes and increase energy efficiency. Source: Watchdog.org, December 3, 2015 Draw a graph of the market for gasoline in Vermont to show the "pro" and the "con" for a state carbon tax. The graph shows the market for gasoline in Vermont when there is no carbon tax on gasoline. Draw a point that shows the market equilibrium. Label it 1 Transport that uses gasoline creates emissions pollution, and the quantity of emissions increases as the amount of gasoline used increases. Draw the marginal social cost curve and label the curve. Draw a point at the efficient market outcome. Label it 2. Now suppose the government places a carbon tax on gasoline equal to the marginal external cost at the efficient quantity of transport. Draw an arrow at the efficient…close substitute for ocean-fished cod. The graph below shows the market for farm-raised halibut. Initially, the market is in equilibrium at a price of $8 and a quantity of 6 thousand pounds. a. Overfishing in the cod market will influence the market for farm-raised halibut by: decreasing supply to S2 and raising the market price. increasing demand to D2 and increasing the market price. O increasing supply to $3 and lowering the market price. O decreasing demand to D3 and decreasing the market price. b. A fast-food chain purchases cod for use in its Fish 'n' Chips meals. Already hurt by the reduced supply of cod, the fast-food chain has lobbied aggressively for price controls on farmed halibut. As a result, Congress has considered imposing a price ceiling on halibut at the former equilibrium price-the price that prevailed before overfishing reduced the supply of cod ($8 per pound). Suppose Congress adopts the price control policy, which sets the price at $8 per pound. On the graph…What is Mauricio's budget for monkeys and unicycles?