Q: If this is a nontrading (closed) economy, the price of a TV will be: $75. $125. $175. $225. $275.
A: A closed economy is one in which no trade is conducted with other countries. As a result, the closed…
Q: What is meant by the full employment or the natural rate of unemployment? Which type of unemployment…
A: In an economy, unemployment refers to the situation when labor supplied exceeds labor demand in the…
Q: 1) Fill in the rest of this table. Use 2002 as the base year. Year Tons Price Tons of Price Nominal…
A: Nominal GDP refers to the value of goods and services measured in current year market price and real…
Q: can you explan step by step how (100-q2)q2-10q2 turned into 100-2q2-10=100?
A: The profit function has been differentiated here.
Q: Describe what will happen to equilibrium price and quantity of each commodity given the…
A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: A D Quantity (units per day Curve C represents which type of cost curve? O A. marginal cost (MC) B.…
A: Average total cost is the sum of average Fixed cost and average variable cost. Average Fixed cost…
Q: 2. Give example of a two-player simultaneous game such that neither player A nor B have a dominant…
A: We have simultaneous game between two players A and B.
Q: Assume a government starts with zero debt. This government then runs an annual deficit for 28 years…
A: The financial liabilities of the government sector are referred to as gross government debt (also…
Q: (a) Using the appropriate graphs, consider the short run impact of a natural disaster that causes a…
A: Since the question you have posted consists of multiple parts, we will answer the first two…
Q: b) Suppose that a consumer is choosing between Pears (A) and Oranges (B). Their utility function is…
A: Utility function : U = A1/2B1/2 Pa = 4 , Pb = 2 , Income = 120 Therefore , Budget Constraint :…
Q: (b) Use a model of endogenous growth to explain how encouraging more private investment in education…
A: Endogenous growth theory is referred to the economic theory that can argue that there is a…
Q: A perfectly competitive firm faces the short-run cost schedule shown in Table 1.
A: Perfect competition is the market structure where there are large no of buyers and sellers selling…
Q: 22. In order for a set of strategies to constitute a Nash Equilibrium a. Each player must adopt a…
A: The Nash equilibrium is thr concept under game theory when two or more people are trying to…
Q: Consider the U.S. passenger airline industry through the lens of the Five Forces model. Assume that…
A: Answer: The presence of car and train travel shows that substitutes for air travel are available.…
Q: If an allocation is Pareto optimal and if indifference curves between the two goods have no kinks,…
A: A Pareto-optimal economy is one in which no economic adjustment benefits one individual without…
Q: A perfectly competitive firm faces the short-run cost schedule shown in Table 1. Output 1 2 4 7…
A: Disclaimer:- as you posted multipart questions we are supposed to solve the first 3 questions only…
Q: Discuss briefly why competition exists in the industry? Give atleast Five reasons.
A: Competition in the industry exists due to following 5 reasons:- 1) Product features 2) Number of…
Q: Discuss why some countries may shield some sectors from international competition? Provide real-life…
A: Economies have various reasons to adopt protectionist measures life tariffs and quotas in order to…
Q: 6 Assignment on the basics of political economy 6. Could one person both dominate and exclude…
A: 6. When it comes to private commodities, one individual can both dominate and exclude another.
Q: 1 Sonic Enter Stay Out Dairy Queen (1000, 8000) High Prices, Low Prices (3000, 5000) (-1000, 4000)…
A: When dairy queen enters the business, there is no rival for it.
Q: Question: Answer to Year Nominal GDP Real GDP Price Index 15,200 . Year Nominal GDP Real GDP Price…
A: Answer; We use the formula : Real GDP = Nominal GDP / Price Index or, Price Index =…
Q: QUESTION 21 (Table: GoGo Gas and Fanny's Fantastic Fuel) Use Table: GoGo Gas and Fanny's Fantastic…
A: We have 2×2 game for two firms and they are deciding the action simultaneous.
Q: Table 2 shows elements in the national income accounts of an economy. Assume the economy is…
A: As per the guidelines answer is given to the first three subparts. 1. "Equilibrium level of income…
Q: Suppose there are two firms that sell surfboards - Firm A and Firm B. Firm A produces high quality…
A: MCA= $1000 MCB= $400 Willingness to pay: High quality: $1300 Low quality: $500
Q: Which of the following is considered least liquid? O a) currency bills O b) Checking account O c)…
A: In economics, liquidity is defined as the ability of an asset to be turned into cash. An asset is…
Q: Assume that the economy is facing a GDP gap. 1. Write a report explaining why that might have…
A: There are two types of GDP gaps i.e. rrecessionary output gap and the inflationary output gap. In…
Q: Why would it be difficult for new firms to enter the German Milk market (oligopolistic market).…
A: Germany produces the majority of Europe's milk. In contrast to neighboring northern EU nations,…
Q: es frequently push back from the gate on time, but then wait 2 feet away from the gate until it is…
A: How consumers and organizations answer market signals like costs and monetary advantages.
Q: To increase a company's profit, a manager suggests that the company needs to increase the value of…
A: Answer: Profit per unit is the difference between the price of the product and the average cost of…
Q: A local firm sells pairs of pants at P1,514 each. The cost of manufacturing and marketing them is…
A: Given information, Selling price per unit = P1,514 Variable cost per unit = P509 Fixed costs =…
Q: How does the increase of prices of goods affect the purchasing power of money?
A: Inflation occurs when there is a rise in the general price level of goods and services.
Q: When will a monopoly set its price equal to marginal cost? A monopoly will set its price equal to…
A: At the marketplace, a monopolist has an incentive to set the price of the product due to his…
Q: Consider a consumer whose preferences are represented by a utility function u(a, y) = a0.5 5. Are…
A: Utility function can be defined as the measure for a group of goods and services preferred by…
Q: here was an increase in demand for im-person shopping what would you expect to happen to equilibrium…
A: Consider the below points regarding the demand curve for labour: *Change in wage leads to a movement…
Q: Trade policy that protects domestic industry, such as export subsidies, will always decrease welfare…
A: A subsidy is defined as a benefit given by the government to businesses or institutions to increase…
Q: 2/31/5 Question 7: Given the utility function U = xx. Calculate the particular value of MRCS for he…
A: Marginal Rate of substitution refers to the rate at which consumer substitutes one good for other…
Q: In the field of economics, utility is a measure of how much benefit consumers derive from certain…
A: In economics, utility explains the satisfaction obtained by a consumer, while in finance, utility is…
Q: Consider an economy that produces and consumes final products: bread and automobiles. In the…
A: Nominal GDP is an assessment of economic production in an economy but includes the current prices of…
Q: A manufacturer has $600 to spend on the production of a certain product and knows that if "x" units…
A: We have cost of production = 600 and cost of X and y are $3 and $5 respectively.
Q: discuss two methods that the government may use to intervene in the market to eliminate the market…
A: The market that does not tend to succeed in incorporating all information that is available into a…
Q: Year 2014 (base) 2015 2016 Product Quantity Price Quantity Price Quantity Price Beer 600 18 650 19.5…
A: Inflation rate is calculated by the percentage change in GDP deflator of two years. Nominal GDP…
Q: What is average profit margin means?
A: Profit margin is calculated by dividing income by sales to determine how profitable a firm or…
Q: what specific cost is the normal rate of return to a company?
A: Total fixed cost is the cost that is fixed and remains the same over a period of time. The total…
Q: 21. It takes y* years to graduate from college. For workers in Group A (high-skill workers) the cost…
A: High type is getting payoff of 60,000 and low type is getting a payoff of 30,000.
Q: Engineering Economy calculations that consider deflation use the same relations as those for…
A: Engineering economics is the braoder economic study to make calculation using scientific and…
Q: Compare and contrast human capital, H, and physical capital, K. How is H different from labour, L?
A: Both physical capital(K) and Human capital(H) means quite a bit to organizations. physical…
Q: If a person invests $92,000 now and receives $9,000 per year for 20 years, the rate of return per…
A: The annual rate of return is the percentage change in the value of an investment. For example: If…
Q: Player 1 Left Right Player 2 Player 2 Up Down Up Down Player 1 15, 20 30, 10 10, 50 Party Sleep 50,…
A:
Q: See the graph below, Label and Describe in terms of : A. Name of Market Structure B. Ability to…
A: Anser is given below
Q: You are told that a profit-maximizing firm employs 15 workers and 3 units of capital. It produces…
A: The additional production that a company possesses when it adds an extra unit of capital is known as…
Step by step
Solved in 2 steps
- Problem 03-04 (algo) Suppose the own price elasticity of demand for good X is -3, its income elasticity is -3, its advertising elasticity is 4, and the cross- price elasticity of demand between it and good Yis 2. Determine how much the consumption of this good will change if: Instructions: Enter your responses as percentages. If you are entering a negative number, be sure to use a (-) sign. a. The price of good X decreases by 7 percent. percent b. The price of good Yincreases by 9 percent. percent C. Advertising decreases by 2 percent. percent d. Income increases by 5 percent. percentConsider the demand for a luxury good such as a yacht. You can plot three different straight lines through the three points X, Y, and Z on this graph. Place the blue line (circle symbol) so that it goes through two of the points and shows the most likely demand curve for this type of good. Hint: Consider the relative elasticities of the different possible demand curves. 120 100 Demand Curve メ) 60 メャ メマ 40 20 0. 2. 4. 6. 8 10 12 LUXURY GOODS (Thousands per year) 14 16 PRICE (Dollars per yacht)Assume your demand for “Ipek su” water increases from 1 bottle to 3 when “Sirab su”increases the price per bottle from 18 azn to 25 azn.a) Calculate cross price elasticity of “Ipek su” water and comment on it.b) Based on your answer in a) comment whether the two goods are substitutes or complements.Assume when Sirab increases the price for a bottle of water from 18 to 25 anz, thedemand for Sirab decreases from 2 bottles to 1 bottle.c) Is the demand for Sirab price elastic?d) How will the revenue of a company producing Sirab change?
- EVALUATION A. Using the following demand function, solve for the demand schedule of consumer Robert given the following prices for bottled water. Qd = 60 – P/2 Prices Qd PO 2 4 8 10 12 14 16 • Based on this schedule, construct a demand curve for Robert. Make also a graph for itIf the supply and demand functions for a commodity are 100 + 2(4+ Pa = - (Q.) P₁ = (Q + 2)² E plot each function on the same graph Estimate the quarum price and quarty aigebraicaty and graphicaly w▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪▪ ‒‒‒‒‒‒‒‒‒‒‒‒wwwwwwwww9. Application: Elasticity and hotel rooms The Inlinwing graph input tool shows the daily demand for hotel moms at the Oceans Hotel and Casino in Atlantic City, New Jersey. To help the hotel management better understand the market, an woonomist identified three primary factors that affect the demand for me ach night. The demand factum, lung with the values corresponding to the initial demand curve, are shown in the following table and alungside the graph input tool. Demand Factor Average American household income Roundtrip airfare from New Orleans (MSY) to Atlantic City (ACY) Room ratu at the Meadows Hotel and Casino, which is near the Ocean Use the graph input tool to help you answer the following questions. You wil not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Show Transcribed Text 600 450 ****** 100 0 Demand ++ 55155 366 350 351 350 100 ans…
- 6. If the demand equation is L=100-10r find the consumer's surplus when the consumer purchases 8 units.Income effects depend on the income elasticity ofdemand for each good that you buy. If one of the goodsyou buy has a negative income elasticity, that is, it is aninferior good, what must be true of the income elasticityof the other good you buy?Economists define normal goods as having a positive income elasticity. We can divide normal goods into two types: Those whose income elasticity is less than one and those whose income elasticity is greater than one. Think about products that would fall into each category. Can you come up with a name for each category?
- Timmy is selling his toy dinos again. The consumer demand curve for thedinos is given by: x=(50-3p)^2 where p is the price per dino, and x is the demand in weekly sales. a.) Find the Elasticity of Demand function E(p) and evaluate it at the price p = $5.Is the demand elastic, inelastic, or does it have unit elasticity? Explain what this means inyour own words. b.) Find the price Timmy needs to charge for his dinos in order to maximize revenue.(Round your answer to the nearest cent.)In a certain market for sobolo,when the price of the drink was Ghc 3 the quantity demanded was 12bottles.On another day,when the price per bottle was 5 cedis,the quantity demanded was 6 bottles.Use the information to write the equation for demand.Now,what will be quantity demanded if price per bottle was 6cedis.If we restrict price to the same demand curve,what will happen if price is less than Ghc 2.When the price of candy bars decreased from $0.55 to $0.45, the quantity demanded changed from 19,000 per day to 21,000 per day. In this price range, the price-elasticity coefficient (based on the midpoint formula) for candy bars is Multiple Choice 1. 0.2 0.5 Mc Graw Hill P Type here to search 10:31 AM 84°F Sunny 10/2/2021 2.
