Considering the functions of law. Explain which function of the law is the most important. Can the government legislate morality? Explain.   Peacekeeping Checking government power and promoting personal freedom Facilitating planning and the realization of reasonable expectations Promoting economic growth through free competition Promoting social justice and protecting the environment.

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: The supply schedule given below illustrates two individual firms and the market supply for hot dogs.…

A: Individual supply refers to the amount of a particular good or service that an individual producer…

Q: In 2022 the US congress passed, and the US president signed the inflation reduction act. Besides…

A: The cost is the amount of money paid in the production process by the producer on rent, wages,…

Q: Recently, computer programmers in developing countries such as India have begun doing work formerly…

A: Skilled labor is those that are educated, experienced or highly trained workforce that is employed…

Q: P22 1 2 3 4 5 6 7 8 。 9 10 11 Undo 12 13 14 15 A K 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Clipboard…

A: Perfect competition: A firm in the competitive market is a price taker because it has large number…

Q: 1. How do we measure the Costs and Benefits of Public Projects?

A: Public Projects  are those that cannot be excluded, meaning that anyone can profit from them even if…

Q: Sylvia's annual salary increases from $102,300 to $109,500, and she decides to increase the number…

A: Income elasticity is defined as the percentage change in quantity demanded divided by percentage…

Q: Sort the items below according to whether they promote economic growth, inhibit economic growth, or…

A: Economic growth refers to an important for an economy. Economic growth enhances the standard of…

Q: Question 3 (Demand). Carlos really likes pizza. His utility function for Little Caesar's (x₁) and…

A: Utility Function U=(x1, x2)=x1+2x2 price of good x2=$10 Total income of the consumer is $50 Here the…

Q: A market for a good contains a negative production externality. The following functions describe the…

A: Externalities have an impact on resource allocation since the market does not adequately price the…

Q: For th below two machines and based on AW analysis which machine we should select? MARR=10% Machine…

A: Equal service life criteria do not require while selecting alternatives using the annual worth…

Q: In reference to the above graph, suppose Vietnam and Japan are producing and consuming at points A…

A: Production possibility frontier represents the different combinations of two goods that can be…

Q: Questions 4 (Choice & Demand). Suppose a consumer's utility function is given by: U(x₁, x₂) = x₁4x…

A: The consumer maximizes the utility subject to the budget constraint. Demand function represents…

Q: Some countries are developing at so fast pace. What are the reason behind this economic development.

A: Economic development is the steady, long-term expansion of a nation's economy that raises the…

Q: What is the “Medicaid eligiblity notch?” According to neoclassical labor supply theory, how does it…

A: The neoclassical supply curve is a graphical representation of the relationship between the quantity…

Q: 1. The level of prices and the value of money Suppose the price level reflects the number of dollars…

A: Inflation means the percentage increase in price level over the period of time. Deflation means the…

Q: A firm operates in a perfectly competitive industry with the following totoal production function:…

A: Given, TR(q) = 20q TC(q) = 50 + 4q + 2q2

Q: Those without any health insurance in the U.S. tend to be the following groups, except:  A. Those…

A: Health insurance is a type of insurance that covers medical expenses that arise due to illness.…

Q: If a price ceiling is set at $8 in the market shown in the graph, which areas would represent total…

A: The demand curve is the graphical representation of the relationship between quantity demanded and…

Q: Briefly discuss a government intervention in the market that you would considered as necessary, or…

A: Government interventions in the market refer to the scenario when the government imposes some…

Q: On the following graph, use the orange points (square symbol) to plot points along the portion of…

A: A perfectly competitive firm is a price taker and can sell any quantity of the commodity at the…

Q: One of the most important sources of mortality risk worldwide is traffic accidents. How can the…

A: The possibility or probability of death or mortality is referred to as mortality risk. It is a…

Q: Emma takes out a loan of 600 to pay for an online course. Simple interest is charged at 7% per year.…

A: Present value is the value of investment in today's dollar.  Future value is the value of investment…

Q: Suppose for reasons unrelated to your income, you decide to spend $1000 (in real terms) more this…

A: The changes in the aggregate demand causes the shifts of the aggregate demand curve. The aggregate…

Q: Consider the following game: 1/2 A B A 6,-1 5,5 B 5,5 -1,6 What is the mixed strategy Nash…

A: The game theory explains the strategy of decision-making that gives the best outcome to the player…

Q: A small company wants to have enough money saved to purchase a new $200,000 warehouse in five years.…

A: Present value is the value of investment in today's dollar.  Future value is the value of investment…

Q: The table below shows the weekly demand for hamburgers in a market where there are just three…

A: The amount of a specific commodity or service that consumers are willing and able to buy at a…

Q: Show what happens to the supply or demand curve in each of the following situations (only ONE curve…

A: The demand curve is the graphical representation of the price and quantity demanded of a product,…

Q: 5. The following estimated equation was obtained by OLS regression using quarterly data for 1978 to…

A: Coefficient of determination = Explained sum of squares / (explained sum of squares + residual sum…

Q: Suppose GDP is $9 trillion, taxes are $1.9 trillion, private saving is $0.6 trillion, and public…

A: Given information: GDP = $9 trillion.  Taxes = $1.9 trillion. Private savings = $0.6 trillion.…

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: The value = = 30.775 should be used in the cost model to estimate the cost of producing how many…

A: Total revenue is the product of price and quantity.  Total cost is the cost of producing total units…

Q: If the cost of plaster and labor were $13 per gnome and everything else is as in the problem (gnome…

A: The lowest price refers to the minimum amount that a product or service can be sold for in the…

Q: Suppose that the U.S. noninstitutional adult population is 230 million and the labor force…

A: Although there are several factors that might contribute to unemployment, such as a lack of work…

Q: You have a dream job at The Zen Hotel, which has a monopoly in an area of Blue Rock State Park,…

A: Pricing is the process of determining a value or price for a good or service in economics. It is…

Q: If a market is perfectly competitive, with each firm having a production function equal to q = min…

A: The production function of each firm is in the form of q=minL,4K Where L denotes labor and K denotes…

Q: How much should they save annually for the next three years if they want to build up Joseph's…

A: The profit or loss of an investment over time is calculated using the rate of return (RoR). The RoR…

Q: Given the following on a closed economy. C = 40 + 0.8Yd C= consumption I = 55 – 200r I= Investment G…

A: A closed economy is an economy or a country that does not have trade deals with any other country.…

Q: What are some examples of goods subject to selective sales taxes?

A: Selective sales taxes are those taxes levied on specific goods and services, instead of on a broad…

Q: 1. Crew Makeup (6) Scrapers: (1) Pushcat: (2) Water Trucks: (3) Grade Checkers: (7) Operators:…

A: Cost refers to the total amount of money that is required to produce or acquire a product or…

Q: What are the differences among class, exception, and commodity rates?

A: The pricing of goods and services is a critical aspect of business strategy and involves setting the…

Q: Suppose that real GDP is currently $17.1 trillion, potential GDP is $17.4 trillion, and the tax…

A: Real GDP refers to the total value of goods and services produced by a country's economy during a…

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: 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: What are the four phases the budget cycle?

A: The business cycle in economics is defined as in general the number of fluctuations in the basic…

Q: An engineer must decide between two ways to pump concrete to the top of a seven-story building. Plan…

A: Given: Lease cost = $60,000 Operating cost is between $0.40 and $0.95 Most likely operating cost =…

Q: VII. Which points shown in Figure 2 indicates an inefficient use of resources after an economy h…

A: Production possibilities frontier shows the combination of two goods and services that can be…

Q: Consider the following IS-LM model: C = 200+ 0.25Ya I = 150+ 0.25Y - 1000i G = 250 T = 200 d M (1) P…

A: Given information: C=200 + 0.25Yd  I = 150 + 0.25Y - 1000i G = 250 T=200 (M/P)d = 2Y - 8000i Ms =…

Q: Which of the following is a component of money?  a) bonds  b) saving  c) income  d) stocks  e) none…

A: Money facilitates the transaction of goods and services.  Money has the following three functions It…

Q: Discuss the triumvirate of political, economic, and legal systems in Nigeria and how these factors…

A: Economic progress refers to the sustained increase in a country's overall economic well-being,…