What are the possible impacts of increasing the Goods and Services Tax on various stakeholders? in terms of elastic, inelastic products / employment rates / in the long term/ in the short term / etc?

Q: what will An increase (rightward shift) in the demand for a good will tend to cause

A: Introduction Demand can be defined as the amount of goods or services that a consumer is willing to…

Q: If the price of streaming movie rental is $7.00, Darrin will rent 4 movies in a month. If the price…

A: Elasticity measures the change in quantity due to change in price.  The demand is said to be elastic…

Q: A consumer sets themselves a weekly budget of $15 for vegetables. They only eat carrots and peas.…

A: A budget line shows various combinations of two goods a consumer can purchase by spending all income…

Q: Consider an economy in which the consumption, investment and production functions are as follows. C…

A: A decrease in government spending is one of the tools for contractionary fiscal policy. Another tool…

Q: The unemployment rate is defined as the percentage of unemployed workers in the labor force:…

A: Introduction When a person is able and eager to work, but they are not employed, they are considered…

Q: A 30-year maturity bond with face value of $1,000 makes semiannual coupon payments and has a coupon…

A: Face Value (FV)= $1000  Coupon Value(C) = $1000*8% = $80/2= $40  Time(n) = 30yrs  Number of…

Q: Choose the most accurate definition of the "Free Trade Agreement." Question 32 options: a) The "Free…

A: The term imports refer to buying goods from other countries in which the country would have a…

Q: How was DeBeers able to create value in the dimaond sector? How did tangible and intangible…

A: Tangible resources are physical assets that can be touched, seen, and quantified. They include…

Q: The multiplier 15) If the consumption function is C = $800 billion + 0.8Y (a) What is the MPC? (b)…

A: Consumption function, is the relationship between consumer spending and the various factors…

Q: Say in a market we have Demand is P = 5 – 0.005Q Supply is P = 0.00125Q a-you will have a graph with…

A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Using the above information and the midpoint method, what's the cross price elasticity between…

A: Cross price elasticity of demand measures the responsiveness of change in demand of one good to…

Q: The market for good Q is perfectly competitive. However, it features negative externalities. In the…

A: Perfectly competitive markets should have the following features: No restrictions to entry and exit,…

Q: 2. Assume the equilibrium quantity in a competitive market is 6 and the equilibrium price is 16.0…

A: Since you have posted multiple questions, we will provide the solution only to the first question as…

Q: Eleanor makes year-end deposits of P5000 the first year, P5500 the second year, P6050 the third…

A: From the given information, Eleanor's cash flow is represents geometric gradient series in which…

Q: Clearly explain and illustrate the gains from exchange and the gains from specialization?

A: The gains from exchange and specialization are two fundamental concepts in economics that explain…

Q: Complete the following table by matching the macroeconomic assumptions about aggregate supply to the…

A: Classical model and Keynesian model are two different school of thoughts that describes an economy.

Q: 21. When output (Q) = 20, AVC = 30, and ATC = 40, calculate TFC. (NOTE: TC = TFC + TVC) 22. A…

A: (Note: Answered only 22 as stated by the student)   Monopoly A company that sells its product…

Q: Can you pls give your insights or reflection regarding this video on how to solve economic problems?…

A: Economic problems refer to issues or challenges faced by an economy in the production, distribution,…

Q: Consider an open economy with a current population of 0.55 million people, and where the potential…

A: 8) Macroeconomics is the branch of economics that studies how an economy functions from a…

Q: From the impact of Financial market activities that sets of world Financial crisis in 2008, how…

A: Introduction  Economy and financial markets are intertwined and deeply connected. The economy refers…

Q: can policy market interventions cause consumer or producer surplus? Explain why using specific…

A: Government intervenes in the market when it feels that the prices of goods and services are either…

Q: The table below shows the index numbers for the cost of a basket of goods and services in each…

A: More jobs and higher wages raise household incomes and promotes a rise in consumer spending, further…

Q: came across the equation Y=C(Y-T) + I(r) + G + NX(e) Can you demonstrate an example doing…

A: National income is the total income earned by a country's residents and businesses during a specific…

Q: Tom's utility on two goods, x and y, is presented as below. utility = U(x, y) = √xy ➡) If x costs $1…

A: Utility maximization and expenditure minimization are two fundamental concepts in microeconomics…

Q: QUESTION 5 Referring to the oil market graphs, In a free market society with no government…

A: Market demand for a commodity can change as a result of a change in consumers income, their tastes…

Q: Explain why the imposition of the price ceiling does not result in a deadweight loss.

A: A price ceiling is the highest price that can be charged by the government for an item or service.…

Q: me second-order conditions for a firm maximizing its profits operating in a perfectly competitive…

A: Perfect competition market is the market where large numbers of buyer and seller sells the product…

Q: Because there isn't one single measure of inflation, the government and researchers use a variety of…

A: GDP and CPI: In economics, GDP in full form is Gross Domestic Product and measures the value of…

Q: he graph plots skirts per day versus dresses per day. A diagonal line starts at (0, 4) and ends at…

A: A production possibility curve depicts the combination of two goods that can be produced using the…

Q: The U.S. government fights the use of illegal drugs in a variety of ways, including spraying crops…

A: Introduction When there is an inefficient allocation of commodities and services on the open market,…

Q: Which of the following economic changes are consistent with demand-pull inflation? Check all that…

A: Demand-pull inflation occurs when there is an increase in aggregate demand for goods and services…

Q: In a market, in the long run (free entry/exit), firms share a production function which results in…

A: The long-run cost function of a firm: C(q)=0.1q3-4q2+60q  Market demand: QDP=1500-10P Free entry and…

Q: If there is an increase in supply for a product, how will market equilibrium be restored? As the…

A: The market equilibrium will be where demand curve and supply curve intersect each other. At the…

Q: What impact do policy interventions have on the supply and demand equilibrium for a product?

A: Demand and Supply Economic theory's core ideas of supply and demand continue to be important factors…

Q: n the graph below, click on the dashed line that indicates the quantity consumed after a taxi mposed…

A: At equilibrium, demand curve intersects supply curve. At this point, quantity demanded is equal to…

Q: Section A: Multiple Choice Questions Q5. If the exchange rate rises: a. Exports will rise and…

A: Exchange rates are characterized as the cost of one country's currency comparable to another…

Q: The information problem of central planning is related to the incredible amount of information…

A: The information problem of central planning is the difficulty in obtaining and processing the vast…

Q: Give an Example of how E-Payment system increases employment in Guyana's economy

A: An e-payment system, also known as an electronic payment system or digital payment system, is a way…

Q: What is the value for Gross Domestic Product if consumer spending is $21,247, gross private domestic…

A: A macroeconomic indicator known as the gross domestic product (GDP) measures the entire value of…

Q: Two processes can be used for producing a polymer that reduces friction loss in engines. Process T…

A: In the present worth analysis, we convert all the costs and benefits into the present worth and then…

Q: If the demand of soup increases as the price of bread increases, the two goods would be classified…

A: Cross elasticity of demand refers to fhe relationship between the price and quantity demanded of two…

Q: If you deposit $10,000 in a bank account that pays a 5% interest compounded monthly for threeyears,…

A: The effective interest rate (EIR) is the actual rate of interest earned or paid on an investment or…

Q: Peanut butter (PB) sells for 10 dollars per pound and Oysters (O) sell for 50 dollars per pound.…

A: MRS, marginal rate of substitution is the rate at which one good can be substituted for the other.

Q: Health Services is working with chief physicians at some of the 230 clinics nationwide to select the…

A: Present worth is the theory that explains an amount of money today is worth greater than that same…

Q: Suppose output is $90 billion, government purchases are $20 billion, desired consumption is $50…

A: GDP is the gross domestic product.  The formula of output is given as the sum of government…

Q: Guns have large external costs for society. Which of the following policies will help minimize those…

A: An externality can be positive or negative. An externality will be negative when the production or…

Q: State whether you agree with the following statement and why: “It doesn’t make sense to give poor…

A: In economics, the definition of "poor people" typically refers to individuals or households with low…

Q: Which of the following graphs shows average fixed cost?

A: Fixed cost is the part of total cost that does not change with production.

Q: On February 1st, the Federal Reserve announced it would raise interest rates by 25 bps. On February…

A: Economic statements, those are official communications by government or central bank officials that…

Q: Recessionary Gap Price Level LARS Recessionary Gap Real GDP SARS Aggregate Demand Wall StreetMojo…

A: Introduction The gap between potential GDP at full employment and real GDP is known as the…