1.1 Compare and contrast the terms Production Economics and Agricultural Production Economics and further describe economic theories that apply to Production Economics.
Q: The consumers in the economy buys only two general types of products: Apples, and Bananas. Price…
A: The consumer price index (CPI) measures changes in the general level of prices of goods and services…
Q: In the AS-AD model, a deficit reduction O decreases output in the short-run and the medium-run O has…
A: When talking about AD-AS model, it can be said that this model is a general framework of goods…
Q: 16. In the short run, the profit maximization for a firm in a perfectly competitive market would be:…
A: A perfectly competitive firm is a price taker, which means it takes the price determined by the…
Q: Marvin has a COBD-Douglas utility function, 0.5 U=q₁ 110.59₂0 his income is Y = $700, and initially…
A: Consumer surplus. compensating variation and equivalent variation are the measures of consumer…
Q: Suppose in the market for tickets, Demand is given by Qd=100,000-100P. Suppose producers can…
A: The consumer surplus is the difference between what they are willing to pay and what they actually…
Q: Which of the following production bundles would be considered efficient? P-cakes 60 a b 50 C 44 40…
A: Here, the given graphs shows the production possibility curve with two goods as Pancakes and Bacon.
Q: Businesses may follow a strategy of product differentiation under monopolistic competition.
A: Product differentiation is a marketing strategy used to distinguish any product produced by a…
Q: You have a field on which you can grow two types of crops, barley and wheat. The field has 30 acres…
A: Production bundles of goods which use all the resources are efficient.
Q: Suppose your income increase from $1500 per week to $3000 per week. Construct a new table showing…
A: According to the new conditions, the income has doubled to $3000 per week. The prices of sandwiches…
Q: 3. Don Magellan borrowed today from Ginoong Magellan P300,000.00 and agreed to repay the loan with 4…
A: Loan Amount = 300,000 Pay in 4 equal Month r = 12% compounded monthly
Q: 16. In the short run, the profit maximization for a firm in a perfectly competitive market would be:…
A: The market structure known as "perfect competition" refers to the one of a kind since it enables…
Q: If the two nations operate in autarky, which of the black points (plus symbol) are attainable for…
A: Given that, Consider the two hypothetical nations of Greenburg and Fireton. Suppose they both…
Q: Consider an economy with production function given by Y = AK0.5 10.5 where A is the total factor…
A: Production function : Y = AK0.5L0.5 Where , A = TFP , K = Capital , L = labor Let the price of…
Q: how monetary policy was critical in reducing the impact of the pandemic within the SSA and globally,…
A: Introduction Monetary policy is the central bank's use of changes in interest rates, the money…
Q: Suppose you have been hired as a management consultant by a major oil company to help it optimally…
A: "GDP or gross domestic product represents the market value of all the final goods and services…
Q: Importance of price elasticity
A: Price elasticity measures how responsive a good's supply and demand are to price changes. It is…
Q: Irving has 10 hours available for knitting scarves and hats. It takes him 20 minutes to knit a scarf…
A: Opportunity costs is the benefits foregone in picking one among a few alternatives. The opportunity…
Q: In Japan, one worker can make 5 tons of rubber or 80 radios. In Malaysia, one worker can make 10…
A: "Since you have asked a question with multiple sub-parts, we will solve first three sub-parts for…
Q: The federal government (1) encouraged the development of the savings and loanindustry, (2) virtually…
A: The federal government has power of delegating the power to the elected members of the states. i).…
Q: a. How does the country’s employment (L) at point D compare to that at point B? Explain your…
A: If we have a production function like Y = AF(K,L) and we draw just the relationship between the Y…
Q: 16. In the short run, the profit maximization for a firm in a perfectly competitive market would be:…
A: A perfectly competitive firm is known as a price taker because the pressure of contending firms…
Q: Sometimes price cuts can have an unintended result of consumers waiting for deeper discounts. What…
A: Change in Demand: Change in demand implies a situation when the demand for a good either increases…
Q: The diagram to the right shows a market in which a price floor has been imposed. Identify the…
A: Price floor refers to the legal minimum price of the good that can be charged. A binding price…
Q: BigTechs are threat to banks in both traditional retail banking activities (e.g. household and…
A: Traditional banking is used to describe banks having a local banking licence and a physical…
Q: 3. Don Magellan borrowed today from Ginoong Magellan P300,000.00 and agreed to repay the loan with 4…
A: Amortization Schedule Month Balance interest payment Total payment First $300,000 $12,181.20…
Q: Suppose a new miracle pill is discovered that increases both the marginal health effects of health…
A: The Production possibility frontier is defined as the curve representing combination of two…
Q: Addy plans to deposit her annual bonus into a savings account that pays 4% interest compounded…
A: # She receives interest @4% P.A # first bonus she deposit at the end of the first year with amount…
Q: A man wishes his son to receive P 750,000.00 twelve years from now. What amount should he invest now…
A: Here, given information is: Future value (F): P 750,000.0 Interest rate (r): 13.5% Time period (n):…
Q: Which individual is cyclically unemployed?
A: Unemployment is the situation where a person who is willing abd able to work is not getting a job.…
Q: 4. According to the Solow growth model, what kinds of public policies should governments of…
A: The Solow-Swan model or exogenous development model is an economic model of long-run financial…
Q: 12. What are the four factors of production? Thanks asap do it
A: Factors of production: -We know that factors of production are the resources used to produce goods…
Q: pi=3q^2+45q-20 FC is 20, Demand fn is P=50-2Q. What is VC per unit in Q form?
A: Variable cost refers to the cost which changes with change in the level of output. The fixed cost…
Q: You borrowed ₱85,000 from your friend that you will pay back in 4 years and 4 months. Interest is…
A: Given: Amount borrowed = P85000 Interest rate = 10% compounded quarterly.
Q: To maintain an asphalt road in Davao City, P5,000 will be required at the end of three years and…
A: # Here we will have to bear 5,000 at the end of 3 years and 5,000 each year thereafter # Money is…
Q: What would happen if the government started regulating product prices, and how would that affect…
A: The fundamental building block of economics is the determination of market prices through the…
Q: Consider an economy with the Cobb-Douglas production function: Y = 3K0.2L0.8 K = 140000; L=8000…
A: In the study of economics, production functions represents the relationship between the quantity of…
Q: The GDP deflator in the United States in 2015 was 105, and The GDP deflator in the United States in…
A: Given information: GDP deflator in 2015 = 105 GDP deflator in 2019 = 112 Real GDP in 2015 = $17.4…
Q: 5) Consider a market characterized by the following inverse demand and supply functions: Px = 10-2Qx…
A: # demand function : P = 10 - 2 X # Supply function : P = 2 + 2X
Q: When the official dollar price of a foreign currency is set below its equilibrium level, the dollar…
A: The exchange rate displays the amount of one currency needed to buy one unit of another. In other…
Q: District 12 has 2 units of labor and District 8 has 1 unit of labor. The MPL of textiles in District…
A: Ricardo postulated about the types of goods and services that countries should produce, and he…
Q: The table shows data for China and India for the year 2015. Compute the rGDP per capita to determine…
A: GDP per capita of a country = (Total GDP of the country) / (Total population of the country) It is…
Q: In five years, P18,000.00 will be needed to pay for a building renovation. In order to generate this…
A: Sum required in future = 18000 Total Time Period = 5 years Number of Annual Payments to be made = 3…
Q: Local party organizations O have more power than their western European counterparts. O are…
A: In electoral process the political parties are at the national, state, and local levels. Local…
Q: What are the excel formulas used
A: From equation 1 The short-run production function is q=-0.6L3+18L2+10L Cost function: C(L)=100L+800…
Q: "[Gobillion] is backed by Y Combinator, a Silicon Valley-based startup accelerator, which invested…
A: According to the question, it is given that : Gobillion is a startup accelerator backed by Y…
Q: The company AffordableStuff sells cell phones. The marginal cost for each cell phone is given by the…
A: The provided equation is: Marginal cost function:C(x)=0.01x2-3x+229Marginal revenue…
Q: Suppose that BC₁ on the following graph represents your initial budget constraint for good X and…
A: Normal goods are positively related to the income while the demand for inferior goods decline when…
Q: Illustrate and briefly describe how supply and demand curves relate to the concepts of, ‘marginal…
A: The total gross benefit depicts the entire area under the demand curve up to and also inclusive of…
Q: 6. Violations of the factor-endowment theory of trade While different natural resources and the…
A: Factor endowment theory explains that the country will export the good if it is relatively abundant…
Q: The following paragraphs discuss the impact of various economic events on the exchange rate.…
A: Balance of payment is the account that records the monetary transaction between two nations.…
Step by step
Solved in 2 steps
- Give examples and definitions of how these economic terms are used: (Simple definitions) -factory market -opportunity cost -wealth -wants -needs -production possibilities graph -scarcity10. Use a production possibility frontier to describe and explain the idea of efficiency, as economists use that term.8. Which of the following are examples of Pareto- efficient changes? Explain your answers! a. Ryan has to pay his $250 debts next week but he is lacking money and only got $50 in his pocket. He decided to try his luck in The White Zephyr Casino. b. Aiken's sister is helping him do his online econ exam in return for her favourite dish. Grand Spire Bank Corp decided to give scholarships to outstanding students with a condition that once they graduate, they must work for Grand Spire Bank Corp for 2 years. d. People who lived in a slum area in Jakarta didn't С. Vade Mecum Academy's get any compensation from Dreamscape Co. for displacing their home with a high class housing area. e. Burger Alley Restaurant packages for its customers. offers bundles
- 9. The following data show the combinations of output of cars and computers. Combination Computers Cars A 3000 B 2200 600 2000 700 D 1000 900 E 1000 a) Draw a production possibilities frontier (PPF) for computers and cars output. Keep the cars on x-axis. (Graph should be properly labelled) b) Briefly explain why it most likely has a bowed-out shape. c) Show a point of output that is certainly impossible for the society to achieve. Show a point on production possibility frontier that is achievable but inefficient. d) Show graphically the impact on PPF of technology advancement in the form of assembly line of cars production (Graph should be properly labelled) e) Show graphically the impact on PPF of the newly discovered input used inputs for both cars and computers.3.with the following data M = 1800 Px = 7 Py = 10 Q = x.y determine producer equilibrium graph with hypothetical 1. Checking the results with the two methods. if Px varies to 14, determine the new equilibrium and check the result (do not graph) Determine Q1 and Q2 Economic analysis. 4. FF FV PT 100 113 128 13 12 14 15 15 17 16 17 17 16 18 13 Determine PTP PVP PMG phases. Graph and indicate the phases of production. Economic analysis on the efficiency and inefficiency scenario of the company during production.Be able to apply these concepts to all of the market structures: 1. Economically Efficient 2. Productively Efficient 3. Allocatively Efficient
- Discuss the three types of business ownership in a market economy. Define and give at least 3 advantages and 3 disadvantages of each type of business.What is one industry, firm, or product that has disappeared from the market as a result of allocative efficiency and creative destruction and replaced by another industry, firm, or product? And what are some pros and cons?39. A feasible prod producing two outputs must be a Outside the production possibilities frontier(PPF) b. Inside the PPF C) or (b) O On the PPF at the point of tangency with the iso-revenue line