7. When there is one scarce resource, the product that should be produced first is the product with the highest: Demand Contribution margin per unit Sales price per unit of the scarce resource Contribution margin per unit of the scarce resources
Q: Suppose that a firm's estimated production Q = K3/4L1/4 What is the marginal rate of technical subst...
A: Marginal rate of technical substitution refers to the ratio of marginal product of labour and margin...
Q: Assuming Prunella has only 2 units of land, how much extra output does she get from adding an extra ...
A:
Q: Suppose that you are in an economy with reserve requirements are equal to 15%, and cash drain is equ...
A: According to the question given, IN an economy, reserve requirements are equal to 15% and cash drai...
Q: 3- Given: Y=C+l+G, C=25+0.75Y, I=lo= 50, and G=Go= 25 Find the equilibrium level of income
A: The economies around the globe are involved in various economic and financial activities. The econom...
Q: Two countries are producing two goods: one perfectly tradable t, the other non-tradable nt. For each...
A: Given information: Country 1: Good t: Yt1= At1Lt1 Yt1= 1Lt1 The marginal produ...
Q: Derive the relationship between MPL and MC algebraically. Why is this relationship critical to showi...
A: When one additional unit of labour (in most situations, one additional employee) is added to a compa...
Q: a. mixed b. free market c. command market 2. In a economy, prices are determined by consumers, busin...
A: The economics as a study is based upon the basic idea that the resources which are present with the ...
Q: the demand curve for chocolate bars is downward sloping and the supply of it decreases, there is __ ...
A: Consumer surplus is the difference between the maximum willingness to pay and actual payment. Fall i...
Q: The smartphone producer controls the privacy settings on the smartphone. The smartphone producer cho...
A: Since the question you have posted consists of multiple parts, we will answer the first two parts fo...
Q: Has the country experienced a balance of payments trade deficit or surplus in the past year? How lar...
A: For Germany the balance data has been recorded at the 268.526 USD bn in 2020, it would consecutively...
Q: • Nominal and Real GDP • Nominal GDP is the sum of the quantities of final goods produced times thei...
A: Gross domestic product is teh total market value produced in domestic boundaries in a year . It is t...
Q: If the demand function is p=100-4q, find the level of output at which total revenue is maximum and a...
A: Answers is given:
Q: The price elasticity of demand is -3, the price elasticity of supply is 1. The government imposes a ...
A: Elasticity helps to determine the tax burden. Higher than elasticity, lower the tax burden. Lower th...
Q: 6. The double-entry principle in the balance-of-payments How will the following transactions affect ...
A: When talking about US balance of payment account, any inflow of cash will be recorded in the credit ...
Q: Define privatization in 30 to 40 words. The definition should be strong and in your own words. Thank...
A: Answer: Introduction: As we know that the word privatization is considered as the process of not inv...
Q: Assume that a citizen’s utility curve is given by: U = 10YA + 10YB, where YA is income of the Rich, ...
A: Given Utility function U=10YA+10YB YA=income of the rich YB=income of the poor
Q: The rate of inflation in Zimbabwe rose in 2018 from 10.6% to 577.21% in 2020. What was the positive...
A: Inflation shows the increase in price level of goods and services in an economy.
Q: A firm has the following production function: f (E, K) = EiK Which means they have the following mar...
A: A firm maximizes profit by hiring the number of workers to the point where marginal product of the i...
Q: Part 1 Consider the following game between two early settlers in the United States: Settler 2 Move W...
A: Here, the given payoff matrix shows the game between 2 early settlers of United States in deciding w...
Q: 2. Below is a tabular data of price and quantity demand and quantity supply for banana que. Qd Qs 10...
A: d) Producer surplus=12(15-0)(30-0) ...
Q: The vertical distance between ATC and AVC is equal to TVC O AFC
A: 1. ATC = AFC + AVC Therefore AFC = ATC – AVC 2. AFC curve is downward sloping with increase in out...
Q: Given two demand curve drawn over the same price/output space, the steeper one will be a. elastic b....
A: Elasticity of demand measures the responsiveness of quantity demanded with respect to change in pric...
Q: Consider the economy of Prometheus represented by the following informati Marginal Propensity to Con...
A: Given Marginal propensity to consume =0.5 Net tax rate =0.1 Autonomous investment =200
Q: Humanity is faced with a tough choice, work or leisure. Within the theory of consumer behaviour, app...
A: Consumer optimization occurs where the budget line is tangent to the indifference curve. The indiffe...
Q: Consider the following simple model of the Mile End Park Beautification Initiative (from the lecture...
A: The Nash equilibrium is a dynamic hypothesis inside game hypothesis that expresses a player can acco...
Q: Please answer in paragraphs. Rate will be given! Give an example of an Elastic product, what makes ...
A: Elasticity is an important concept used in business to determine the extend to which the quantity de...
Q: according to wray, why must the government spend before it collects taxes? Do taxes ans bonds financ...
A: Bonds is the instrument that is used for lending purpose. It is inversely related to the price of th...
Q: What can you say about Tax incidence in the Philippines, who carries the burden more? Give examples ...
A: Tax incidence is an economic term for the distribution of tax burden between producers and sellers. ...
Q: Which of the following is NOT TRUE about bond valuation? * a. Bonds can sell either for a discount ...
A: The answer is - d. None of the choices.
Q: 1) Under which of the following scenarios would an expansionary fiscal policy be more effective? Gr...
A: In an economy, expansionary fiscal policy refers to the situation when government tries to increase ...
Q: What can you say about Tax incidence in our country, who carries the burden more? Give examples and ...
A: Taxes are unintended fees placed on individuals or companies and levied by a government agency – reg...
Q: Question 2 What do the findings of the World Economic Forum study show? O Reducing gender inequality...
A: The forum that engages business, political, and other social leaders for shaping regional, global, a...
Q: Consider the economy of Prometheus represented by the following information: Marginal Propensity to ...
A: As we know that Income is equal to total demand of goods and service in the economy when it is in eq...
Q: The US demand curve for transporting freight by truck is Q° = 580B – 60B ´ P, where B denotes billio...
A: Given that the demand curve for transporting freight by truck is QD=580B-60B P .... (1) Whe...
Q: what do you think about NFTs in the market, is there and need for them? And what are some concerns r...
A: Non-fungible token(NFT): The item can be considered as non-fungible when the particular item cannot ...
Q: In its 2021 Budget, the Canadian federal government estimated that for the fiscal year 2021-22, its ...
A: In the fiscal year 2021-22 canadian deficit would be less than half of what it was in the fiscal yea...
Q: 33) In a competitive market that is characterized by free entry and exit, what will be the result? ...
A: The market where there tend to exist many producers that tend to compete in order to provide consume...
Q: Which of the following is NOT TRUE about bond valuation? * a. Bonds can sell either for a discount ...
A: A bond is a fixed-income security that represents an investor's debt to a borrower (typically corpor...
Q: Superiority of Robbins' Definition of economics is rightly called the "Superiority of Robbins' Defin...
A: Economics is this same social science that studies how products and services are produced, distribut...
Q: The table below indicates the current valuos of various money accounts. All figures are denominated ...
A: Given: Currency outside banks=$357 Travelers cheques=$30
Q: The competitive firm's long-run supply curve is that portion of the marginal cost curve that lies ab...
A: A perfectly competitive firm's short-run supply curve is that portion of the marginal cost curve tha...
Q: Consider the Nash Bargaining game. There are 2 players who have to decide how to split one dollar. T...
A: The Nash equilibrium is the point at which both participants' dominant strategies are in balance and...
Q: plicies to lower the natural rate of nemployment include mandated prison sentences for drug dealers....
A: Natural rate of unemployment includes the structural and frictional unemployment. There are sufficie...
Q: Suppose that virtually everyone in the United States decides to take life a little easier, and the l...
A: Below is the given information: The fall in average workweek = 25%
Q: (2) Consider the utility function u(z,y) := ry for all nonnegative z and y. Given the budget constra...
A: Utility function : U = x1/3y2/3 Budget Constraint : px*x + py*y = m Optimal consumption point is ac...
Q: 3. Compute Nominal GPD, Real GDP, and GDP Deflator using the data below Compute the % change in Nomi...
A: Nominal GDP is current year GDP. Real GDP is constant year GDP.
Q: A firm’s average cost (AC) per unit of output depends on the number of hours of skilled labor (S) an...
A: The average cost curve is the Total Cost curve divided by quantity. The average cost curve is U-shap...
Q: 1. The movement from point A to point B on the graph is caused by a. an increase in price. b. ...
A: Demand is made of different combinations of price and quantity demanded.
Q: When an optimistic approach to concurrency control is applied, it is common for transactions to take...
A: Concurrency control Concurrency control is the practice of coordinating transactions that are being ...
Q: Two mutually exclusive investment alternatives are being considered by an automotive engineering man...
A: Given information Alternative A Initial cost=13000 Mean annual operating cost and maintenance cost=5...
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The state of Colorado requires oil and gas companies who use fracking techniques to retune the land to its original condition after the oil and gas extractions. Table 12.9 shows the total cost and total benefits (in dollars) of this policy. Calculate the marginal cost and the marginal benefit at each quantity (acre) of land restored. See Production. Costs and Industry Structure if you need a refresher on how to calculate marginal costs and benefits. If we apply marginal analysis, what is the optimal amount of land to be restored?HighFlyer Airlines wants to build new airplanes with greatly increased cabin space. This will allow HighFlyer Airlines to give passengers more comfort and sell more tickets at a higher price. However, redesigning the cabin means rethinking many other elements of the airplane as well, like engine and luggage placement, and the most efficient shape of the plane for moving through the air. HighFlyer Airlines has developed a list of possible methods to increase cabin space, along with estimates of how these approaches would affect the planes operating costs and ticket sales. Based on these estimates, Table 13.5 shows the value of R, how much should the firm invest in R on top of the private return; that is, an R private return to HighFlyer Airlines would have a 9 social return. How much investment is socially optimal at the 6 interest rate?In what ways (it) company investments in research and development create positive externalities?
- What are diminishing marginal returns?What is productive efficiency? Allocative efficiency?86) An economy unit of agricutural output raquires 0.L'unit of ag ristural input and agriultural industy and a teatile industry. Each has 9n 0.1 unit of textiles inputs. Each unit of textiles output requires o.1 unit of agricul tural imput and 0:2 unlt of textiles input. a Write the technoligy matrix for this b) If surpluses of S units of agrlualhural products and15 units of texti le s ave desired, final the gois poluchion of each industry econdny. .
- In the given choices, is a contraint of resource/s? * O a. Pollution control laws O b. Inadequate demand c. Excessive production costs d. Inadequate financial capitalThe total cost of Mr. Plow, a snow-removal business, is given in the table below. Quantity adriveways cleared) Abbreviation Formula: Total Revenue TR Total Cost TC $0 $25 20 30 40 50 60 70 80 34 41 46 49 51 54 60 70 95 145 10 100 What is the total profit of cleaning five driveways if the price Mr. Plow can charge is $10 per driveway? s 01/21 VIEW sOLUTION O OF 21QUESTIONS COMPLETED 28 MacBook Pro 59Atlantis produces only coral beads and exotic shells. The table shows the marginal benefit and marginal cost schedules for exotic shells. If Atlantis produces 43 exotic shells, the marginal benefit from exotic shells To achieve allocative efficiency, Atlantis must O A. is less than; increase OB. exceeds; increase O C. is less than; decrease O D. exceeds; decrease the marginal cost of exotic shells. the quantity of exotic shells produced. 1 Exotic shells (per month) 39 40 1 42 43 4 41 44 Marginal benefit (beads per shell) 11 9 7 5 Marginal cost 4 1 1 2 3 5 17 29
- 1. Caribbean economies tend to rely heavily on the Tourism sector, offering Sun, Sea andSand as the “tourism product” for which tourists purchase hotel accommodationsto enjoy. Hoteliers offer these services and are therefore major “suppliers” in thismarket.In 2017 however, several natural disasters affected the Caribbean, resulting ineconomic, environmental and human losses. In order to analyze the impact ofthese Natural Disasters on the hotel industry, answer the following questions. a. With the use of an appropriate demand and supply diagram for hotel rooms(accommodation), illustrate and explain how the news of an impending Tropical Stormto the Caribbean region would affect the market price (hotel rates) and quantity tradedof hotel rooms.b. Following the destruction of hotel infrastructure from the passage of the Hurricanes, usean appropriate demand and supply diagram for hotel rooms (accommodations) toillustrate and explain the impact of the Hurricanes on the market price and…The table below represents the combinations of beet and corn produced on å tract of lahd o given size and fertility Corn (bushels) Beef (kg) 10000 8000 900 6000 1200 4000 1400 2000 1475 1500 Which of the following combination represents unattainable production levels with the current tract of land? Select one: O a. 8000 bushels of corn and 500 kg of beef O b. 6000 bushels of corn and 1300 kg of beef O c. Both 8000 bushels of corn and 1200 kg of beef and 6000 bushels of corn and 1300 kg of beef d. 200 bushels of corn and 1475 kg of beef e. 8000 bushels of corn and 1200 kg of beef25. Suppose that there is a large farm and a large recreation firm located on a river. The farm is upstream of the recreational area. The farm uses the streamflow for irrigation. Let S be the amount of streamflow used by the farm and suppose its marginal benefit for irrigation is given by MB-5000-15S. Use of streamflow by the farm is costly to the recreational firm, though, because of lost opportunities for boating, fishing, and camping. Suppose this marginal cost is given by MC=5s. (a) Draw a sketch of the MB and MC curves for use of S by the farm. On your graph, show the efficient level of S by the farm. Solve for this amount from the equations. (b) If unregulated, the farm uses streamflow at a price of zero. Show on your graph what S this corresponds to. Solve for it from the equations. (c) If the government sets a tax price on streamflow, what tax price per unit of S will result in the farm using the efficient level of streamflow? Show on your graph and find with the equations. (d)…