Q: s' surplus. Label it FS. kers' surplus. Label it WS. adweight loss. Label it DWL. potential loss…
A: When products are oversupplied, then there is an economic loss. For instance, a baker may make 100…
Q: Electricity has a negative production externality because O A. the marginal private cost of…
A: Negative production externality is cost of production which is borne by the third party. These…
Q: What is a Entrepreneur?
A: An entrepreneur can be understood as an individual who is responsible to start the business by…
Q: Using an appropriate diagram, show the deadweight loss following the introduction of a tax on a…
A: Dear student, you have asked multiple questions in a single post. In such a case, I will be…
Q: 24- 20- Price and cost (cents per kilowatt) 16- 12- 8- S=MC Q
A: Marginal cost alludes to the increment or diminishing in the cost of producing another unit or…
Q: Which of the following is NOT the revenue collected by the central government? a. Population grant…
A: In an economy, Central government makes its budget to determine the expected revenue and expenditure…
Q: 18 points) Suppose you have $30 and you are going to rent some movies and buy some sodas. Suppose…
A: Two goods - movies (M) and sodas (S) Total income = $30 Cost of movie = $6 Cost of soda = $1…
Q: Consider an EOY geometric sequence of cash flows in which the first payment made was P2,000. This is…
A: Given First-year payment A1=P2000 Each year, the payment is increased by 20% number of year =5…
Q: Choose the best statement. ... A. Producer surplus equals the total revenue from selling the good.…
A: At the marketplace, producer surplus refers to the addition gain to producers when they sell a…
Q: With specific reference to the current Russian-Ukrainian war, Discuss both the positive and the…
A: International Trading Global trade is the sale of goods and services among both nations. Global…
Q: Let the market supply (representing the marginal private cost) have the form: P(Q) = 1 + 3Q, and the…
A: Given Private marginal cost or market supply curve equation: P(Q)=1+3Q .... (1) Inverse…
Q: Consider the small open economy of Albania that is currently running a trade deficit a world real…
A:
Q: The graph shows the demand curve for coal. The government imposes a tax on coal and the buyer pays…
A: The given graph in the question shows the demand curve of coal which is represented by "D" and the…
Q: What is the level of aggregate expen level of income? Graph the aggregate expenditures function.
A: Aggregate expenditure is the sum of consumption, investment, government spending, and net exports.…
Q: $30 a week boost to minimum wage The government has increased the minimum wage by $30 a week to $570…
A: The minimum wage is the amount of minimum remuneration that an employer has to pay its employee.…
Q: The government introduces a productic || from the production quota. from the production quota. OA.…
A: The demand curve depicts the quantity demanded at each price level, keeping other factors of demand…
Q: my brother and I go out to dinner. There are two items on the menu – hamburgers ($7.5) and steak…
A: Nash equilibrium is such an outcome in which neither of the players have any incentive to change…
Q: Money serves three functions in the economy: medium of exchange, unit of account, and store of…
A:
Q: 2. Consider the following two mutually exclusive alternatives: Cost, $ Uniform annual benefit, S…
A: Cash flow is the amount of cash that comes in and goes out of a company. Businesses take in money…
Q: A tobacco company has a cost and revenue function as follows: CT = Q +9; 1= -Q2 +15Q - 31. Determine…
A: Given information: A tobacco company has a cost and revenue function as follows: CT = Q+9…
Q: Which of the following policies would likely increase productivity all else the same? A increasing…
A: At the marketplace, productivity refers to the total amount of goods and services produced with the…
Q: 33. Which of the following is a function of money? a. a unit of account b. medium of exchange c. a…
A: Any verifiable record or an item that is accepted as mode of payment or transactions for goods or…
Q: Solve the problem. 28) A kitchen remodeling company determines that the marginal cost, in dollars…
A: Given, C'(x) = 7x-13C(x) = 7x-13dx Cost of installing d x feet.
Q: The graph illustrates the market for Internet service Draw a point to indicate the market price of a…
A: Gathering taxes is a crucial way for nations to create public revenues that make it conceivable to…
Q: E3
A: Governing authorities in many economies play an essential role in the development process, which…
Q: a) If Firm 1 chooses q₁ = 12. what quantity will Firm 2 choose? b) If Firm 1 chooses q₁ = 100, what…
A:
Q: The table shows the demand and supply schedules for hay before and during a major drought. During…
A: Price Demand before drought Supply Demand during drought 0 40 0 70 1 35 5 65 2 30 10 60…
Q: Suppose that the government int sets it at 2,250 pounds per week. What are the market price of stra…
A: Production quota sets at 2250 pounds per week At this quota, quantity supplied is equal to quantity…
Q: Suppose the economy reaches equilibrium GDP at $1,250,000 while potential GDP is at $1,500,000.…
A:
Q: The interest rate is 5%. An asset pays $250 in each of the next four years. The asset is currently…
A: Given, An asset pays $ 250 in each of the next four years. Total Asset Payment at the end of 4…
Q: 9. The level of prices and the value of money Suppose the price level reflects the number of dollars…
A: Given Price of basket in year = $9.00 Price of the basket in year 2=$8.00 When price level…
Q: Analyze the impact of a change in demand or a change in supply or both (or it may not necessarily…
A: Demand and Supply Demand refers to the quantities of a commodity that the consumers are ready to…
Q: 1. When an auto insurance company is screening, it is A. attempting to keep its private…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: 1. The market price for this good is $3. This represents the firm's marginal revenue. 2. The table…
A: Qunatity(Q) Total revenue(TR)=PQ Marginal revenue(MR)=P Total cost(TC) Average cost(AC)=TC/Q…
Q: Use the following table for questions 7-10 Carving knives Home users Professional Chefs No-name…
A: Here, the given table shows the price of two products for two different types of chefs that the…
Q: The El Dorado Star is the only newspaper in El Dorado, New Mexico. Certainly, the Star competes with…
A: The total profit is how much cash you have left over after you figure out all of your costs of…
Q: (...) If the college puts a rent ceiling on rooms of $650 a month, rent is $ number of rooms rented…
A: Price ceiling and price control are the forms of price control imposed by the government. Rent…
Q: If revenues are greater than total variable costs of production but less than total costs, breaks…
A: As the two questions are different so answer is provided to the first question. "Firms/Businesses…
Q: A travel company has hired a management consulting company to analyze demand in 26 regional markets…
A: Please find the answer below. QUANTITY DEMANDED: Quantity demanded is a term used in economics to…
Q: 3. Consider two countries, A and C. At the beginning of the year, the CPI of Country A was 100,…
A: Foreign Exchange Exchanging currencies between nations at market rates is referred to as the…
Q: if total revenue function is given as; TR=(q2-8q+7)4 find the marginal revenue if the demand…
A: Total Revenue is the Price times quantity or = P*Q. The Marginal Revenue is calculated by the…
Q: P B 24. Which of the following is a regressive tax? A Property tax. B. Federal Income tax. C. State…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Explain why optimal profits should occur when marginal cost equals marginal revenue.
A: The increased cost of producing one extra item is reflected in the margin cost. As a result, it…
Q: Question 4: Consider the following production function: Q = (3L + K) ¹/4 1. What is the Marginal…
A:
Q: For a supermarket, would the overtime paid to the store's manager be classified as a fixed cost?…
A: Fixed costs are costs that do not change when sales or production volumes increase or decrease. This…
Q: Create a graph that shows the cost curves and profit maximizing output level for a perfectly…
A: A perfectly competitive firm is characterized by five factors: infinite number of buyers and…
Q: List 5 distinct examples of public goods.
A: Public goods has properties of non excludable and non rival. Non excludable means goods could be…
Q: How many workers are employed? Total population Working age population, non-institutionalised, non-…
A: Given: Total Population = 60 million Working Age Population = 40 million Unemployed people = 1.5…
Q: using classical production function explain the stages of production of a firm and advise on the…
A: The process that is known to minimize the amount of waste and helps in bringing the product in a…
Q: Suppose the demand function for a firm's specific product is given by Q=140-0.4P, +2P, +1.5P,…
A: Price elasticity of demand measures the responsiveness in quantity demanded of a commodity to a…
Justifyyy
Step by step
Solved in 2 steps
- Name a way that your family interacts in the marketsfor the factors of production and a way that itinteracts in the markets for goods and servicesCould a nation be producing in a way that is allocatively efficient, but productively inefficient?A worker in country A can produce either 5 computers or 45 tons of rice, while a worker in country B canproduce either 7 computers or 42 tons of rice. a. Graph the production possibilities curve for each country. On which point of the curve would eachcountry produce if the workers spent half of their time producing each good? b. Which country has absolute advantage? Which country has comparative advantage? In theproduction of rise Country A absolute advantage c. If there was trade, which country would specialize in the production of rice? d. At what price of computers would the countries agree to trade?
- The United States exports corn and aircraft tothe rest of the world, and it imports oil andclothing from the rest of the world. Do youthink this pattern of trade is consistent with theprinciple of comparative advantage? Why orwhy not?6.On a production possibilities frontier, produ ction is efficient if the production point is Gaseballs 200 150 MENL202 ABDAL AYMENL20211 B 100 ABDAL ANA DALLAH AENL20211 AYMENL20211 50 GANA ABDALLAH AYMENL20211 GANA ABDALLAH 100 200 ALLAH Figure 2-6 300 400 Bananas ALLAH AYMENL20211 CANA AYMENL20211 ABDALLAH GANA AYMENL20211 GANA ABDALLAH AYMENL20211 ABDALLAH AYMENL20211 A inside the frontier. on or inside the frontier. C outside the frontier. D on the frontier. ANA DALLAH GANA RDALLAH GANA BDALLAH GANA RDALLAH GANA ADALLAHd Vew Htory Bools OPFRO TOR PM 3. Using the data in the accompanying table, answer the fol- lowing questions: Canoda Italy Points on Production Possibilities Frontier Good X Good Y Good X Good Y A. 150 100 25 60 50 50 120 75 180 a. For which good does Canada have a comparative advantage? b. For which good does Italy have a comparative advantage? c. What might be a set of favorable terms of trade for the two countries? d. Prove that both countries would be better off in the specialization- trade case than in the no-specialization-no-trade case. of two Natons. shift Good XGon OPP cost 0888 888
- Dissuss how the government can develop tourism in poor rural areas to disperse benefits and reduce povertyConsider two neighboring island countries called Contente and Euphoria. They each have 4 million labor hours available per month that they can use to produce corn, jeans, or a combination of both. The following table shows the amount of corn or jeans that can be produced using 1 hour of labor. ols Corn Jeans Country (Bushels per hour of labor) (Pairs per hour of labor) Contente 16 A-Z Euphoria 20 Initially, suppose Contente uses 1 million hours of labor per month to produce corn and 3 million hours per month to produce jeans, while Euphoria uses 3 million hours of labor per month to produce corn and 1 million hours per month to produce jeans. Consequently, Contente produces million bushels of corn and 48 million pairs of jeans, and Euphoria produces 15 million bushels of corn and 20 million pairs of jeans. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of corn and jeans it produces. ▼…Completed 57 out of 60 Submit All Question 1 of 60 When countries specialize in producing a particular product and trade products they don't produce, it will generally lead to a worse outcome than if every country produces all the products as best they can. True O False Activate Windows Ge to Setting OwS to te Wdow
- Are the following staten1ents true or false? Explain ineach case.a. "1wo countries can achicv" gains from trade evenif one of the countries has an absolute advantagein the production of all goods."b. "Certain talented people have a comparativead\'antage in """'}'thing they do."c. "If a certain trade is good for one person, it can'tbe good for the other one.''d . ''If a certain trade is good for one person, it isalways good for the other one."e. "If trade is good for a country, it mLtSt be goodfor everyone in th" country."12. In an hour, Sue can produce 40 caps or 4 jackets and Tessa can produce 80 caps or 4 jackets. a. Calculate Sue's opportunity cost of producing a cap. b. Calculate Tessa's opportunity cost of produc- ing a cap. c. Who has a comparative advantage in produc- ing caps? d. If Sue and Tessa specialize in producing the good in which each of them has a compara- tive advantage, and they trade 1 jacket for 15 caps, who gains from the specialization and trade?scenario Production Advantage and Opportunity CostsAssume there are two countries, the United States and France, and two goods, automobiles andcomputers.The table presented below shows the number of automobiles and computers that the United States andFrance can produce with the same amount of resources.United States FranceAutomobiles 120 100Computers 60 55Source: Pearson Education Inc. 1.1 Which country has an absolute advantage in computer production? Motivate your answer.1.2 Which country has a comparative advantage in the production of automobiles? Motivateyour answer. 1.3 Assume these countries trade with one another under the conditions of free trade. Whichcountry will specialise in the production of automobiles? Motivate your answer. 1.4 If free trade exists between the United States and France, what are the highest and lowestlevels for the price of an automobile (expressed in terms of computers)? Motivate youranswer by stating which level favours the United States and France.
