Q: If consumption is C=100+0.75Yd Taxes is T=50+0.5Y Export is X=200 Import is M=50+0.25Y Government sp...
A: Export is the selling the commodities in the foreign market manufactured within the country’s border...
Q: Is economics one of the most important thing in the world? Why
A: Economics is the social aspect that deals with the interaction between people to make exchange of us...
Q: Consider the following Ricardian model with 2 countries and 2 goods. The table below provides inform...
A: 1) Since, the opportunity cost of 1 unit of juice is less in China and the opportunity cost of 1 uni...
Q: Why do economists use models? to learn how the economy works to attract the attention of government ...
A: Answer: Correct option: A (to learn how the economy works) Explanation: Models help in telling the i...
Q: Consider the market for accidental life insurance where firms are perfectly competitive (earn zero p...
A: Answer- "Thank you for submitting the question.But, we are authorized to solve 3 sub parts only.For,...
Q: Consider an economy with multiple banks. The dollar value of the required reserves is $144 billion. ...
A: Money multiplier: - it is the ratio that shows the maximum amount of money that can be created with ...
Q: ) Given the following simple Keynesian Model: Y = C + I + G + X-M, where Consumption schedule is giv...
A: 1. Y = C + I + G + X-M Y = 100+0.75Y+50+100+20 Y = 270+0.75Y 0.25Y = 270 Y = 1080 Equilibrium level...
Q: How has passenger travel been affected in Oman?
A: Oman is considered to be a popular destination for Indian Tourists as it boasts stunning nature and ...
Q: Using the concept of substitutes and complements, explain with the help of a diagram how legalising ...
A: Cannabis (Commonly named marijuana) is considered to be a good which is a substitute to alcohol as t...
Q:  Time remaining: 01 :53 :32 Economics A dealer decides to sell an antique automobile by means o...
A: Expected Revenue = 1/3 x (7200 + 3600) - 900 = 3600 - 900 = 2500 Therefore, the expected revenue is ...
Q: Discuss in detail the short and long run laws of production.
A: In the law of production, economists are worried about how input factor sources are changed over int...
Q: A firm’s total cost C is given by the function: C = 4X2 Where X is the level of output and C is the ...
A: a. Total Cost (TC) of Firm = 4x2 Thus,Marginal Cost of Firm (MC) = Price of 1 Unit = 64 Total Reven...
Q: The nominal exchange rate is defined as the price of domestic currency in terms of foreign currency ...
A: The nominal exchange rate is the amount of domestic currency which is needed to purchase foreign cur...
Q:  Time remaining: 01 :51 :45 Economics A dealer decides to sell an antique automobile by means o...
A: Since, the reservation price of the dealer is $900, therefore, he will only accept bids above the am...
Q: An engineering project analyst is contemplating a 3 year project which will require an initial inves...
A: Given: Initial investment on a project is = $85,000 Project life = 3years Annual revenue from projec...
Q: Consider the two period Repeated Prisoner's Dilemma Game where each player is interested in the SUM ...
A: 1. Strategies in the two-period game:Player 1:1. Confess Confess2. Confess Not Confess 3. Not Confes...
Q: The market for commodity Z was at equilibrim before tax at price Ksh. 50 per unit sold and the quant...
A: Equilibrium Quantity = 5000 units Equilbrium price after tax = 0.50 Equilbrium price after tax = 0.7...
Q: AD -C+I+G+ NX I - 500 - 20i M - 400 C - 200 + (4/5)YD G - 200 P -1 YD - Y-TA NX -0 ma -(1/4)Y + 200 ...
A: Note : Due to multiple sub-parts,the first three sub-parts have been answered. a. For IS equation:
Q: As Uber fares rise (for instance, during surge pricing), the number of drivers willing to work also ...
A: The fluctuations that happen between demand and also the supply-side decides the conditions of price...
Q: A dealer decides to sell an antique automobile by means of an English auction with a reservation pri...
A: The dealer will only accept the bids from bidder, which are greater than his reservation price of $9...
Q: Can you please answer Graph B. Thank you!
A: The entire quantity of products created and delivered in the economy in a particular period is known...
Q: 4. There is no demand for a certain make of one-time use camera when the unit price is $ 12. However...
A: Since the demand and supply function are linear, and we are given 2 points each on the demand and su...
Q: A firm faces a demand function (where q=quantity demanded and p=price): q = 200 – 2p and a total cos...
A: Answer: Given, Demand function: q=200-2p Or, 2p=200-q p=100-0.5q Total cost function: Break-even po...
Q: Discuss the differences between capitalist and command economy.
A: Economy: It refers to the system of organizing money, industry, and trade of a country or region.
Q: 2.2(a)How Permanent income hypothesis and life cycle hypothesis explain the differences between the ...
A: Since you have asked multiple questions, we will solve the first question for you. If you want any s...
Q: Frances's opportunity cost of brewing a gallon of root beer is and Latasha's opportunity cost of bre...
A: Frances opportunity cost of brewing of root beer is 0.5 hours to make a pizza Explain - 4 hours to...
Q: Recently, the National Franchise Association (NFA) filed a lawsuit against Burger King Corporation (...
A: 1. The relevant costs are : Material Sourcing Costs : If franchise is a products-based company, then...
Q: (1) Define import quota with example and graph. (2) What is the impact of price difference between l...
A: As you have not mentioned the exact question to answer as per our policy I am answering first questi...
Q: Which of the following interpretations of an unfavourable fixed overhead volume variance is correct?...
A: An unfavorable fixed overhead volume variance occurs when the fixed overhead applied to good units p...
Q: Assume that you are in the business of providing medical insurance. You have analyzed the market car...
A: The table shows various costs : Insurance policies are provided at $6000.Beyond this price,it would ...
Q: Suppose there are two firms (F1 and F2) producing identical product competing for market share and e...
A: When no one firm will have an advantage by deviating on its own (unilaterally), the situation of the...
Q: C. If Oman allowing an export subsidy to our vegetable exporters to UAE, Diagrammatically explain it...
A: Export subsidy is a government policy for encouraging the export of goods and in turn discouraging o...
Q: Describe an important difference in the way an economist and a businessperson might view a monopoly.
A: The economist has a viewpoint that will concern about the overall economy and their suggestions reco...
Q: Do you support moving towards a free economy to alleviate the severity of the crisis? (free vs plann...
A: A free market economy is a type of economy that encourages the production and distribution of goods ...
Q: that your firm markets. The campaign generates 28 million impressions, with a click rate of 0.038% a...
A: Total number of impressions = 28 million Click rate = 0.038% Conversion rate = 1.74% Number of produ...
Q: When managing time, consumers should consider time as if it were: (a) money or a scare resource (b) ...
A: Having a resource that is scarce, including money and also time, is something that will be of benefi...
Q: in picture
A: John has Utility function; U(x1,x2)= (x1+2x2, 2x1+x2) He has 90₺ Price of beef= 10₺ per unit Price o...
Q: How do we link the concept of globalization with the economic effects resulting from the decline in ...
A: The exposure of an economy with the rest of the world is referred to as globalization. Globalization...
Q: In order to evaluate the relative advantages of taxes or emissions standards in the face of asymmetr...
A: The following problem has been solved as follows:
Q: The late 1970s were an extremely difficult time economically in the United States. Research an artic...
A: In late 1970s Vietnam wa had just got over. US Had spent huge money on this war. Also the new proble...
Q: 4. As a producer, how would you use the information about elasticity to maximize your revenue?Explai...
A: Review that elasticity estimates responsiveness of one variable to changes in another variable. In t...
Q: 3(a) According to Adam Smith, discuss what brings about the differences in one’s ability to sympathi...
A: Hello. Since you have posted multiple parts of the question and not specified which part of the qu...
Q: In a specified year, nominal gross domestic product grew by 12 percent and real gross domestic produ...
A: Nominal GDP growth rate= Real GDP growth rate+ Inflation rate Here; Nominal GDP growth rate = 12% R...
Q: Wheat Wheat 10 Corn Corn Refer to Figure 3-1. Assume that Cliff and Paul were both producing wheat a...
A: Given: Paul: Wheat - 8, Corn - 10, Therefore, wheat/corn = 8/10 = 0.8 Cliff: Wheat - 6, Corn - 4, Th...
Q: Please answer the following questions on the basis of the monopolist's situation illustrated in the ...
A: The point where MR=MC, is where monopolists will operate.
Q: The exchange rate between the United States dollar and the Japanese yen is determined in a flexible ...
A: A. Expansionary fiscal policy is considered to be most appropriate while an economy is facing a rece...
Q: Without trade, the price of a pair of white socks (in terms of red socks) in Boston is of red socks,...
A: In Boston, 5 pairs of red stocks = 2 pairs of white socks 1 pair of white shocks = 5/2 = 2.5 pair...
Q: If consumption is C=100+0.75Yd Taxes is T=50+0.5Y Export is X=200 Import is M=50+0.25Y Government sp...
A: Export is the selling the commodities in the foreign market manufactured within the country’s border...
Q: The figure below shows data points for real GDP growth and the change in the unemployment rate for 2...
A: In an economy, economic growth depends upon various economic elements such as inflation, money suppl...
Q: Suppose the government imposes a $10 per unit tax on a good (see diagram below) causing buyers to pa...
A: When the tax is imposed by the government it will be paid by both consumer and producer consumers wh...
We discussed different possible interpretations of a labor theory of value: the labor embodied theory of value and the labor command theory of value being two of them.
(a) Explain briefly these two interpretations.
(b) Which seems closer to Adam Smith’s view?
(c) Which seems closer to Ricardo’s?
(d) Which seems closer to Marx’s?
(e) Which seems closer to the modern view?
d-e
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Which of the following is the main difference on the basis of assumption between Ricardo and Haberler’s theory? Select one: a. Perfect Competition b. Labour value theory c. Two commodities d. Transportation Costs e. Two nationsConsider the early 1970s when an oil price shock roiled the U.S. economy, including the labor market. Consider an automotive company that has been negatively impacted by the sudden increase in oil, and the lasting impact it had on automobile demand. (a) How might this shock impact the demand and supply for labor in the automobile company? Illustrate the labor demand and supply curve for the effect of an oil price shocks on automobile demand. Clearly label the curve, including axis. (b) Assume that employees at the automobile company are unionized. Explain how this would change wages and labor demand? Illustrate this effect of unionized work on the labor demand and supply curve, still assuming the oil price shock.analyze two (2) other major contributionsof Ricardo to the development of economic thought.
- Answer both parts. (a) For any given job, how do the economy-wide labour market conditions affect a worker's bargaining power? Explain which labour market variable you would look at to assess labour market conditions. (b) Suppose that for given labour market conditions, worker bargaining power throughout the economy increases. Discuss, using diagrams, what effect this would have on the real wage and levels of unemployment and output in the short run and in the medium run.Create a strong argument to the following prompt. Explain how the labor theory of value developed and changed from Smith, Ricardo, and Marx. Begin by establishing the significance of the labor theory and explain for each thinker individually.The Black Death: (a) Wages were higher after the Black Death because of diminishing returns. Our production model exhibits diminishing returns to labor: each additional unit of labor increases output by less and less. So if the amount of labor is reduced, the marginal product of labor — and hence the wage — increases. The reason is that capital stays the same: each remaining worker is able to work with more machines, so his productivity rises. In fourteenth-century Europe, the marginal workers could move to better land and discard old broken-down tools. Graphically, this can be seen by considering the supply-and-demand diagram for labor in Figure 4.2(b). If the supply of labor shifts back (because a large number of workers die), the equilibrium wage rate increases. Draw this graph — including the shift in the labor supply curve — to see the result for yourself. Mathematically, the result can be seen in the solution for the wage rate in our production model,…
- How does Hunt respond to the criticism directed against Marx in his argument on the " increasing misery" of workersBased on the criteria used by the Bureau of Labor Statistics (BLS), identify each person's status as employed, unemployed, "not in the labor force" (if not in the civilian labor force but still part of the adult population), or "not in the adult population" if not in the civilian adult population. Person Raphael is a 75-year-old professor. He teaches only one or two courses a year, but still publishes research at a productive rate. Susan is a 26-year-old recent college graduate . She did not work for pay last week, but she had two job interviews. Alex is a 39-year-old graphic designer who is taking 2 years off from work to care for his young child. Eileen is a 31-year-old science teacher who taught at River Rock Middle School last year. Due to budget cuts, she was laid off at the end of the school year. It's the summer now, and after a few weeks of vacation with her family, she is looking for a part-time job as a tutor. Clancy is a 20-year-old American Studies major at the University…Part 1: True/False/Explain. For each question, follow these steps. First, define or explain precisely any terms or concepts that are underlined, with a focus on the particular context in which they are being used. Second, state whether the statement is true or false, and explain why. Include diagrams or examples as part of your example, if appropriate. Concise answers are preferred over wordy ones. Lewis model. a. Draw the marginal value product of labor curve in the traditional sector (call this scenario A). Clearly label the curve and the axes of the graph. Include a dotted line for the subsistence level wage. b. Suppose a new labor-saving agricultural technology is introduced (call this scenario B). What would the MVPL curve look like now? Clearly label it on your graph. Describe in words why the graph has changed. c. Draw the graph for the modern sector, and draw one MVPL curve for the modern sector (e.g. assuming one fixed level of capital). d. Draw two labor supply (LS) curves on…
- QUESTION ONEa) When do individual(s) belong to a labour force of a country? Does the size of the labour force say something about the intensity of work in the labour market? Explain.b) Use the knowledge of economics to discuss factors to analyse factors that affect people’s’ decision to work.c) When is the firm operating in the short run and when does it operate in the long run? d) Discuss the factor(s) that determine how many workers the firm wishes to hire in the long run.e) In words, explain the difference between real and nominal wages.f) Suppose a firm purchases labour in a competitive labour market and sells its product in a competitive product market. The firm’s elasticity of demand for labour is 0.4. Suppose further that the wage increases by 5 percent. What will happen to the amount of labour hired by the firm?Figure 2 represents the Texas labor market. In this simplified model, labor and capital are the only factors of production. The initial supply of labor is denoted by S0 and consists entirely of U.S. workers. The demand for labor is denoted by D. Quantity of workers are in thousands and the wage rate is for a 40-hour workweek. (a) At labor market equilibrium, what is total weekly labor income? (b) At labor market equilibrium, what is the weekly income earned by U.S. capital owners? (Note: the capital owners are on the demand side – the demand curve reflects their demand for labor -- so the consumer surplus is the capital owner’s income.) Mexican labor migration yields a new labor supply curve, S1, which is the combination of domestic labor supply and Mexican labor. Given this: (c) What is total weekly labor income?(d) What is the weekly income earned by U.S. capital owners?a5. Classify the following topics as relating to microeconomics or macroeconomics: I A workers decision about how many hours to work - The effect of government spending on the nations of unemployment rate I The impact of new technology in the market for DVD recoders - The relationship between education and economic growth • The optimal choice of a firm on how many workers to employ Q11. Please choose one the website in Malaysia (BNM, EPU, DOSM) and check the current issues that being discussed at there. ????l want the answer & explanation why the answer like that.