Solve step by step in digital format If the slope of the total income curve is given by 12-13q and if p=6 when q=4. Find: a) The function of total income as a function of q. b) The equation of the inverse demand curve.
Q: Suppose the economy is currently in short-run equilibrium at an output below potential level of outp...
A: A short run competitive equilibrium occurs when the pricing is such that the total quantity the firm...
Q: Question 4 A profit-maximizing monopolist finds that if it remains open, the best output is 50 a wee...
A: A monopolist is a market participant who is the only seller of a specfiic good or service and has a ...
Q: Given that the revenue function, R (x) = 26x - 2x and the cost function, C(x) = 6x + 20. Find %3D (i...
A: The formula for profit is Profit = Total Revenue - Total Costs
Q: Susan has the option to purchase eyeglasses, E, $3 each, and orange juice,O, $1 each. Her income is ...
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...
Q: what excactly is a fixed exchange rate and give an example of a country that has a fixed exchange ra...
A: "The rate at which one country's money is exchanged for another country's currency is known as the e...
Q: The UK recently voted to leave the EU, often referred to as Brexit. Suppose the domestic market for ...
A: A country becomes an importer if the world price is less than domestic equilibrium price because at ...
Q: Refer to the accompanying figure. If the market for doughnuts is perfectly competitive, and the pric...
A: Here, the given graph shows the marginal cost and average cost of producing doughnuts by the firm in...
Q: Information for questions 21 and 22: A worker in a firm can choose one of two effort levels, e € {1,...
A: Worker can be of two types based on his efforts : e = 1 , e = 2 Utility of worker : U = 2w - e2 No...
Q: Which of the following statements correctly describe discouraged workers? (If none of the choices ap...
A: A discouraged worker is not part of labor force because the individual is not actively looking f...
Q: Cash flows related to three mutually exclusive capital equipment projects are given in table below. ...
A: Given information MARR=10%
Q: 27. A firm earns economic profit when total profit exceeds
A: To find : When do firm earn profit.
Q: 7. A firm encounters its 'shutdown point' when
A: To find : When do firm encounter it's shutdown point.
Q: Suppose the MPC is 0.85. If government purchases increase by $10 billion and net taxes fall by $10 b...
A: MPC = 0.85 --------------------- Government spending multiplier = 1 / (1-MPC) => Government spend...
Q: A profit-maximizing monopolist finds that if it remains open, the best output is 50 a week, but at t...
A: For each production level, a monopolist must shut down whenever price (average revenue) is less than...
Q: Define opportunity cost. What is your opportunity cost for attending a class at 11:00 am? How does i...
A: The potential gains that a person, investor, or organisation loses out on when choosing one choice o...
Q: Based on the graph below, how much is the marginal product of labour of the sixth worker, if Q5=67 u...
A: Here, the given graph shows the number of workers and their productivity in terms of output.
Q: 39. At the point of satiety, marginal utility is
A: To find : What is marginal utility at point of satiety.
Q: Suppose that the "wage distribution" in the economy improves: for the same level of the wage, a high...
A: A change in the wage or salary will result in a shift in the amount of labour demanded. If the wage ...
Q: In the simple Keynesian model, if aggregate expenditure is less than GDP, output will a)decline as ...
A: The expenditure-output model displays the relationship between aggregate expenditure and economic ou...
Q: Consider an economy that producos and consumes only three goods. The following table shows the price...
A: GDP growth rate is defined as the rate of increase in the GDP of a country during a period. The peri...
Q: Question 47 Patents, which confer market power, are intended to: O maintain the dominance of U.S. fi...
A: the patents allow the inventors and developers to regain some of the cost of innovation. In this way...
Q: From your perspective explain Globalization and its impact on countries. Identify at least two pros ...
A: The exchange of capital, goods, and services across international borders or territories because goo...
Q: Refer to the information provided in Table 6.4 below to answer the questions that follow. Table 6.4 ...
A: Given: Depreciation=40 Receipts of factor from rest of the world=30
Q: The deposit rate that the Bank of Canada pays to commercials banks is a to such banks because O a. L...
A: The deposit rate of Bank of Canada is the rate that the Central Bank pays to the commercial banks wh...
Q: 9-3. Tyson Brothers Manufacturing is currently earning economic profit. However, the market for the ...
A: Disclaimer: There is an error in the TC function. The TC function should be TC= 500Q-20Q2 +Q3 instea...
Q: A group of two or more political parties that governs by sharing executive power and responsibilitie...
A: Mercantilism helps to move goods from the country which has abundance to the country which has scarc...
Q: OPaying higher wages tends to reduce the average experience level of a firm's workers. O Higher wage...
A: Theory of Efficiency wage : The theory of efficiency wage implies firms paying higher wage than the ...
Q: Price agreement Break the agreement Perlis Price agreement (3,2) A (-1,3) B Break the (4,-1) C (0,0)...
A: 17) Nash equilibrium is the strategy in the game from which no player has an incentive to deviate. ...
Q: Is the relationship between total fertility rate and the rate of enrollment of girls in secondary sc...
A: Yes, the overall fertility rate and the rate of female secondary school enrolment are linked.
Q: what is the short run effects of a permanent increase in aggregate real money demand on exchange rat...
A: Opportunity cost and consumers behavior: Consumers have to make choices while buying specific goods ...
Q: you are the manager of a firm that sells its product in a perfectly competitive market at a price of...
A: Answer to the question is as follows:
Q: Explain the following statement: “Profits that more than cover the cost of capital are known as econ...
A: Profits are defined as the rewards paid to the producers for the efforts undertaken by them to produ...
Q: The life-cycle model explains comparative advantage as follows: a. at the invention stage, ...
A: The life-cycle model After the Heckscher-Ohlin model failed to describe the observed pattern of inte...
Q: Consider a small economy with only 2 banks, DSB and TKB, in the banking industry. Both banks have to...
A:
Q: If the marginal (additional) opportunity cost is a constant then the PPC would be
A: To find : What would be PPC.
Q: You are an accountant for a manufacturer of radios. The demand function for the tablets is p= 40-4x ...
A: The marginal profit is the difference between the marginal revenue and marginal cost. The marginal r...
Q: Passive factor of production is
A: To find : Which is passive factor of production.
Q: Have you ever experienced inequity in a job or a class? How did it affect you?
A: Yes. I have experienced inequity in a job.
Q: 3. Jago Co. has 2 products that use the same manufacturing facilities and cannot be subcontracted. E...
A: This is a circumstance that will only last a few days or short run. The company should expand in the...
Q: 80 70 SWE DEN NOR 60 NLD FIN 50 NZL JPN CHE CAN AUS 40 AUT ESP "IRL ITA DEU USA 30 GBR BEL GRC ISR 2...
A: i. Statement 1: R square measures the goodness of the fit not the direction of the relation. We can ...
Q: 3. Tyson Brothers Manufacturing is currently earning economic profit. However, the market for the m'...
A: The profit maximization condition is : P =MC.
Q: :6. Utility means
A: To find : What is meaning of utility.
Q: As a result of the tax on capital income, labor productivity O might change but whether it increases...
A: Taxes are unintended fees placed on individuals or companies and levied by a government agency – reg...
Q: how does the position of the marginal consumer between any two firms depend on the total number of f...
A:
Q: what is relationship between saving , capital formation and consuption ?
A: Capital formation is given by the amount of investment. In a closed economy without Government inter...
Q: Assume an economy where there is one polluting firm, one victim of the pollution, transactions costs...
A: First, there is assumed to be only one polluter and one polluting victim. Second, the "right to poll...
Q: 2/3 1/3 Q1. Consider the production function Q = 9LKA a. What is the level of output when L 1000 and...
A:
Q: For the following questions, make use of provided information. Since the peak of the pandemic shutdo...
A: Money supply means the supply of currency into the economy. It means the money moves by the Federal ...
Q: pital each increase by 8% and output also increases by 3%. The production function exhibits_ returns...
A: Production function shows the relationship between the input and output.
Q: Employment contracts typically contain all of the following: O Duration O Start date, compensation/b...
A: Employment contracts refer to the agreement between an employer and an employee or worker according ...
Please answer fast
Step by step
Solved in 2 steps
- According to economic theory, the demand x for a quantity in a free market decreases as the price p increases (see the figure). Suppose that the number x of DVD players people are willing dx (A) Find 9,000 to buy per week from a retail chain at a price of $p is given by x = 10 sp<70. 0.3p + 1' dx Answer parts (A), (B), and (C). dp 4500- (B) Find the demand and the instantaneous rate of change of demand with respect to price when the price is $30. Write a brief interpretation of these results. The demand is x = when the price is $30. 2250- 9,000 The instantaneous rate of change of demand with respect to price is when the price is X = 0.3p + 1 $30. Write a brief interpretation of these results. p. 0- 40 80 At a price level of $30, the demand is DVD players per week and demand is Price (dollars) V at the rate of (C) Use the results from part (B) to estimate the demand if the price is increased to $31. Demand .....The Law of Demand states that as the price of a good increases, ceteris penbus, the The relationship that exists between these two variables can be described as decreases. This can be shown graphically with demand curve or numericaly in a table using a 0. If average income increases, ceteris paribus, then there will be: A) a shift of the demand curve B) a movement along and a shift in the demand curve c) a movement along the demand curve D) no effect on the demand curve, because income is not a ceteris paribus condition
- Suppose a consumer has a monthly income of m = 100 which she spendson two commodities: french fries (x1) and beef jerky (x2). The price offrench fries is p1 = 2 and the price of beef jerky is p2 = 5. (e) What is the slope of the budget line? Provide an economicinterpretation of this number.(f) Because of Mad Cow Disease, the price of beef jerky increasesto $10 (lower supply of beef). On a new graph, plot the originaland new budget constraint clearly identifying how the budgetconstraint has changed. What is the new relative price of beefjerky in terms of french fries?(g) Because of severe shortages, Congress passes the Jerky ReliefAct which limits each consumer to purchase at most 5 packs ofjerky. Show on a graph how this affects the consumer’s budgetset. Answer all three.Directions: Analyze and compute problems. Write your answer on the answer sheet provided. 1. An individual consumer's monthly demand for downloadable e-books is given by the equation Qdeb 20.4peb +0.00051 +0.15Phb where Queb equals the number of e-books demanded each month, Peb equals the price of e-books, I equals the household monthly income, and Phb equals the price of hardbound books, per unit. Notice that the sign on the price of hardbound books is positive, indicating that when hardbound books increase in price, more e-books are purchased; thus, according to this equation, the two types of books are substitutes. Assume that the price of e-books is €10.68, household income is €2,300, and the price of hardbound books is €21.40. I Determine the number of e-books demanded by this household each month. 2 Given the values for I and Phb, determine the inverse demand function. 3 Determine the slope of the demand curve for e-books. 4 Calculate the vertical intercept (price-axis intercept)…PepsiPepsi and CokeCoke are considered to be substitutesubstitute goods.Use the line drawing tool to show how an increasean increase in the price of PepsiPepsi affects the demand for CokeCoke. Label this new line 'D2'.
- The price of Pepsi changes from $4.75 to $1.00; initialy Yuval consumed 7 cups of pepsi per week and now consumes 18 cups of pepsi per week. Indicate whether the changes are negative or positive and keep 2 decimals. What is the percentage change in price? What is the percentage change in quantity? What is the Price Elasticity of Demand? (Enter a positive number) In this example, pepsi is an OElastic Olnelastic OUnitary Elastic good FI % %Part C 3. The manager of a certain gasoline station wants to forecast the demand for the unleaded gasoline next month so that the proper number of gallons can be ordered from the distributor. The manager has accumulated the following data demand for unleaded gasoline from sales during the past eight months. Month Gasoline Demanded (gallons) Mar 900 Given that the forecast for March is 920. Apr 755 May 650 Jun 550 Jul 625 Aug 730 Sept 820 Oct 1 100 a. Compute the exponential smoothed forecast for the demand from April to November. Use a = 0.25. b. Compute the exponential smoothed forecast for the demand from April to November. Use a = 0.45. c. Plot the actual demand and the forecasts determined in part a and b on the same graph and compare them. d. Make a comparative analysis out of your answers in the plotted data. (3-5 sentences)7.If pizza is a normal good, then which of the following could be the value of incomeelasticity of demand?
- Given the income-consumption curve, good x is Good C 58 ΟΟΟΟ C₁ e₁ e3 X2X1 X3 Good X normal for low levels of income and inferior for high levels of income inferior for low levels of income and normal for high levels of income O normal for all levels of income O inferior for all levels of incomeSuppose you observed that the consumption of organges increased sharply last year, however thet total consumer expenditure on oranges did not change. Did a supply shift, demand shift or both cause this? explain using graphsIF demand equation is Qdx=20+3M assume that the income of individuals are 30ORO. What will be the the relation between them O a. Positive, 920 O b. Negative ,1520 O c. Positive, 1520 O d. Negative, 920
