Q: Economics The 2022-23 Budget provides some cost of living supports for Australians through…
A: Tax cuts, transfer payments, rebates, and increased government spending on projects such as…
Q: Manufacturing highly standardized products are usually more profitable in high context cultures due…
A: Meaning of Microeconomics: The term microeconomics refers to that situation under which the…
Q: nswer the following questions using economic concepts: when most people want to know the cost of an…
A: Opportunity costs refer to the benefit that is sacrificed that would have been received from the…
Q: . In terms of Adam Smith’s concept of the invisible hand, an efficient overall allocation of…
A: Concept The invisible hand is the idea that free markets will find a balance in market forces for…
Q: 8. Property rights and market failures Loggers are much In the presence of market failures, public…
A: At the marketplace, property rights are the government provided protection to the market firms when…
Q: Smithson Cutting is opening a new line of scissors for supermarket distribution. It estimates its…
A: Given information is: Fixed cost: $500 Variable cost: $0.65 per unit Selling price: $0.85 per unit…
Q: Production Function: q=32n+2nl+16l n is the size of net l is the hours of labor employed Total…
A: Given Production function: q=32n+2nl+16l ... (1) Total cost function: C=14+2n2+4l2 ...…
Q: One policy based source of structural unemployment is retraining programs economic…
A: Unemployment refers to a situation when a person wants to work but he can not find a paid job.
Q: explain the most likely reason that sydney water management has a monopoly
A: When talking about Monopoly of a firm, it can be said that a firm gets monopoly due to different…
Q: For a given level of output (Yf), will the current account balance (CA) vary inversely with the…
A: Level output is the net output of an economy in a period ( generally a year). It represents the…
Q: Select one: O a. An increase in productivity and an increase in the number of employed persons O b.…
A: Introduction GDP of a country is defined as the final monetary value of GOODS and Services Produced…
Q: at its potential GDP? O Only structural unemployment as a result of technological changes will exist…
A: GDP is the gross domestic output of the country that it has produced in a given period of time.
Q: If a country switches from a flexible exchange rate regime to a fixed exchange rate regime, this…
A: A floating exchange rate is determined by the market forces of supply and demand. On the other hand,…
Q: Sarah likes basketball games and going to movies. Every month he has $480 to spend on the two…
A: In financial matters, a budget constraints addresses every one of the mixes of labor and products…
Q: Rod N. Reel owns a dealership that sells fishing boats in an open price-searcher market. To develop…
A: Introduction Data of weekly sold boats and revenue of boats of Rod has given. Table: Price ($)…
Q: A. The RBA (Reserve Bank of Australia) is concerned about the trend since the early 2000s of a 75%…
A: Introduction Question related to the topic study of economics among students.
Q: Explain the relationship between output and investment implied by the accelerator theory
A: Acceleration principle was given by the famous economist J.B. Clark.
Q: Consider a production process where flowers are grown (the output) using gardeners (labor) and…
A: Total cost is given by the sum of fixed cost and variable cost. Here capital is fixed and rent is $…
Q: Suppose the number of people who retire is greater than the number of people who enter the workforce…
A: The unemployment rate is the level of the workforce without a task. It is a reactive result,…
Q: 1. A fundamental problem in international economics is how to produce a world government that can…
A: Dear student, you have asked multiple questions in a single post. In such a case, I will be…
Q: A monopoly has the following demand, marginal revenue and marginal costs: Demand: P = 72-Q Marginal…
A: Total revenue is the product of price and quantity and is maximised when marginal revenue is zero.
Q: 9. If disposable income is 4,000, consumption is 3,500, government spending is 1,000, and taxes…
A: Here, given information is, Disposable income (Y): 4,000 Consumption (C): 3,500 Government spending…
Q: Consider a two-firm industry producing two differentiated products indexed by i = 1,2. For…
A: We have two firms which are competing over prices with given different demand functions
Q: Question 3. Nominal and real exchange rates (a) The table below shows the nominal exchange rate…
A: Consumer price index is one of the most common measure which measures the change in the price in…
Q: A. Define the necessary variables to determine the amount of Baseball, Seafood, and Technology to…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: 3. Fiscal policy can be an inappropriate macroeconomic stabilization tool, since A) it has a larger…
A: When talking about stabilization policies, it can be said that it is the government and Central Bank…
Q: Refer to the diagram below. If price falls from $10 to $2, total revenue: $10 2 Demand 0 5 Quantity…
A: Elasticity measures the responsiveness of quantity demanded to changes in price level
Q: 1. Tim has borrowed money from Lisa and proposed to pay back the money in two payments. Tim…
A: Simple interest is a strategy to work out the amount of interest charged on an aggregate at a given…
Q: In 2004–2006, for the first time Boeing produced fewer planes than Airbus. If Boeing finds itself…
A: The level of a business's profitability is one of the metrics that may be used to determine how…
Q: 1. What are the characteristics of a good theory? What makes a theory practical? How can an…
A: An economic theory is a collection of concepts and principles that describe how various economies…
Q: Price J M K L S₁ S2
A: The supply curve explains the direct relationship among the marketplace charge and amount…
Q: New Keynesian sticky price open economy model with a flexible exchange rate: a. Explain why fiscal…
A: Price stickiness, or tacky price, alludes to the propensity of costs to stay consistent or to change…
Q: Economics Assuming that the government intends to adopt a ride-sharing scheme to solve the problem…
A: Perpetual Gain for infinite periods = 60 Initial Cost : C0 = 1000 Perpetual Cost = 0 Interest rate…
Q: There are many private security firms, and many large housing developments have police protection…
A: Private firms are businesses that are not regulated by the government and are not subject to federal…
Q: If the Fed purchases government securities, the Aggregate Demand curve shifts Answer cannot be…
A: Buying and selling of government bonds and securities by the central bank - Federal Reserve is…
Q: Using ordinal numbers in directions should be explained 0 avoided recommended o forced b do
A: In the mentioned question we have been asked what should be done with ordinal numbers during the…
Q: J 7 According to the chapter in The Handbook on the Economics of Sport, what difference would it…
A: Profit-maximizer The team that is a profit-maximizer focuses more on the profit rather than the…
Q: Demand and Supply of Labor by Firm A Output MPL Scenario 2 No. of Workers W ME 0 0 1 20 20 250 250 2…
A: We have given cost and revenue scenario of a firm which is selling and its output and using the…
Q: 9. Health Insurance Market The Affordable Care Act established Health Insurance Marketplaces (HIM)…
A: Co-insurance plan is the cost sharing plan in health care system. In this customers who takes co…
Q: A mechanical engineer who is planning for his daughter's college education plans to start depositing…
A: Economic cash flow directs to the expenses or income affected by partaking in income-producing…
Q: Q5 In a two-period model, suppose that a consumer's utility function is: U(C₁, C₂) = log(c₁) +…
A: Utility function : U(c1, c2 ) = log (c1) + log(c2) Period 1 Budget constraint - c1 + S = Y1…
Q: 1. the aggregate supply curve shows the negative relationship between general price and real GDP.…
A: Real GDP is a proportion of a nation's GDP that has been adapted to expansion. Balance this with…
Q: Suppose that a new Central Bank’ chair is appointed and his/her approach to monetary policy is that…
A:
Q: D6) How can markets explain the “hockey stick” phenomena? Select one: a. Markets were mostly…
A: When talking about the “hockey stick” phenomena, it can be said that it is a specific market…
Q: Demand and Supply of Labor by Firm A Output MPL MRPL Scenario 1 Scenario 2 No. of Workers MR=20 W =…
A: Perfectly competitive markets are referred to the markets where all the firm sells an identical…
Q: In a two-period model, suppose that a consumer's utility function is: U(C₁, C₂) = log(c₁) + log(c₂)…
A: Given information U(C1,C2)=log C1+LogC2 It is intertemporal model of 2 period C1= consumption in…
Q: Consider an economy with three people and two goods: private good (x) and public good (y). Suppose…
A: Public Goods refer to the goods that are non-excludable and nonrival in nature. It is usually…
Q: feedback and control system Explain how the economic concept known as "supply of law and demand"…
A: According to the law of supply," other things being constant there is a direct relationship between…
Q: Next, fill in average total cost in the table. (Enter your responses as real numbers rounded to two…
A: Average total cost is the cost per unit. It is the ratio of total cost and output
Q: Henry Ford is famous for utilizing the assembly line to produce cars. He also paid is workers a wage…
A: Answer to the question is as follows:
Step by step
Solved in 2 steps
- Suppose the government, as part of its fight against COVID, allows restaurants to open but requires customers to be socially distanced, reducing the number of tables and the maximum number of customers who can be served a. Give an example of a fixed cost associated with running a restaurant? b What costs would you expect to be part of the extra cost asSsociated with serving one more diner in the restaurant? c. How would you expect the social distancing policy to affect the marginal and average cost.of serving a meal? You might find drawing a diagram helpful. d. How would you expect the social distancing policy to affect the price charged fona restaurant meal? You might find drawing a diagram helpful. e What would you expect to be the effect of the sccial distancino policy on entry and extinthe restaurant sector? You might fino drawing.a diagram helpful.11:16 Fri 10O Dec * 9 80% ... managebac-prod-china.s3.cn-north-1.amazonaws.com.cn A 22 of 46 AP Microeconomics Page 21 of 46 AP CollegeBoard Test Booklet Unit 5 Problem Set - FRQ's Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to "Calculate," you must show how you arrived at your final answer. The table below shows the short-run production function for Josh's Consulting Firm. Number of Consultants Total Product per Hour 1 21 2 43 3 66 4 88 108 6. 126 7 141 8. 151 (a) After which consultant do diminishing marginal returns begin for Josh's Consulting Firm? Explain using numbers. (b) Assume Josh's Consulting Firm sells its consulting services in a perfectly competitive market at a unit price of $2. Calculate the marginal revenue product of the fifth consultant. Show your work. (c) Josh's Consulting Firm hires…The nation of Ectcnia has 2.0 competitive apple or--chards, all of which sell apples at the world price of$2 per apple. 11,c following equations describe theproduction function and the marginal product of laborin each orchard:Q =IOOL - L2Ml'L = 100 - U,where Q is the number of apples produced in a day,Lis the number of workers, and MPL is the marginalproduct of labcr.a. What is each orchard's labor demand as a functionof the daily wage W? What is the mar ket's labordemand?b. &:tenia has 200 workers who supply their labcrinelastically. Solve for the '""gc W. How manyworkers docs each orchard hire? How much profitdocs each orchard owner make?c. Calculate what happens to the inoome of workersand orchard owners if the world price do ubles lo$4 per a pple.d. Now suppose the price is back a l $2 per apple,but a hurricane d estroys hall the orchards. Calcu•late how the hurricane affects the income of eachworker and of each remaining orchard owner.Wl,at happens to the income of Ectcnia as…
- The nation of Ectenia has 20 competitive appleorchards, all of which sell apples at the world priceof $2 per apple. The following equations describethe production function and the marginal product oflabor in each orchard:100100 2 ,2 5 25 2Q L LMPL Lwhere Q is the number of apples produced in a day,L is the number of workers, and MPL is the marginalproduct of labor.a. What is each orchard’s labor demand as a functionof the daily wage W? What is the market’s labordemand?b. Ectenia has 200 workers who supply their laborinelastically. Solve for the wage W. How manyworkers does each orchard hire? How much profitdoes each orchard owner make?c. Calculate what happens to the income of workersand orchard owners if the world price doubles to$4 per apple.d. Now suppose that the price is back at $2 perapple but a hurricane destroys half the orchards.Calculate how the hurricane affects the income ofeach worker and of each remaining orchard owner.What happens to the income of Ectenia as a whole?001.13-TF- MANK08 The economic field of industrial organization examines how firms' decisions about prices and quantities depend on the market conditions they face. a. True Ob. FalseIn a company operational activities are performed to fabricate products or to provide services. Within a company individual departments provide services not only for the main business but frequently also for other departments. Those services can be measured by their quantity, however due to lack of market prices they cannot be rated by values. The following table describes the services within the different department or for the main business as well as the primary costs of a company. recipient overall primary A B C D main business performance A 3 В 1 C 2 D0 costs 1 2 0 2 8 14 2 1 1 1 6 10 1 2 5 24 1 1 2 10 6 (a) Perform an internal cost allocation and determine the internal transfer prices. Describe your procedure. (b) Perform an input-output analysis without considering the primary costs. How much would each department have to produce in total to have y = (5, 2, 5, 4)T available for the main business? Describe your procedure. CO provider
- 7 Output for a simple production process is given by Q- KL, where K denotes capital and i denotes labor. The price of inbor is $10 per unit and the price of capital is $2 per unit. If at the current level of production the marginal product of labor is 8 while the marginai product of capital is 2, then in order to minimize your costs of production you should use Multipie Choice more capital and less labor the same ahount of both inputs more labor and less capital more of both inputs.Consider a manufacturing firm in a labor market that isperfectly competitive. There are two kinds of workers: productiveworkers whose marginal revenue product is $48,000 per year, andlazy workers whose marginal revenue product is $40,000 per year. Itis difficult for the firm to differentiate between productive andlazy workers. A local college offers a new yearlong astronomy course. Althoughthe cost of tuition is the same for both types of workers, thepsychic cost of having to work hard and get a passing grade islower for productive workers because they are able to learn morequickly than lazy workers. Therefore, the cost of taking the class(including the cost of tuition as well as the psychic cost) is$5,000 per year for a productive worker and $10,000 per year for alazy worker. Because astronomy has little relevance tomanufacturing, taking the class does not increase or decrease aworker's productivity. The firm uses the class as a way to differentiate betweenproductive and lazy…210 " 40 " What kind of externality is present in this market? O a. A negative consumption externality of x-10. Ob. A positive consumption externality of x = 20. Oc. A positive consumption externality of x = 10. Od. A negative consumption externality of x-20. #1 • Supply(P-40+Q₂) 10 " Demand (P-200-Q Social Marginal Benefit P-20-9. 200 9 210 Q Suppose the government imposas a policy (tax or subsidy) such that the new Supply curve lies on the Social Marginal Cost curve. What area represents the government revenue or expenditure from this policy? Ⓒa.DIGH Ob. E-H ⒸH+G+D+E+H+K Ⓒd.E+HIK
- In the graph, beyond which level of labor input do diminishing returns set in? Pollution 20 Removed (tons per year) 16 12 8- APL 4 MPL 2 4 6. 8 Laborers (L) 10 OA. 4 Ов. 6 OC. 8 OD. 10 O E. None of the above.The figure below shows cost and revenue. $(thousands) 400 300 200 100 5 10 C(q) R(q) 15 q (thousands)20-3. Lightweight personal locator beacons are now available to hikers that make it easier for the Forest Service;s rescue teams to locate those lost or in trouble in the wilderness. How will this affect the costs that the Forest Service incurs?