Scott consumes only two goods, rice and soup. His preferences are complete, transitive, monotonic, and convex. When the price of rice falls, he buys more rice and the same amount of soup. Based on this information we can say that Rice is definitely a normal good Rice is definitely an inferior good Soup is definitely a normal good O Soup is definitely an inferior good

Q: Opportunity cost is all about making choices and how you adequately and effectively manage it. What ...

A: ANSWER     Introduction: Managerial economics is described as the discipline of economics concerned ...

Q: I. Increase in interest rates causes the supply curve to shift. II. Monetary expansion causes a decr...

A: 1) Increase in the interest rate causes the supply curve to shift In the financial market interest r...

Q: On a small island two farmers, Inger and Johannes, are the only suppliers of freshly dug potatoes fo...

A: Profit maximization is a process business firms undergo to ensure the best output and price levels a...

Q: • Developing countries are commonly characterized by: a. low levels of living, high levels of income...

A: a. Low level of livings, high level of income inequality, and high dependency burdens Option"a" is c...

Q: A tax A) places a wedge between the price paid by the buyers and the price received by the sellers. ...

A: Whether the tax is imposed on buyers or sellers, the effect of the tax is same. It leads to ineffici...

Q: A magazine publisher reports that their revenue function and cost functions (in thousands of dollars...

A: Given;  Total revenue; TR = 32x – 0.21x2  Total Cost; TC = 195 + 12x  

Q: Which of the following is NOT an input?

A: To find : Which is not input. 

Q: What is the ordinary interest on P1,350.75 for 163 days at 3.5%?

A: Given information, Principal amount (P): P1,350.75 Time period (t): 163 days Interest rate (r): 3.5...

Q: Suppose you are the Governor of the Bank of England. You want to apply the quantity theory of money ...

A: As per the quantity theory of money,Money supply * Velocity of money = Price level * Real GDP

Q: Interior solution is a necessary condition for maximizing a consumer's utility. If you believe the...

A: No, it is not a necessary condition. For example consider two goods are perfect substitutes and thei...

Q: C. Solve for the market equilibrium price (P) and market equilibrium quantity (Q) Answer must be in ...

A: Equilibrium price is the price at which quantity demanded equals quantity supplied and the market cl...

Q: 1. It has been widely reported that income inequality within the US and other industrialized countri...

A: Income is defined as the disposable income of a household in a given year.Income inequality refers t...

Q: For how long would P1,000,000 have to be invested at 5% simple interest for it to double its value? ...

A:

Q: 3. Annual deposits were made in a fund earning 10% per annum. The first deposit was Php 20,000 and e...

A: * SOLUTION :-  (3)      

Q: 3. The spending multiplier effect Consider a hypothetical economy. Households spend $0.50 of each ad...

A: Households spend $0.50 of each additional dollar they earn It means MPC is 0.50 --------------------...

Q: 4. Suppose the unemployment rate is 11%, the total working-age population is 110 million, and the nu...

A: Disclaimer :- as you posted multipart questions we are supposed to solve the first 3 questions only ...

Q: For a 20-year geometric cash flow progression increasing at 2% per year, the first-year amount is P1...

A: Future worth is used to determine the value of an asset in the future.

Q: A start up business is considering two types of equipment - data are as follows: TYPE A TYPE B First...

A: Given that; Type A Type B Initial cost= P200,000 Initial cost= P300,000 Annual Operating Cos...

Q: Explain three limitations of Gross Domestic Product.

A: Gross domestic product (GDP) refers to the total market value of goods and services produced by a co...

Q: how the capital structure, cost of capital, and dividend decisions are related? You can explain how...

A: The combination of capital kinds that a firm uses to pay its activities is referred to as its capita...

Q: 61. Productivity of land can be raised by A. O Extensive cultivation B. O Intensive cultivation C. O...

A: Increasing productivity of land is very essential for the better production of various crops in it. ...

Q: Explain the Effects of Economic Globalization through: Inequality

A: To find : Effecf of inequality and tax havens on economic globalization. 

Q: Answer true or false • Developing countries typically have low real GDP per capita, high birth rates...

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any sp...

Q: In an eight-hour day, Andy can produce either 8 loaves of bread or 24 kilograms of butter. In an eig...

A: Given production possibility schedule   Bread produced in 8 hours Butter Andy 8 loaves 24 Kg ...

Q: The term footing refers to the O Process of posting O Addition of column of figures O Process of obt...

A:   Footing is the end balance when we sum all the debits and credits. Debits are tallied, followed by...

Q: 5. Assume that $1,000 is deposited in the bank, and that each bank loans out all of its excess reser...

A: Dear student, you have asked multiple questions in a single post. In such a case, I will be answerin...

Q: What is your major take away from Thomas Dye’s definition of public policy)?

A: To find : Highlights from thomas dye definition of public policy. 

Q: The OEM company specializing in printed circuit board manufacturing has annual fixed expenses of P50...

A: Given information, Annual fixed cost: P500,000,000 Variable cost per board: P1,400 Selling price pe...

Q: For some couples, the solution for too much pandemic togetherness is saying good night on Valentine’...

A: In 1940's demand for mattress were more in the market and later on the demand beds started to come i...

Q: Utilize the provided goal post of the United Nations. Based on the given information: a. Life expect...

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for yo...

Q: What forces may be at work in giving the Millennium Development Goals such a high profile in interna...

A: There are 8 goals that can be considered under millennium development goals: 1- Reduction of poverty...

Q: In a bilateral monopoly, suppose we have the following information: P = 1000 - 2Q (Demand) P = 100 +...

A: Introduction: A monopoly is a dominant position of an industry or a sector by one corporation, to th...

Q: Submit the answers to the following "review/critical thinking questions": 1. Name and explain some o...

A: There are some reasons why wages are likely to be sticky or rigid. This has been explained by Keynes...

Q: what is the effective monthly interest

A: To find : Effective monthly interest. 

Q: 3. Why is there unemployment in a labor market with flexible wages? Explair

A: The term unemployment refers to a situation when someone who is actively looking for employment is u...

Q: How is a basket of goods and services used to measure the price level?

A: Inflation is defined as the rise in the average price level of commodities and services in the econo...

Q: Why do the prices of new houses in US go so high? Explain with help of supply and demand graph

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new que...

Q: Assume a firm located in a non-urban location pays a wage of $34/hour. However, it is assumed that t...

A: The labor market is the market in which the equilibrium is determined on the basis of labor demand a...

Q: 57. The three broad types of productive resources are

A: To find : What are three types of productive resources. 

Q: 3. Does minimum wage legislation have other effects? Explain with the help of a diagram. a. Explain:...

A: The lowest remuneration that could be paid by employers legally to the employees for doing work is k...

Q: 3. Carp, Inc. wants to evaluate two methods of packaging their products. Use an interest rate of 15%...

A: Alternative 'A' and 'B' have different lives, so we will do annual cashflow analysis to determine th...

Q: TC = 0.1q², where q is the restaurant's weekly production of "dish of the day". b) Show that the mar...

A: The equilibrium price is the price at which the quantity demanded equals the quantity supplied. It i...

Q: 10. All-Leather is a leather tanning company in Chicago. Its total cost function is C(QA) = 130 + 6Q...

A: C(QA)=130+6QA+2QA2

Q: In the market for lattes, researchers have estimated the following demand and supply curves. Demand:...

A: Price floor is the minimum price that must be paid to sellers. It is binding when it is set above th...

Q: NEED HELP ASAP! THANK YOU!! For a 20-year geometric cash flow progression increasing at 2% per year...

A: The rate of growth= g=0.02 rate of interest=i=0.1 First year amount=P 1020 The present worth PW=1020...

Q: How do governments and families affect economic inequality?

A: Economic inequality can be explained as the unequal distribution of income and opportunity between t...

Q: Analyze the given text, then make a decision. Be sure to give logical reasons for your decision. Mak...

A: The region, although is rich in natural resources, suffers from a dismal economy, with half of the p...

Q: Why is a slow growing economy a problem during a recession?

A: To find : Why is slow economy a problem during recession. 

Q: (A). Define culture as it relates to international business (B). How is culture part of or influence...

A: Business when deals on the international level then it may be affected by many factors, cultural dif...

Q: Define Public Policy according to Laswell

A: Lasswell had an effect on Political Science in the area of Policy, particularly Public Policy and Po...