Suppose we observe that when the market price of a good rises dramatically (e.g., the price of houses during the pandemic) the quantity traded increases only slightly, This would be because   Answers A - D A.supply has increased and demand is very elastic.   B.supply has decreased and demand is very elastic.

Q: Using the demand and supply graph given below, explain the impact of the ban in the

A: The supply curve shows the direct relationship between price and quantity supplied. The supply curve…

Q: theories to explain: a) Why Use the consumption the consumption follows strictly the income changes…

A: A business cycle is a pattern of changes in the Gross Domestic Product (GDP) around its drawn out…

Q: In the Prisoner's Dilemma game, the dilemma is that in the Nash Equilibrium, neither play has…

A: The prisoner's dilemma is a standard illustration of a game dissected in game hypothesis that shows…

Q: 14 You are interested in buying a car at/$25,000. You plan to take a loan and pay it ou in 4 years.…

A: Nominal interest rate refers back to the interest rate earlier than taking inflation into account.…

Q: Describe the FOUR classical types of potential market failure, in detail, and provide examples of…

A: In the free market, market failure is characterized as an inefficient allocation of goods and…

Q: Assume that the demand curve for romance novels has a negative slope. If the price of these novels…

A: The answer is - quantity demand will decrease

Q: Using the table below, calculate GDP for a particular year. Wages and salaries $4,000 Government…

A: Here, information about the components of income and expenditure method of income are given using…

Q: costs per year (i.e., per printing) = $51,000 and the variable cost per unit = $35. What is th It…

A: The Profit Function: In business, the profit function is a function using for to predict or compute…

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:

Q: ccording to the British economist John Maynard Keynes, economic instability was a product of…

A: John Maynard Keynes was a British economist who lived from 1883 until 1946. He is best known as the…

Q: Which of the following are macroeconomic issue Where will Google locate its next facility? How will…

A: Microeconomics deals with the study of the individual consumers, and individual firms. For example,…

Q: Effective crisis management requires a strong bank resolution framework. What is the meaning of…

A: An efficient and reliable insolvency structure would also assist in dealing with legacy assets and…

Q: Economics 1. Does the demand for healthcare services vary in size with the affordable costs? 2.)…

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

Q: A new chemical component is discovered with amazing properties which however is so toxic that it can…

A: Creative destruction suggests that the old is always replaced by the new.

Q: The table below shows the demand for pollution permits to emit hydrocarbons in a particular…

A: Pollution tax assessment charges polluters for the harms their activities cause the climate and…

Q: Nilfgaard is a closed economy with no government sector. The country does not exhibit any…

A: At steady state, capital per worker is constant and its rate of change is zero.

Q: Mac's credit card statement included $1297.00 in cash advances and $143.91 in interest charges. The…

A: This is question of interest rate .

Q: Consider the following consumption function: C (Y)=0.8(Y-T) where Y represents income and T…

A: We know that an economy is in equilibrium when: Y = C + I + G  Hence we put values and get the Y to…

Q: What factors may reduce the banks’ dominance in the future? Prove explanations in detail with an…

A: Banking in the future will be considerably different from what it is now. Banks will need to start…

Q: What help was provided by the Dodd-Frank Act?

A: Dodd-Frank is a law that aims to improve financial sector accountability and transparency, put an…

Q: (d) A Phillip's curve is given by n = n +9% -3u, where = -1 Calculate the natural rate of…

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

Q: The Table shows the GDP deflator for the year 2019 and nominal GDP of Fairyland for the years 2019…

A: Nominal GDP is the GDP calculated at current price whereas Real GDP is calculated on the basis of…

Q: Will's expenditures on food for three consecutive years, along with other values, are presented in…

A: Here, the given table shows total expenditure made on 2009, 2010, and 2011at different price level.

Q: piz Which of the following are macroeconomic issues? (Select all that apply.) Where will Google…

A: The answers are - How will current budget deficit affect the next generation? What factors will…

Q: Part 1 : Answer the following Games below. For each game below, please illustrate and show how the…

A: Here, it is given that Arisu and Udagi stuck in  Borderland and they need to achieve the Nash…

Q: 4. In a simple economy, people consume only 2 goods, food and clothing. The market basket of goods…

A: CPI measures the cost of market basket of goods and services which is bought by a consumer in a…

Q: If an innovation methodology is probabilistic and it yields profit equal to £10 m with probability…

A: The expected value is the summation of the product of the outcome and the probability of that…

Q: Economics Three brands of apples (Anti, Banti, Canti) are currently available to consumers in town.…

A: Here, the information about the price and perceived benefit from different brands of apples.

Q: Unit of Labor 0 1 2 Total Product Product Price 0 $2.20 15 2.0 20 1.00 39 1.60 48 1.40 S 55 1.20 6…

A:

Q: Part 4 : Identify and match each good below depending on the type of good (private, public, common…

A: The term rivalrous means goods for which the sellers compete against each other and excludable goods…

Q: In the Prisoner's Dilemma game, the dilemma is that in the Nash Equilibrium, neither play has…

A: In the theory of the game, the Nash equilibrium, called after the John Forbes Nash Jr.…

Q: J 7 (1) Suppose that the mark-up of goods prices over marginal cost is 25% (0.25), and the wage…

A: The Phillips curve shows the inverse relationship between the inflation rate and the unemployment…

Q: One reason the short-run aggregate supply curve is positively sloped is that lower price level…

A: According to the nominal wage rigidity model, in the short-run nominal wages do not change…

Q: Total cost function of a perfect competitive firm is: TC = Q² + Q +225 a. At P = 35$, calculate Q*…

A: In perfect competition there are many firms producing identical goods. This makes firms price takers

Q: A new office building has been constructed at a cost of $3,000,000. It is estimated to have a life…

A: Given. Repair cost in year 10 = $80,000 Repair cost in year 20 = $80,000 Repair cost in year 30 =…

Q: 1. Please set some real examples to describe the three types of transactions between the citizens of…

A: Exchange transactions are transactions in which a company trades money for goods or services with…

Q: Consider a competitive firm that produces bots. Labor (L) and capital (K) are the only two inputs of…

A:

Q: If Malaysia wishes to trade 10 tons of rubber with Japan in exchange for radios, what is the lowest…

A: International trade refers to the exchange or trade of goods and services between nations. The…

Q: 1. If there is a tax cut at the same time that major new sources of oil are discovered in the…

A: Diminished tairff rates could help saving and speculation, which would expand the useful limit of…

Q: In SpringbokVille pieces of paper called bucks are the only item that buyers give to sellers when…

A: In this situation a customer wants to buy a jersey.

Q: Part 2 : You are examining a firm that is under a perfectly competitive market. Show all necessary…

A: Some of the basic concept that is necessary to solve the above problem: Profit = Revenue - Total…

Q: You can buy pencils and pens. Each pencil costs $7.5 and each pen costs $5.    Marginal utility…

A: Maximum utility  Utility maximization is the desire for the greatest amount of pleasure from one's…

Q: Name 5 public goods and explain why they are public goods.

A: Introduction. Public Goods. It a non-excludable and non-rival good, that is, a public good. It means…

Q: 9. Suppose in an economy Emmaland, the Beveridge curve can be described as v = p β − u 2 , where u…

A: A Beveridge curve, sometimes known as a UV curve, is a graph that depicts the link between…

Q: "The world's poorest countries cannot find anything to export. There is no resource that is abundant…

A: When a comparative advantage is combined with free trade principles, even small, impoverished…

Q: Both moral hazard and demand inducement place us on a _____ medical system.     a.…

A: Introduction Moral hazard shows to the behavior of a person or firm which may change after buying an…

Q: Suppose the percentage of business sales the top firms have in some industry are respectively, 25%,…

A: CR or concentration ratio is used in economics to determine the concentration of market on the basis…

Q: How do (a) Income tax during inflation, (b) Unemployment benefits and other transfer payments during…

A: Automatic Stabilizer:-  Automatic stabilizers are long-term governmental programmes that modify…

Q: Question 13 FLAG QUESTION The expression the terms of trade' refers to Answers A - D A the extent to…

A: In a country, terms of trade shows the quantity of Imports it can buy per unit of exports.

Q: What factors have led to the dominance of the banks? Prove explanations in detail with an example

A: Banks are the authorities that enable flow of money by lending and depositing money of the people.