(Table 19.2) Quantity Consumed Total Utility 15. 1 2 3 Diminishing marginal utility occurs Multiple Choice 30 with the second and fourth units only. with the first and third units only. only with the second unit. with all the units after the first. Marginal Utility 15 9 3

Q: Consider the following national accounts data for Westeros Westeros' National Accounts (2019) GOP…

A: The expenditure method is a system for computing gross domestic product (GDP) that adds consumption,…

Q: Exhibit: Fiscal Policy 2 Price level рк O P Fr P LRAS AD₁ SRASI Real GDP per year If discretionary…

A: Aggregate demand is the sum of consumption,  investment,  government spending and net export. This…

Q: "The South African Reserve Bank (Sarb) lifted the repo rate by 25 basis points on Thursday to 7.25%…

A: In this case, we have to discuss the term repo rate. The Repo rate is a kind of rate at which any…

Q: darsh is tasked with projecting financial compensation policy strategies for new hires in his…

A: The labor market, frequently alluded to as the job market, alludes to the supply and demand for…

Q: Which of the following is not a solution to the problem of negative externalities due to pollution?…

A: Externality refers to the cost that both producer and consumer have to incur due to the pollution…

Q: Suppose that a small town has seven burger shops whose respective shares of the local hamburger…

A: The four-firm concentration ratio is computed by adding up the percentage of sales of the four…

Q: Solow model: An earthquake destroys a good portion of the capital stock but does not affect the…

A: Solow Model: It refers to a economic growth model in the long run. The model says with the help of…

Q: 1.00 0.90 0.80 0.70 0.00 0.50 0.40 0,30 020 25 50 75 supply, demand and marginal social cost in the…

A: Externality:It is an economic problem when people take benefit from the economic goods. It is…

Q: 0.90 0.85 0.80 0.75 0.70 0.65 0.60 0.55 0.50 0.45 0.40 50 100 150 200 250 300 What kind of…

A: Externalities: When a firm produces a good sometimes it creates cost or benefits for other firms. If…

Q: During the COVID 19 pandemic that began to adversely impact the U.S. economy in early 2020, the…

A: The COVID-19 pandemic influenced the decline of productivity around the world. There are a number of…

Q: 4. The following questions refer to the following graph of a consumer's indifference curve. a. b.…

A: The marginal rate of substitution (MRS) is the rate at which a given consumer will substitute his…

Q: Price A. P3 A C E B Q3 Q₂ Quantity (per time period) So Do government created price ceiling at P3 in…

A: Consumer Surplus: Consumer surplus is the net benefit that the consumer receives by purchasing…

Q: For the utility function U = (Qx0.5+Qy0.5)2 and the budget 167 = 10Qx + 8Qy find the CHANGE in…

A: Utility functionU = (Qx0.5+Qy0.5)2Budget Constraint167 = 10Qx + 8QyTherefore , Price of x = 10Price…

Q: You run a monopoly firm that serves two types of consumers. Individual type-A consumers have a value…

A: The monopoly firm follows the price discrimination strategy to maximize the profit. Price…

Q: ru and Merritts Grill compete in the sandwich market. They are trying to decide how to price their…

A: The Nash equilibrium refers to the best course of action or best  strategy provided the strategy of…

Q: How much output is produced when 4 workers are hired?

A: Output is the production of goods services by using the given labor and output , we calculate the…

Q: A firm is considering the following alternatives, as well as a third choice: do nothing. Each…

A: Net present worth helps to determine the current value of a future flow of payments from a project,…

Q: PRICE (Dollars per unit) 20 18 16 14 12 10 P a x 13 W 23 ++ + 8 10 12 14 16 18 20 QUANTITY (Units)…

A: The price elasticity is calculated as the percentage change in quantity demanded divided by the…

Q: How might the current weighting of CPI lead to either an overstatement or understatement of the…

A: Consumer price index:CPI refers to the change in price based on the basket of goods and services.…

Q: how would you describe the relationship between property rights and GDP per capita? Why do you think…

A: Property rights are the legal privileges and protections that are granted to people and…

Q: Hiro's latte and paperback book budget is $20 a week. The price of a latte is $2 and the price of a…

A: Budget constraint shows the relationship between the two goods, their prices and the income of the…

Q: Consider the figure to the right. The quantity Q₁ is 2,200 units, the price P₁ is $4 per unit, and…

A: Monopoly refers to a market form in which only a single seller exists. This market structure…

Q: The market for bananas is also perfectly competitive. Each banana-growing firm has cost function…

A: The cost function for the banana firm: .The market for bananas is perfectly competitive so each firm…

Q: The table below shows data for three fictitious countries. a. Compute the current MPC for each…

A: MPC is the Marginal propensity to consume it shows the change in consumption in relation to the…

Q: You are a saver, and you deposit your savings in your savings account at your local bank. The bank…

A: The inflation rate shows a general rise in the price level of different goods and services. The real…

Q: What is an ad-pull policy? When advertisers pull their ads from magazines compete with their…

A: An ad pull policy implies the action of advertisers withdrawing or removing their advertisements…

Q: Alice can produce goods X and Y.  It takes her 1 hour of labor to produce 2 units of X.  It takes 2…

A: Alice can produce goods X and Y.  It takes her 1 hour of labor to produce 2 units of X.  It takes 2…

Q: Venezeula’s economy has been destroyed by hyperinflation. Assess two possible market structures…

A: Hyperinflation alludes to an extremely high and routinely accelerating rate of inflation, where the…

Q: offered a loan, amount borrowed = 2800, 24 monthly payements, monthly payement is $190/month.…

A: Formula: Monthly Interest Rate (r) = PMT / PVPMT (Monthly Payment) = $190PV (Loan Amount) =…

Q: Market Demand: (Question 16: Derive the market demand for tacos given the two individual demand…

A: The market demand rate is given as follows. PriceDemand (1)Demand (2)9007505723105

Q: O Macmillan Learning i Specialized electronic batteries, such as those for laptops, are hard to…

A: The production and consumption of goods negatively affect society or a third party is defined as the…

Q: Which of the following statements is correct? Suppose leisure is a normal good, then an increase in…

A: Normal Good: a normal good is a type of good for which demand increases as consumer income rises.

Q: A firm has an inverse demand function P = 26 - 4Q. It has Fixed Costs of 90, and it costs an…

A: The profit is the difference between the total revenue and total cost. The total revenue is the…

Q: (a) (b) What is the slope of Douglas' indifference curve at the point (x₁, x2)? If Douglas' budget…

A: Indifference curve slope is Marginal rate of substitution. It is the rate at which the consuner is…

Q: hich of the following statements correctly describe discouraged workers? (If none of the choices…

A: The employed person and seeking employment between the age of 16 and 64 are coming under the labor…

Q: Economists generally agree that trade restrictions are detrimental to trade and reduce government…

A: Trade restrictions refer to imposing certain kinds of restrictions on the trade of goods and…

Q: The impact of some pollutants results from their accumulating stock. Suppose a government policy…

A: The term emissions limit refers to a government regulation that places an annual maximum on how much…

Q: PRICE LEVEL P₂ P₂ LRAS B Y, Y₂ QUANTITY OF OUTPUT SRAS, SRAS, AD . Refer to Figure 33-3. In Figure…

A: Equilibrium is where the demand curve intersects the supply curve.Aggregate demand is the sum of…

Q: B).What is Buffy's opportunity cost of running the store for a year? C).Buffy thinks she can sell…

A: Accounting cost just takes into account the cost that is paid to the external factors for renting…

Q: A utility function is given as U = √MB where B represents the quantity of books consumed and M…

A: A utility function provides insight into the­ preference­s of individuals or societies and…

Q: Which one of the following statements about a firm’s cost curves is true? A. The average variable…

A: The explicit cost refers to the cost expressed in monetary terms. The implicit are not directly…

Q: Select the example below that corresponds to consumer surplus. The price of gold increases to $300…

A: Consumer surplus is the difference between what consumer is willing to pay and what they actually…

Q: 1- Calculate the internal rate of return for the following investments: Initial Cost Annual Benefit…

A: We have given the following cash flows:Initial investment-10,000Annual benefit6000Operating and…

Q: in New Orleans, make fixed monthly Sustaining members of public radio stations, such as WRKF in…

A: A monetary donation alludes to a gift given in the type of money to charities, associations,…

Q: Suppose P = $144, MPL = 39, and APL = 26, MPK = 72, and APK = 45. What is the value marginal product…

A: The additional revenue generated by employing one more unit of a specific input, such as labor or…

Q: If a new sushi restaurant opens, then The market supply curve for sushi will shift to the right. O…

A: Supply refers to the quantity of goods or service that a seller is willing and able to sell at a…

Q: llana Industries, Inc, needs a new lathe. It can buy a new high-speed lathe for $1.03 million. The…

A: NPV is a method for determining the current value of the cash flows, which have been generated by…

Q: Suppose that the government changes the tax code to allow additional amounts of money to be placed…

A: The loanable funds doctrine is a theory of the market interest rate. According to this approach, the…

Q: O d. Only b and c are true. O b. If the social marginal cost is $20 per unit, then Q2 is the output…

A: Social marginal benefit refers to the total benefit of the society as a whole, excluding the social…

Q: Suppose that a small town has seven burger shops whose respective shares of the local hamburger…

A: Four-firm concentration ratio refers to the total market share held by the four largest firms in an…