Which of the following economic concepts can be defined as the next best alternative given up when individuals, business, and governments conform scarcity by making choices

Q: Consider the following closed economy, which we shall call Gazzalestan. C=100+4/5 X YD. I=2100…

A: Given information: C = 100 + (4/5)*YD -------------> Consumption function I = 2100…

Q: An economy with many consumers (Amy, Hao, ...), many producers, two goods (A and B) and two inputs…

A: General equilibrium examines the economy overall, instead of dissecting single business sectors like…

Q: the short run, a firm's average variable cost will increase as its output increases because

A: The variable cost refers to the cost which changes with change in the level of output.  AVC = TVC/Q.

Q: The graph shows the market for wool. Draw a shape that represents the consumer surplus from wool.…

A: Consumer surplus = 1/2 * (max price – equilibrium price) * equilibrium quantity = ½ * 8 * 40 = 160…

Q: Which statement is INCORRECT? Statisticians use the prices of goods and services like a ruler to…

A: Introduction Gross domestic product is the market value of final goods and services produced during…

Q: When price is less than marginal cost, a profit-maximizing producer in perfect competition will:

A: In the case of perfect competition, each firm takes the market price as given and hence produces an…

Q: A more precise description of the demand conditions show that it also depends on a number of other…

A: When the price of one good affects the demand for other good then the goods are known as related…

Q: Individual industries will use energy as efficiently as it is economical to do so, and there are…

A: Given,  Two Pumps : A and B Both Pumps operate for 800 hours per year.  Cost of Pump A is $2,000…

Q: 2. In year 1, the yield on 1-year T-bills is 1%, and on 10-year T-bond is 5%. In year 2, 1-year…

A: T-bills or Treasury bills refer to the financial instrument that governments issue to the public for…

Q: Calculate the price elasticities of demand for group A and group B. Explain how the discount will…

A: The term elasticity means responsiveness. The concept of elasticity was introduced to economics by…

Q: Which statement is CORRECT? O The Consumer Price Index is considered the best measure of long-run,…

A: In an economy, inflation and unemployment are two of the major macroeconomic concepts as they…

Q: Determine whether each policy below is expansionary (increasing aggregate demand) or contractionary…

A: Monetary and fiscal policy are used to bring the economy to full employment.

Q: State of Economy bom ecession Probability of State Economy 40.00% 60.00% Rate of Return if State of…

A: A standard deviation (or σ) is a proportion of how distributed the data is corresponding to the…

Q: A pharmaceutical company developed a new product over a 5-year period with the following costs:…

A: First/Initial cost = $60,000 Annual costs = $22,000 Annual revenues = $42,000 Salvage value = $6000…

Q: rom the economic Keynesian perspective, what do you think about it? In your post, be sure to…

A: The Keynesian economics marks the dramatic departure from the classical economics. The keynesian…

Q: example a(n): A. sunk cost B. out-of-pocket cost C. opportunity cost D. incremental cost

A: Marginal cost is the cost that the manufacturer spends to manufacture one more unit of the good. The…

Q: The Smiths save $16,000 per year for retirement. They are now in their mid-thirties, and they expect…

A: Smiths per year investment (A) =$16,000 Currently, he is in his mid-thirties, (approximately 35…

Q: 1. Given the following information: Total Product (TP) Price 0 $6000 1 6000 2 6000 3 6000 4 6000 5…

A: Disclaimer :- since you posted multipart question we are solving first 3 subparts as per guidelines…

Q: What is a market

A: An Area is one of a market's fundamental characteristics. In terms of economics, a market refers to…

Q: What is the implication for the domestic industry if the Malaysian government reduces the tariff…

A: Tariffs are imposed on the import to protect the domestic industry from foreign competition. The…

Q: Revenue from gas wells that have been in production for at least 5 years tends to follow a…

A: In the mentioned question we have been asked what would be the final future worth if there is…

Q: Which statement is CORRECT? O The Bureau of Labor Statistics measures the size of the US labor force…

A: Unemployment is a state of being unemployed, the number of people or individuals who are available…

Q: Q1) Bookshelf.com, the online bookseller, wants to increase its total revenue. One strategy is to…

A: The price elasticity of demand measures the change in demand of a good or service in response to a…

Q: What is the equation for determining the price elasticity of a demand turve? Select the correct…

A: Price elasticity of demand is a measurement of the change in consumption of a product in relation to…

Q: 1---consider a consumer who earns income each month. person has to spend each month on essential…

A: Answers Consumption formular   C = a+bY C- consumption(spending) a-autonomous consumption b-…

Q: According to the Solow model, what can be said about convergence of production per capita between…

A: Solow model focuses on the capital accumulation and capital accumulation leads to the steady state…

Q: The table below shows the number, in thousands, of vehicles parked in the central business district…

A: We have given the data of the vehicles parked in the central business district of the city on a…

Q: Are options b through e correct or incorrect?

A: A price ceiling is the commanded most extreme amount a dealer is permitted to charge for a product.…

Q: 4. The percentage increase in the Retail Price Index (RPI) from year 2015 to year 2021 is 8.8%.…

A:

Q: The graph shows the market for smartphone chargers. Draw a point to show the price of a smartphone…

A: Tax is a measure of cash/money that you need to pay to the public authority so it can pay for public…

Q: he table shows the demand and supply schedules for on-campus housing. the college puts a rent…

A: In a market, price ceiling refers to the maximum price of a product that is set by the government.

Q: Which statement is CORRECT? The unemployment rate calculated by the Bureau of Labor Statistics…

A: The Bureau of Labor Statistics is an authority in the United States that maintains record of the…

Q: does increased correlations between two currencies affects a company's exposure? why?

A: Exchange rate between two countries depend upon the value of their currency in the international…

Q: Use the graphical illustration to answer the following questions: (if required, use the discreet…

A: As per the profit maximization rule, The profit-maximizing quantity of output is where the marginal…

Q: Jane loves risk; her Bernoulli utility function is given by u(w) = w². She participates in a ottery…

A: Given information: Jane is a risk lover and its utility function is given below: u = w2 where 'w' is…

Q: In the diagram below, when the competitive market is taken over by the monopolist, the monopolist is…

A: You have asked multiple questions, but we are supposed to solve only one question for you. If you…

Q: Effect of tax on economic activity Suppose a per unit tax is imposed on perfectly competitive,…

A: Perfect Competition Market  Perfect competition refers to a type of market where there are many…

Q: The COVID-19 pandemic has caused an unprecedented increase in savings in many countries around the…

A: As a negative effect of COVID -19 economies  have taken a hit on consumer sentiment which directly…

Q: d. If imports were to increase by $16000 so they are now equal to $32000, solve for net exports…

A: Real GDP Consumption Ig Government Export Import Net Export…

Q: How do you define 'profit

A: The main objective of the firm in whether competitive or imperfect competition market is Profit…

Q: 24- 20- Price and cost (cents per kilowatt) 16- 12- 8- S=MC Q

A: Marginal cost alludes to the increment or diminishing in the cost of producing another unit or…

Q: Canada's dairy industry is a rich, closed club If you want to be a dairy farmer, you buy a plot of…

A: Please find the answer below.   PRICE OF A GOOD: Price is the amount of money that has to be paid to…

Q: According to the diagram below: -4.9% -4.0% Food & beverages and accommodation Transportation and…

A: Production Sector  A large-scale manufacturing or growth process is referred to as production. The…

Q: Question 4 of 10 A market economy is best described as an economy that: A. gives the government…

A: "An economic system include different systems used by businesses/governments to interact and to…

Q: When you purchase and eat a pisang goreng, no one else can eat the same pisang goreng. When yo…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer one question at a…

Q: The payment for a certain loan was arranged such that Dino will pay $5,500 every month for the first…

A: Given Data,

Q: What are the main characteristics of a mixed economy?

A: When talking about types of economy, mixed economy is the economy with characteristics of command…

Q: The COVID-19 pandemic has caused an unprecedented increase in savings in many countries around the…

A: As a negative effect of COVID -19 economies  have taken a hit on consumer sentiment which directly…

Q: antity demanded of tacos decreases er hour at each price, the new price of a taco) 0 1.00 2.00 3.00…

A: Given, Price quantity demanded  quantity supplied  1 240 0 2 210 30 3 180 60 4 150 90 5…

Q: D > Question 22 If a pure monopolist is producing at that output where P = ATC, then: O it will be…

A: In monopolistic market, 1) there are many number of buyers but only few number of sellers.2) There…