1. Given the following information: U= (1/3)X^Y*; Px= 6; Py= 6; I = 2,430, a. calculate the effect on X*, Y*, and U* if the price of X is cut by half.
Q: List and explain four (4) factors that would result in the shift of the supply curve from S1 to S2…
A: Supply curve is the upward sloping curve which exhibits positive relationships between price and…
Q: - 7), where b = 2, = 1/5, and R - T = 0.01. ock where the economy goes from ā = -0.01 to ā = 0.0,…
A: *Answer:
Q: Consider the following game in strategic form. e 3, 1 10,5 1,4 6,6 7, 10 4,8 1,9 7,3 2,5 7,2 3, 4 a…
A: Weakly dominant strategy gives the equal or less payoff compared to its other available strategies.
Q: be paid back in a year at 5% interest,
A:
Q: Economists argue for free trade in import markets because importing goods decreases total surplus no…
A: The Economists argue for free trade in the import markets because the gains to the US consumers…
Q: Suppose that Annie's real income this year is $150 and next year it will be $100. Assume that the…
A: Incomes Y1=150 and Y2=100 And r=0.1
Q: What is demend?
A: * ANSWER :- The definition of demand is explained with an example as follows ,
Q: What is the Export-Import Bank of the United States? How does it assist U.S. exporters?
A: Exports are goods or services purchased from the domestic market by end users. Imports are defined…
Q: According to the IMF, what are the economic growth projections for 2017 and 2018?
A: IMF is a world-renowned financial institution which has a total of 190 countries as its members. It…
Q: A town has a project to build a bridge that would benefit 50 people and each one of those 50 people…
A: In economics, free rider problem is an example of market failure where there is an inefficient…
Q: Classity ach of the following statements as pestive or nomative Statement Positive Normative Firms…
A: Positive economics describes and explains diverse monetary phenomena or the "what is" scenario.…
Q: 1) In the medium run monetary and fiscal policies are neutral. 2) An increase in the workers…
A: Since you have posted a question with multiple sub-parts, we will solve first three questions for…
Q: 1. Assume a nco-classical aggregate supply model with both long run and short run aggregate supply…
A: Neo-classical economics: It refers to a theory under which production, consumption, and the…
Q: Compared to a competitive labor market, workers participating in an inclusive union will enjoy…
A: In a competitive labor market, equilibrium wage rate is determined by the intersection of demand and…
Q: It is known that Qd = 80-2P and Qs = -10 + P Question: a. Draw it in a graph! b. If the government…
A: Qd = 80-2P Qs = -10 + P
Q: How will the following issues shape compensation professionals' work for years to come: Increased…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: How do you conduct a "DEPEST Analysis" for the macro-environment? Discuss your answer.
A: PESTEL analysis can be done in order to analyze the macro-environment. PESTEL can be elaborated as:…
Q: 5. A recent Duke graduate has opened a factory for production of textbooks in Durham. The production…
A: The production function, an equation in economics, expresses the relationship between the number of…
Q: or expenses (and thus savings) are projected to increase at a rate of 7% per year after th ting…
A: *Answer:
Q: Joan rents ovens at a local shared commercial kitchen to make cakes. The table below shows the…
A: Since price is constant, the market is competitive. Marginal product refers to change in total…
Q: a. few needs, many customers; broad needs, few customers; broad needs, many customers. b. many…
A: The correct answer is given in the second step.
Q: Select the correct statement about the centipede game in our lecture. Group of answer choices The…
A: In game theory, the centipede game is an extensive-form game in which two players alternate taking…
Q: Suppose that a typical firm in a monopolistically competitive industry faces a demand curve given…
A: A monopolist is someone, a group, or a company that controls and dominates a market for a particular…
Q: Consider the following game in strategic form. f 3, 1 e h 8,2 b| 10,5 7,3 2,5 7,2 3,4 a x, x 7,3 2,6…
A: Strictly dominated strategy is the strategy that gives same or worse payoff compared to other…
Q: How will NAFTA affect marketing opportunities for U.S. products in North America (the United States,…
A: Meaning of Trade: The term trade refers to the situation under which the products and goods are…
Q: Compare and contrast the strengths and weaknesses of fiscal policy and monetary policy
A: fiscal policy is the government tools to correct the instability of the economy . whereas monetary…
Q: Your company is competing in a sealed-bid auction for a package of items your company values at…
A: Uniform distribution is defined as the type of probability distribution where all the outcomes are…
Q: Find the marginal & the average functions for each of the following total function, evaluate them at…
A: Average Function : Total Function/Q Marginal Function : dTotalfunction/dQ
Q: Demand: P- 825 - 0.15QD Supply: P- 25 + 0.25Q5 (5 points) Calculate the equilibrium price and…
A:
Q: As a part of their benefits program, Lonny's Grocery Store offers its employees a PTO package that…
A: 1. Employee benefits support your employees' indirect pay.
Q: 1. A firm must decide between two silicon layer chip designs from Intel. Their effective income tax…
A:
Q: Suppose K = 1000, total amount of capital available for production L= 2000, total amount of labor…
A: Production Function The production function shows depict the interaction of Two components in the…
Q: A] Measurement error in the dependent variable leads to biased OLS estimates? a-Yes, always b No,…
A: Hi! Thank you for the question. As per the honor code, We’ll answer the first question since the…
Q: 8. For a certain potential investment project, we have the following estimates: Capital investment T…
A: Given information Initial capital=$100000 Annual revenue=$30000 Annual expenses=$9000 Market…
Q: competitive firm has a single factory with the cost function C(q) = 5q² + 79 and produces 32 units…
A: The marginal cost of creation is the adjustment of complete creation cost that comes from making or…
Q: QUESTION 5 When CPI is calculated, chicken breasts are given greater weight than pork chops if a.…
A: The consumer price index is the measure that portrays the basket value or weighted value of the…
Q: Use the following information to calculate the change in value that would result if the benchmark…
A: A daily modification to the price of a company's shares is referred to as a value change. The number…
Q: Problem 3 - The Perfect Subgame Find the set of pure strategy Nash equilibria and subgame perfect…
A: Subgame nash equilibrium is one of the type to solve the game in this we divided the game into sub…
Q: Suppose in the economy of Richlandia the GDP in 2021 was $ 150 billion. Also, assume that gross…
A: "GDP measures the market value of all the final goods and services produced in an economy at a…
Q: What factors determine a country’s level of trade? What is the difference between the balance of…
A: A country's balance of trade is an important component of its balance of payments and a key…
Q: P1 \ P2 A B C D (1, 17) (7, 13) (12, 2) (1, 20) (11, 16) (2, 10) (6, 9) (10, 20) (15, 4) (13, 9)…
A: We have 4×4 matrix game between two players. Using the Cell by cell inspection method, we try to…
Q: Question 18 Consider an economy characterized by the AS and AD curves in the textbook. Moreover, you…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Consider the Ramsey Model of the macroeconomy. Explain using a phase diagram how an economy starting…
A: The Ramsey-Cass-Koopmans model, sometimes referred to as the Ramsey growth model, is a neoclassical…
Q: Which of the following statements is TRUE? A. When petroleum prices increase due to…
A: Option A: Not True Demand-pull inflation is caused by an increase in the aggregate demand in the…
Q: There is a 20% tax on the first $15,000 of income, a 30% tax on income above $15,000 until $30,000,…
A: Given, 20% tax on the first $ 15000 of income , a 30% tax on income above $ 15000 until $ 30000 and…
Q: Assume that nominal GDP is $2,800 billion and the real GDP is $2,000 billion. What is this economy's…
A: The GDP deflator refers to a weighted average of all final product and service prices created in the…
Q: 8. Suppose that you are able to consume only two goods, coffee and donuts. Use a graphical and…
A: The consumer is in equilibrium when he gets maximum satisfaction out of his expenditure. When the…
Q: 5) Two used car dealerships compete side by side on a main road. The first, Harry's Cars, always…
A: A warranty refers to a promise made by a vendor that a damaged product will be fixed or replaced…
Q: 1. Please complete the table, MP and AP 2. Draw the graph in Excel 3. Identify the different phases…
A: Labour TP MP AP 0 0 --- 0 1 3 3 3 2 5 2 2.5 3 9 4 3 4 15 6 3.75 5 23 8 4.6 6 33 10 5.5…
Q: According to the Coase Theorem, under the assumptions that transactions are costless and damages are…
A: The Coase theorem was developed by Ronald Coase is related property rights which states that an…
Step by step
Solved in 2 steps with 1 images
- 1. Given the following information: U = (1/3)X1/2Y4; PX = 6; PY = 6; I = 2,430,a. calculate the effect on X*, Y*, and U* if the price of X is cut by half. b. graphically illustrate the price consumption curve and the demand curve for good X. 2. Given the following information: U = XY; PX = 5; PY = 10; I = 200, a. mathematically show the (i) substitution effect and (ii) income effect (in terms of changes in X and Y) when the price of good Y doubles. b. graphically illustrate your results in 2.a.The demand for rice is given by Q d=20-p and the supply is Q s=3p-20. a. Draw the demand and supply functions. Find the equilibrium quantity and price, and show them on the graph. b. Suppose due to drought the supply changes to 3p-30. The supply remains the same. Draw the new supply function on the same graph, and find the new equilibrium price and quantity. Has the demand increased or decreased? How did the equilibrium price and quantity change compared to part a.?The city of Rye has a large number of video arcades. The demand by patrons in thousands per week is Qd=200 - 2P and the supply is Qs= 2P where P is the price in cents charged to play a game. what is the Equilibrium number (quantity) of games played? What is the equilibrium price? draw a diagram showing the equilibrium in the marke
- This problem involves solving demand and supply equations together to determine price and quantity. a. Consider a demand curve of the form QD=-2P+20, where QD is the quantity demanded of a good and P is the price of the good. Graph this demand curve. Also draw a graph of the supply curve Qs =2P-4, where Qs is the quantity supplied. Be sure to put P on the vertical axis and Q on the horizontal axis. Assume that all the Qs and Ps are nonnegative for parts a, b, and c. At what values of P and Q do these curves intersect-that is, where does QD = Qs ? b. Now, suppose at each price that individuals demand four more units of output-that the demand curve shifts to QD - 2P+24. Graph this new demand curve. At what values of P and Q does the new demand curve intersect the old supply curve-that is, where does QD = Qs ? c. Now finally, suppose the supply curve shifts to Q's=2P-8. Graph this new supply curve. At what values of P and Q does QD=Q's? Show all working calculations and label garph with…3)What is the relationship between a demand schedule and a demand curve? * a)A demand schedule shows the various quantities of the good demanded, while a demand curve shows the various prices. b)A demand schedule is a numerical tabulation of the quantity demanded of a good at different prices, while a demand curve is a graphical representation of the law of demand. c)A demand curve shows the various quantities of the good demanded, while a demand schedule shows the various prices. d)A demand curve is a numerical tabulation of the quantity demanded of a good at different prices, while a demand schedule is a graphical representation of the law of demand.1.2 If the demand and supply curve for cell phones is given by: D = 80 - 4P, S = 40 + 6P In a market with a price of P for smartphones, compute the number of phones that would be bought and sold at equilibrium.
- Suppose the supply and demand for a good are given by the following equations: Qd = 50 – 2P Q = 9+3P How would you find the equilibrium price for this good? A. The number in front of the P in the demand equation represents the price of the good. B. Set the quantity demanded in the demand equation equal to zero and solve for price. C. Set the demand equation equal to the supply equation and solve for price. D. Set the quantity supplied in the supply equation equal to zero and solve for price.Ethanol, a fuel, is made from corn. Ethanol production increased 5.5 times from 2000 to 2008 and another 34% from 2008 to February 2013 (www.ethanolrfa.org). What effect did this increased use of corn for producing ethanol have on the price of corn and the consumption of corn as food? 1.) Use the line drawing tool to draw either a new demand curve (D2) or a new supply curve (S,) that shows how the increased use of corn for producing ethanol affects the market for corn as food, Properly label this line. 2.) Use the point drawing tool to indicate the new market equilibrium. Label this point 'e2'. Carefully follow the instructions above, and only draw the required objects. What happens to the equilibrium price and equilibrium quantity of corn as food? In the market for corn as food, the equilibrium price V and the D1 Q1 equilibrium quantity Q, quantity of corn as food ... $. price of corn2.5 This problem involves solving demand and supply equations together to determine price and quantity. a. Consider a demand curve of the form QD=-2P+20, where QD is the quantity demanded of a good and P is the price of the good. Graph this demand curve. Also draw a graph of the supply curve Qs =2P-4, where Qs is the quantity supplied. Be sure to put P on the vertical axis and Q on the horizontal axis. Assume that all the Qs and Ps are nonnegative for parts a, b, and c. At what values of P and Q do these curves intersect-that is, where does QD = Qs ? b. Now, suppose at each price that individuals demand four more units of output-that the demand curve shifts to QD - 2P+24. Graph this new demand curve. At what values of P and Q does the new demand curve intersect the old supply curve-that is, where does QD = Qs ? c. Now finally, suppose the supply curve shifts to Q's=2P-8. Graph this new supply curve. At what values of P and Q does QD Q's? You may wish to refer to this simple problem…
- Consider the following two equations for the demand and supply: Supply curve: Qs = 10 + 2P Demand curve: Qd = 30 − 12P (a) What is the value of the equilibrium price? (b) What is the equilibrium quantity? Suppose that clothes workers at a certain factory accept a pay cut of $3 per hour. (a) Draw a graph to show how this would affect the market for clothes. (b) Why does this shift occur? How does that affect the equilibrium price and quantity? Suppose that the price of product A increases from $10 to $19. As a result, quantity demanded for product B changes from 300 to 265. What can we say about products A and B? Explain.Choose a good that you like and work through the methodology to construct a demand curve. Note: please think about the axes being the good that you really like as a composite of all other goods. Start by stating the assumptions you need to make to determine demand, and then show, using diagrams, how the demand for your good is determined. Be sure to explain it carefully and comprehensively. Then we would like you to construct consumer demand for a Giffen good diagrammatically—that is, a diagram that reflects that when the price increases, the quantity demanded also increases.show an understanding of the major differences between the good mentioned above and the Giffen good. What goods can you suggest that might demonstrate this difference? Explain your conclusions.8. Given the following set of demand and supply functions, find the equilibrium price and quantities. (i) Qd = 450 - 3P; Qs = 50+ 5P, (ii) Qd = 500 - 3P; Qs = 100; (iii) Qs = 30 + 1/2p, find Qs, when P =2. P = 4, P = 6, p = 10 9. A) Briefly discuss the microeconomics goals b) With the help appropriate diagram briefly discuss a change in QTY demanded & change in demand.