Determine whether the following statements is valid or not. The problem of scarcity is due to the human unlimited wants.

Q: A supply curve shows the quantity supplied at the other factors that influence firms' supply…

A: A supply curve illustrates the graphical representation of quantity supplied at different prices,…

Q: b. Assume that there are 20 minimum-wage workers in the economy for each $130-per-hour lawyer. Also…

A: Redistribution of income refers to the process of transferring money or resources from one group of…

Q: Suppose the government imposes a tax of 20% on automobile production for cars that use fossil fuels,…

A: The tax has the effect of shifting the quantity towards a position where the difference between the…

Q: Identify each good as either intermediate or final. Not every good will be used. Drag each item on…

A: The key difference between intermediate and final goods is their usage. Intermediate goods are used…

Q: The labor demand and supply data in the following table relate to a single occupation. Use them to…

A: The equilibrium wage rate is the wage rate at which the quantity demanded of labor is equal to the…

Q: Suppose you win a raffle held at a county fair and are given the choice between two different ways…

A: There are two payout schemes, one is accepting the money in a lump sum immediately and the second is…

Q: an manages a grocery store in a country experiencing a high rate of inflation. He is paid in cash…

A: Economics refers to the study of the scarcity of resources and its implications for the use of…

Q: how do we get the value of G in part b ?

A: A derivative is a mathematical concept representing the rate at which a function changes at a…

Q: 1. FAA approves delivery drones. Suppose Amazon has a system of electric delivery drones which…

A: In economics, the short run refers to a time period where one of the production factors, usually the…

Q: 1 01:49:26 -Book Price ($) OU 60 40 20 0 8 Output 12 MR 16 of $ Save & Exit Submit Check my work

A: A firm maximises profit by producing the level of output where marginal cost (MC) equals marginal…

Q: Determine the rate of return (ROR) for the following investments. a) Solve using iteration and the…

A: The internal rate of return is the rate at which the PW, AW, and FW become zero. In part a) there is…

Q: Table 1 Qa 0 20 40 1. Consider Table 1. What the equilibrium price, quantity, CS, PS, and TS…

A: The equilibrium price is the price at which the market quantity demanded is equal to the market…

Q: A country GDP is increasing however it's output remains the same in the several years. What can be…

A: The value of all goods and services produced inside a nation's boundaries over a given time frame,…

Q: Suppose a pizza parlor has the following production costs: $2.00 in labor per pizza, $3.00 in…

A: Fixed Cost is constant at all units of output produced.  Vraiable Cost changes as the output…

Q: A large factory pumps its waste into a nearby lake. The lake is also used for recreation by 1,000…

A: This economics question revolves around a large factory that pumps its waste into a nearby lake,…

Q: What type of graph is this? Total Cost/Total Revenue ($) 800 600 400 200 0 T T T Loss 20 Profit = 75…

A: When a firm is in equilibrium, it produces the optimal level of output given its cost structure and…

Q: Revenue from product X is $11,000, variable costs are $7,000, and allocated fixed costs are $6,000.…

A: Total revenue is the total value of the commodities produced and sold in equilibrium. Economic costs…

Q: In 2019, the Australian Competition Consumer Commission (ACCC) launched Federal Court proceedings…

A: The cartel is the term used for the formal agreement signed between two or more firms in the market.…

Q: Please answer as quickly as possible A project is currently under review. An initial investment of…

A: Initial Investment = 87000 Profit per year = 21000 Salvage Value = 17000 Life = 6 years  MARR = 6% e…

Q: A justification for job training programs is that they improve worker productivity. Suppose  that…

A: DISCLAIMER  “Since you have asked multiple questions, we will solve the first three questions for…

Q: Machinery for an assembly line has a cost basis of $150,000 and an expected salvage of $25,000. It…

A: Bonus depreciation is an incentive created by the U.S. government to encourage businesses to invest…

Q: Compare and contrast monopolistic competition with a monopoly. Be sure to explain what is similar…

A: A competitive market is a market where there are many purchasers and sellers and where no single…

Q: 4. A firm produces two products, the demands for which are independent. Both products have zero…

A: Disclaimer- “Since you have asked multiple question, we will solve the first three question for you…

Q: Suppose the government increases education spending by $40 billion. If the marginal propensity to…

A: Government spending increase by $40 billion MPC = 0.75

Q: Figure (a) shows the change of consumer equilibrium as the price of food decreases holding income…

A: The price consumption curve shows the quantity of goods a consumer is able to purchase when the…

Q: Suppose demand is QD=9−P and supply is QS=P. There is a constant positive externality of ​$4 per…

A: The equilibrium occurs where the demand and supply are equal. The externalities are side effects…

Q: QUESTION ONE Assume that an economy is represented by the following system of equation: C=C₁(Y-T) I=…

A: Aggregate demand (AD) is the total demand for goods and services in an economy at a given price…

Q: Suppose that Dean places a $150 value on a new MP-3 player, and Juanita places a $140 value on it.…

A: To calculate the deadweight loss (DWL) created by the tax, we need to look at how the tax affects…

Q: Explain why temporary and permanent fiscal expansions do not have different effects under fixed…

A: A.Fiscal expansion policy revolves around increased investment by the government into the economy.…

Q: Consider the following Cobb-Douglas production function q = KL for a firm. The firm is faced with…

A: We have to use Lagrangian function to find out the optimal value of inputs

Q: a. Which of the following are the main arguments for UBI?

A: UBI: Universal Basic Income(UBI) is a system in which all citizens or residents of a country receive…

Q: Consider the following demand and supply equations Q subscript d open parentheses P close…

A: Demand curve is the downward sloping curve.  Supply curve is the upward sloping curve.  The…

Q: There is a temporary demand shock Ep = -0.05. In the short run, immediately following this shock,…

A: Inflation targeting refers to a banking policy opted by central bank that makes an adjustment to…

Q: 7. Market Watch reports, "What happens if the oil rally turns into an 'oil shock'? " Graphically…

A: Oil shock is the rise in the price of oil, often caused by the decrease in supply of oil.

Q: t = 10kl – k + l dk dπ O dk - dπ Find and dl dπ = 100 – 10kl + and dl dπ = 100 – 10lk2

A: The production function shows the relationship between the output and input. The Marginal product or…

Q: From the data below calculate the gross national product at factor cost:  Ksh. Million Imports…

A: The total valuation of all final commodities and services produced by the factors inputs owned by…

Q: Imagine a type of discrimination where firms act as if they pay  wf+df when they hire a female…

A: This question deals with a hypothetical scenario where firms exhibit discriminatory behavior towards…

Q: The president has just signed a new budget that drastically cuts taxes without decreasing government…

A: Fiscal policy refers to the set of policies that the government uses to control the fluctuations in…

Q: 6. CNBC reports, "Federal Reserve points to interest rate hike coming in March". Graphically show…

A: The IS-LM model is used to analyze the equilibrium level of output and interest rate in an economy.…

Q: True/False The market supply increases as the price level in the market rises.

A: The entire amount of an item or service that all providers in a given market are willing and able to…

Q: 1. A patient with arthritis of the knee is planning to have a knee replacement. He has applied for a…

A: Similar to physical or human capital, health capital refers to the stock of a person's health that…

Q: d) What is the value of unplanned changes in the inventory investment when real GDP is $4000? e)…

A: Their autonomous consumption is $700, and the marginal propensity to consume is 0.8, and Net taxes…

Q: 2021 2022 2023 379 398 406 In 2019, the company began constructing larger units (3,000 m² units…

A: The break-even point is the one at which the revenues generated by the firm are equal to the costs…

Q: The Required Reserve Ratio is 25% for all banks. Assuming that all the customers that have…

A: In the world of business and finance, the term "reserves" refers to cash on hand that can be used…

Q: Investment $7,000 Annual operating Cost. Began first (1)year until the 8th year. (A-$1,500) Annual…

A: Initial investment P0=7000 Annual operating cost: OC =1500 Annual revenue R=4000 Additional…

Q: 5. Explain the distinction between economic efficiency and equity. Is there always a trade-off…

A: The most effective use of resources to generate products and services in a way that optimizes…

Q: According to the _______________, the holdings of a country' treasure primarily in the form of gold…

A: Ricardo Theory: The Ricardo Theory, also known as the theory of comparative advantage, contends that…

Q: real GDP shares 1. Graph showing the real GDP shares for the countries in the excel sheet. Briefly…

A: Real GDP is an inflation-adjusted representation of an economy in a particular year, with prices…

Q: Developing countries are associated with which of the following characteristics: a). Improved…

A: A developing country is one which does not have highly developed industrial sector and does not have…

Q: The blue curve on the following graph represents the demand curve facing a firm that can set its own…

A: Total revenue in economics means the total amount of money earned by a firm from the sale of its…