a consumer has a daily income of $96 and purchases just two goods, burgers and sodas. the price of burgers is $8 and the price of sodas is $2. with burhers on the horizontal acis, draw the budget line for the consumer. calculate the slope of the budget line. how would the budget line chnage if we increase the price of sora to $4.

Q: An amount of F every year the compounded a the borrower. I

A: The formula for the total amount of payment, A, with interest rate r, after n years is given by A =…

Q: A firm faces the following costs: total cost of capital = $8,000; price paid for labor = $20 per…

A: The total cost refers to the sum of all the expenses incurred in the production process. It includes…

Q: For the demand function D(p), complete the following. 3400 Р (a) Find the elasticity of demand. D(p)…

A: The elasticity measures the change in quantity due to change in price.  The elasticity is calculated…

Q: what are the objectives of fiscal policy?

A: A fiscal policy is a policy of taxation and spending decisions taken by the government. The main…

Q: Which of the following could explain the changes seen in the graph below if it is the market for…

A: Demand curve depicts the relationship between the price level in the market and also the quantity…

Q: Your best friend has just purchased a new Sport Utility Vehicle (SUV).  “These things are great.” he…

A: An externality is an unintended impact of an economic transaction on a third party who is not…

Q: 7. An increase in the price level results in a(n) because in the quantity of real GDP demanded A)…

A: Aggregate demand depicts the relationship among level of price and the quantity of real GDP demanded…

Q: Let's say PPF in the diagram to the right is for the year 2022 — How can we shift out the frontier…

A: Introduction: The different combinations of two goods that can be produced with a specific set of…

Q: Statement and Balance Sheet. (Remember that Retained Earnings, which was omitted from the Balance…

A: Corrected Tersun Income Statement, Month ended 31 December 2021: Sales revenue 42,000 Share capital…

Q: Choose the correct statement about economic growth and a business cycle expansion. A. Economic…

A: PPF refers to the curve that shows all the possible options of output for two products that can be…

Q: Question 20 Hide Correct Answer Show Responses Suppose there is a negative output gap of 12 (the…

A: potential output level means that economy is producing at full capacity and beyond that production…

Q: Mary sells bottles of lemonade. The demand factor for her lemonade is given by D(q)=100-1.5q and…

A: Demand curve is the graphical representation of demand schedule.  Demand schedule is the tabular…

Q: A company produces and sells a consumer product and thus far has been able to control the volume of…

A: The production decision is the firm's short-run and long-run choice on output levels for the near…

Q: hat usually causes a positive disequilibrium rate? What usually causes a negative disequilibrium…

A: The disequilibrium rate serves as a gauge for how far an economy is from reaching full employment or…

Q: Critically evaluate the benefits and limitations of each of the different investment appraisal…

A: investment appraisal techniques Investment appraisal is the process of determining if a project is…

Q: Which of the following prevents private market negotiations from adequately addressing an…

A: The Coase Theorem states that under ideal economic conditions where there is a conflict of property…

Q: i The total utility schedule of Sharon is given below for the number of shoes she consumes. a.…

A: “Since you have posted multiple questions, we will provide the solution only to the first question…

Q: Assume a market basket includes three avocados, two loaves of bread, two dozen eggs, and a seasoning…

A: The price level is a measure of the average prices of goods and services in an economy at a given…

Q: Which of the following represent both the Keynesian and Classical LRAS Curves? A. similar in nature…

A: In macroeconomic theory, the relationship between aggregate supply and aggregate demand is explained…

Q: Emily begins to examine shifts in demand for shoes. She discovers that as the population increases…

A: Normative economics: It is the branch of economics that deals with value judgments, and opinions,…

Q: 11. How do lower taxes affect aggregate demand? A) They increase disposable income, consumption, and…

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

Q: Although appealing to more refined tastes, art as a collectible has not always performed so…

A: Future Value is the value that is expected to be received in the future from the amount invested at…

Q: ) Explain in your own words what economic freedom is, and how it affects your quality of life?

A: Economics is a subject that deals with how to use resources that are limited and have alternative…

Q: Frank is lending $1,000 to Sarah for two years. Frank and Sarah agree that Frank should earn a 2…

A: CPI is the consumer price index.  CPI shows the inflation rate in the economy.  Inflation rate means…

Q: Consider an exchange economy with two consumers, Jack and Blue, who trade only two goods: Cookies…

A: Pareto optimality is a concept in economics that refers to a state where it is not possible to…

Q: Is it possible for the unemployment rate to go down while the number of unemployed workers…

A: The unemployment rate is the percentage of the total labor force that is unemployed but actively…

Q: a.  Derive both the IS and LM equations for the economy and compute the Equilibrium level of Income…

A: A. Deriving the IS and LM Equations: The IS equation can be derived by equating aggregate demand (C…

Q: Aubree Multinational Corporation is a large manufacturer and distributor of pharmaceutical…

A: Exchange rate refers to the rate at which one currency (domestic currency) is exchanged for the…

Q: QUESTION 11 wine 90 80 70 60 50- 40- 30 20 10 0 PPF Portugal CPF +++ 0 10 20 30 40 50 60 cloth wine…

A: Opportunity cost is the cost of production of one good in terms of other.  Opportunity cost shows…

Q: A decrease in the supply of a product most likely would be caused by O An increase in business taxes…

A: The Demand for products or services is described as the desire of a consumer to purchase that…

Q: 45 40 35 30 25 20 15 10 5 a. Price 20 Show Transcribed Text $1,900. b. $1,600. 40 C. $2,000. 60 d.…

A: Total surplus is the sum of consumer surplus , producer surplus and government revenue.  Consumer…

Q: O Graph C A2 O Graph D A B2 Graph B Graph A Which graph illustrates Honda and Toyota adding 3,000…

A: When 3000 robots are introduced in assembly line supply will increase that will shift the supply…

Q: 12) A consumer's preferences are given by U(X,Y)=X0.6y04. The price of X is 4, and the price of Y is…

A: Consumer preferences refer to the wants and needs of consumers, which guide their purchasing…

Q: Which would be likely to shift the production possibilities curve to the right? O A decline in the…

A: Production possibility frontier refers to the graph which represents different combinations of two…

Q: The following graph shows the monthly demand and supply curves in the market for shirts. Use the…

A: The demand and supply forces are the invisible forces that react in the economy and work according…

Q: Please state 3 goods and services that you think should be provided by the government? What are the…

A: A "public provision" is one that is funded by the government and can be used without direct payment.…

Q: Graph A A2 A B2 Graph B B Graph C Which graph illustrates the effects on purchases of Corvettes, if…

A: Total demand: Total demand is a microeconomic concept and is calculated for each individual. The…

Q: If the spending multiplier is 2, an increase of autonomous spending by 10 will increase equilibrium…

A: The spending multiplier is defined as the ratio of the change in GDP to the change in autonomous…

Q: At this equilibrium level of income and interest, compute the levels of disposal  income, total…

A: Disclaimer: Please note that there were some unintentional calculation errors in the existing…

Q: QUESTION 11 Wine 90 80 70 60 50 40 30 20 PPF Portugal CPF 10 0 0 10 20 30 40 50 60 cloth (c) 1 yard…

A: Opportunity cost is the cost of producing one good in terms of other.  Opportunity cost shows the…

Q: i. Adam (who lives in England) shears wool from his sheep and sells it to Karl (who lives in…

A: The gross domestic product (GDP) is the total unduplicated value of products and services generated…

Q: In a special address to the Davos Agenda 2022, Japan’s Prime Minister Kishida Fumio wished to…

A: Capitalism refers to an economic and political system in which property, production, and…

Q: Suppose that, in a competitive market without government regulations, the equilibrium price of…

A: Price regulation refers to the control of the price of a good by the government. The government can…

Q: Suppose news at time ta leads to the expectation that money supply growth will fall to zero at time…

A: As the money supply Growth is expected to fall with time, the money supply would reduce. The…

Q: If the price elasticity of supply is 1, supply is: A) inelastic. B) elastic. unaffected by price…

A: Price elasticity of supply is a metric that is used to analyze the supply of a product or a service…

Q: Let S be the USD/GBP exchange rate, P∗ be the pound cost of a consumption basket in the U.K., and P…

A: An exchange rate refers to the value of one currency in terms of another currency. It represents the…

Q: Select one or more: a. The unemployment rate is (unemployed/labour force) x 100. b. The…

A: Introduction  Unemployment refers to a situation in which people are willing and able to do work at…

Q: The table below shows national data for the economy of Westfall. Round your intermediate…

A: Inflation is the percentage in the value of the Wholesale Price Index on a year-to-year basis. It is…

Q: (I). Suppose Mania comes into some money and can now spend an extra $200 per month. Draw her new…

A: Given information Budget constraint M=PR*R+PCru*Cru PR=$14 PCru=$25 Initial M=1200 Extra money…

Q: If the price of cotton falls from $7.00 a bushel to $4.50 a bushel, then O The supply of cotton will…

A: Supply refers to the total amount of a good or service that a producer is basically willing and able…