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- 10The bar graph below shows the percentages of income spent on food (i.e., the portion of a consumer's budget devoted to food spending) and the elasticities of demand (in absolute value) for several countries' residents. [Click on the bar graph to open a PDF viewable version in another tab.] Malawians Haitians Bangladeshis Indians Brazilians Koreans. Greeks Italians Australians French Canadians Americans Percentage of Income spent on Food 17% 15% 14% 12% W 31% 28% 35% 40% X 56% Elasticity of Demad 66% 81% 75% According to the bar graph, which of the answer choices is correct? Malawians spend less money on food than Australians. French spend less money on food than Brazilians. Bangladeshis spend a larger percentage of their income on food than Americans. O Canadians spend a larger percentage of their income on food than KoreansHelp!!! Will rate!
- What is the dependent and independent variable when the household-level annual demand of water is modeled? water demand water generation for households price of relevant inputs price of water What theory is this economic phenomenon? Demand or Consumption utility theoryKatya needs 3 hours to knit a scarf and 7 hours to knit a hat. Andreas needs 9 hours to knit a scarf and 5 hours to knit a hat. It has been proposed that Katya send 1000 scarves to Andreas. How many hats must Katya receive in return so that Katya in not worse off if she accepts the proposal? Enter a number (and only a number, no units) rounded to two decimal places. If your answer is 1.275, enter 1.28. Note: Whether Andreas would ever make this offer is not relevant to specifying the offers Katya would accept.Can you explain what P is and what X is ? How did we get 0.005?
- Welfare and Efficiency - End of Chapter Problem A study by University of Minnesota economist, Joel Waldfogel, estimated the difference in the actual monetary value of gifts received and how much the recipients would have been willing to pay to buy them on their own. The study suggested that the average recipient's valuation was approximately 90% of the actual purchase price. a. In 2019, it was estimated that the average amount spent on winter holiday gifts in Canada was $692. Based on the estimate from the Waldfogel study, how much of this would be deadweight loss? Enter your answer to the cent. b. In 2019, approximately 30 million people in Canada above the age of 18. Assuming that each individual purchased $692 worth of gifts, what was the total deadweight loss associated with gift giving in Canada? Round your answer to the nearest million dollars. millionThe number of DVD Isabel rents per week increases from 4 to 7 this is caused byVerdana BIUA |= = ==|=|=、m、同 1. 2. 14 1 7 Energy drinks have been causing death. To discourage the energy drinks market, lawmakers, including Senator Miller (D-CA), have called for an aggressive tax on energy drinks. The Miller Bill would place a two dollar tax on energy drink tall cans (that on average cost $2.50) in all American markets. Other members of Congress led by Senator Cruz (R-TX), however, believed that tax to be too high, so the Miller Bill was amended to decrease the size of the tax to just one dollar. 1. Draw a graph with demand curve, supply curve, equilibrium price and quantity, tax price, tax incidence, tax revenue, and deadweight loss. Sen. Cruz claims that this smaller tax still accomplishes the goal of destroying the market for energy drinks, while Sen. Miller vehemently disagrees, stating that energy drinks will still be consumed, but to a lesser extent. Which senator is correct, and how can you tell from the graph? I 1:22 9,
