Discuss the concept of path dependence as it relates to the selection and implementation of technology or a product. What is the importance for economic theory if path dependence/creation plays a role in technology implementation?

Q: Let (inverse) demand be Pb = 81 - 6 Qb and (inverse) supply be Pv = 17 + 3 Qv. Consider the shift in…

A: Given  Demand function equation: Pb=81-Qb       (1) Initially, the supply equation: Pv=17+3Qv The…

Q: The Annual Worth (AW) value is comprised of two components. These components are: a. CR + A b. AW…

A: Present value is the value of investment in today's dollar.  Future value is the value of investment…

Q: As a response to high inflation, in March 2022, the Federal Reserve System (Fed) approved its first…

A: The Fed fund rate is the rate of lending and borrowing of the excess reserves which is also known as…

Q: Kara and Kyle are competing sockeye salmon fishers. Both have been allocated ITQs that limit their…

A: Given that, Kara's cost per ton = $6 Kyle's cost per ton = $10 Market price of sockeye salmon = $14…

Q: When will a monopoly be economically efficient?      a if it produces where the marginal cost equals…

A: Allocative efficiency is when the production is where P = MC  P is the price  MC is the marginal…

Q: Suppose that there is a perfectly competitive firm with the following cost data: Variable Cost…

A: Perfectly competitive market is a type of market in which there are many firms(seller) and consumer…

Q: the beginning of the year, the economy has public debt (or national debt) of $470 million. This…

A: Public saving = tax revenue - government outlay Since, government outlays are the expenditure made…

Q: Suppose that the demand for a new soft drink is given by a nonlinear demand function: Q(P, A) = P¹/2…

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Q: Estimate the cost in 2018 of a 950-horsepower steam turbine air compressor if a 200-horsepower unit…

A: The production of a cost estimate for a new project is based on the construction cost data from…

Q: Country A would have an absolute advantage compared to Country B in the production of corn if Group…

A: Absolute advantage is when one country can produce a good with using less resources as compared to…

Q: Pure, or economic, profit is   the return required to retain entrepreneurial talent in that line…

A: A company's profits are determined by deducting its total cost from its total income. By deducting…

Q: One practical limitation of the Classical or Neoclassical model is that it suggests allowing the…

A: The main school of economic theory that is usually in the 18th and 19th centuries is referred to as…

Q: When a monopoly is producing profit-maximizing quantity, what is the relationship between marginal…

A: The profit function of the monopoly is revenue minus cost. Where monopoly revenue function is a…

Q: QUESTION 4 Which of the following would we expect to cause a change in the demand for labor? a.…

A: The labour market, also recognised as the employment market, is concerned with supply and demand for…

Q: Consider perfect competition and monopolistic competition. In which market structure(s) will we see…

A: In a perfect competition market structure, there are large numbers of firms producing homogenous…

Q: [0.1 0.3 C=0.5 0.1 0.2 0.4 0.21 [18 0.21: d d = |40 0.3 26

A: An input-output model in economics is a numerical accounting framework which illustrates how…

Q: A risk free private bond with a face value of 10,000 will mature in 1 year. If the market interest…

A: Given that the face value of a bond is 10,000 and the bond matures in 1 year means if somebody buys…

Q: If you increase the total amount of labor, the labor constraints curve becomes flatter. true or…

A: Labor constraint curve is the one which show the relationship between the labor and the wages which…

Q: According to neuvoo (an online job search network), the average auto mechanic salary in Canada is…

A: The average compensation differential between working men and women is known as the gender pay gap…

Q: The United States imports televisions from Japan and Japan imports computer chips from the United…

A: Opportunity cost is the cost of producing one good in terms of other.  Comparative advantage is when…

Q: In the year 2027, aggregate demand and aggregate supply in the imaginary country of Daisen-Oki are…

A: Aggregate demand is the total demand for goods and services in an economy at a given time period. It…

Q: Refer to Table 19.1. In Guatemala, the opportunity cost of 1 bushel of oranges is Group of answer…

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

Q: A city passes a law that automobile prices may not increase. The auto market is currently in…

A: Allocative efficiency is an economic term that describes an efficient market where all goods and…

Q: 12. What is the subgame-perfect outcome from a finitely repeated game? a. Iterated Elimination…

A: Nash equilibrium (NE) assists  the players in achieving the  best strategy in a non-cooperative…

Q: Which of the following is a permissive subject matter for good-faith bargaining? O seniority O…

A: A party's commitment to meet and bargain with another party at convenient times is referred to as…

Q: Refer to Table 19.1. Mexico has Group of answer choices a comparative advantage but not an absolute…

A: Absolute advantage is when the country can produce same good using the less resources or can produce…

Q: Suppose the fed were to sell off $500 worth of used office furniture to private citizens. Explain…

A: According to the Federal Reserve, bank reserves are the sum of money that a bank is obligated to…

Q: 5. The role of brand names and advertising Which of the following statements about expenditures on…

A: A product or service's customers may be reached via advertising. Advertisements are paid-for…

Q: P $12 $9 $3 equal to greater than Q" less than The figure above shows the market for pies. According…

A: Price Elasticity shows the change in quantity due to change in price.  When the demand is elastic ,…

Q: Situation 1: XYZ is a company that produces packaging boxes that are being distributed in Manila.…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Use the figure below to answer the following question. Price $42 $15 $12 $11 $6 $2 36 40 Sux…

A: Consumer surplus is the area below demand curve and above price.  Producer surplus is the area below…

Q: Which of the following is a solution of a static game of complete but imperfection information? a.…

A: A static game is a type of game that is played one time. A perfect information game is the type of…

Q: Question 5 Part c A tsunami hits the island of Leavey and destroys the whole crop of coconuts. What…

A: The country is said to be in equilibrium when the total demand  of good is equal to total supply of…

Q: A manufacturer can produce 5,130 cell phones when a dollars is spent on labor and y dollars is spent…

A: Cost refers to all types of expenses that incur in the production process. It can be variable cost,…

Q: Suppose the production function takes the form F(K, L) = The capital share is equal to: 13 L L+K ĀKL…

A: To calculate the factor share, we use Euler's theorem: If a production function is homogenous of…

Q: unemployment rate is Suppose that the steady-state 13%. The number of vacancies relative to the…

A: Given, Steady State Unemployment Rate = 13% Number of Vacancies relative to Labor Force = 5%…

Q: (g) If the demand curve for product B shifts to the right as the price of product A declines, what…

A: Two goods are complementary when the increase in price of onee good decreases the quantity of other…

Q: Which of the following products would likely be the most inelastic? Restaurant Meals O Clothing…

A: Elastic is a phrase used in economics to describe a shift in buyer and seller behavior in reaction…

Q: Given the following Multiple linear regression [sales and advertising (in $1000) and price (in…

A: Given information: Sales = 5000 - 8 (Price) + 7.25 (Advertising) + ε Where Sales and advertising is…

Q: 4. A common rule used for describing the conduct of monetary policy is the Taylor rule, given by i —…

A: The change in price of services and good is said to be inflation. Inflation is considered bad for an…

Q: If one account receives a benefit in the form of cash, goods or services etc, there must be equal…

A: Given information The initial cost of the jet=1,350,000 Maintenance cost=200,000 per year Salvage…

Q: Consider a 2-sector macroeconomic model: Y = C + I* C = aY + b = [X]. Express this system in the…

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Q: Consider a bond with par value of $1,000 paying a coupon rate of 10% per year semi annually when the…

A: The present value formula is used here:  P = F(1+R)tP : present valueF : future value R : rate of…

Q: Suppose that the market is comprised of a single firm, which faces a de- mand curve of P = 110 − 3Q,…

A: A market structure characterized by a single seller selling a product that is unique to the market.…

Q: What is Efficiency Wage? What are are some of the advantages and disadvantages of Efficiency wages?…

A: Effectiveness wages are above-market wages paid by bosses to work on the efficiency of their labor…

Q: The coefficient of determination, R^2 determines: Select one: O a. the direction of the relationship…

A: A linear regression model is used to predict the value of the dependent variable at a given value of…

Q: A firm is producing at the point of diminishing marginal product. It increases its use of labor.…

A: Diminishing Marginal product shows that with the additional input, the output derived is less.  We…

Q: 3. A firm with positive fixed costs encounters CRS and then DRS as it expands production. Show the…

A: In Economics, the average variable cost is the variable cost per unit. The average variable cost is…

Q: Consider the Mortensen-Pissarides model of unemployment. Set unemployment benefits to b=0 and…

A: The Mortensen-Pissarides model of unemployment: Mortensen-Pissarides model of unemployment is based…

Q: Assume the given general functional form; what is & in the following linear regression? Y=…

A: Option d - Error term/ residual