QUESTION 38 38. Which of the following statements referring to economic jargon is TRUE? a "free good" is one which is so abundant that there is enough to satisfy all that people may want of it. "scarcity" arises from assumptions of unlimited human wants and limited resources. a "scarce good" is one for which quantity demanded is less than quantity supplied. all the above are true only (a) and (b) above are true.

a) State and explain Arrow’s Impossibility Theorem and its implications for social choice. b) State and explain the First and Second Welfare Theorem and discuss their economic implication and significance. c) Explain the concept of minimum efficient scale and its relevance for determining when a market is likely to become a monopoly or a competitive market.

Market equilibrium is one of the fundamental concepts in economics.i. Describe market equilibrium using relevant graphs and discuss market surplus and market shortage. (5)ii. Suppose the market for kittens from an adoption centre can be described by the following equations: Demand equation: Qd = 100 – 20P Supply equation: Qs = 130 + 2P Calculate the equilibrium price (P) and quantity (Q) of kittens. Remember that a negative price for kittens is not allowed. How many kittens will be adopted by humans and how many will be “strays?”

please do the questions and the chocies for the last question is (high, low)   thankyou!!

please solve a and b

For each of the statements below, select the option that best describes what would happen to the equilibrium price and quantity in the market (noted in italics).     Price up, quantity down                 e. Price down, quantity uncertain Price up, quantity up                       f.  Price up, quantity uncertain Price down, quantity down               g. Price uncertain, quantity up Price down, quantity up                   h. Price uncertain, quantity down   ____ 1.  Banana consumers experience a decrease in their income (assume bananas are an inferior good).   ____ 2.  Shoe manufacturers experience an increase in the price of raw materials such as leather and                                 rubber.   ____ 3.  U.S. consumers of jelly (to make PB&J sandwiches) witness an increase in the price of peanut butter                                 caused by an increase in supply. ____ 4.  Consumer enthusiasm for vacations increases air travel at the same time jet fuel costs are…

USE FIGURE #1:  A construction boom occurs and many of the new buildings need plywood for their framing.  Which of the figures above best illustrates this change? Group of answer choices Figure A or Figure C Figure A Figure C Figure D Figure B

Problem 2: At the start of the COVID-19 pandemic, it was difficult to find supplies of standard household toilet paper in grocery stores. Using supply and demand analysis, speculate as to why? Problem 3: Consider an individual's demand curve for a specific good, given that person's preferences and income. That demand curve depicts how that individual's quantity demanded of a particular good (say boneless skinless chicken thighs) depends upon the price. Specifically, the individual's demand curve plots the answers to "what is the utility maximizing quantity of that specific good given the person's preferences and income for a specific price for that good, holding fixed the prices of all other goods?" A typical good is depicted on pages 21 and 24 of Notes N2. Page 21 shows how the utility- maximizing amount of beer varies with the price change by showing how the consumer maximizes their utility subject to the budget constraint (which varies with the price of beer). Page 24 summaries…

Q43 China is the largest wheat producer in the world. Covid-19 has played havoc with the global wheat market.  A decrease in demand for wheat from all countries, including China, due to Covid-19 the global market and an increase in supply of wheat by all producers will: Multiple Choice   decrease the equilibrium quantity and affect price of wheat in an indeterminate way.   increase price of wheat and affect the equilibrium quantity in an indeterminate way.   increase the equilibrium quantity and decrease the price of wheat.   neither the price nor the quantity of wheat will be affected.   decrease price of wheat and affect the equilibrium quantity in an indeterminate way.

Brick and mortar retail stores were particularly hard hit by the pandemic and several large chains went bankrupt. Others survived by developing or switching to online sales platforms and developing systems like a curbside pickup. Using the lessons of supply and demand analysis, and in particular, the discussion of demand and supply shifters, answer the following and explain your answer: 1) Do these innovations affect supply or demand, imposing the “all else constant” assumption (the only one can be affected). 2) Identify the shifter. 3) Which direction does the curve you identified shift and why? 4) Describe what happens to price and quantity at the new equilibrium.