What does it mean to “vote with your dollar,” and how does this relate to Walras’s theory of General Equilibrium? Explain the relevant neoclassical assumptions for his model to work, and then give and support your opinion to the following question: are markets a good way to allocate resources?

Q: Which of these situations describe an equilibrium, and which does not? If not, what would an…

A: The above given cases are analyzed as follows:

Q: Because consumers purchase either Coke or Pepsi, economists call these “inferior” goods.   Select…

A: Given: Consumer purchases either coke or pepsi thus it is inferior good.

Q: The supply curve of some good is vertical. What will be the effects of a fall in demand for it?…

A: Supply curve represent the positive relationship between the existing price of a commodity and it's…

Q: In a two-good world, in which the goods are A and B, what does it mean to be in consumer…

A: When markets struggle to clear and find their final equilibrium point, they are considered to be in…

Q: Four students from your economics class are sitting in a local restaurant discussing the market for…

A: Demand refers to the quantity of a good or service that consumers are willing and able to purchase…

Q: if you want to have anything good you have to do it yourself violates which principle of economics

A: This violates the principle of Economics that says "Trade can make everyone better off". This…

Q: How will apply the principles of shifting demand and supply in economics

A: There are 2 important principles that apply in shifting demand and supply in economics. The demand…

Q: How do prices attain a state of equilibrium? Give a specific example

A: Demand and supply forces have a role in determining market pricing and volumes. According to the law…

Q: Define “Price” for goods and services by different schools of thought up to Adam Smith. Explain the…

A: Smith arranged the foundations of classical free market theory. The Wealth of states was a precursor…

Q: Which of the following describes the statement "A fall in the supply of petrol will lead to an…

A: Economics is the branch of social science that deals with the production, consumption, and…

Q: Suppose that both of the events you have just analyzed are partly responsible for the increase in…

A: A supply curve can shift to right or left due to changes in various factors affecting the supply of…

Q: What's the difference between economic equilibrium and market equilibrium?  Please give the most…

A: What's the difference between economic equilibrium and market equilibrium?  Definition of Market…

Q: or each of the following separate parts, you are required to draw one or two graphs. Make sure that…

A: ‘Price elasticity’ of a good is the response in the demand of the good as the price of the good…

Q: The graph shows the supply and demand curves for a certain product, which has a current selling…

A: The point where the dd(demand) curve and the ss(supply) curve cut, there the seller’s willingness to…

Q: With the aid of diagrams, evaluate why the price of commodity may increase using supply and demand…

A: Supply and demand analysis is a fundamental economic technique used to examine how the price of a…

Q: Difference between the Partial equilibrium Approach and the general equilibrium Approach? Show their…

A: A partial equilibrium is one that is obtained by evaluating only the effects of two variables at a…

Q: In light of Adam Smith, Ricardo, and Say, please explain the classical political economy perspective…

A: The market mechanism is viewed from the perspective of classical political economy as a…

Q: Suppose that more consumers prefer the disposable cell phone over the smart phone because the…

A: The demand equation is The supply equation is

Q: What is Microeconomics? What is the price elasticity of demand? What are the various methods of…

A: Economics is a study that has a broader scope and includes all the factors that affect the economic/…

Q: A survey shows an increase in drug use by young people. In the ensuing debate, two hypotheses are…

A: The correct answer to the above-mentioned question is that the difference between the two…

Q: Which consumption theory best explain the consumption behaviour of consumers in our economy

A: Consumption is using the product or service that is being produced in the society. There are several…

Q: Represent the supply of housing on a graph under two scenarios. First - an 'anything goe scenario in…

A: The equilibrium is the established where the demand and supply are equal. The change in the demand…

Q: Could a person or country ever produce a combination of goodsthat lies outside the production…

A: Production possibility curve is defined as the combinations of different outputs with given amount…

Q: Consider Kharkeez, a hypothetical country that produces only burgers. In 2019, a burger is priced at…

A: A government deficit occurs when its expenditure is greater than its revenue. The government can…

Q: Discuss how equilibrium prices and quantities changed.

A: Understanding how people and businesses decide to divide resources is made easier by studying…

Q: e factors that violate equilibrium prices and quantities? List and explain at least three of them?

A: Market refers to the place where goods are bought & sold. The consumers buy the goods as per…

Q: HANDBAGS What happens when the hot handbag trend is to not buy a new one? Sales of premium handbags…

A: Market demand for a commodity can change as a result of a change in consumers income, their tastes…

Q: Draw a circular flow of diagram and identify the parts of the model that corresponds to the flow of…

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

Q: In constructing the demand graph to show how the price of a good price affects how much of it the…

A: A demand graph is a visual representation used in economics to illustrate the relationship between…

Q: In Behavioral Economics, what does it mean to say that people like to “play with the house’s money”?…

A: Generally, when we say that play with the house’s money, we mean that we have won a lot of money at…

Q: redict the likely consequences of the following on demand (D), su ecrease, O for no change, and ?…

A: The law of demand states that – when other factors remain constant (cetris peribus), price and…

Q: Please provide steps by step answer with proper explanation with final answer..... Don't use pepar…

A: What is Microeconomics?Microeconomics is the study of how individuals and businesses make decisions…

Q: Assume that potential offenders can choose between burglary and larceny because these two crimes…

A: Crime market modeled with demand & supply curves. Increased larceny sanctions shift larceny…

Q: In your own words, explain the function(s) of prices in market economies. If a society did not have…

A: Market economy: - The market economy is that economy where the production and pricing decisions are…