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Microeconomics questions and answers in September 2019

Suppose you are advising an industry association on the predicted effects of a price change on quantity demanded and total expenditure on its product. The current price is ​$ 0.80 per​ unit, and ...
People vary in their ability levels at the completion of high school. Let an individual's ability level at this point be given by a: If an individual goes to college, when they graduate their ability ...
Assume that there are now three choices of schooling, rather than two. An individual can still attend high school, in which case no additional schooling (beyond high school) is required. They can also...
During Valentine's week, more people buy chocolates and chocolatiers offer their chocolates in special red boxes, which cost more to produce than the everyday box. Set out the three-step process of an...
Suppose that there are two goods (X and Y ). The price of X is $2 per unit, and the price of Y is $1 per unit. There are two consumers (A and B). The utility functions for the consumers are UA(x,y) = ...
Suppose that there are two goods (X and Y ). The price of X is $2 per unit, and the price of Y is $1 per unit. There are two consumers (A and B). The utility functions for the consumers are UA(x,y) = ...
I am very confused. Thank you for your help. I really would appreciate it. Exhibit 7-10 Supply Price $ subsidy per C unit produced Demand Q Q2 Quantity Refer to Exhibit 7-10. The producer surplus befo...
A May 18, 2015 news article from the Wall Street Journal about the oil market stated, "the global glut of crude that has hit oil prices is starting to shrink." What does the article mean by a "glut"? ...
The long-run average total costs for a firm are equal to short-run average total costs when Group of answer choices the long-run average total cost curve is increasing. production is at any point alon...
hi i need help with this thanks! If the price of a good decreases, is the decrease in the quantity of the good supplied likely to be smaller or larger the longer the time period being considered? Brie...
Table 1 shows the hourly production and Total Cost estimates for a new manufacturing firm wishing to enter the smartphone market. Fill in the blank cells in columns a., b., c., d., and e. on the table...
Suppose the current issue of  The   New York Times  reports an outbreak of mad cow disease in Nebraska, as well as the discovery of a new breed of chicken that gains more weight than existing breed...
In the 1970s the united states adopted a policy to reduce speed limits to 55 miles per hour on its freeways in order to save fuel. Speed limits on secondary roads were not changed. If we think of the ...
Suppose the current issue of the New York Times reports an outbreak of mad cow disease in Nebraska, as well as the discovery of a new breed of chicken that gains more weight than existing breeds that...
Please help me with this question. Thanks 5. Topic Monopolistic Competition Suppose Apple finds that the relationship between the average total cost of producing iPhones and the quantity of iPhones p...
Please help me to resolve this problem. Thank you 6. Topic: Oligopoly Use the information in the following table, which summarizes the payoffs (i.e., profit) to two firms that must decide between an...
Please answer this question for me. Thanks Assume that an industry consists of eleven firms and that the market shares of the three largest firms in an industry are 12 percent each, while the next thr...
Please help me with these questions: Assume a perfectly competitive firm is currently producing 5,000 units of output and is earning $15,000 in total revenue. The marginal cost of the 5,000th unit of ...
Consider the below supply and demand graphical representation of the Tuna market: Tuna Market 5.00- 4.50- S 4.00- -... . . . . . . .. . Price (dollars per can) 3.50- 3.00- - ..... . . . 2.50- 2.00+ ....
Using the above table but now the bakery bakes 30 pizzas and 240 loaves of bread (alternative B), moving from alternative B to alternative D, what is the opportunity cost of   one  pizza pie?
EXERCISE 4.3 OPPORTUNITY COSTS The British government introduced legislation in 2012 that gave universities the option to raise their tuition fees. Most chose to increase annual tuition fees from £3...
For a country (or city) of your choice, look up a map of the railway or public transport network. When designing this model, how do you think the modeller selected which features of reality to include...
The demand curve for a good is Q = 120 − 3P. What is the point elasticity of demand when P = 10? A. The point elasticity of demand is -1/3 B. The point elasticity of demand is -1/2 C. The point elas...
Suppose the inverse demand equation for rental apartments is P = 2000 − Q and the inverse supply equation for rental apartments is P = Q. Suppose there's a policy that restricts the price (monthly r...
3. Suppose that Ms. Smith faces the following risky situation: With probability α = 0.5 her wealth is I1 = 64, and with probability 1 − α = 0.5 it is I2 = 100. Suppose that Ms. Smith's Bernoulli u...
5. Jane has just arrived at the university with $400 in her pocket and a very old car worth $500. She is a reckless driver and with probability 1 2 she will wreck her car by the end of the semester dr...
If anyone can help me with these questions (as I missed the lecture due to an operation) would do me a massive favour. I want to know the method so that I can do other question on this topic myself (a...
 Which of the following questions about multi-group price discrimination is correct? Assume MC is the same for both groups a)With optimal multi-group price discrimination the marginal revenue is equa...
Wally is a corn farmer who has a corn crop worth $320 and has $256 in his bank account. With probability 11/20, a flood will wipe out his entire crop. Wally's utility of wealth given by u(w) = ​​....
Wally is a corn farmer who has a corn crop worth $320 and has $256 in his bank account. With probability 11/20, a flood will wipe out his entire crop. Wally's utility of wealth given by u(w) = ​​....
Wally is a corn farmer who has a corn crop worth $320 and has $256 in his bank account. With probability 11/20, a flood will wipe out his entire crop. Wally's utility of wealth given by u(w) = ​​....
A money pump is..? -The way I can take advantage of you not having transitive preferences to ensure my retirement -A consequence of preferences not being strictly convex -The way they clean out the fe...
Which of the following question about perfect price discrimination is correct? a) More consumers are served with perfect price discrimination than with standard monopoly pricing. b) The marginal reven...
I have answer Suppose that a poor harvest season raises the price of apples to PA = 2. a) Is it possible to reach a market equilibrium if the price of apple juice P J remains unchanged? Why? How much ...
3. Profit maximization using total cost and total revenue curves Suppose Rajiv runs a small business that manufactures teddy bears. Assume that the market for teddy bears is a competitive market, and ...
Consider two consumers, a and b, and two goods, X and Y . Both consumers face the same prices of x and y and have the same income I. Their optimal choices lead them to purchase xi of x and yi of y, wh...
which of the following losses is excluded from fire insurance policy 1 Loss due to lightening 2 Loss due to fire resulting from explosion 3 Loss by theft during the fires 4 Loss due to explosion of bo...
Suppose that a monopoly car engine producer produces car engines at zero marginal costs and sells to a monopoly automaker at a price P E . The automaker has no costs other than the cost of the engine....
A monopolist earns $70 million annually and will maintain that level of profit indefinitely, provided that no other firm enters the market. However, if another firm enters the market, the monopolist w...
Suppose that a monopoly car engine producer produces car engines at zero marginal costs and sells to a monopoly automaker at a price P E . The automaker has no costs other than the cost of the engine....
If 50-inch flat screen TVs became cheaper and buyers expected Netflix subscription prices to fall next year, what could we safely conclude would happen to the equilibrium price of a new Netflix subscr...
Suppose that a tax is placed on theatre tickets. If the seller ends up paying the majority of the tax, what do we know? Question 44 options: The demand curve is more inelastic than the supply curve. T...
Consider a market with the inverse demand function P = 100 - 2 Q . The marginal cost of production is 20 for all output. (The marginal cost curve is flat, MC = 20.) There are no fixed costs. [For a li...
Denote French restaurant by F, Italian restaurant by I, and Chinese restaurant by C. Let X = {F, I, C}. Consider the choice structure (B, C(.)) with B = {{F, I}, {I, C}, {F, C}, {F, I, C}}, and C({F, ...
Previously asked and got cancelled, need help ASAP! I 1. Marginal Rate of Substitution. Consider two consumers, a and b, and two goods, X and Y. Both consumers face the same prices of a: and y and hav...
Incline on the treadmill and weight. How would you measure elasticity between these two things? Be specific about the units used. Would you expect the elasticity to be positive or negative? Why? Will ...
If the number of buyers in the housing market decreases, what will happen? Question 11 options: Demand in the market will increase. Demand in the market will decrease. Supply in the market will increa...
what is the difference between a long run and a short run?
Why might one oppose permanent monopoly protection for a new innovation
Use the supply & demand graph posted below to find the impact of labor market policies: The S & D curves shown represent initial conditions in a labor market. Initially, workers receive a mont...
3. Calculate the quantity produced and consumed in autarky for each of the two countries. 4. Draw the PPF and the autarky equilibrium for each country, placing clothing on the horizontal and food on ...
b. In this scenario, the regulatory board imposed a price ceiling on the Onus monopoly ferry operator that was calculated to be well above the ferry owner's lowest AVC and equal to the ferry owner's l...
I need some help with a microeconomics question on on drawing demand and supply diagrams. Could you help in guiding in a ) thru f) what is the effect? For instance, tell of the effect is an increase o...
Suppose a recent study concludes that the demand for frozen dinners  dropped  by 20% when income increased by 10%. What is the value of the income elasticity of demand for frozen dinners?
For most goods and services, income elasticity of demand tends to be smaller in the short run than in the long run. However, a recent study shows that the demand for a  durable  good such as autom...
Is the demand for a  particular  brand of coffee more elastic than demand for  all  coffee? Explain.
Use the table below to answer this question.                                                                   Total         ?...
Choose a company that markets computer products over the Internet. In what ways does the company create value? Is it likely to capture much of this value? Why? Why not?
Please give me a correct answer and show your work . Ruitong Han V LO CO mpt ... Suppose Jack's value for an Uber ride home from school is $14 and the price of the ining: ride is $13.3. Answer the fol...
Please give me a correct answer And show me your work Juppuse III LIG INQINGLIVE WIuyeLS LIC WITHyTICSS LU Pay IVI a WIuyeLIVI UINICIGIRL individuals is as follows (sorted from lowest to highest): Nam...
When you purchase a burger and eat it, no one other than you benefits. As such, we expect that you will pay the full cost of producing the burger. Does this logic apply to higher educational services?...
Hello, pleaxse help me with this. 4. (Figure: The Demand for Shirts) Use Figure: The Demand for Shirts. By the midpoint method, the price elasticity of demand for the segment EF is: Price of shirts $6...
What is Cawlin's total utility if he buys 1 cup of coffee and 4 pieces of cake? Cawlin needs to decide how many cups of coffee and pieces of cake he will buy for a meeting with an office mate. He ...
What is the marginal revenue?. The table below provides revenue and cost information for a perfectly competitive firm producing paper clips. Paper Clip Total Revenue Quantity (Q) Total Revenue (TR) 15...
Which combination will maximize total utility? Sarah is trying to decide what combination of cups and plates to buy. Her budget is $24. Plates cost $8 each and cups cost $4 each. The numbers in the ta...
1.The definition of income effect is best defined as: ___________. Select the correct answer below: A. The state in which the ratio of the prices of goods is equal to the ratio of the marginal utiliti...
Drop down options 1- increased or decreased, 2- a normal or an inferior, 3- was dominated by or outweighed MS A college student has two options for meals: eating at the dining hall for $5 per meal, or...
1.   Anovatech provides cloud computing services to other businesses. It uses programmers (labor) and servers (capital) to produce its services. It costs Anovatech $6,000 a month to hire a programm...
q2 economics 32. Use the Solow diagram to examine the impact of a decline in the depreciation rate on output per effective worker and capital per effective worker. Show the new steady-state equilibriu...
Investment from abroad Group of answer choices is a way for poor countries to learn the state-of-the-art technologies developed and used in richer countries. is viewed by economists as a way to increa...
The Tax Cut and Jobs Act, 2017 The changes made by the Tax Cut and Jobs Act, 2017 to the tax provisions have changed tax rate for 2018 and people are getting a first hand experience of what it means t...
What is the opportunity cost of paying for classes? Explain why college students are willing to pay for classes? Include a discussion of the ten economic principles in this context.
How many units of Product B do you tell Amanda to purchase? Marginal Utility per Dollar Quantity of Total Marginal Marginal Marginal Product A Utility Utility Utility per Quantity of Total Marginal Pr...
Two firms, Small and Large, compete by price. Each can choose either a low price or a high price. The following payoff table shows the profit (in thousands of dollars) each firm would earn in each of ...
7.14  Suppose a firm has the following production function: Q = 2KL.  If capital rents for $100 per unit per day, labor can be hired for $200 per unit per day, and the firm is minimizing costs,...
7.14  Suppose a firm has the following production function: Q = 2KL.  If capital rents for $100 per unit per day, labor can be hired for $200 per unit per day, and the firm is minimizing costs,...
a) Graph the supply and demand curves and indicate the equilibrium price and quantity. b) Suppose there is a change in teenage fashion such that a substitute shoe, Mikee, becomes more popular. As a r...
Predict the impact on the market of each of the following events. Provide a graph and a brief explanation for each event. a) Market for Canadian wine: an early frost destroys a sizable percentage of ...
During the World War II, US government rationed gasoline, setting a quota on how much a consumer could purchase. A student with a weekly income of $6 has to allocate his income between meals and gasol...
What are some of the possible types of charts that Excel can create and examples of situations when each type would be used?
Assume a continuous, straight line demand curve which includes the following data points for gallons of milk: Assume that the initial market clearing price for milk is $2 per gallon. Now suppose that ...
1. Consider the utility function u(x, y) = x 3 5 y 1 5 . Show that (i) x and y are goods, (ii) x and y have diminishing marginal utility, (iii) the indifference curves slope downward, and (iv) the ind...
I do not understand where the numbers are coming from.
Suppose the government decides to impose a per gallon tax on gasoline. For simplicity, assume that no previous tax on gasoline existed and that the market was initially at the socially efficient outco...
Suppose Canada produces only cars and trucks. The resources that are used in the production of these two goods are not specialized—that is, the same set of resources is equally useful in producing b...
Oscar is a rational consumer who wants to maximize his utility. Based on the information Tables 1 and 3, if the price of a box of trash bags is $4, the price of a trash can is $2, and Oscar spends his...
Suppose Ms. Color, has $200 to spend on pink sweaters (P) and lime-green sweaters (L) at the department store "Saks 1st Avenue". Ms. Color does not care what color sweater she wears but deems it very ...
Mr. Bond likes martinis, however he only enjoys them when they are made in the exact proportion of two ounces of gin (G) to one-ounce vermouth (V). Mr. Bond has a nightly drink allowance of $5. Suppos...
Mark spends all of his monthly income on interstate phone calls and food. His monthly income is $400 and the unit price of food is PF=$1. Consider two calling plans offered by his phone company: Calli...
Please help with the above questions. I submitted an incorrect question earlier and received a response, but noticed I had included incorrect data.
please elaborate on how to construct a demand schedule
How do you distinguish between the concept of D and S functions in Microeconomics and the concept of AD and AS functions in Macroeconomics? Why they are different?
Based on the concept of law of demand and law of supply in Microeconomics, explain the difference between changes in quantity demanded (and/or changes in quantity supplied) and changes in demand and/o...
Using the above chart-   What price should the manager of the  EI Dorado Star  charge? How many papers should be sold daily to maximize profit?
If a 10% decrease in the price of one product that you buy causes an 8% increase in quantity demanded of that product, it's likely another 10% decrease in the price will cause another 8% increase (no ...
can you explain how to solve this? 300 Ricki, CC, and Brett are the only consumers in the market for leather jackets; their inverse demand curves, repectively, are as follows: P = 200 - 10QR P = 200 -...
1. Alison and Carrem both like to eat Heels (x) and Turtles (y). Their utility functions are identical: U(x, y) = 10x + y². (a) Calculate Alison and Carrem's Marshallian and Hicksian demands for Heel...
Review the mechanics of demand and supply. How does marginality work in economics? economics? Review the mechanics of demand and supply. How does marginality work in
1)If Jo, an independent farmer, was able to work 24 hours a day she could produce 4 tonnes of rice each day. You are told that Jo's utility-maximising choice is to work for 8 hours and produce 3 tonne...
If Jo, an independent farmer, was able to work 24 hours a day she could produce 4 tonnes of rice each day. You are told that Jo's utility-maximising choice is to work for 8 hours and produce 3 tonnes ...
Background info: If Mamata was able to work 24 hours a day she could produce 4 tonnes of rice (the principal food crop cultivated in West Bengal) each day. You are told that Mamata's utilitymaximising...
The market for gasoline has changed in a couple significant ways over the last few years: new technologies have decreased the costs associated with producing gasoline, and automobiles are becoming mor...
Under what elasticity conditions would the following be true? "Increasing the minimum wage will result in a decrease in employment for workers who now earn less than the new minimum wage." (Maximum nu...
7. You were planning to spend Saturday working at your part-time job, but a friend asks you to go skiing. (7.1) What is the true cost of going skiing? Explain. (7.2) Now suppose you had been planni...
A firm hires two kinds of workers, alphas and betas. The population at large has equal number of alphas and betas. One can't tell a beta from an alpha by looking at her, but an alpha will produce $3,0...
You are given the following partial information about a consumer's purchases. He consumes only two goods. Note that you do not know how his income has changed from year 1 to year 2. Over what range ...
1) Explain and Graph an event which leads to higher prices and lower quantity produced of a certain good. 2) Explain and graph an event which leads to lower prices and lower quantity produced of a cer...
1a) Assume that in the market for widgets, demand is highly elastic compared to supply. If input costs for producing widgets drop, what happens to equilibrium price and quantity? Explain. 1b) Is th...
Suppose a pizza parlor has the following production​ costs: ​$ 3.00 3.00 in labor per​ pizza, ​$ 1.00 1.00 in ingredients per​ pizza, ​$ 0.20 0.20 in electricity per​ pizza, ​$ 2 c...
Explain why perfectly competitive firms struggle to raise prices and advertise compared to their competitors.
Is the profit-maximizing price and output of a monopoly the same as those of a perfectly competitive market? If different, how is it different? EXPLAIN
Why does a monopoly result in both productive and allocative inefficiency?
The table below shows the demand schedule for a pint of Sweet Chocolate, a delicious peanut butter chocolate stout: price: 8 quantity demanded: 3 6 5 One of the problems with the basic elasticity form...
Traditional economic theory assumes individuals make choices that provide them with the most utility. Behavioral economic theory assumes that people do not always make decisions that provide the most ...
Explain why it is possible for total utility to increase even when marginal utility is decreasing? If marginal utility is negative, will total utility increase? Skills Describe how total utility, marg...
Sometimes speculators get it wrong. In the months before the Persian Gulf War, speculators drove up the price of oil: The average price in October 1990 was $36 per barrel, more than double its price i...
Discuss the recent National Basketball Association bargaining. In this case, each party needed to decide to either "bargain hard" or "accommodate." What can we learn from this case?
Hi - I need help to resolved this problem but also so that I understand how to calculate it. Suppose a consumer has a utility function given by U= 4X+12Y. The price of X is $2 and the price of Y is $1...
The following equations describe the demand and supply of the market for widget A in Paradise. Demand : Q D  = 15 + P B  − 2.5P A Supply : Q S  = −20 + 5P A where P A  and P B  are the price ...
Cindy operates Birds-R-Us, a small store manufacturing and selling 100 bird feeders per month. Cindy's monthly total fixed costs are $500, and her monthly total variable costs are $1,000. If for some ...
At quantities above the minimum-cost output: a) marginal cost is less than average total cost and average total cost is falling. b) marginal cost is greater than average total cost and average total c...
The Telecommunications Regulatory Authority (TRA) is the UAE's independent industry regulator. Since its launch in 1976, Etisalat has held a monopoly in the market. That changed in 2006 with the emerg...
Hello, I have a question about taxes: Automobiles are taxed in many different ways. Revenues from automobile taxes are typically used for road building and maintenance. For each of the following autom...
Hello, I have a question about taxes. Consider the following income tax system. A person pays no tax on the first $10,000 of income and then pays a tax rate of 20% on all additional income.   A.  C...
A perfectly competitive firm is producing 50 units of output, which it sells at the market price of $23 per unit. The firm's average total cost is $20. What is the firm's total revenue?
A used car was recently priced at $20,000.00. Seeing the car, Bobby thought, "It's nice, but if I have to pay more than $19,500 for this car, then I would rather do without it." After negotiations, Bo...
which one of the statement is true? thanks a lot! The graph below shows a market supply curve. 10 20 0' Evaluate whether the {allowing statements are TRUE or FALSE. (I) The cost of producing the 20-th...
which one of the statements is true? thanks a lot! The demand for good X in any economy can be summarized by ox = a+b*Px+c*PY+d*lNC+e*POP. In this the equation, QX is the quantity demanded of good X, ...
Which of the following is assumed in a perfectly competitive market? a. Firms sell similar, but differentiated products.   b. significant barriers to entry   c. many buyers   d. a small number of ...
this is elasticity related question l. (Elasticity Related Question) The following Table-l shows the price and quantity demanded for good X and good Y and the income of the consumer. Using this table ...
How does the implementation of a minimum wage to one sector(A) of a labor market affect the labor market of another sector(B)?
your choice! Mark an argument for globalization or protectionism.
Almia and Adjikistan are two open economies producing goods A and B. Many people in​ Almia, including the leading​ economists, are lobbying for trade. They feel that the country has a comparative ...
Can you name a product (or products) that seem to violate the law of Demand? in other word, are there goods out there where the quantity demanded rises as price rises or where the quantity demanded fa...
In the Wolverton/Manteca example, at what prices are tickets sold to each group? Why do you think the prices are different? Suppose a firm sells its output for                    ?...
Microeconomics question concerning the law of diminishing marginal utility. Does the law of diminishing marginal utility hold true in every situation? Is it possible to think of goods for which cons...
hhhhhhhhhh 3. (a). Does the tangency condition %1— = %1 to determine an optimal basket always hold? (b) Suppose there are two consumers. Consumer A is buying a basket where M1- > %2. Consumer B 1...
hhhhhhhhhh 4. (a) Suppose a consumer is consuming only two goods and she is spending her entire income on these two goods. The Engle curves for both the goods cannot be negatively sloping. (b) When in...
(a) What determines one's preferences? What can change the preferences and why? What would be the e§ect of change in preferences on a consumerís willingness to pay? (b) What determines oneís willin...
(a) A consumer has some income M. Prices of two goods X and Y are Pxand Py respectively. Suppose the price of X goes down and that of Y goes up but the income remains unchanged. Due to changes in ...
Go to the internet and find a news article posted within the last month that discusses a potential positive or negative externality. Summarize key points in your initial discussion post. Be sure to us...
eterminants of Income Differences . Identify one of the determinants of income differences as enumerated in Chapter 30 which you have personally observed or desire to research. Be certain to tell us w...
Examples of Outsourcing . Identify one example of outsourcing that you have observed or desire to research. Be certain to apply the economic analysis of Chapter 28 in your post and tell us what you be...
Suppose that there are two goods (X and Y ). The price of X is $2 per unit, and the price of Y is $1 per unit.There are two consumers (A and B). The utility functions for the consumers are UA(X,Y) = X...
Suppose John's utility function is 16X2Y2, where X is consumption of beer and Y is consumption of pizza. (a)What is the marginal utility of X and Y (b)Suppose Y = 3. Calculate John's utility for X = 2...
See problem listed below: I have everything I need except for the step by step for question B. "how to calculate each firm's equilibrium output" I know the answer is Firm 1 = 20 and Firm 2 = 18 But I'...
12. Question 12 Consumers are willing to purchase original paintings for $1000, and indistinguishable first-copies for $200. Buyers are willing to sell original paintings for $900 and first-copies for...
 A gasoline station very near a professional football stadium parks cars on its lot to make money on game days. Last year it charged $4.00 per car and parked 1000 cars. This year it raised the parki...
The Metropolitan Transit System recently announced a 50% increase in the price of a daily bus pass. The administrators said that they needed an increase in revenue to cover their rising costs. Explai...
Good day I would like to know why the structure conduct performance is so widely used to study the conduct and performance of firms and industries ? can you please give this in a detailed answering fo...
Is the answer not B because B would represent monopolistic competitive market?      Which one of the following is the best description of a monopolist?          a.    a firm that pro...
When Yap allows international trade in animatronic monkeys , consumer surplus...
1. When the price of Toyota Corollas rises, ceteris paribus, the demand for Corollas falls Can you tell me why the answer to this is false. According to the textbook demand does decrease as price rise...
I am not sure what I am doing wrong here. I really need an explanation of how I can solve this.
Quick Copy is one of the many copy shops near campus. The graph shows Quick​ Copy's cost curves. The market price of copying one page is 10 cents. What is Quick​ Copy's marginal​ revenue?
I need an explanation of why I go this wrong and how to correct.
I am not sure what formula I use here or how to solve this problem. I need a detailed explanation please of how to find the answers.
I need an explanation of the mistake I made on this problem and how to correct it. I divided each value by the GDP.
Tragedy of the commons  What is an example of a tragedy of the commons. How does the tragedy of the commons relate to externalities and property rights.
Tax consumption or income? Why do some economists advocate taxing consumption rather than income? Which sort of tax would be better for you? why?
Please help. I don't even know where to begin 7. Prove that . 3$1 > 0 if97< 1 p < 0 ifn > 1. Explain this result intuitively (in terms of the standard income and substitution eflects).
I know that economic affects the accounting industry. Therefore, I want to know the other demand factor of accounting companies especially the big 4?
Please help as soon as possible. Exercise 1. Consider the toiiowing probiem max u (331) + fiu(:1:2) , at £01 +P$2 = y: (1) (m1,m2)ER_2'_ Where fl 6 [0, 1] is the discount factor, 3; E 1R+ denotes i...
Consider the following problem max (x1;x2)2R2 + u (x1) + u (x2); s.t. x1 + px2 = y; (1) where 2 [0; 1] is the discount factor, y 2 R+ denotes income (in terms of good 1), and p 2 R++ denotes the relat...
Fill out chart and answer questions crepes work hours marginal cost ( at wage $20the), MPL amount that inputsat $5 one worker would produce 0. 05 2 0 . 2 3 0. 45 4 0. 8 5 1.25 6 1. 8 2. us 8 3.2 4. OS...
For the following questions please consider using the following links uviii : http://hdr.undp.org/en/ http://hdr.undp.org/en/humandev/ See the Measuring Human Development: The Human Development Index ...
Income effects depend on the income elasticity of demand for each good you buy. If one of the goods you buy has a negative elasticity, that is, it is an inferior good, what must be true of the income ...
Can you explain to me in depth, the concept of elasticity and how to calculate for it in terms of the demand and supply curve?
Political advertising is often directed at winning over so-called swing voters, whose votes might go either way. Suppose that two political parties—the Freedom Party and the Liberty Party—disagre...
If the government imposes a $500 excise tax on SUVs and the demand curve for SUVs is downward-sloping, suppliers of SUVs will simply raise the price by $500 and consumers will bear the entire burden o...
The point (70,80) is not the new location for point A. Why is this? Assignment Score: 850/1700 Cy Give Up? Hint Check Answer < Question 9 of 17 Attempt 7 The accompanying graph contains the product...
If the government wants to limit sales of a particular good, it may do so by imposing a quota. However, the same reduction in sales may be achieved by an appropriately chosen excise tax. True or False...
Your friend has a large garden and grows fresh fruit and vegetables to be sold at a local farmer's market. Your friend comments, "I hired a college student who was on summer vacation to help me this s...
If the government provides more education for more people, the cost will be equal to____ the value of the other goods that are forgone in order to provide more education the value of future output min...
Hello, I would really appreciate some help with this 3 questions please. QUESTION 1G ——-_-_ I:=-———— ma 100% Refer tn the table shown. The industry's Herfindahl index in Year"! was 0 24...
Please help me answer how many hoses and also which blue point to place my new point A. Assignment Score: 850/1700 Cy Give Up? Hint Check Answer < Question 9 of 17 Attempt 7 The accompanying graph ...
I need to know which point on the Graph when moving point A. I know there is 20 extra hoses produced, because I got that portion of the answer correct. Assignment Score: 850/1700 Cy Give Up? Hint Chec...
I know there is 20 more houses produced a day, but I do not know where to place the graph. Assignment Score: 850/1700 Cy Give Up? Hint Check Answer < Question 9 of 17 Attempt 7 The accompanying gra...
Calculate the marginal product for a car repair shop that adds two mechanics and begins fixing five extra cars each week.
Hello, I really need some help with questions number 8, 11, and 12. I would really appreciate it. I think I did right questions number 9, 10, 13, 14, and 15, but I would really appreciate if someone c...
Hello, I really need some help with questions number 1,2,3,4,5,6, and 7. I would really appreciate. m— Use this graph to answer the next three questions: Monopoly $16 "'3 ATo 100 200 300 400 500...
1."The tangency rule is a sufficient condition for a utility maximization." Is this statement true or false? 2. Can any two of an individual's indifference curves intersect? If they do, then what w...
For each of the following pairs of goods, which good would you expect to have more elastic demand and why? required textbooks or mystery novels Beethoven recordings or classical music recordings in ge...
1.     What are the implications for currency risk of TEK focusing its manufacturing in the US but generating most of its sales abroad? Competitors such as HP and Kodak are more geographically div...
2. The key assumption underlying the theory of the firm is that: a. firms are assumed to maximize profits. b. managers are assumed to maximize the number of employees in their department. c. firms are...
Given the above problem assume that the budget constraint binds, i.e., set it as equality. Now solve for optimal x1 and x2. After you have done this, label them as x1 * and x2 * Suppose that Ashley li...
Deadweight loss refers to ... 1. a loss in consumer surplus associated with excess supply of natural gas. 2. situations in which market prices fail to capture all of the costs and benefits of a policy...
4. Hurricane Irene was a major hurricane that affected Vermont back in 2011. It destroyed the cheese and the maple syrup products in that area. As a result, would the PPF curve shift inward or o...
Paul runs a shop that sells printers. Paul is a perfect competitor and can sell each printer for a price of Rs.3000. The marginal cost of selling one printer a day is Rs.2000; the marginal cost of sel...
Confused how to find MRS? Do we need to sqaure V(x,y) function before finding partial derivities c) Consider another utility function: V(x,y) = In(x) + In (y) . Find the marginal rate of substitution,...
As the demand for software developers increases, wages rise. Assuming it takes at least three years to become a skilled software developer, and that the demand for software developers is expected to ...
Suppose that a 20% increase in the price of gasoline causes a 5% decrease in the consumption (purchases) of gasoline and a 30% drop in the sales of SUVs. What kinds of elasticities are involved here? ...
why is the shape of the economy's production possibility curve concave?
Why is the concept of opportunity cost an important tool in economics?
Distinguish carefully between monetary cost and opportunity cost
Hurricane Irene was a major hurricane that affected Vermont back in 2011. It destroyed the cheese and the maple syrup products in that area. As a result, would the PPF curve shift inward or outwa...
The production possibilities frontiers in the figure to the right show how many bananas and coconuts you​ (Y) and your neighbor​ (N) can consume without trade. Suppose you are initially consumin...
Hi, please help me answer these economic questions regarding taxation & elasticity, also want to double some of my questions The Acmeville Metropolitan Bus Service currently charges $0.99 for an a...
The production possibilities frontiers in the figure to the right show how many bananas and coconuts you​ (Y) and your neighbor​ (N) can consume without trade. Suppose you are initially consumin...