2. ENUMERATE SOME COMPARISONS AND CONTRASTS OF THE CONCEPT OF DEMAND AND CONCEPT OF SUPPLY. Give 5 each

Q: Tammy enjoys fixing up old clocks, which she then sells for p. = 100 each. Her cost of fixing each c...

A: Tammy wants to maximize profit given by,   π(c)=100c-2c-c2F.O.C100-2-2c=0c*=49 The social optimum is...

Q: SY 'I commodities: coconuts and passion fruits. The table below contains the amount of each commodit...

A: Given that both countries have 180 hours of labor available we can calculate maximum production of e...

Q: In the long-run framework, budget surpluses: Choose the Correct and Explain why its correct should ...

A: When the income tends to exceed the expenditures of an economy, there is an occurrence of budget sur...

Q: Natural Gas Market: Due to persistent shortages, Congress eliminates the cap (i.e., price ceiling) o...

A: Price ceiling Price ceiling refers to fix the maximum price of a commodity that is usually below the...

Q: ABS mall is considering building a new parking lot. The land will cost $25,000 and the construction ...

A: We have: The land will cost = $25,000 The construction cost of the lot =$150,000 The income from the...

Q: Describe how drug cartels are able to recruit new members when their members are murdered. Describe ...

A: (1) In many regions of the world, drug cartels are one of the most sophisticated formally organized ...

Q: The graph contains the relevant cost curves for a perfectly (or purely) competitive firm. Move point...

A: In a perfectly competitive firm, Price is constant so profit is maximised at a point where price is ...

Q: aggregate expenditures of the hypothetical country shown includes $2 billion in investment expenditu...

A: GDP = gross domestic product  AE= C+I+G+X-M GDP = Y AE = aggregate expenditure  C = consumption  I =...

Q: Which of the following is an example of an implicit cost? depreciation of assets lease payments Rent...

A: When a firm operates in the market, it incurs explicit and implicit cost.

Q: If price rises Multiple Choice there must have been a decrease in equilibrium quantit there may have...

A: Equilibrium is achieved at the output level where quantity demanded equals quantity supplied. 

Q: President Trump is currently getting tough on trade. This means he wants terms of trade so that Q...

A: When service is produced, fixed and variable cost  takes place and process of business follow ups. B...

Q: Analyze and propose solution to the economic problem using the principles of applied economics. Pove...

A: Poverty due to scarcity - The term scarcity refers to the fixed wants of an individual due to the av...

Q: Which of the following effects happen at the same time with a substitution effect? O a. preferences ...

A:

Q: Why do you think technology is important in your studies?

A: Answer to the question is as follows:

Q: 5. Provide rationale for deductibles and copayments. What is the effect of deductibles and copayment...

A: For taking some service for example if an individual wanted to take some insurance then they need to...

Q: A textile firm in a competitive industry employs a particularly efficient manager to run the operati...

A: Economic Profit refers to the profit that includes in its calculation the forgone opportunity costs ...

Q: Consider a second-hand car market with two kinds of cars, type A which are completely reliable, and ...

A: In the second-hand car market, both buyers and sellers have different information regarding the cond...

Q: The price of coffee rose sharply last month, while the quantity sold remained the same. Each of five...

A:

Q: What is the tragedy of the commons? Explain how this concept might apply to an unregulated industry ...

A: The exploitation and unrestrained use of publicly available resources is the tragedy of the commons....

Q: An airport is located next to a banana farm. The airport can fly X planes per day, but the burning f...

A: In question it is stated that the airline creates pollution and the banana industry is affected by p...

Q: omplete Table 1. Summarize your calculations and use Microsoft Excel. Using Excel, draw one graph sh...

A: Solution(1):- The complete table is as shown below  Output Average Fixed cost Average Variable Co...

Q: 23. Can the government bring about an efficient outcome by imposing a price ceiling on a monopoly? E...

A: Answer: A monopolist maximizes its profit by selling the quantity where the marginal revenue (MR) an...

Q: Explain the fundamentals of demography

A: Demography refers to the concepts and methods used to examine human populations.

Q: On a graph for a monopolist or monopolistic competitor, which of the following curves coincide? a) T...

A: (2) The demand curve depicts the price at each level of quantity demanded.  Average revenue is calcu...

Q: Smith consumes all his income. Draw his consumption and saving schedule.

A: Consumption and saving The use of products and  the services by households is referred to as consump...

Q: For the next seven questions, assume a consumer buys food and drink. As shown in the diagram below, ...

A: 1. For a Giffen good, price effect is positive. So a rise in price should result in rise is quantity...

Q: 48. One characteristic not typical of oligopolistic industry is

A: Oligopoly is a form of the market which has these characteristics: 1. Small number of big firms 2. H...

Q: true or false If the agency relationship is undisclosed, the agent is

A: In an undisclosed office, a agent manages an outsider who doesn't have information that the agent is...

Q: Consider a small open economy. Assume that GDP (Y) is 5000. Consumption (C) is given by the equatio...

A: Exchange rate is defined as the value of a currency that is given in terms of another currency. It i...

Q: Figure 1 Y A' X X Nation 1 Nation 2 1. Which nation has a stronger preference for Y? Explain. 2. Wha...

A: Production Possibility Frontier curve indicates all combinations of output that can be produced by a...

Q: When the interest rate increases, the opportunity cost of holding money a. decreases, so the quantit...

A: In the mentioned question, we have been asked about the relationship between interest rate and the o...

Q: Explain how a consumer budget and product price changes impact the budget line by drawing hypothetic...

A: The budget line explains the combination of products to be selected till the last money of budget is...

Q: 5. Diggers Extraction's total abatement cost is TC = 40 + 2 Q?, so its marginal abatement cost is MC...

A: Given information, Total cost function: Tc=40+2Q2 Marginal cost function: MC=4Q Emission tax=$120 p...

Q: Question 1 For cach of these situations, answer what happens to i) demand, iisunnly, iii) equilibriu...

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any ...

Q: On the same graph paper, draw the Supply Curve for the Supply Schedule below, after Anton discovered...

A: Part B   Price per haircut ($) Quantity Supplied 6 30 8 40 10 50 12 60 14 70 16 80 ...

Q: Which of the following did A. W. Phillips demonstrate in his famous Phillips curve? An inverse relat...

A: An economic theory proposed by A. W. Phillips states that inflation and unemployment have an inverse...

Q: Q3. John Deere expects the cost of a tractor part to increase by $15 per year (through year 10) begi...

A: Data given: Cost of tractor part in year 1-4 = $80 Increase in cost per year from 5 years from now =...

Q: 2.How developed countries can assist developing countries with their population program

A: Developed countries are taking several measures in order to reduce the population of their economies...

Q: Suppose that rather than expectations being strictly adaptive, increases in the money supply cause t...

A:

Q: The exception to law of demand is

A: To find : Which is exception to law of Demand. 

Q: Consider a competitive, price-taking firm that employs only one variable input, labor, to produce a ...

A: a) Given the table, the maximum profit is when 8 units of labor are hired and 63 units of output are...

Q: A production function is given by q=4L^( 2/a) k^ ('/^) where L = labour, k = capital. (a) Find behav...

A: Marginal product of an input factor is the change in the output with an additional input factor. The...

Q: In the short run, firms wil, In the long run, the supply curve wil On the preceding graph, show the ...

A: The constant cost industry is the industry; the exit of the firm will not affect the input prices of...

Q: long-run framework, budget surpluses: Select correct and explain why its correct should be run when...

A: Inside the budgetry cycle, deficiency spending is the sum by which spending surpasses income through...

Q: The article described shortcomings of using CAFE standards to improve fuel economy and emissions of ...

A: Price elasticity of demand is the responsiveness in quantity demand due to price changes.  

Q: Abhishek's utility function is: U = min {2x– y, 2y – x} Which letter resembles Abhishek's indifferen...

A: Utility: - Utility is the satisfaction derived by any consumer from consuming a good or service.

Q: From your perspective explain Globalization and its impact on countries. Identify at least two pros ...

A: The exchange of capital, goods, and services across international borders or territories because goo...

Q: 5. Suppose a bakeshop purchased an equipment worth P 100,000 equipment, which was expected to ast fo...

A: Cost = PhP100,000 Useful life = 5 Years Salvage value = PhP8000 Now, by double declining balance met...

Q: Exchange Rate Determination - Short v. Long Run The nominal money demand for the US is given by the ...

A: Given information Interest rate in US=5.263% Interest rate in Eurozone=3% Expected exchange rate=1.1

Q: Can a debtor be put in delay and consequently, incur liability even without demand from creditor? ex...

A: Debtor:- A debtor can be explained as a legal person that promises to repay any amount to another. A...

Normal and Inferior Goods

Understanding a normal good and an inferior good is important because it tells us what will happen to demand different products during booms and recessions.