If the economic incentives "Covid-19" happens, about the goods 'mask', explain how to maximize short- and long-term profits, how government can intervene, problem of government intervention and how to deal with it. Use graphs to explain them.
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- 1. What are the 3 components for Economics Efficiency ? 2. Economic Systems rarely exist in a pure form. Kindly enumerate the 6 classification of systems based on the dominant characteristics of Economic system? 3. What is the Capitalist Ideology? 4. What is supply and demand in simple terms and cite an example? 5. Price Elasticity of Demand is how economists measure the responsiveness of quantities demanded to changes in prices?K possible A A small town provides a fireworks display, which is a public good, every fourth of July. For simplicity, assume the town only has two residents: Hayden and Madison. Their demands for the fireworks display are illustrated in the figure to the right. Construct the market demand curve for this public good. Use the line drawing tool to draw the market demand curve (DMarket) for the fireworks display. Properly label this line. Carefully follow the instructions above, and only draw the required objects. Price (dollars per firework) 8.00T 7.50- 7.00- C 6.50- 6.00- 5.50- 5.00- 4.50- 4.00- 3.50- Madison Hayden 3.00- 2.50- 2.00- 1.50 1.00- 0.50- 0.00 0 2 4 6 8 10 12 14 1 Quantity (number of fireworks)Cap and trade is a __--- based plan. A limit is placed on emissions and prices are established in emissions permit markets. Emission taxes are a based policy. A fee on emissions is set and the quantity of emissions is adjusted as polluters react to the fee. a. behavior; technology b. technology; behavior c. quantity; price d. price; quantity
- 24. Produceaumlus is a. The difference between the marginal benefit of consuming, the good and the marginal cost of producing the good. b. The difference between the willingness to pay for the good and the marginal cost of producing the goud, The difterence between thke ph and the magalaol) gIrodicine the g29d. d. The difference between the market price and the willingnesyto pay for the good.7. The economic policy of "laissez-faire" is based on the idea that competitive markets may not provide the socially optimal amount of a good or service. the idea that competitive markets are self-regulating the idea that higher minimum wages lead to more unemployment. the idea that the government is needed to regulate monopolies in order to better serve the consumer.What is productive efficiency? Allocative efficiency?
- Economic efficiency means using the method that produces given level of output at a. Low cost Ob. More production O c. Better technology O d. All of these given optionsAutomobile manufacturers produce a range of automobiles such as sports utility vehicles, luxury sedans, pickup trucks, and compact cars. What fundamental economics question are they addressing by making this range of products? a. Why produce a variety of automobiles? b. What to produce? c. How to produce goods that consumers want? d. Who to produce automobiles for?1. What goods and services should be produced to meet consumers' needs? In what quantity? When should they be produced?
- If the marginal cost of a cup of tea is greater than its marginal benefit, then to increase efficiency a. nothing should be done if the marginal benefit is greater than the marginal cost by the maximum amount because in this case the efficient quantity of cups of tea is being produced. b. more cups of tea should be produced. production should be halted. c. fewer cups of tea should be produced d. More information is needed about the price of a cup of tea in order to determine if production should be increased, decreased, or not changed.Adam Smith’s “invisible hand” refers toa. the subtle and often hidden methods thatbusinesses use to profit at consumers’ expense.b. the ability of free markets to reach desirableoutcomes, despite the self-interest of marketparticipants.c. the ability of government regulation to benefitconsumers even if the consumers are unaware ofthe regulations.d. the way in which producers or consumers inunregulated markets impose costs on innocentbystanders.ull JAWWAL? 2:13 PM @ 59% A itc.birzeit.edu O c. Mass customization O d. Positioning O e. Market targeting Time left 0:41:22 Clear my choice Question 22 Not yet answered Marked out of 1.00 P Flag question Which of the following is a market-oriented mission statement? a. "We manufacture shoes." b. "We are a low-cost airline." c. "We are an online library." d. "We empower customers to achieve their dreams." e. "We sell burgers." Clear my choice Next page
