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Economic equilibrium is a state in a market-based economy in which monetary powers - like organic market - are adjusted.
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- Consider sanitizer is a complementary good for a face mask, while face powder is a substitute good for the face mask. What happen to the demand and supply of sanitizer and face powder during the pandemic? Illustrate and explain your answers with the help of diagrams/graphs.Q3.The economic impact of Covid-19 pandemic in India has been largely disruptive. Discusshow the Indian economy has been hit hard by the pandemic and suggest ways to revive theeconomy by taking insights from Gandhian thoughts.This is from my microeconomics class, Mankiw Chapter 12. It is one question broken up into two parts. 1) A Culinary Conundrum Assume that Georgetown University President John DeGioia is interested in encouraging healthier eating habits on the part of Georgetownstudents. Assume further that Georgetown Students have two options for their meals: they can eat in the cafeteria on campus or at one of the fancy restaurants in the surrounding neighborhood. Meals on campus are healthier than most off-campus options, so President DeGioia would like to encourage students to eat on campus more often. However, students think it’s fun to go off campus for their meals when they can afford to do so. Thus,you should consider on-campus meals to be inferior good standoff-campus meals to be normal goods. a.) True, false, or uncertain: if President De Gioia orders the cafeteria to lower the price of its meals, students will eat on campus more often. Explain your answer. b.) True, false, or…
- Please relate the current Covid-19 pandemic issues to any concept in Microeconomics. You can answer by giving an example and discuss it thoroughly.Give an example of supply and demand during the pandemicEconomics 8.The second rush of the pandemic has hit India with an overwhelming effect. With more than 300,000 new cases and 3,000 passes the nation over every day as of now, the complete number of passings has recently passed the 200,000 imprint – that is around one out of 16 of all COVID passings across the world. It is likewise apparent that the India insights are critical belittles. The harmfulness of the second wave in India is by all accounts identified with a conjunction of variables: government carelessness, driven by helpless information assortment and being trying to claim ignorance about the truth of the information; another variation with a hockey-stick molded development bend; and some extremely enormous and unregulated strict and political occasions. Obviously there is currently a compassionate emergency of huge extents. India is a nation of 1.4 billion individuals and makes up a 6th of the total populace. Economics How is it additionally going to influence the world…
- Assume a market basket consisting of gasoline (10 gallons), milk (3 gallons), ground beef (6 pounds), and men’s underwear (1 pack). While it may seem strange, former Federal Reserve Chairman Alan Greenspace often monitored sales of men’s underwear as a broader indicator of economic health. Calculate the cost of the market basket given current prices for gasoline ($3.25/gal), milk ($4.10/gal), ground beef ($3.59/pound), and men’s underwear ($9.49/pack). The cost of the market basket one year ago was $71.16. Calculate the year-over-year inflation rate.what happened to the demand and prices in the economy during the covid19 pandemicQuestions 1 through 6 will ask you to consider the market for antibiotics. On November 23, 2022, the New York Times published a story titled “Flu and R.S.V. Hit the Holidays, Heightening Demand for Antibiotics and Antivirals”. You do not have to read the story to understand the setup of these questions. Please, carefully read each question to understand when these changes are introduced into the initial scenario. Here is what you should focus on to complete your analysis. For this analysis, assume the antibiotic market is perfectly competitive, demand is downward-sloping, supply is upward-sloping, and production technology results in traditional U-shaped MC, ATC, and AVC Finally, for all questions, assume market price is always greater than the minimum of the AVC You will be using the same graph in all questions that require a graph (Questions 1, 3, and 5), with each question asking you to add new elements to the graph as part of your analysis. QUESTION 2- Please refer to your…
- When explaining the economics of the pandemic, economists often make reference, among others, to the following three terms: external effects, network externalities, demand shock. Explain each of these concepts within the context of COVID-19With regards to the law of demand and supply, if you are the manager of a dressmaking shop, what will you advice the owners of the shop to do during these pandemic?Ralph will consume any health care service just as long as its MB exceeds the money he must pay out of pocket. His insurance policy has a zero deductible and a 10 percent copay, so Ralph only has to pay 10 percent of the price charged for any medical procedure. Which of the following procedures will Ralph choose to consume? a. An $800 eye exam that has an MB of $100 to Ralph. b. A $90 hearing test that has an MB of $5 to Ralph. c. A $35,000 knee surgery that has an MB of $3,000 to Ralph. d. A $10,000 baldness treatment that has an MB of $16,000 to Ralph.