Q: Choose one of the examples 1. How is this market changing? 2. What market structure might it be in…
A: Answer: Note: I have chosen the first example i.e. market for glasses (1). Zenni opticals has joined…
Q: QUESTION 3: THE EQUILIBRIUM IN FREE MARKET ? ECONOMY
A: Since you have posted multiple questions as per the guidelines we can solve only one question at a…
Q: Economics What are two positive and negative externalities that would affect an online subscription…
A: The word "externality" is derived from the Latin word "externus," which means "outside" or…
Q: y Bernard Mandeville, Robert
A: Karl Marx defined the working class or proletariat as individuals who sell their labour power for…
Q: Juan buys t-shirt and wears it right away. The t-shirt is considered as ______ good. a. buyer b.…
A: Consumer goods are the goods that are consumed by the consumer after the purchase of the good.…
Q: PROBLEM IV. Suppose that an airline offers two types of tickets to France: economy, with price p,…
A: If the airline could distinguish and separate two types of tickets, then it is engaged in first…
Q: How does the government intervene on the market?
A: There are three types of economic structure which are command or socialist economy, capitalist…
Q: Three buyers want to purchase a used fridge. Their willingness-to-pay for a fridge is: • Frankie…
A: Here, it is given that a market for used fridge has three buyers and two sellers, whose willingness…
Q: Name the three markets.
A: The three groups of markets form the foundation of the macroeconomy. Each set of markets exchange a…
Q: Soda Consumption Marginal Benefit Soda $1.25 1 $1.10 $.95 3 $.75 4 Based on the information in the…
A: Answer: We should drink 2 sodas. ................................... For each level, we must apply…
Q: E. Explain how the agricultural practice show
A: Because in the image farming is taking place,thetefore requirement of waret resources will increase.
Q: Use the graph to answer these questions: a. What is the least the market will accept for 1? b. What…
A: For Part 1 it is not mentioned what is 1, so I am assuming the I as a unit of quantity.
Q: 9. Gasoline prices plummet to less than $1.00/gallon. How will gas purchases probably be affected?
A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you…
Q: 3. Calculate the total benefit on consumers and the total benefit on producers.
A:
Q: 15) Refer to Table 3-3. The table contains information about the corn market. Use the table to…
A: The equilibrium quantity of corn is where the quantity demanded = quantity supplied. In the…
Q: Willy owns a small chocolate factory, located close to a river that occasion- ally floods in the…
A: Given , Probability of flood = 0.1 Value of Factory = 50000 Probability of no flood = 1 - 0.1 =…
Q: Explain the Valuation of Benefits and Costs?
A: Most of the investment decisions in the economy are very important for the economy as the economy’s…
Q: qustion: The difficulty of worker dealing with fog,humidity and rain. I need : 1-causes.…
A: During work, the workers face several difficulties at the workplace. It can be a difficulty with…
Q: Why might the Fourth of July fireworks be considered a public good? Who should pay for them? What…
A: The services or commodities that tend to benefit all of the members of society, and that through…
Q: 24 12 If the price of a telephone increases from $5 to $10 an hour and nothing else changes, then
A: Optin c is the right answer marginal cost would not change Reason:- Here the price of the…
Q: Give information according to the words given: 1.Economic Impact a) consumer b) supplier c)…
A: a) Consumer:- The mechanism by which goods and services are put to final use by people is known as…
Q: Name two types of consumer market
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…
Q: New environmental regulation increases the cost of producing gasoline. How will this affect the…
A: Environmental regulations can raise production expenses and lower efficiency by expecting firms to…
Q: Which is NOT the stage that customers go through in the process of adopting a new product?
A: The 5 stages are: product awareness, product interest, product evaluation, product trial, and…
Q: Question 1
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: What are good market?
A: Goods market: Goods market is a marketplace where producers and consumers interact with each other…
Q: Why do human beings (consumers) engage in buying, using, and disposing of commodities? Explain how…
A: The study that helps individuals in making efficient allocation of scarce resources among the total…
Q: xplain the importance of gun control is texas and current texas carry laws. One paragraph explainati
A: There are many people who die of gunshots in the USA every year. There are many states where the…
Q: O more
A:
Q: Goods that satisfy humans wants though their direct use or consumption are called _______?
A: According to the given question In simple words the consumption in economics is basically known as…
Q: Question 2: What are the two externalities that are associated with driving cars and trucks? Are…
A: An externality, also known as an external cost, is the term given to the phenomenon in which one…
Q: b) You plan to study on weekend and your friends ask you to go to a farm house with them. What do…
A: Opportunity cost refers to the best alternative cost that forgo or give up when a decision or choice…
Q: Explain at least three (3) modes that firms use to enter foreign markets. Please provide examples.
A: The definition of "global marketing" is the trading of commodities across international borders to…
Q: Water is necessary for life. Is the marginal benefit of a glass of water large or small?
A: The marginal benefit of any substance is only measurable relative to the consumer. For me, a glass…
Q: Hi, there. I need a clarification of question number 1, which choice is the best answer?
A: The supply curve will shift to the left whenever there is an increase in the cost of production.
Q: Is it possible to ration public goods? If yes what devices will you use to ration them? If not, why?
A: 1.Yes it is possible to ration public goods. Ration of public goods means that government will…
Q: Efficiency in a market occurs where:e a) + Marginal benefits = 0e b) « Marginal costs = 0e e c)…
A: Total benefits is the aggregate benefit received from the consumption of various units of good.…
Q: What did the government encourage people to to increase the food supply and reduce the demand for…
A: To reduce the demand for commercially grown food,government initiated plant victory gardens to…
Q: What products in your home that gives you social benefits and economic benefits? Give at least 2…
A: The marginal social benefit (MSB) of abatement refers to the additional benefits derived by the…
Q: 1. Competition in the market place has which of the following effects? A. It promotes innovation. B.…
A: Competition in the market place has several effects on the various dimension in the market, among…
Q: How would you determine the value of your product, if the market is efficient?
A: In economics, a market is said to be an efficient market if the total surplus generated from…
Q: Answer the questio
A: As we know A recessionary gap, or contractionary gaps, happens when a country's genuine GDP is lower…
Q: bur neighbors pay annual dues to a neighborhood association. This association refunds neighbo ues to…
A: A positive externality exists when the production and utilization of goods helps an outsider not…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Profit is the incentive that drives our market economy. Firms make production, pricing, andhiring decisions based on their quest for profit. But what happens when a firm discoversthat it can make dramatically higher profits by stopping production altogether? In December2000, due to wild swings in the market for electricity, Kaiser Aluminium faced just such adecision.Kaiser Aluminium had contracted with Bonneville power for all of its electricity needs andfound itself in the unique position of being an electricity consumer and, potentially, anelectricity reseller. By December 2000, Kaiser faced a difficult decision of continuing itscurrent aluminium production and profit levels, or closing the plant to dramatically increaseits profit by simply reselling its electricity.When making production decisions, firms must consider both their costs and revenues. Oneimportant concern for many firms is utility costs. In 1996, Kaiser Aluminium Corporation inSpokane, Washington, entered into a…Profit is the incentive that drives our market economy. Firms make production, pricing, andhiring decisions based on their quest for profit. But what happens when a firm discoversthat it can make dramatically higher profits by stopping production altogether? In December2000, due to wild swings in the market for electricity, Kaiser Aluminium faced just such adecision.Kaiser Aluminium had contracted with Bonneville power for all of its electricity needs andfound itself in the unique position of being an electricity consumer and, potentially, anelectricity reseller. By December 2000, Kaiser faced a difficult decision of continuing itscurrent aluminium production and profit levels, or closing the plant to dramatically increaseits profit by simply reselling its electricity.When making production decisions, firms must consider both their costs and revenues. Oneimportant concern for many firms is utility costs. In 1996, Kaiser Aluminium Corporation inSpokane, Washington, entered into a…Profit is the incentive that drives our market economy. Firms make production, pricing, andhiring decisions based on their quest for profit. But what happens when a firm discoversthat it can make dramatically higher profits by stopping production altogether? In December2000, due to wild swings in the market for electricity, Kaiser Aluminium faced just such adecision.Kaiser Aluminium had contracted with Bonneville power for all of its electricity needs andfound itself in the unique position of being an electricity consumer and, potentially, anelectricity reseller. By December 2000, Kaiser faced a difficult decision of continuing itscurrent aluminium production and profit levels, or closing the plant to dramatically increaseits profit by simply reselling its electricity.When making production decisions, firms must consider both their costs and revenues. Oneimportant concern for many firms is utility costs. In 1996, Kaiser Aluminium Corporation inSpokane, Washington, entered into a…
- How does the company set its goods or services apartfrom those of its competitors? Does the company compete on price, quality, service, innovation, or some otherattribute?Homework 3 A. Dominant firm model questions Assume a market of a crude oil market. The world demand and the supply equations for OPEC and shale oil producers are as shown below: Qworid,D = 150 – 3P, MCOPEC = 5+ 0.4Qs.OPEC MCSHALE = 35 + 2Qs,SHALE 1. Find the critical price and critical quantity 2. Find the market price 3. Find the market quantity supplied by OPEC and market quantity supplied by Shale 4. Find the profit of OPEC and profit of Shale oil producersFood prices in sports stadiums are notoriously high because there is a limit on the numberof vendors that can operate in the stadium, which is a barrier to entry. In 2017, the AtlantaFalcons, an American football team, lowered the barriers to entry by allowing more foodvendors into their stadium. If the market for food in the stadium follows our perfect marketassumptions, what might you expect happened after this change? Do not worry about theunderlying facts of each statement, only whether it makes economic sense given our model.(Select one or more.)(a) The price of food in the stadium decreased because of an increase in supply.(b) The price of food in the stadium decreased because of an increase in demand.(c) The quantity of food sold decreased because of a movement of the supply curve.(d) The quantity of food sold increased because of a movement along the demand curve.(e) Profit per vendor decreased because of lower food prices.(f) Profit per vendor increased because of greater…
- 2 O connect Micro- Perfect Competition Mc Graw Hill TUI CUIII! There are only a few sellers of corn in the market. 3 Economics Mentor Oops -- this isn't correct. Corn is a product produced globally. There are thousands, if not hundreds of thousands, of individual farmers. Correct Answer: There are many sellers (and, of course, many buyers). Kim Is the corn that you produce different from your competitors? What kind of product do you sell? Undifferentiated (homogeneous) Differences exist (heterogeneous) esc K James Submit D →> C10, Name three main ways by which a firm might differentiate its product through nonprice competition. Briefly for managerial economics classa. John operates a firm producing t shirts. There are many such firms producingidentical products to John. What market structure is this? Is it possible for John tomake a profit in the long run? Illustrate using an appropriate diagram. b. John decides to innovate his business and begins printing t shirts with customercreated content. Will John be able to make a profit in the short run and the longrun? Explain using relevant diagrams and comment on the implied market c. Provide a strategy for John to make greater than normal profits in the long run. Isthis likely to be the case in the market for this good?
- List and explain the importance of each of the five characteristics of purely competitive markets.The following graph illustrates the market for small moving trucks in Eugene, OR, during Oregon's fall move-in week. PRICE (Dollars per small truck) 100 90 80 70 30 20 2 10 D D Demand 1 0 1 2 3 2 3 4 5 QUANTITY (Hundreds of small trucks) 7 Suppose that Zoomba is one of over a dozen competitive firms in the Eugene area that offers moving truck rentals. Based on the preceding graph showing the weekly market demand and supply curves, the price Zoomba must take as given is S Supply Fill in the price and the total, marginal, and average revenue Zoomba ears when it rents 0, 1, 2, or 3 trucks during move-in week. Quantity Price Total Revenue Marginal Revenue Average Revenue (Trucks) (Dollars per truck) (Dollars) (Dollars) (Dollars per truck) Average revenue curve O Marginal revenue curve Marginal cost curve O Supply curve 10 0 The demand curve faced by Zoomba is identical to which of its other curves? Check all that apply.So, which of these options are true about the number of sellers in your market - the market for corn? Kim There are many sellers (and, of course, many buyers). James That's correct. Corn is a product produced globally. There are thousands, if not hundreds of thousands, of individual farmers. Нарру Economics Mentor Is the corn that you produce different from your competitors? What kind of product do you sell? Kim Differences exist (heterogeneous) Undifferentiated (homogeneous)