(J) please answer asap.... For what products is the Law of Demand true? a. for luxuries but not for necessities b. for all products as long as everything else remains constant c. for products with elastic demand but not for products with inelastic demand d. for products in a market economic system but not for products in a command economic system
Q: Which of the following equations represent the IS curve? A: Y=A-/(1-C(1-t))-b/(1-C(1-t)) r B:…
A: The IS curve is a curve in macroeconomics that shows all combinations of interest rates and levels…
Q: 1. We have the following information for an economy. Yn = 1000, un 5%, n=2%, π² = π = 2%. Initially,…
A: The Philips Curve highlights the relationship that exists between inflation and unemployment. It…
Q: Please help to solve Part D. Thank you!
A: "A Prisoner's dilemma is a static game of complete information with two moves that has a Nash…
Q: Complete the right half of the following equation to reflect the labor force participation rate…
A: The criteria for identifying who is employed and who is jobless are established by the Bureau of…
Q: Suppose the free trade market price of a car is $10,000. It contains $5000 worth of steel. The…
A: The scientific study of goods, industrial-related products and services, and finance transfer is…
Q: goo u(x1, x2) = x²x2. In addition to her wealth w, the consumer already owns k units of good 1,…
A: The utility function is given as *The budget constraint is given as *The consumers own k units of…
Q: 1) Given the following three examples of means of payment, among them, which is/are money? and…
A: It is common practice to utilise money as a form of exchange to quicken up the exchange of products…
Q: MC of magnets is $0.50 per magnet & MC of producing mugs is $2.00 per mug. Both firms simultaneously…
A: The price and quantity in a market at which supply and demand are equal is referred to as…
Q: 4. There are ten cars potentially available for a used-car market. Two of these cars are high…
A: There are 10 carsHigh quality=2 carMedium quality=7 carsLow quality car= 1 carSeller valueHigh…
Q: If the workers continue to try and produce both, how many pencils will each worker produce, and how…
A: Note: Since you have posted a question with multiple sub parts, we will provide the solution only…
Q: Consider the Production Function: Y = 1.5 K L¹, where a = 0.7. K is capital, and Lis labor a) Using…
A: A production function is a mathematical representation that shows the relationship between inputs…
Q: 14. Plot the following price and quantity. Then calculate price elasticity of demand at P8, P-4, and…
A: The demand curve is the graphical representation of the relationship between price and quantity…
Q: 75. A good or service is available for others. A) a public good B) excludable C) a common property…
A: An economic system's output is goods and services. Services are tasks carried out for the benefit of…
Q: From the three independent sets of mutually exclusive projects, recommend the best combination of…
A: The Internal Rate of Return (IRR) is a financial metric used to evaluate the potential…
Q: Suppose a small island nation, called Econland, has a population of 100,000 people. The labor force…
A: Economic indicators are like a report card that measures the growth and health of an economy and…
Q: How does fixed cost affect marginal cost? Why is this relationship important?
A: Fixed cost is the cost which does not change with the change in the output.Marginal cost is the…
Q: Consider a hypothetical island with a consumer, a coconut farm, a coconut restaurant, and a…
A: National Income is the total worth of all goods and services generated inside a country's boundaries…
Q: profound impact on labour markets. It will likely lead to enormous gains in productivity (analogous…
A: The labor market alludes to the interaction among employers and workers in the economy. It envelops…
Q: Consider the two-period dynamic labour supply model discussed in this chapter. What, if any thing,…
A: An economic framework called the two-period dynamic labor supply model is used to examine how people…
Q: Suppose the manufacturer is considering three pricing strategies: 1. Market a single microwave, with…
A: Meaning of total revenue:Total revenue is the sum of money a company brings in from selling its…
Q: High EQ leaders can be less effective than their peers and suffer fewer consequences as a result.…
A: Emotional Quotient (EQ) is a measurement of a person's emotional intelligence, which refers to their…
Q: c. Define a stationary equilibrium. d. Describe how to compute a stationary equilibrium. You…
A: The concept of a stationary equilibrium, also known as a steady-state equilibrium, is employed in…
Q: he discount rate should be chosen when analyzing an investment project using Net Present Value…
A: The discount rate is a financial idea that's utilized to decide the present value of future cash…
Q: Give typing answer with explanation and conclusion Discuss the multiplier with the foreign sector…
A: The multiplier is an idea in economics that makes sense of how an underlying change in aggregate…
Q: #showyourwork 5. Price of shrimp (per pound) Supply price = $ $22.50 20.00 17.50 15.00 12.50 10.00…
A: An individual’s willingness to pay for each unit of the quantity he or she wishes to consume is…
Q: = = Consider two duopolists whose cost functions are Ci 10qi, i 1,2, where C₁ and qi are their costs…
A: Demand functionP=40-2qC=cqThere are 2 firmsFirm1 and firm 2
Q: What is the mean of portfolio returns?
A: Returns on stocks X and Y are listed below:Period1234567Stock X4%-2%5%-1%10%7%12%Stock…
Q: a. Formulate the planning problem for this economy in the space of sequences and form the pertinent…
A: a. The planning challenge in this economy is to maximize the representative household's utility over…
Q: Your company, which specializes in running shoes for men who are growing increasingly…
A: The demand for shoes is a function of the price of shoes, consumer income M and price of related…
Q: China’s Thirst for Gas Hurricanes in the Gulf of Mexico, deteriorating pipelines in Alaska, and…
A: Global economics is the study and analysis of multinational financial, commercial, and monetary…
Q: Assume a company can offer customers cable television and Internet service at essentially zero…
A: The process of optimizing a firm's activities to achieve the highest possible level of profit is…
Q: Interest rates have been changing dramatically. Do you expect interest rates to continue to change?…
A: Interest rates refer to the percentage of the principal amount charged or paid for the use of…
Q: Suppose that you have five consumption choices: good #15. An indifference surface is the set of…
A: Consumer maximizes their utility by spending their income on different goods and services at a point…
Q: Given the following two alternatives, The correct equation for computing the AW of alternative Round…
A: Annual worth refers to the annual discounted values of future cash flows .
Q: In economics, the term indexing refers to . . . (a) adjusting real values for changes in nominal…
A: Disclaimer- “Since you have asked multiple question, we will solve the first question for you as per…
Q: a) Write down the government budget constraint. b) Derive the lifetime budget set. c) Does this…
A: Budget Constraint is a function relating expenditure to the income of an entity or individual which…
Q: We R' Write is really worried about their production line for pens. The company is concerned that…
A: When a production factor is enhanced, the productivity gained from each subsequent unit produced…
Q: T= 250 0.2Y G=500 IM= 75 0.3Y X=600 1. The trade balance (X-IM) when the government's budget is…
A: T = 250 + 0.2YG = 500IM = 75 + 0.3YX = 600
Q: (a) Is price of capital rising or falling when the isocost line moves from AB to BC? Please explain.…
A: Iso cost line represents the combinations of inputs that have same total cost.AB is the original…
Q: Assuming that capital accumulation is equal to savings, show that If the initial capital is c,…
A: Given:(Production function ) Q = atK(Saving function) S = Q - btAssuming capital accumulation is…
Q: Economists define the labor force to include only people who are working full time. people who are…
A: When a person is actively engaged in some work or a job, or a business, whether full-time or…
Q: a. Price floors create surpluses if they are set b. Which of the following are price floors? price…
A: A key component of governmental market intervention is the imposition of price floors. When compared…
Q: The price of apples increases by 7.2%, and the quantity supplied increases by 7.2%. What is the…
A: Percentage increase in the price of apple= 7.2Percentage increase in quantity supplied of apple…
Q: Which of the following would cause a shift of the short-run Phillips curve? Check all that apply.…
A: Which of the following would cause a shift of the short-run Phillips curve:An increase in government…
Q: Assuming that the monopolistic competitor faces the demand and costs depicted below and finds the…
A: The profit maximizing condition for a monopolistic firm is given as: MR = MC
Q: An environmental regulation results in the closing down of many firms in an industry, leaving just…
A: Long-run cost means the total cost incurred by a firm when all inputs are adjusted. It includes both…
Q: P P₁ P₂ a 0 MC ATC AVC 1014 24 30 404447 62 6668 Output At P₂ in the accompanying diagram, this firm…
A: Marginal cost means the additional cost incurred by producing one additional unit of a good or…
Q: A farmer in China is considering three alternative machines. Machine A will cost K18,000. Machine B…
A: Net Present Value (NPV) is a financial metric used to evaluate the profitability of an investment or…
Q: 2) Consider a two-period OLG model with logarithmic preferences, i.e. the dynamics of the capital…
A: A Steady State is a region where the investment level is equal to the depreciation margin. It…
Q: Let us assume you have 1,000,000 of USD, what will profits be if an arbitrage opportunity exists…
A: An arbitrage opportunity refers to a situation in which a trader or investor can profit from price…
(J) please answer asap....
For what products is the
Step by step
Solved in 4 steps
- Which market determinants deal to represent the effective demand? a. Demographic variables b. Technological variables c. Purchasing prosperity d. Economic variablesd. Suppose there is an increase in consumers' incomes. In the market for automobiles(a normal good), does this event cause an increase in demand or an increase in quantitydemanded? Does this cause an increase in supply or an increase in quantity supplied?(Explain. NB: Explanation must not be more than half a page.)e. Suppose there is an advance in the technology employed to produce automobiles. Inthe market for automobiles, does this event cause an increase in supply or an increasein the quantity supplied? Does this cause an increase in demand or an increase in thequantity demanded? Explain NB: Explanation must not be more than half a page.f. The demand and supply functions for two related commodities A and B in two differentmarkets are defined below:QdA= 410-5PA-2PB QdB= 295-PA-3PBQsA= -60+3PA QsB= -120+2PBi. Find the equilibrium conditions in the two marketsii. How are goods A and B related? Explain your.How does the equilibrium price and quantity change when here are bad rumors about a product? Are there any changes or none? Provide a graph of your answer
- explain the Approximating a Continuous Demand in microeconomics(ii) Demonstrate and discuss each of the following would have on demand or supply ofcoffee. Additionally, show how equilibrium price and quantity have changed.a. A better method of harvesting coffee beans is introduced.b. Medical researchers found that intake of more than two cups of coffee per daydrastically decreases risk of liver cancer.c. Currently, the price of coffee is ₹15 per cup above equilibrium.d. Consumer income falls because of a recession and coffee is considered anormal good.e. . Protesting liberal milk powder import policy, farmers dump millions of litresof milk, causing milk prices to rise.7. There is a road named High Street with 800m long. There are two grocery shops: Woolworths located at the left end and Coles located at the right end. 4800 customers are uniformly distributed along High Street. To make our life easier, assume both grocery stores sell the same product, and consumers demand just one unit of the product. Traveling to a grocery shop is costly, and the cost of traveling is 4 cents per meter. Suppose the price of the product is $10 at Woolworths, and $12 at Coles. Then customers will purchase the product from Woolworths.
- The table below gives the quantity of fancy widgets demanded and the quantity supplied for selected prices. (a) Find the linear equation that gives the price as a function of the quantity demanded. (b) Find the linear equation that gives the price as a function of the quantity supplied. (c) Use these equations to find the market equilibrium price. Price Quantity ($) Demanded (thousands) Supplied (thousands) 40 50 60 70 100 Quantity 270 250 230 210 150 0 160 320 480 960 C (a) What is the price as a function of the quantity demanded? p=0 (Type an expression using q as the variable. Type your answer in slope-intercept form.) (b) What is the price as a function of the quantity supplied? p= (Type an expression using q as the variable. Type your answer in slope-intercept form.) (c) What is the market equilibrium price?Which one of the following statements is incorrect?A. Market demand consists of the combined demand of all the participants in the market.B. The quantity demanded of a good, say a loaf of bread, depends heavily on the availability of the good.C. The quantity demanded of a good depends on the income of consumers.D. The quantity demanded of a good also depends on the prices of related goods (complements and substitutes).E. Demand decisions have to be analysed independently of the supply situation.Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20 18030 16040 14050 12060 10070 8080 60 a) 120b) 180c) 100
- (1) The graph below shows the demand curves of two products by Ghana Nuts Company Ltd. Use the information provided on the graph to answer the questions that follow: Price Cedis per gallon 30 B 25 D1 D2 200 225 300 Quantity (gallons per day) (a) Calculate the price elasticity of demand for D, between point A and point C, and the price elasticity of demand for D2 between point A and point B. which of the two demand curve is more elastic? Briefly explain. (b) Suppose Ghana Nut is initially selling 200 gallons per day at a price of C30.00 per gallon, calculate the total revenue for Ghana Nuts Company Ltd. at price C30. If they cut the price to C25.00 per gallon and their demand curve is D1, what will be the change in their revenue? What will be the change in their revenue if demand curve is D2? 2. Suppose quantity demanded of beans increase from 1500 bags to 1800 bags as a result of an increase in the price of rice from GH¢80 to GH¢100. Calculate the cross price elasticity of demand for…Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Qs) 1 0 2 3 3 4 4 5 5 6 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What happens if other determinants change? Question 2 - Learning Activity 4.2 Plot the demand curve from the demand schedule information provided. Price Quantity Demanded (QD) 1 9 2 6 3 4 4 3 5 2 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change?2. How would each of the following be expected to affect the price and quantity sold of potatoes? Illustrate using supply and demand diagrams: a. A new medical study that says eating potatoes is unhealthy. b. A steep rise in the price of rice, a potato substitute. c. An agricultural breakthrough that increases the productivity of potato farming. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure