Q: stion 3 [The drainage of waste products from the chemical factory, Teesta Chemicals, situated along…
A: When the act of production or consumption affects the third party who is not involved in the process…
Q: how does current independent contracting affect the future of the labor market?
A: The labor market, otherwise called the job market, alludes to the stock of and interest for work, in…
Q: er to Figure 7-2. If the government imposes a price floor of $110 in this market, then consumer…
A: Market equilibrium alludes to a circumstance where the quantity demanded and quality supplied of a…
Q: If nominal GDP rose, does that mean that production had to increase as well? Why or why not? An…
A: Gross domestic product(GDP) measures the money value of all final goods and services produced in an…
Q: Refer to Figure 4-8. To legally drive a taxicab in New York City, you must have a medallion issued…
A: Disclaimer: Since You asked the multipart question, we are solving the first 3 subparts as per…
Q: The slope of the line between points a and b is 4 .25 -4 -.25
A: We have consumption function where the consumption is dependent on the disposable income.
Q: The price of paint increased by 18 %. As a result the quantity of paint produced increases by 27 %.…
A: Give Increase in price = 18 % Change in supply of paint = 27 %
Q: Consider an economy with two producers, Sidney and Connor. Each allocates 8 hours per day between…
A: This is the case of international trade. In the international trade, there is two types of…
Q: The table below shows the total utility from consuming different quantities of tacos. Use the…
A: In economics utility refers to benefit or enjoyment received from consumption of a good or service.…
Q: d. Suppose income increases and consumers are willing and able to buy 100 more units at each price.…
A: when the price is greater than the equilibrium price, then this means there is a Surplus in the…
Q: Women’s rising labor force participation might either increase or reduce marriage rates. Explain why…
A: The female labor force is a significant driver of development and advancement. Ladies partake in the…
Q: A young man has decided to go into a business at age 40. He wishes to accumulate P200,000 at that…
A: Given, Future value FV = P 200,000 Growth rate g = 10%Interest rate r = 9.6%
Q: Production is inefficient if the economy is producing at a point a) on the production possibilities…
A: Production is inefficient when with given resources the economy can produce more goods . It in other…
Q: he demand equation for cans of chicken is Qd= 60-3p Suppose the price of a can of chicken…
A: Price elasticity of demand measures the degree of responsiveness of demand to change in the price of…
Q: National savings of a Classical small open economy is 120, Investment is 20, and the net export…
A:
Q: what is the formula for calculating consumers net benefit in microeconomics?
A: Answer: For a consumer, the net benefit means consumer surplus. Consumer surplus is the difference…
Q: Refer to Table 2-8. What is Mickey's opportunity cost of making an umbrella? A) 1/5 of a hat B 5…
A: Opportunity cost is the benefit that is lost when a different option is chosen. You must balance the…
Q: The following graph shows the aggregate demand (AD1) and aggregate supply (AS) curves for a…
A: Here we are given the aggregate demand and the supply curve. And here the demand curve have shifted…
Q: The selling price for hamburgers is $5.99, and the daily price-response function is: d(p) = 590 -…
A: The price-response function, [i.e. d(p)] determines the demand for item of a single seller as a…
Q: If the share of GDP used for capital goods is 0.09, the growth rate of productivity is 0.09, the…
A: Given, GDP Share for Capital Goods=0.09Growth Rate of Productivity=0.09Growth Rate of…
Q: All of the following are fundamental concepts of economics EXCEPT O marginalism. O profit…
A: Economics refers to the study of social science that deals with the production, distribution and…
Q: Suppose that a small business sells 725 units of goods per month at $15 per unit. The unit cost of…
A: Revenue minus explicit costs minus opportunity cost can be used to determine an economic profit (or…
Q: A) Suppose a quasilinear utility function is given by u(x₁, x₂) = 2√x₁ + 4x₂. 1. For this utility…
A: Utility function shows relationship between utility and inputs. The Engel curve exhibits…
Q: Carol is hired by Calicoffee Inc. as a pricing and production analyst. Currently Calicoffee is…
A: Price elasticity of demand shows the change in demand due to change in price , so here we calculate…
Q: Consider an economy in which the consumption, investment and production functions are as follows. C…
A: Equilibrium in economy is achieved at the point where , aggregate demand equals aggregate…
Q: Explain why the utility curves cannot be drawn so as to induce the worker to work between L1 and L2…
A: it is given that, in the question, 1.)L is the number of hours worked per year.2.) ¯I is the income…
Q: Suppose Ace Novelty received an order from an amusement park for 2000 Pink Panthers, 1900 Giant…
A: plush for L.A. = 700*1.1 + 1000*2.9 + 600*2.4 (as LA have 700 panthers, 1000 pandas & 600…
Q: 11. The figure illustrates the competitive market for cell phones. Price (dollars per cell phone)…
A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…
Q: The constant price elasticity of demand for cigarettes has been estimated to be-0.5. To reduce…
A: In order to comprehend the burden and incidence of taxes, it's vital to understand both taxes and…
Q: Based on the production possibility curve represented below, calculate the opportunity cost of…
A: Opportunity cost is the benefit that is lost when a different option is chosen. You must balance the…
Q: When output increases from 10 to 11, total cost increases from $60 to $65. Fill in the blank. Round…
A: The additional cost incurred in the creation of extra units of goods or services, most frequently…
Q: Economic theory indicates that an unregulated market will move toward "equilibrium" over time.…
A: Equilibrium is characterised as a state in which the amount of the good or service requested on the…
Q: d. e. نبع f. If society is currently producing alternative B, then the opportunity cost of moving to…
A: Opportunity cost alludes to what you need to surrender to purchase what you need regarding different…
Q: Que All of the following are fundamental concepts of economics EXCEPT O marginalism. O profit…
A: When talking about fundamental concepts of economics, it can be said that these concepts explains…
Q: A consumer is faced with the followlling Utility Function, U( x 1 x2) = ( xp +xp ) 1/ρ, where…
A: Given Utility function: U(x1,x2)=x1ρ+x2ρ1/ρ .......... (1) Let P1 and P2 be the price for…
Q: Suppose Tom has $60 in income and only buys cheese and tuna. Walmart charges $2 for a can of tuna…
A: # Tom's budget: - $60 in income - $2 for a can of tuna and $4 for a block of cheese # Initially…
Q: Which of the following is NOT a positive statement? Tariffs on Canadian goods result in higher…
A: Positive economics includes the study of 'what is'; and on the other hand the normative economics…
Q: 4 p 2 casse ២ Reb Year 1950 1000 1970 1080 1060 2000 2010 2020 Participation Rates (Age 16 and…
A: The labor force, or currently active population, involves all people who satisfy the necessities for…
Q: Which of the following is a government function that regulates the economy to ensure that it…
A: We know that The government of a country is responsible for fair and smooth functioning in the…
Q: Consider a hypothetical closed economy in which households spend $0.70 of each additional dollar…
A: Given 'Households spend 0.70 of each dollar they earn and save the remaining 0.3' Marginal…
Q: A company mines 300,000 tons of coal per year in a rural county. The coal is worth $65 per ton. The…
A: In economics, comparative statics is the examination of two unique economic outcomes, before and…
Q: The demand for office chairs in thousands is Q=40-2 P2 At a price of $2, the price elasticity of…
A: The elasticity of demand tells us the responsiveness of quantity demanded with respect to the price…
Q: You are presented with the following break-even chart of GHI Company. They have budgeted sales of 75…
A: The breakeven condition or point is reached where the total revenue is equal to the total cost of…
Q: Wal-Mart charges $20 for the new Ghostbusters DVD and sells 400 copies per month. Then they reduce…
A: The point at which the entire profit of the seller is maximized is the ideal price for the product…
Q: What is the purpose of market equilibrium in relation to supply and demand?
A: When market supply and demand are in balance, prices become steady. This is known as equilibrium. In…
Q: a. According to the Law of Supply, if the price of a good increases, O A. the supply of that good…
A: The supply curve of a good depicts the direct relationship between the price of a good and the…
Q: early 1998, Luis Tellez, Mexico’s oil minister, held a secret meeting with his Saudi Arabian…
A: Oil Cartels: Every business look for maximum profits. The best procedure to maximize profits is to…
Q: Federal alcohol excise taxes are designed so that the alcohol content of beer and wine is taxed at a…
A: Excise tax is defined as the tax that is imposed on specific goods or services like, fuel, tobacco…
Q: What are the factors affecting pricing in Hospitality Industry?
A: Introduction Hospitality industry consist hotel industry and travel industry. It is concerned with…
Q: Initially, the price of natural gas is $10 per 1,000 cubic feet, the price of an oil furnace is…
A: Equilibrium Market supply and demand must balance one another to reach equilibrium, which leads to…
Step by step
Solved in 2 steps
- What are the main things believe every manager needs to know about microeconomics? Briefly for managerial economics classA fast-food company spends millions of dollars to develop and promote a new hamburger on its menu only to find that consumers won't buy it because they don& like the taste. From an economic perspective, the company should keep the hamburger on the menu because they spent so much money and time developing and promoting the product. spend more money to develop a more efficient way to cook the hamburger so it cooks in a shorter time. pull the hamburger off the menu and treat the development and promotion expenditures as a sunk cost. keep trying to sell the hamburger so that people who developed and promote it have a job with the company.Characterize the different factors of production by identifying their roles in the production process.
- What are Positive Economic Profits?Give Some examples of different types of productivity measures?A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu only to find that consumers won't buy it because they dont like the taste. From an economic perspective, the company should keep the hamburger on the menu because they have spent so much money and time developing and promoting the product. spend more money to develop a more efficient way to cook the hamburger so it cooks in a shorter time. pull the hamburger off the menu and treat the development and promotion expenditures as a sunk cost. keep trying to sell the hamburger so that people who developed and promote it have a job with the company.