Q: 21. When output (Q) = 20, AVC = 30, and ATC = 40, calculate TFC. (NOTE: TC = TFC + TVC)
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- Define equilibrium quantity?Give your comment on the following Statements 1. The current prices of beef are20% higher than last year's prices, but the aggregate consumption of the commodity was observed to have risen by 10%. The law of demand does not apply in the case of beef. 2. After reaching its peak, the monthly sales of car had shown a downward trend as the prices of the car were gradually raised. The reduction of demand may be traced to changes in consumers' taste and preference in favor of another brand as is evident in the sudden proliferation of this type of car almost everywhere."The diagram reveals that X2>X1. This indicates that consumption of X rose as X's price went up." --> Can you explain, because I thought the law of the demand has an inverse relationship?
- Evaluate the effect of changes in supply and demand on theequilibrium price and quantity.equilibrium is important in the simple expenditure model so we need to know the following: what is the signal or indicator in the economy that will tell us we are not in equilibrium? What value for that signal will assure us we are in equilibrium? Explain why. ( Please solve whole question ASAP . I will definitely Rate your answer )Factors affecting demand and supply are the various factors that influence the quantity of a good or service that buyers (consumers) are willing to purchase and the quantity that sellers (producers) are willing to produce and sell, respectively. Understanding the factors is important for businesses, policymakers, and consumers to make informed decisions about pricing, production, and consumption. The prediction is that global consumption of crude oil will exceed production by 20 million barrels this year, which means there will be a shortage of supply. This could lead to further price increases if demand continues to grow, which would result in higher costs for consumers and businesses. However, this imbalance is likely to be corrected over time as higher prices incentivize more production, while lower demand could lead to a reduction in consumption. Additionally, new sources of supply could come up or existing sources could increase their output in response to higher prices. In the…
- Suppose a state aims to make it easier for people to purchase school supplies for children by exempting these purchases from sales taxes. Such programs are often called "sales tax holidays." Identify which of the following would be considered an unintended consequence of this policy.Choose one: A. An increase in purchases just prior to and immediately following the sales tax holiday. B. An increase in prices by retailers expecting higher demand during the sales tax holiday. C. A large increase in net sales. D. A steep decline in sales during the sales tax holiday.The following graph shows an increase in aggregate supply (ASAS) in a hypothetical economy. Specifically, aggregate supply shifts to the right from AS1AS1 to AS2AS2, causing the quantity of output supplied at a price level of 125 to rise from $250 billion to $350 billion. The following table lists several determinants of aggregate supply. Complete the table by indicating the changes in the determinants necessary to increase aggregate supply. Determinant Change Needed to Increase ASAS Nominal Wage Rate Tax Rates TechnologyConsider the market demand for donuts. Complete a table by indicating whether an event will cause a movement among the demand curve for donuts or a shift of the demand curve for donuts, holding all else constant. Event: A decrease in income of consumers (movement along or shift) Event: A decrease in the number of consumers (movement along or shift) Event: A decrease in the price of donuts (movement along or shift)