Increases in long-run average cost that occur as output increases is the law of diminishing marginal product . diseconomies of scale. economies of scale . constant returns to scale.

Q: Consider a simple economy with just two industries: farming and manufacturing. Farming consumes 1/2…

A: The relative outputs of farming and manufacturing industries.

Q: A firm has two plants - one in Adelaide (A) and one in Brisbane (B). Let QA and QB denote the…

A: Production refers to the process of creating goods or services using various resources and inputs.…

Q: Internalizing an externality with a Pigovian tax will ...   a.   increase consumer surplus but…

A: Pigovian tax is imposed in a society that encourages a society to engage in activities to reduce the…

Q: Given the following cash flow diagram, : 8.5K 1 2 3 4 ? what is the answer (at the ?) given an…

A: Cash flow:The sum of the total money is represented in the diagram. It represents the magnitude and…

Q: Is the statement true/false/uncertain - The fact that there are many theories of the current account…

A: The current account is a component of a country’s balance of payments. It records a nation’s…

Q: A project has the cash flows shown in the cash flow diagram below, where the time periods are in…

A: The method which is utilizing the cash flows and the number of years it took those cash flows to…

Q: Suppose the money market for some hypothetical economy is given by the following graph, which plots…

A: Money markets incorporate market sectors for such instruments as bank accounts, including term…

Q: A monopolistic firm operates in two separate markets, Market A and Market B. The firm can sell its…

A: A company that is the only seller of a product (monopolistic firm) can change prices based on where…

Q: Question #10: What is an economic regulation? (Read Chapter 4, 27 and 28), or MindTap Microeconomics…

A: Economic regulation is a form of government intervention in the economy that is designed to protect…

Q: Q.1 Player 1 and player 2 choose their strategies S₁ and 5₂ simultaneously where s₁ € {X,Y} and S₂ E…

A: Players in a Bayesian Nash Equilibrium make choices based on their expectations about the potential…

Q: 1) Complete the following table: Output 10 2 3 4 56 Total Cost 50 60 75 100 150 225 400 Variable…

A: “Since you have posted multiple questions, we will provide the solution only to the first question…

Q: If a Canadian corporation sells a product to the United States and uses the proceeds to purchase a…

A: Net exports refer to the value of a country's exports minus the value of its imports.Net capital…

Q: Given, price functions for quantity supplied, Qs and quantity demanded Qd: P = 40 - 2Qd p = 10 +…

A: Demand is amount of a good that consumers are willing and able to purchase at different…

Q: Consider the following utility function for Xavier: U(X, Y)=x2y where the prices of each good are…

A: A utility function is a mathematical representation used in economics and decision theory to express…

Q: Present a chart (s) showing currency in circulation, M1 and M2. What factors account for the recent…

A: M1 includes the most liquid forms of money, which are readily accessible for transactions such as…

Q: Consider the following table: GDP Depreciation Corporate earnings Transfer Payments Personal Tax…

A: GDP= $13,200Depreciation=$1400Corporate earnings=$1250Transfer payments=$700Personal Tax…

Q: Consider the following economy:-  Mariginal propensity to save = 0.2  Mariginal propensity to…

A: Aggregate demand refers to the total demand for commodities and services made by all the economic…

Q: Consider a simple economy that produces two goods: stickers and enamel pins. The following table…

A: Nominal GDP and real GDP are two indicators used to measure a nation's economic production. Nominal…

Q: Economics can be defined as the study of how people, businesses, governments, and societies Make…

A: Economics can be defined as the study of how people, businesses, governments, and societies.

Q: Suppose that the market for porcelain lupines in Freedonia is perfectly competitive and initially in…

A: An individual’s willingness to pay for each unit of the quantity he or she wishes to consume is…

Q: Where is the consumer's new solution if the consumer's preferences are homothetic?

A: The utility function refers to all those commodity bundles that derive the same amount of utility…

Q: The figure provided shows the market for calculators. Price of calculators $45 40 30 20 10 5 world…

A: Consumer surplus is the area below the demand curve and above the price level. Price level shows the…

Q: What is a high yield bond? Name two companies who might be in this category. How does the bond…

A: A corporate bond rating is a representation of the creditworthiness of a corporate bond. These…

Q: A consumer's utility function is given by u(x, 1' with MU=x₂ and MU where x, and x, denote the…

A:

Q: Suppose a small egg to income tax rates 20% for all income up to $50,000 and 30% for any income…

A: A government budget is a financial arrangement that frames how much money a government hopes to earn…

Q: The chartered banking system in Canada plays a crucial role in expanding or contracting the money…

A: The required reserve ratio of a bank depicts the minimum amount of deposits a bank must keep as…

Q: Consider the following table: GDP Depreciation Corporate earnings Transfer Payments Personal Tax…

A: National income, also called national output or national product, is the total value of products and…

Q: Draw a diagram to describe this: Marginal consumption Cm decreases -> The amount of money consumed…

A: Macroeconomic management will remain critical since it determines the course and sustainability of…

Q: Critically evaluate the following statement: “if factories must pay a fixed cost to  open, then a…

A: A subsidy is considered money that is granted by the government to help the economy by supporting…

Q: provide a specific statement of the current status of the US Economy - identifying the current…

A: The economies of North America have grown varied and prosperous. The region's activities include…

Q: I think that the most important concern of a government trade policy should be the interest of…

A: In this we will discuss, the importance of consumer-focused government trade policies will be…

Q: In the above figure a consumer is initially at equilibrium at point C. The consumer’s income is…

A: At the optimal level of consumption, the utility derived from consuming a good is maximum given the…

Q: If the data analyst hypothesizes that grocery sales are higher when payment is made using credit…

A: The question asks about the null hypothesis in a situation where a data analyst hypothesizes that…

Q: Given: 8.5K 1 2 3 4 ? solve using the economic tables, use a 10% interest rate. show all steps

A: The interest rate =10%At time 0, cash flow is 8.5KSo the present value is 8500We need to find future…

Q: uppose the information in the following table is for a simple economy that produces only the…

A: Real GDP= Current year quantity ×base year price

Q: The community college fine arts department sold three kinds of tickets to its latest dance…

A: How many tickets of each type got sold.

Q: For each of the five labeled points (A, B, C, D, and E), determine whether the correct levels of…

A: For each of the five labeled points (A, B, C, D, and E), determine whether the correct levels of…

Q: 3. Kevin's willingness-to-pay for a wing is the following function of Q, the number wings consumed:…

A: The money that a person receives from selling a commodity is referred to as Total Revenue. The…

Q: ational income (NI) equals $ 11800 billion. (Enter your response as an integer.) ersonal income (PI)…

A: It can be described as the amount of income available for an individual after paying all the taxes…

Q: Even in the US, approximately, what percent of medical care is purchased through insurance,…

A: Even in the US, approximately, what percent of medical care is purchased through insurance,…

Q: As you know, when Greece joined the euro area in 2001, its long-term interest rates converged with…

A: Interest rate refers to the amount of money that charged or given on a proportion of money that is…

Q: The relative price of hamburgers this year has A. increased. B. decreased. C. stayed the same. D.…

A: Relative price of the good is the price of the good in terms of other good’s price.

Q: Jenny takes a day off from work today in order to go Motor Vehicles and take her driver's license…

A: Opportunity cost refers to the value of the next best alternative that is forgone when making a…

Q: Suppose that an economy has the following functions for C, I, G, and NX: C = 57 +0.80Y 1 = 46 G=36

A: A primary budget surplus refers to a situation where a government's revenues from taxes and other…

Q: What forecast should Raul provide to his manager?

A: Price elasticity of demand is a measure of the responsiveness of the quantity demanded to a change…

Q: In a commentary piece on the rising cost of health insurance, ("Healthy, Wealthy, and Wise," Wall…

A: Price elasticity of demand measures the percentage change in quantity demanded due to one percentage…

Q: The Federal Reserve buys $34.00 million in Treasury securities. If the required reserve ratio is…

A: It can be defined as the concept of economics Which can be used to show the relation between the…

Q: What is the capitalized cost of the machine with an initial cost of P250,000 maintenance cost of…

A: Capitalized cost refers to the total cost of an asset or investment that includes both its initial…

Q: The three types of accounts related to balance of payments are:

A: The balance of payments is a statement that shows the transactions made by a country’s residents,…

Q: Which of the following is an example of a topic studied in microeconomics? The balance of trade of…

A: Microeconomics is a branch of economic behavior where micro-units or individual economic behavior is…

Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.