Prices ration goods to the people with the lowest opportunity cost of time the people who most deserve it the richest people the people willing and able to pay the highest price

Q: The following table lists several terminants of aggregate supply. Complete the table by indicating…

A: The aggregate supply curve depicts the total quantity of goods and services produced at different…

Q: Bruno is a landowner and Angela is a farmer who pays a share of her grain output to Bruno as rent…

A: Pareto efficiency, is that state of economy where resources cannot be reallocated once it allocated…

Q: Kim has taken a big step toward saving for her house. She has accumulated $56,750.00 for her down…

A: A government's purposeful efforts to influence economic growth are referred to as economic stimuli.…

Q: A supply curve does all the following, except     uses the Ceteris Paribus assumption.     holds…

A: A supply curve is a graphical representation that shows the quantity of a good or service producers…

Q: A perfectly competitive firm maximizes profit by producing 100 units at an ave total cost of $12 and…

A: Perfect competition is a type of market structure in which there are large number of buyers and…

Q: Suppose IP is the international trade price and this country's government imposes a $3 tariff on…

A: Demand curve is the downward-sloping curve. Supply curve is the upward-sloping curve. Equilibrium is…

Q: The individual pictured in Figure 5.2.3: O would receive a utility of 12 from a sure $6000. would…

A: Concave utility functions depict that an individual has risk-averse behavior thus avoiding risk. On…

Q: Only typed answer  The incentive to cheat within a cartel increases with an increase in the…

A: A cartel is a group of independent businesses or producers in an industry who collude to limit…

Q: Dana owns a building that she purchased for $600,000. Its current replacement cost is $2 million.…

A: Coinurance provision: In insurance, coinsurance is a clause or provision in a policy that requires…

Q: The payoff matrix supplied shows outcomes of various strategies that two firms might follow in…

A: Nash equilibrium is the point of a game corresponding to which each participant optimizes his…

Q: he world health organization malaria chief says that it is too costly to try to fully eradicate the…

A: A production possibilities frontier (PPF) is a graph that shows the different combinations of two…

Q: 2. Deviating from the collusive outcome Mays and McCovey are beer-brewing companies that operate in…

A: The profit-maximizing quantity is such a quantity where the marginal revenue curve intersects the…

Q: Suppose a young chef who recently graduated from culinary school in Cuba looks for work at local…

A: Unemployment: Unemployment is a state of being without a job and actively seeking one.Discouraged…

Q: Long Run Costs curves [are | are not ] always U-shaped. One way to prove this is to look at…

A: LRAC depicts the lowest possible average production cost, allowing entire production inputs to vary…

Q: Indicate whether the statements below are true or false. True Pollution taxes are more effective at…

A: Because of market failures, government has to intervene into markets in different forms. When free…

Q: Given the following data on input and output levels. Suppose the output price is $5 and input price…

A: Average Value Product refers to the worth of the average product in the market. This shows the value…

Q: The economy is in long-run equilibrium when a. Aggregate demand intersects short-run aggregate…

A: When the economy is operating at potential Gross Domestic Product, the unemployment rate is at the…

Q: Which of the following is a characteristic of a monopolist firm but not of a perfectly competitive…

A: Monopoly is a market structure where one company dominates, controlling the supply of a product or…

Q: The following graph shows the supply curve for sedans in an imaginary market. For simplicity, assume…

A: Supply refers to the quantity supplied by the producer to the public. There exists a positive…

Q: What would be the impact in this market, of a price floor set at $22     a) A market surplus of 7…

A: A price ceiling is the price set by the government which is the maximum that should be charged from…

Q: 9. A bond was purchased for $2100. Interest of $115 was paid every 6 months. The bond was sold at…

A: Annual Effective Rate of Return:The annual effective rate of return represents the annualized rate…

Q: Which one of the following statements about Figure 9.3.2 is​ true? A.Point S is preferred to point…

A: Indifference curves refer to the combinations of curves showing the satisfaction levels of the…

Q: U.S. Steel is considering a plant expansion to produce austenitic, precipitation hardened, duplex,…

A: The initial cost in the plant is (A0) =$13 millionInvestment at the end of one year is $10…

Q: (Figure: The Home and World Markets) The terms-of-trade gain is the deadweight loss is Price $36 $30…

A: Terms of trade are defined as the index of export prices divided by the index of import prices.…

Q: MAC = 50 - 5E.   The government offers a $30 per-unit subsidy for abatement. In principle, the…

A: Total revenue determines the amount earned from the quantity produced. Economic costs involve not…

Q: A piece of equipment has a first cost of $150,000, a maximum useful life of 7 years, and a market…

A: Annual worth is a financial metric used to determine the equivalent uniform annual cost or value of…

Q: The image below shows the condition of diminishing Marginal Rate of Technical Substitution (MRTS).…

A: Marginal rate of technical substitution is defined as the rate at which there can be a reduction in…

Q: The Principle of Diminishing Marginal Returns means what?         the more a good is consumed, the…

A: Diminishing Marginal Returns states as additional units of a variable input are added to a fixed…

Q: A firm estimates its long-run production function to be Q = -0.0050 K³L³ + 15 K²L² Suppose the firm…

A: Marginal product refers to the additional output produced by one additional unit of input, while…

Q: A local restaurant has an advertising budget of $10,000. The restaurant can purchase TV ads from a…

A: An individual budget is a personal financial arrangement that frames an individual's expected income…

Q: Q17. What the information sets in the above game denote?  Player 2 does not observe the action of…

A: Game is provided in a extensive form with player 1 starting the game by choosing between (a , b,  c,…

Q: Consider the following MA(1) - GARCH(1,1) model for equity returns. t = 0.5 +0.3u-1 + Ut of = 0.8…

A: In this context:"t" represents the time period."rt" represents the equity return at time "t.""tit"…

Q: 6. Efficiency versus equity The economy consists of two consumers, Antonio and Dmitri. They have…

A: Efficiency refers to the ability to accomplish a task, achieve a goal, or utilize resources in the…

Q: 1.) An economic indicator is procyclical if it rises when the economy is expanding and falls during​…

A: In this problem, the economy expands given the economic indicators are showing positive signs, while…

Q: Refer to Figure 21-2. Which of the following statements is correct? a. Point V is unaffordable for…

A: Budget line is the line which shows different possible combination of two goods which a consumer can…

Q: almonds DE F I I W LM K computers Refer to the figure above. If computers are labor intensive then…

A: a budget constraint represents all the combinations of goods and services that a consumer may…

Q: The Water-Diamonds Paradox is illustrated when water, which is essential for life, trades at a…

A: Marginal utility refers to the additional satisfaction, as estimated in utils,  gained from…

Q: Given the individual utility function U = 10x^0.5y^0.5. With income, m = $40, the price of good x,…

A: U=10x0.5y0.5Therefore, Marginal rate of substitution (MRS) will be:At optimum, MRS = Price…

Q: 2021 - Find economic indicators St. Louis federal reserve website. look up current economic…

A: Economics is the social science that studies how individuals, businesses, and societies allocate…

Q: the income level is i=100. suppose the demand function of good x is always given by qx=50/Px…

A: The income level is 100. i.e., I = 100. The demand function of Good X is always given by Qx = 50/Px…

Q: What is the potential impact of rapid economic growth on: a) A nation's tax base? b) GDP/Capita?…

A: Economic growth implies the upheld development in the production of goods and services inside an…

Q: Suppose the supply equation is: Q = 6 + 0.70p. What is the price elasticity of supply if the market…

A: The price elasticity of supply will be calculated as percentage % in the quantity supplied divided…

Q: Joe owns a few collectible cars from the 1950's. He has decided to go solar and needs money to…

A: Joe is selling one of his collectible cars to get the money he needs to finance his new solar…

Q: The Fed would likely use expansionary monetary policy in order to shift AD to the: right because…

A: Expansionary monetary policy works by increasing the money supply faster than usual or reducing…

Q: if government spending and the price level increase, then a. the interest rate increases,…

A: Government spending is the total amount of money that a government spends on goods and services,…

Q: How much money (in $, roundoff to 2 decimal places) would be available in year 10 if $8000 is…

A: Principal (P) = $8000Rate of interest =10%

Q: Read the second chapter of the textbook (A. Banerjee and E. Duflo “Poor Economics”, Penguin, 2012),…

A: Household expenditure refers to the money spent by a household on various goods and services,…

Q: Explain the critical difference that, accor markets respond to shifting demand. Wh self-stabilizing…

A: Goods markets are markets where goods and services are bought and sold. Asset markets are markets…

Q: SS#14-C-The National Debt (Sources: "Financing the National Debt," ch. 13 p. 348-349/357-358; "Debt…

A: DISCLAIMER  “Since you have asked multiple question, we will solve the first question for you. If…

Q: Potential health benefits of eating organic versus non-organic food have been often discussed in…

A: The goods that can be consumed instead of one another are known as substitute goods. Consumers treat…