Imagine you are a consultant who has been asked to summarize the strengths and weaknesses of Customaria, a nation with a pure traditional economy.

Q: c. How much total consumer surplus will each of them receive at a price of $32?

A: Last parts C and d are answered below:

Q: Why is this answer different to the other answers for the same question?

A: Cournot model is an economic model wherein contending firms pick an amount to create freely and all…

Q: Economics affects nearly everything we do in some way. Someone else has produced most items we…

A: According to economists, the pricing of some goods/products is extremely/highly inelastic. That is,…

Q: How Many decisions in business and economics require quantitative estimates? why ?

A: Almost every business and economic decision requires quantitative research. Data is very important…

Q: Choose what you consider to be the two most important culture components from the chart. Argue why…

A: Given:Values & AttitudesManners & CustomsSocial StructureReligionPersonal…

Q: So is my solution wrong?

A: There are silly mistakes in your solution but overall algorithm is right. However, there is a slight…

Q: Much of modern economic thought believes people to be, generally speaking, rational and…

A: Almost all the major economic theories are based upon assumptions which are necessary to hold them…

Q: What is economics? A social science that teaches one how to cope with scarcity. A discipline that…

A: Economics is a social science that deals with economic behavior and the problem of scarcity.

Q: In many areas, the cost of real estate is increasing at an increasing rate. Many homes are being…

A: In a dynamic, free market, the mortgage lenders compete to acquire customers, which either increases…

Q: What is the solution to question 6? I really need help with that one.

A: The amount of gas the buyers would be willing to purchase would drop if it turned out that 50% of…

Q: In how many ways can a picture be taken for a family of six?The two parents are side by side, two…

A: Since the two parents are side by side, they can be regarded a single entity. Also, because the two…

Q: Which of the following would a Laissez-Faire economist advocate in a time of economic recession

A: Laissez-faire economist advocate complete freedom of firms.

Q: Bread is always a consumer goods  True/False

A: A good being produced by a business and being bought by a consumer as a final good is known as…

Q: *Make a response,question, or clarification for that opinion

A: The consumer is an individual that buys the products and services from the seller in the market.

Q: Every week, Mary plays the piano for three hours, and her grade on each English test is 80 percent…

A: Marginal Decision-Making: Marginal decision-making involves evaluating the benefits and costs of a…

Q: Choose the best answer from the options below: If you and your friend take turns making decisions…

A: Here, it is given that two friends are making decision by taking turn on which movie to watch and in…

Q: Suppose that following graduation you have four job offers. Job 1 is in Spokane Washington, and pays…

A: Opportunity Cost:Opportunity cost refers to the value of the next best alternative that must be…

Q: During the Middle-Ages, the African city of Taghaza (located in modern day Mali and known as one of…

A: Elasticity of demand measures how responsive people are to price changes for a particular good. In…

Q: Why would management use the maximin rule?

A: In the realm of management decision-making, various tools and techniques are employed to assess…

Q: New York City and New Orleans responded very differently to severe disasters (9/11 for New York and…

A: Development: It refers to the process that help in the growth of the economy. The economy's…

Q: So, in both cases, the chef would be doing the baking and cooking?

A: The theory of comparative advantage is based on opportunity cost.