3. a. What method is used to ration goods in a market econo-my? How does this rationing method influence the incen-tive of individuals to supply goods, services, and resourc-es to others?b. How are grades rationed in your economics class? Howdoes this rationing method influence student behavior?Suppose the highest grades were rationed to those whomthe teacher liked best. How would this method of ration-ing influence student behavior?12.

a) In a market economy, goods are rationed through the price mechanism, where prices adjust based on…

Answered: 3. a. What method is used to ration…

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter1: The Economic Approach

Section: Chapter Questions

Problem 3CQ

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Dtermine the implications of market pricing on the following when making economic decisions. Abswer in no more than five sentences: 1. Buyer/consumer 2. Seller/producer/supplier
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Price Keram H 1 1 4 Becky's D for Blueberries Demand Refer to the graph above to answer this question. The graph shows Becky's demand for blueberries which can be purchased in any quantities and sold at any price What is Becky's total willingness to pay for 6 kilograms of blueberries if the price of each kilogram of blueberries is $27 Multiple Choice O O O O O $12. Cannot be determined. $18. $6. $2
QUESTION 3 A buyer's willingness to pay for a good is the O maximum demand for, is willing to pay for that good. It measures how much the buyer the good. Oprice of, values Omaximum amount the buyer is willing to pay for, values minimum amount the buyer is willing to pay for, needs actual amount the buyer pays for, values
A. Diagram 1- Which of the following area (A-F, select 1), represents the additional surplus fromnew consumers as a results of pricedecreasing from P1 to P2? B. Diagram 1- Which of the following area (A-F, select 1), represents the additional surplus fromthe original consumers as a results of price decreasing from P1 to P2?
Pls help with below homework. Fred owns his own specialty burger food truck. He's deciding on a price for his new burger called The Best Burger. Fred decides hel use markup pricing, and wants to mark it up 30%. The cost of goods for each burger is $4.50 and he can make up to 110 burgers a day. What wil the price of each burger be using markup pricing? Round to the nearest cent. O $15.00 O $6.43 O $5.85 O $7.65 O $7.07
One of the largest changes in the economyo ver the past several decades is that technologicaladvances have reduced the cost of makingcomputers.a. Draw a supply-and-<lcmand diagram to showwhat happened to price_, quantity, consumersurplus, and producer surplus in the market forcomputers.b. forty years ago, students used typewriters toprepare papers for their classes; today theyusc computers. Docs that make computers andtypewriters complements or substitutes? Usca supply-and--demand diagram to show whathappened to p rice, quantity, consumer surplus_,and producer surplus in the market for typewriters.Should typewriter producers have beenhappy or sad about the technological advance incomputers?c. Arc computers and software complements orsubstitutes? Draw a supply-and-demand diagramto show what happened to price, quantity,consumer surplus, and producer surplus in themarket for software. Should software producershave been happy or sad about the technologicaladvance in computers?d. Docs…
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AaBbCcI AaBbCcI AaBbC = 三 T Normal T No Spac... Heading 1 Paragraph Finding the market price Consider the marketdemandand supply schedulesfor chocdlate bars Possible price of chocolate bars(pence) 50 Quantity dem andedper Quantity supplied m onth 100 000 150 000 per m onth 420 000 40 300 000 30 200 000 260 000 330000 200 000 120 000 60 000 20 10 400 000 40 000 On graphpaper plot the dem and and supply curvesfor chocolate bars on one graphwit "price per chocolate bar on the vertical axis and quantity per m orth' alongthe bottom 1. Using the above table state at which price dem andequals gupnl.. This will be the m arketpricefor chocolate barsbecause at that price producers are willi make and selljust asm anybars asconsuners are willing to byy,
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