7At high levels of disposable incomeMultiple Choiceboth the APC and APS are high.both the APC and APS are low.the APC is high and the APS is low.the APC is low and the APS is high.

Disposable income is income minus tax. ---------------------------------------------- Average…

Answered: At high levels of disposable income…

Business

Economics

At high levels of disposable income Multiple Choice both the APC and APS are high.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

ChapterA: The Use Of Mathematics In Principles Of Economics

Section: Chapter Questions

Problem 1RQ: Exercise A1 Name three kinds of graphs and briefly state when is most appropriate to use each type...

See similar textbooks

Related questions

Q: When managing time, consumers should consider time as if it were: (a) money or a scare resource (b)…

A: Having a resource that is scarce, including money and also time, is something that will be of…

Q: Fill in the missing values for a, b and c. Units Total Marginal Average product of product product…

A: MP is the marginal product which is the change in total product by employing one more worker AP is…

Q: Don't use hand raiting please and please currect answer please

A: Step 1: Amides undergo a reduction in the presence of LiAlH(O-tBu)3 to give imines as intermediate…

Q: Period Unit Sales Cost of Sales 1 $590 560 230 400 390 550 2 3 4 5 6 7 8 760 800 200 400 480 620 680…

A: The scatter diagrams are visible portrayals of historical expense and unit data. Sales are shown on…

Q: The following graph shows the market for laptops in 2017. Between 2017 and 2018, the equilibrium…

A: Equilibrium in the goods market is achieved where quantity demanded equals quantity supplied, that…

Q: Assume that a consumer purchases a combination of products Y and Z and that the MUVPy= 36/9 and…

A: A person can maximize his utility at the point where the marginal utility per dollar derived from…

Q: $ Total Cost 100 140 Quantity 160 190 4 240 300 370 450 550 Refer to the above information to answer…

Q: Question 1: Consider the following normal form game. C A. 0, 2 7,0 0, 6 7, 7 Find all the Nash…

A: Nash equilibrium is defined as a game strategy between two players where the strategy chosen by both…

Q: How do the life cycle hypothesis and the permanent-income hypothesis resolve the apparent…

A: The racial income gap and wealth gap are examples of the ways in which race is used to create and…

Q: Demand Q(P)= 16,137-489P and Cost Function C(Q)= 11,296+170 Calculate profit maximizing quantity…

A: In economics, profit maximization is the short run or long run process by which a firm may determine…

Q: North Land, is a closed-border economy, have the following macroeconomic data: GDP= 35,000…

A: GDP is the sum of Consumption, Investment and government spending. Private saving = Disposable…

Q: How are wages affected in each case? New training programs provide students with the skills that are…

A: Wages are payments made to a worker for their service and usually remuneration is given on a hourly,…

Q: I need help with 1, 2, and 3.

A: Answer 1It has been seen, how the factors affecting the price and the supply of the good, can have a…

Q: An asset for drilling was purchased and placed in service by a petroleum production company. Its…

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

Q: In a perfectly competitive market a single buyer a. can negotiate the prices if they purchase a…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: If the consumer buys product X or product Y one unit at a time, which of the following will the…

A: Utility is a term used in microeconomics to describe the relationship between the amount of…

Q: In economics, "the long-run" is referred to as a period in which the amounts of capital are…

A: In economics, period (time) is generally divided into 2 parts i.e. short-run period and long-run…

Q: Suppose that we were in a situation where the interest elasticity of investment is high, and money…

A: As the interest elasticity of investment is high, IS curve would be relatively flatter.As the money…

Q: Suppose that the linear equation for consumption in a hypothetical eoonomy is: C-60+0.8Y. Also…

A: Consumption is the part of income that the consumer spends on buying goods and services. Saving is…

Q: A local sports store had been selling an average of 187 jogging outfits per month over 6 months at…

A: Elasticity of demand depicts how much consumer responds with the change in the price level.

Q: he following table gives the cost and demand data for a monopolist: utput Price $ Marginal Revenue $…

A: A monopolist is a sole producer of a good in the market thus having a maximum market power thus act…

Q: $0 to $8,000 10 15 $8,001 to $35,000 $35,001 to $70,000 $70,001 to $144,000 $144,001 and up ding to…

A: 1) According to the chart income tax is progressive tax The tax rate rises as income rises so the…

Q: describe new changes to kiwisaver

A: A number of modifications to KiwiSaver will be finalized immediately by the government. KiwiSaver…

Q: Question 4 Determine which option, if any, should be chosen based on net present worth using a 8%…

A: Calculation: a. Net present value of Alternative A = -First cost + Present value of annual…

Q: According to the dynamic AD-AS model, what is the most common cause of inflation? O A. Total…

A: Dynamic AD-AS model presents a dynamic short-run theory of output, inflation, and interest rates.

Q: 11. Sophia pays $200 into a bank account at the end of each month. The annual interest paid on money…

A: Deposit per month = 200 Annual interest paid which is 3.1% compounded monthly

Q: Compute the firm's marginal products, and marginal rate of technical substitution. Report the…

A: Given; Production function; f(L,K)=LK Formula to calculate:- MPK=df(L,K)dKMPL=df(L,K)dLMRTS=MPLMPK

Q: 12.11 A firm is considering replacing a machine that has been used to make a certain kind of…

A: To find the remaining useful life of the older machine we find its EUAC (Equivalent uniform annual…

Q: Consider a hypothetical economy in which the marginal propensity to consume (MPC) is 0.50. That is,…

A: The mpc is the ratio of change in consumption to the change in the disposable income. The disposable…

Q: Distinguish among three variations of the consumer purchase decision process: extended, limited, and…

A: There are three variations of the customer purchase decision process: extended, limited, and routine…

Q: How does DMCA relate to Napster? https://www.youtube.com/watch?v=VrLSWqaFTKE

A: The film states that,, in order to combat online copyright infringement, the Digital Millennium…

Question

7
At high levels of disposable income
Multiple Choice
both the APC and APS are high.
both the APC and APS are low.
the APC is high and the APS is low.
the APC is low and the APS is high.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Typed plz Please maintain accuracy and quality In your Answer take care of plagrisiam I wl upvote for sure
Economics Picabo, an aggressive skier, spends her entire income on skis and bindings. Suppose Picabo has $8,400 to spend on skis and bindings each year. Find her best affordable bundle of skis and bindings on the basis that (a) she wears out one pair of skis for every pair of bindings she wears out, and (b) she wears out two pairs of skis for every one pair of bindings. Skis are $800/pr and bindings are $400/pr. a. pairs of bindings Instructions: Round your answer to 1 decimal place. b. pairs of bindings - and pairs of skis ----- -- - -- - and pairs of skis - - - - - -
What is the type of consumption of household spending which is independent
Exercise A1 Name three kinds of graphs and briefly state when is most appropriate to use each type of graph.
Exercise D12 What are the components on which the aggregate expenditure function is based?
Exercise D6 What is on the axes of an expenditure-output diagram?
Exercise D18 How do economists use the multiplier?
Exercise D8 What determines the slope of a consumption function?
Exercise D7 What does the 45-degree line show?
The household has an income of $10000 and it's consumption is also $10,000 Calculate APC
Jien is just bored all the time; no amount of success makes him happy, it seems. Below is a list of his income for the last several years and the utility he experienced per dollar of income: Year Yearly Income Utility per Dollar Earned 2017 $60,000 2 utils 2018 $70,000 1.8 2019 $100,000 1.5 2020 $120,000 1 2021 $145,000 0.40 From the above, we can say that Jien most likely is different from most people economists study in terms of risk attitudes is "risk loving" will not take a fair bet has a utility of wealth curve that is a straight line
Exercise 3 Use a model for the household's trade-off between consumption and leisure to answer the following questions: a) Use a graph to show the household's optimal solution and then explain your answer in words. b) Suppose the household has not adapted optimally. Explain such a situation using a diagram and numbers that fit your example. How do you explain that it is not optimal? c) Discuss the statement:" Statistics show that some people work fewer hours when the real wage rises". Use a model for the labour market to answer the following question: d) Use graphs to show the difference between involuntary unemployment and voluntary unemployment and then explain your answer in words.