Consider the following simple economy that produces only three goods: 2009 (Base Year) 2017 Price Product Denim pants Quantity Quantity 80 Price $40 100 $50 Wine 90 11 80 10 Textbooks 15 90 20 100 Real GDP in 2017 equals S

Q: I need help in solving this question because I'm not sure it's right?

A: The United State federal government passed the American Recovery and Reinvestment Act in 2009 was to…

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: the quantity of a good or service which consumers want and have the ability to purchase

A: Quantity- It is the number or amount of goods or services.

Q: Why do people purchase more of something when its price falls?

A: Law of demand states that when other things remain the same increasing price leads to reduces the…

Q: Let’s say that you need a car. How would you go about deciding which car to buy?

A: The mechanism by which a person or a company decides the course of action to take is referred to as…

Q: Why it is essential to focus on the customer when planning sales calls?

A: Sales call refers to the situation where the sales person is meeting with the potential customer…

Q: Goods that can be used to replace one another are called What?

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: What is the matching concept?

A: The matching concept is an accounting practice whereby companies acknowledge revenue and related…

Q: Significance of scale of preference

A: Every individual has it's own needs and wants.

Q: A student decision about how to allocate his time between studying two subjects ?

A: A student is an individual.

Q: I have enough money to buy five regular priced CDs and $6 left over. However, all CDs are on sale…

A: Let the total amount of money be $x  let the cost of 01 CD be $y  from given -  x - 5y = 6 ——(1) 9y…

Q: Why would someone disagree with your preferred preference?

A: Preferences refer to an individual's or society's subjective rankings or choices regarding various…

Q: Using a two-period consumer model, explain how the household achieves the highest level of…

A: Under the 2 period consumer model household consumes in two periods where C1 is his consumption in…

Q: Definition of want

A: Economics is the study of efficient allocation of resources. The resources in the economy are…

Q: Find Katie’s optimal amount of consumption and leisure.

A: The optimal amount of consumption and leisure varies individually, hinging on preferences, needs,…

Q: The demand curve in the market of grapefruit is Qd = 120 - 2Pd and the marginal cost of production…

A: The individual's ability to buy a product in the market is described as the demand. The consumer has…

Q: Types of consumer goods

A: Consumer good is a final good purchased by a consumer.   Generally, there are 3 type of consumer…

Q: you have $84.25. you get additional money for mowing lawns. then you purchase a new pair of shoes…

A: Marginal revenue is defined as the additional revenue earned by an individual when he sells an…

Q: What inferior goods that people buy?

A: Demand for inferior products is often determined by client behavior. Inferior smart refers to…

Q: a full explanation about perceived enjoyment

A: Enjoyment is basically the pleasure that people get from the various activities they perform in…

Q: Give a list of factors that might influence a consumer's motivation to purchase a penthouse flat and…

A: In a general scenario, we've got five main factors that determine consumer behavior, i.e these…

Q: I need help with this

A: OPPORTUNITY COST:     Opportunity cost is the benefit lost by an individual, investors, or business…