Development economics must have a scope wider than economic growth because a) increase of income is a necessary but not a sufficient condition b) HDI in developing societies does not improve with higher economics growth c) economic growth does not contribute in a nation development d) all of the above

Q: 1. Consider an economy in long-run equilibrium at P1,Y*. Demand for money decreases. What will be…

A: Long-Run Equilibrium:Long-run equilibrium occurs in an economy where the aggregate supply equals…

Q: in economist estimated the learning curve for the production of Tesla vehicles t C-433,094°N -0.135…

A: A learning curve depicts the time it takes for a  firm to acquire a new skill.

Q: Five people go to the supermarket to buy milk. Each person is equally likely to select…

A: (a) Probability that they each select a different brand:In this case, we want to find the…

Q: The figures show the market for oranges. Which figure shows the effect of changing consumer…

A: The demand for oranges is anticipated to rise as customers increasingly choose orange juice over…

Q: Refer to Exhibit 5.7, which shows four demand curves. If D(2) is the demand curve after a price…

A: Price elasticity’s help to interpret how consumers demand are responsive to price changes. The slope…

Q: The Upstart Company has the following production function. Number of Workers 0 1 2 3 4 5 Number of…

A: In a perfectly competitive market, labor will be hired till the marginal product of the last unit of…

Q: Suppose that students only buy two goods: (i) Textbooks and (ii) Pens. The cost of a Textbook is $80…

A: A budget line, also known as a budget constraint, represents the various combinations of two goods…

Q: Demand in a competitive market is Qd(P)=120 – (4/10)*P. If 20 units are transacted, what is the…

A: Marginal willingness to pay (MWTP) is consumer willingness to pay for a unit of output. The point on…

Q: Because this market is monopolistically competitive, you can tell that it is in long-run equilibrium…

A: Monopolistic competition is having large producers selling differentiated products to each other…

Q: National Bank of Guerneville has $ million in excess reserves.

A: National Bank of Guerneville checkable deposit = $36 million. National Bank of Guerneville reserves…

Q: According to the midpoint method, the price elasticity of demand between points A and B is…

A: It can be defined as the method that helps to measure the responsiveness of change in QD by a…

Q: Assume that all landlords abide by the law. Compare the economic surplus in this market when there…

A: In the diagram, it is given that the equilibrium price is $600 and the equilibrium quantity is…

Q: Please give me detail answer

A: A tax is a mandatory financial charge or levy imposed by a government on individuals, businesses, or…

Q: Refer to the graph shown. During the Reagan Administration (1981 to 1989), tax rates were reduced…

A: Reduction in taxes while spending on defence increases which shows government spending increasing.…

Q: Raj consumes wine and face masks. His utility function is U(w,m) = min{vw,m}, where w and m are…

A: All commodity bundles with the same utility level are shown by the utility function. A graphical…

Q: 1.A new engineering graduate expects to initially invest $10,000 towards her retirement at the end…

A: Cash flow:The sum of the total money is represented in the diagram. It represents the magnitude and…

Q: Q 0 A B Q₁ Quantity Demand the accompanying diagram, if price is reduced from P₁ to P₂, total…

A: Total Revenue = Price * Quantity demanded

Q: When the Federal Reserve increases the federal funds rate, bank loans ________, the supply of…

A: The Federal Reserve, that is also known as the "Fed," is like the financial manager for the United…

Q: What would be the effect of an increase in taxes on a graph showing aggregate demand and short and…

A: Aggregate demand is the sum of consumption,  investment,  government spending and net export. This…

Q: Real GDP Refer to the graph. Suppose that the economy is at an initial equilibrium where the AD1₁…

A: It can be defined as a concept that shows the Total demand for a commodity or service in an economy…

Q: Nick's utility over hummus (h) and books (b) is described by U(Qh, Qb) = Q.7 Q0.³. (a) Nick has $60…

A: Nick's utility function: Nick's income =$60. Price of hummus =$6 per unit.The price of books is $18…

Q: Suppose the government has elected not to impose regulations on the industry, and so the firm faces…

A: Monopoly is a form of imperfect competition. There is one firm. The number of consumers is high.…

Q: Refer to the accompanying graph. Suppose the economy is initially in short-run equilibrium at K.…

A: When the level of aggregate output demanded equals the level of aggregate output delivered, an…

Q: In the table to the right, fill in the the values for the Marginal Product of Labor. (Enter your…

A: Marginal product is the output that is produced by the additional labor in the production process.

Q: Now suppose the government applies a price ceiling of p₁ Compared with the market-clearing…

A: Consumer surplus is the difference between the maximum price that the consumer is willing to pay and…

Q: Corn                       Sunscreen   Mexico             300                          150…

A: From the given table, it is concluded that Mexico can produce 300 units of corn by giving up 150…

Q: Bartech, Inc. is a firm operating in a competitive market. The manager of Bartech forecasts product…

A: Variable costs are the cost that changes with the change in output. Fixed costs are the cist that…

Q: Question 2. A monopolist sells the same product at the same price into two different markets. The…

A: The demand at Market 1 is given as The demand at Market 2 is given as

Q: The present equivalent of the rental income equals $ Is this a good investment? Choose the correct…

A: Present equivalent refers to the current worth of a future sum of money or stream of cash flows…

Q: Price X Refer to Figure 15-8. What is the area of deadweight loss? A. the rectangle (A-C)*X B. the…

A: The differences in prices from equilibrium results in the transfers while the differences in…

Q: If John didn't go to the movie tonight with a friend, he would save the $5 parking fee and spend…

A: Opportunity Cost:Opportunity cost is the value of the next best alternative that must be forgone or…

Q: Suppose Jaylan decides to use $6,000 currently held as savings to make a financial investment. One…

A: This can be defined as a tool by which a borrower can take investment from the individual or…

Q: and you Hours of free time per day 19 24 The figure shows a student's feasible frontier and her…

A: An indifference curve provides a graphical representation of a combined goods that provides the…

Q: 2. Change in Demand Determinants: While supply-side factors played a significant role in the…

A: Demand refers to the quantity of goods or service that a consumer is willing and able to buy at a…

Q: What are the (Select those that apply) characteristics of a perfectly competitive market? There are…

A: A perfect competitive market is a market structure characterized by large number of buyers and…

Q: Refer to the table. What is the opportunity cost of one beach ball for Ontario? 1/4 sled 3/4 sled

A: Opportunity cost measures the reduction in output of one good to increase the output of another good…

Q: a country's working-age population declines and its wealth increases, then the labor supply curve…

A: The income effect of a higher real wage on the labor supply will be a tendency to supply less…

Q: Question 1 ( Consider the following sequential-move game between Ann and Bob. Ann north Boв south…

A: The sequential move game for Ann and Bob is given as follows.The probability of Nature for choosing…

Q: 7. (Figure: Markets and Goods) Assuming the good represented in the graph is a normal good, which of…

A: Substitute goods are those goods that are not consumed together. An increase in the price of one…

Q: e. What would happen to total revenue if the price increased from $1 to $2? Is demand elastic?

A: The relationship between price and total revenue:If demand is elastic, then there is an inverse…

Q: B Refer to the production possibility graph above. Assume that the economy is in equilibrium at…

A: Production Possibility Curve- is an acronym for PPC. It is also known as Production Possibilities…

Q: If you want to have $100,000 in your saving account in ten years, how much do you need to deposit…

A: The compounded monthly means interest is calculated and added to the principal monthly, while…

Q: The annual worth for years 1 through infinity of $50,000 now, $10,000 per year in years 1 through…

A: Annual worth alludes to the total worth, frequently monetary, that something creates or costs…

Q: Because a monopoly is the only firm in its industry, › A. it can raise its price without losing…

A: Monopoly market refers to the market where only single firm exists in the market. Single firm is…

Q: Based on the figure, up to which level of output will like's Ice Cream Kitchen have increasing…

A: Marginal product of labor refers to the additional output obtained by increasing one more unit of…

Q: INTEREST RATE (Percent) Supply Demand LOANABLE FUNDS (Billions of dollars) Demand O Supply (?)…

A: Loanable funds refer to the pool of financial resources available for borrowing and lending in…

Q: When Thurston catches 10 fish a day, he can gather a maximum of 40 coconuts, and when he catches 20…

A: Opportunity cost is a necessary thought in economics and decision-making. It refers to the cost of…

Q: 6. Tom has a weekly allowance of $24, all of which he spends on pizza and movie rentals. Pizza costs…

A: Utility is the measurement of satisfaction or joy or happiness u get while consuming the goods and…

Q: DRYERS 6 8 8 8 8 8 8 8 8 8 90 80 70 40 30 20 10 B a. C, D, and A b. B O C. C, D d. C, D, and B D 10…

A: PPF is the production possibility frontier. PPF shows the production possibility of two goods in an…

Q: Personal consumption expenditures Interest Corporate profits Government spending Depreciation b.…

A: Standard national income forecasts are commonly employed in studies of economic growth, living…