Q: Explain it early. Note:-not solve in excel works. type or handwriting use onlys
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A: Scarcity refers to the finiteness of a resource, commodity, or capital that has the ability to gener...
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A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you. ...
Q: Why is monopolistic competition the most common market structure?
A: Monopolistic competition is a market where differentiated products are being supplied by many firms ...
Q: .SOlVE ONLY HIGHLIGHTED QUESTION Suppose we observe that US economy is experiencing low unemployme...
A: The two goals that the Federal reserve is required to pursue with monetary policy are : Maintain f...
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A: Economy of scale is a microeconomic term used as an important element of productivity growth. Produc...
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A: Inflation is a period of abnormal hike in the general price level in the economy. This means that th...
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A: The frictional unemployment rate is defining as the rate of unemployment generated by job search or ...
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A: The law of demand refers to the inverse relationship between price and quantity demanded (other fact...
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A: Definition: Unemployment- Unemployment occurs when a person is above a working-age and actively loo...
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A: Ranking 1. Economic freedom 2.Economic efficiency 3. Economic stability 4. Economic growth 5. Econom...
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A: Macroeconomics is that branch of economics that studies the aggregates of the economy such as nation...
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A: Unemployment rate refers to the percentage of unemployed people to the total labor force. Unemployme...
Q: What are the incentives for firms in an oligopoly to collude or work together? Has price collusion h...
A: Oligopoly: There are only a few but large producers/firms, who have catered to a huge group of custo...
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A: Hi student, thanks for posting the question. As per the guideline we are providing answer for the fi...
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A: Demand schedule refers to the table that shows the demand for good at different price level.
Q: If the supply and demand functions are specified as follows : a. P = 10 - 2Q and P = 2/3Q + 1 b. Q =...
A: Demand: P = 10 - 2Q Supply: P = 2/3Q + 1
Q: The average hourly wage in 1975 was $6.50, and $17 in 2002. CPI stood at 42 in 1975 and the CPI base...
A: CPI 2002 = 100 as base year Wage in 1975 = $6.50 Wage in 2002 = $17
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A: Answer- Producers Surplus : - It total amount that a producer will benefit from producing and sellin...
Q: Show how the budget constraint affects utility maximization.
A: Answer: Introduction: A consumer maximizes his/her utility by choosing the bundle of goods that give...
Q: Hey there, I'm looking for the answers to these questions. The first question have 6 parts, and the ...
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...
Q: Solve it correctly
A: The consumer chooses that bundle of good where his/ her indifference curve is tangent to the budget ...
Q: Describe how the federal deficit is a burden on the shoulders of future generations.
A: Answer: Introduction: Deficit or budget deficit refers to the excess of spending over revenue. In ot...
Q: Q.1.9 If a household’s income falls from R12 000 to R10 000, and its consumption fallsfrom R9 500 to...
A: MPC = change in consumption/change in income MPC = ∆C/∆Y Change in income = R(12,000-10,000) = R2,00...
Q: Complete the following table and identify the profit-maximizing output. What is true about marginal ...
A: The total revenue can be calculated by simply multiplying the price with the level of quantity. The ...
Q: If the supply and demand functions are specified as follows : a. P = 10 - 2Q and P = 2/3Q + 1 b. Q =...
A: P=10-2QsP=2QD3+1 The normal supply and demand function in terms of price levels will be, 2Qs=10-PQs=...
Q: Sort the following scenarios into whether the change in quantity described is caused by a shift in t...
A: Any change in the supply due to different factors except prices will result in a shift to the supply...
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A: Oligopoly is a market form which has few sellers and some barriers to entry and the exit as well. Th...
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Q: Compare marginal revenue, marginal cost, and marginal revenue product.
A: The concepts of marginal revenue, marginal cost and the marginal revenue product are used by the pro...
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A: Business cycle: The classical business cycle or trade cycle is an important part of the economic sys...
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A: "Since you have asked multiple questions, we will answer only first question for you. If you have ot...
Q: LUCIA: Let me ask you a question to see if you can apply your knowledge. Consider an economy with 15...
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Q: Answer the following questions for the price-demand equation. p+0.002x = 40 (A) Express the demand x...
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Differentiate Giffen Goods vs. Veblen Goods
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- How do you think income elasticity affects a normal good versus an inferior good?We can divide normal goods into two types: Those whose income elasticity is less than one and those whose income elasticity is greater than one. Think about products that would fall into each category-explain your reasoning for each categorization.What do you mean by the inverse relationship between the quantity demanded for acommodity and its price. How would you explain, that a fall in the price of Matchboxdoes not make a consumer buy more of it? Please answer it in 30 min if possible
- There is a sale going on at XYZShop. As a consumer, can you consider the sale or increase in demand as a cost-effective way to reduce the price?State any two reasons for why a consumer buy more at a lower priceSuppose a person allocates a given budget between food and clothing. If food is an inferior good can you tell whether clothing is inferior or normal? Explain.