Q: why is there a trade off between amount of consumption that people can enjoy today and the amount of…
A: Scarcity, limited resources and unlimited wants are the reason for the tradeoffs between current and…
Q: The economy of Sydaveria has developed, and the inhabitants use money in the form of shells. Draw a…
A: Market:A market is a specific location or arrangement where buyers and sellers come together to…
Q: Question 3 In Crabby land, there are only 3 goods: Burgers, Patties, and Pizza. The following table…
A: The consumer's changes in price may vary sometimes, This is measured through the consumer price…
Q: #5#
A: It is a bunch of principles and ideas which explains the functioning of the economy or various…
Q: Consider Snackistan, a hypothetical country that produces only burgers. In 2016, a burger is priced…
A: Money neutrality says that change in money supply has no effect on real variable. Only nominal…
Q: Twenty-five years ago, tofu was available only from small businesses operating in predominantly…
A: Market equilibrium, considering an item, can be defined as the equality of demand for and supply of…
Q: Use the following infomation to answer the next several questions Scenario t: Imagine that an…
A: Here, output and price of Flashlight and fishing lures are given for two years that are 2015 and…
Q: Suppose that United States produces 10, 000, 000 barrels of oil and 1,000 bushels of wheat each…
A: Autarky refers to the state where nations do not trade, they are closed for international trade to…
Q: What is the difference between production cards and move cards?
A: Instruction/visual card is a communication tool used in the field of manufacturing. These are…
Q: In PPP what do you think will happen if there is a discrepancy in the prices of a particular…
A: The PPP is defined as the purchasing power parity which explains the purchasing power of the…
Q: How is it possible for households to have a negative savings rate and what has caused this negative…
A: Saving is the excess of income over consumption expenditure. S = Y - C
Q: Which consumption theory best explain the consumption behaviour of consumers in our economy
A: Consumption is using the product or service that is being produced in the society. There are several…
Q: a. If the base year is the year 2007, then real GDP for 2016 equals $ nearest cent.) The real GDP…
A: When the inflation rate is adjusted and the total productivity of the economy is adjusted, the…
Q: Assume that Country A has an efficiency in output market. However, efficiency in the use of input…
A: When we consider the production possibility curve then if there are generations of two outputs then…
Q: Suppose the information in the following table is for a simple economy that produces only the…
A: Real GDP is considered as the value that is calculated after adjusting the overall productivity…
Q: Which of the graph/s below show/s a rise in the price of chicken? Fish (pounds per year) Fish…
A: The graph given in the questions shows the budget line of the consumer who can purchase either Fish…
Q: The next few questions are about Ec102nia, a fictional country populated by Ec102 students. Data on…
A: GDP: Gross domestic product or what is commonly known as GDP is the measurement of the final value…
Q: The following excerpt is from a letter sent to a financial advice columnist: "My wife and I are…
A: A mortgage is one kind of financing that is regularly used for buying real estate. To purchase the…
Q: Homework Question 7: The Caviar Price Index Belugaland is an economy that produces only 3 goods:…
A: GDP, CPI, and PCE: GDP determines the sum of the values of all end commodities produced within an…
Q: San Jose Mercury News, March 31, 2020: "As classes go online, students want Stanford to lower…
A: The explanation for whether the students must be given discounts or not is as follows:-
Q: Alyssa spends all of her money on comic books and mandarins. In 2014, she earned $27.00 per hour,…
A: The real value is the value of economic variable that is calculated in terms of any other variable.
Q: Use the following table to answer questions about the hypothetical BYU Treats economy, which…
A: The term "inflation" refers to a measurement that is used to express the rise in the average price…
Q: George owns a house on a 10-acre lot filled with peach trees. Each year he hires a few workers to…
A: a). GDP increases by the total value of the final goods sold to consumers. In this case, it's the…
Q: f Pp denotes the price of a pound of pasta and Pb denotes the price of a loaf of bread, then Pp/Pb…
A: Pp denotes the price of a pound of pasta. Pb denotes the price of a loaf of bread.
Q: Ruby loves dividing her free time between going to the movies and reading. She has 20 hours per week…
A: Given: Amount per week=60 Cost of going of movies=6 Cost of books=15
Q: What determines whether a good is “capital” or a “consumer good”? How it is purchased: with…
A: Capital merchandise square measure merchandise that square measure utilized by one company to help…
Q: As an economist it is important to know that resources are scarce. Explain what u understand that…
A: Time, money, labour, equipment, land, and raw materials are all limited resources. There are never…
Q: Use the graph below to answer the question. Capital goods B C Point B Point D Point E Point A CO…
A: A graph that shows the most effective way to produce a pair of goods is called the production…
Q: omework (Ch 01) Poornima is a skilled toy maker who is able to produce both trains and kitds. She…
A: Poornima is a skilled toy maker who is able to produce both trains and kites. She has 8 hours a day…
Q: Suppose the information in the following table is for a simple economy that produces only the…
A: In the calculation of GDP we only includes final goods and not the intermediate goods (goods which…
Q: If Masha devotes all her time to making cookies, she can make 3 pounds of cookies an hour, and if…
A: To examine the choices presented about Masha and Sasha's production capability and prospective trade…
Q: Which of the following statements is most accurate about goods and services? They are purchased by…
A: Circular flow diagram refers to the model that shows how money of dollar flows between households…
Q: If Home’s relative productivity in cheese is higher than it is in wine, what does it imply? Explain.
A: The amount of output divided by the volume of inputs is generally referred to as productivity. In…
Q: According to an article on Barrons.com, "Investment firms are starting to use Al [artificial…
A: Artificial intelligence is considered one of the best example of advancement in technology. Ai in…
Q: Suppose the information in the following table is for a simple economy that produces only the…
A: Real GDP is considered as the value that is calculated after adjusting the overall productivity…
Q: David, who works as a financial analyst, has a bachelor's degree in economics and is thinking of…
A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…
Q: How to classify goods as consumption goods and capital goods? Is there any specific way to do so?
A: If the good is capable of satisfying the human wants directly then it is referred to be as…
Q: Question 05: Benjamin Franklin coined the phrase "Time is Money", and spelt out the associated…
A: Time is money means it is valueable as money . So it's good to do something but not be idle .…
Q: 1. Complete the table below. Quantity TCC TVC TC MC AVC ATC 012345678102S 12 0 -- -- -- 12 20 12 46…
A: “Since you have posted multiple questions, we will provide the solution only to the first question…
Q: Complete the following table by indicating how the combined effects of these transactions will be…
A: The GDP is necessary to assess the general state and accomplishments of the economy. Economists,…
Q: According to economists, the satisfaction people get from their consumption activities is called:
A: Microeconomics is a branch of economics that investigates how individuals and firms make decisions…
If this economy devotes all of its resources to the production of notepads, then it will produce
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- A typical consumer in Lykesville has a market basket consisting of 4 strawberries, 9 grapefruits, and 5 blueberries. The data table below provides information on Lykesville's prices of strawberries, grapefruits, and blueberries from 2008 through 2010. 2008 2009 2010 unit of strawberries $1.1 $1.5 $1.2 Price per unit of grapefruits $1 Price per unit of blueberries $0.9 $1.2 Price per $1.4 $1.4 $2 What was the cost of the market basket in 2009? What was the price index in 2009, assuming 2008 is the base year?Give two factors that lead to the price of energy from new technologies to increase.In year 1, Jim earns $100 milk cists $2. Per quart, and cookies cost $4 per dozen. Draw Jim budget line.
- The residents of Freedonia currently are consuming seven goods; yogurt, green tea, tofu, bean sprouts, cookie dough ice cream, Tito's Handmade Vodka and housing. The prices and quantities for these goods are given in the following table. Good Yogurt Green Tea Tofu Bean Sprouts Cookie Dough Quantity 3 7 18 Ice Cream Tito's Handmade I Vodka Housing 2018 2 Price 2.40 0.60 1.20 1.00 3.50 22.10 500.00 Quantity 4 9 20 4 7 I 2019 2 Price 2.86 0.72 4.80 1.20 4.00 21.35 505.00 Quantity 6 10 22 6 8 2 2020 2 a. Suppose that 2019 is the base year. Calculate the price index for 2018, 2019 and 2020. b. Determine the rate of inflation for 2019. Determine the rate of inflation for 2020. Price 3.01 0.80 5.10 1.25 4.60 25.50 512.00Which of the following is a macroeconomic issue? The price of butterThe number of new cars producedThe growth rate of total outputThe price of products sold in the steel industryThe price of cell phone service Question 8.8.When economists make the assumption that wants are unlimited, they mean that most people want more of everything.are satisfied with what they have.want more of some goods, even if they don’t want more of everything.don’t care what they have.are greedy. Question 9.9.What will cause a change along the supply curve? The supplier’s expectationsThe supplier’s costsThe price of the goodThe price of all other good? Question 10.10.Ceteris paribus, as applied in demand theory, means accounting for all possible simultaneous changes.holding constant all factors that affect demand except one.observing the real world.holding technology and resource prices constant.holding one input constant while changing the other input.Output in the economy can be increased by O adding more workers increasing the number of machines O investing in education all of the above
- Suppose Nicholas owns a business making Christmas tree ornaments. Currently, he makes 300 ornaments a month. At this level of production, each additional ornament takes him 30 minutes to make and costs him $5 in materials. Nicholas makes his ornaments in a small studio that he rents for $300 a month. Nicholas can easily increase or decrease the amount of time he spends making ornaments, and he can easily go to the store to buy additional materials to make the ornaments, but he has a year-long lease on his studio, so he has to pay his monthly rent no matter how many ornaments he produces each month. Nicholas values his time at $10 per hour. Other than his time, the cost of the materials and the rent on his studio, Nicholas has no additional production costs. a At Nicholas's current level of production, what is the marginal cost of making an additional ornament each month? b. At Nicholas's current level of production, what is the monthly average fixed cost of each ornament? c. Assuming…Joe, Tanya, Fred and Susan are old friends from high school, now working in various boring office jobs in the city. One night, Susan invites everyone to her house for dinner and a chat. During dinner, and while the 4 friends were complaining about how much they hated their jobs, they start throwing some ideas around for starting their own business. At one point, they tell each other: “Man, as soon as this business makes money, I’m quitting my office job. We are going to be rich!” The 4 friends agree to start a cupcake business together. They are very excited and start writing down a business structure on a napkin. It reads: “Susan and Fred will do the baking and decorating, Joe and Tanya will do the paperwork side of things including booking market stalls, asking Bunnings if they can sell cupcakes on Sat mornings, create a Facebook page & website for the business and manage the money side of things.” They also agree that they would split all profits and losses evenly. For the…1E. In the Modern Farmer, July 28, 2016, Dan Nosowitz, writes “There are many reasons to buy directly from farmers (at farmers markets or though CSAS)–higher quality produce, faster delivery times, supporting small farmers-but one that isn't too well-understood is this exchange's impact on the local economy. A new study from University at California Davis looked at the way buying directly from farmers affects the economy in the Sacramento, California, area . Buying directly from farmers has a disproportionately large impact on the local economy." This is an example of the at work in a local economy. RMERS MARKET OPEN TODAY 1 F. What is the difference between "real" and "nominal" whether it is real GDP or nominal GDP . real income or nominal income . real interest rate or nominal interest rate?
- Consider the pizza market in BC. Suppose an innovation in cheese processing technology makes it possible to produce more pizzas at a lower cost than ever before. Holding all other factors constant, What will be the effect of this technology on pizza market. Draw a graph and explain.David and Morgan are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of zucchini and watermelon each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing zucchini or watermelon or to produce zucchini on some of the land and watermelon on the rest. David Morgan WATERMELON (Pounds) 120 On the following graph, use the blue line (circle symbol) to plot David's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Morgan's PPF. 108 96 84 72 60 48 36 24 Zucchini (Pounds per acre) 6 12 8 Watermelon (Pounds per acre) 2 4 David's PPF Morgan's PPF ?Imagine an economy that only produces burgers. Kathleen is the queen of that economy and she has a grill which sells for $2000 dollars, 5 fryers for $500 each, 200 lbs of potatoes which costs $1/lb, 50 gallons of oil priced at $2/gallon, 200lbs of beef which costs $3/pound, 600 burger buns which costs $1/bun, 600 slices of cheese $0.20/slice and 20 lbs of condiments at $1/lb. She sells a total of 600 burgers at $10/burger and 600 bags of fries at $3/bag. Assume that, that is all the transaction she did for the year 2021. What is the GDP of this economy? $ 6140 $12300 $11650 $13940