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A: Equilibrium without tax in the market occurs at the intersection of demand and supply.
Q: explain how utility analysis leads to the law of demand.
A: Demand is a economic rule alluding to a buyer's wants for a specific item or administration. Utility...
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A: A product's price elasticity describes how sensitive suppliers and buyers are to price changes. It i...
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A: When talking about flat world, it refers to the changing scenario of markets of different nations du...
Q: Compare and contrast Classical, Keynesian and Monetarists approaches to monetary policy.
A: To compare classical, Keynesian and monetarists approach to monetary policy.
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A: Given: The principle amount is = P1,340 The future value is = P1,500 Time period = 9 months To Find:...
Q: 5. Use the information on the following transactions for a country named Neverland: i. Local coffee ...
A: Gross domestic product(GDP) measures the money value of all final goods and services produced in an ...
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A: Cross price elasticity: When the cross-price elasticity value is greater than 1 then it is known as ...
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A: The correct answer is given in the second step.
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A: Given:Inflation Rate=3% per year
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A: Exogenous variables are those variables whose values are given to find the value of endogenous varia...
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A: NOTE: We'll answer the first question, since the exact one isn't specified. Please submit a new ques...
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A: A budget is an estimation of revenue and expenses over a specified future period of time and is util...
Q: In the short run, what would be the result of an increase in the monetary base? Assume the reserve r...
A: "Correct option- e i.e. nominal interest rate falls."
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A: In economics, specifically general equilibrium theory, a perfect market, also known as an atomistic ...
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A: To find : Relation between marginal and average cost curve.
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A: Harvest function: H(E) = 80E-2E2 tons per year where E is the number of fishing boats Cost fun...
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A: The consumer has an income of 80 in year 1 and an additional 10 given by the government. when consu...
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A: here we explain the MPWC shown in the given diagram of male and female as follow;
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A: We know that the opportunity cost of holding money is the nominal interest. The opportunity cost of ...
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A: Accounting rate of return = [Average annual profit / Initial investment] * 100 Average annual profit...
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A: The curve that depicts quantities being demanded by individuals at different levels of price is know...
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A: To find : Shape of rectangular hyperbola
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A: The depository institutions are those financial institutions which accept monetary deposits from con...
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A: The Law of Returns to scale states that when all the factors of production are increased in the same...
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A: The present value of money is (P)=25,000 Rate of interest (r)=1% per year (simple interest rate) Tim...
Q: Judy lives for two-periods. Her utility from consumption in periods 1 and 2 is given by U(C1,C2)=C1 ...
A:
Q: Why it could be the case that after an initial sharp increase, the budget deficit could drop through...
A: Budget deficit is when the government's expenditure exceeds the government's income.
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A: Bond: It is a fixed income instrument that represents a loan made by an investor to a borrower. We a...
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A: To find : Importance of studying environmental policy.
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A: IS Curve stands for investment and savings. It shows negative relationship between interest rate and...
Q: 4. The total effect of a price change of a commodity is А. Sustitution effect plus price effect B. O...
A: "Correct option is B- substitution effect plus income effect."
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A: When talking about moral hazard, it is the situation that arises after a transaction is made between...
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A: The price level is the average of current prices across all goods and services in an economy. The pr...
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A: Here in the given question both the countries are importer and exporter at the same.
Q: 250 225 + 200 175 - 150 125 100 75- 50 25- 25 s0 15 100 125 150 Quantity Refer to Figure 7-9. If the...
A: the initial producer surplus is the area above the supply curve till the price is equal to 50 corres...
Q: 48. Find the present worth of perpetuity of P10,000 semi annually with an interest rate of 10% quart...
A: The worth is the ratio of annuity to semiannual. It means as the annuity is positively related to th...
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A: A pessimistic long run Malthusian always results that the population control does not increase the t...
Q: 1. If the Consumer Price Index rose from 120 to 138 during a 12 month period. What was the rate of i...
A: A comprehensive measure utilized for assessment of price changes in a crate of labor and products il...
Q: 1. What is a monopoly? What are anti-trust laws? How da these relate to the Epic Games vs. Apple law...
A: 1) Monopoly is defined as the single ruler, where there is a high barriers to entry and there is a l...
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A: Genetically modified (GM) food varieties are food varieties got from creatures whose hereditary mate...
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A: In perfectly competitive market, there are many buyers and sellers. Goods produced are homogenous me...
Q: 6. There is an increase in Demand in the ROW for USA goods Decrease in the Value of the Dollar. Decr...
A: When the demand for USA goods increases in the ROW then it implies the rest of the world has increas...
Q: 3. In monopoly, the relationship between average and marginal revenue curves is as follows
A: To find : What is relationship between average and marginal revenue curve.
Q: When Jerry Garcia was alive he bought a house for $500,000 and made a $100,000 down payment. He obta...
A: here we calculate the monthly payments by the following method as follow;
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- Economists define normal goods as having a positive income elasticity. 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. Can you come up with a name for each category?What does a downward-sloping demand curve mean about how buyers in a market will react to a higher price?Maria has decided always to spend one third of her income on clothing. a. What is her income elasticity of clothing demand? b. What is her price elasticity of clothing demand? c. It Marias tastes change and she decides to spend only one fourth of her income on clothing, how does her demand curve change? What is her income elasticity and price elasticity now?
- Would you expect supply to play a more significant role in determining the price of a basic necessity like food or a luxury like perfume? Explain. Hint: Think about how the price elasticity of demand will differ between necessities and luxuries.What is the difference between the demand and the quantity demanded of a product, say milk? Explain in words and show the difference on a graph with a demand curve for milk.The avenge annual income rises from 25,000 to 33,000, and the quantity of bleed consumed in a year by the avenge person falls from 30 loaves to 22 loaves. What is the income elasticity of bread consumption? Is bread a normal or an inferior good?
- Explain all the reasons why a decrease in a products price would lead to an increase in purchases.According to the previous discussion, what factors influence the price elasticity of demand for cigarettes? What other factors not mentioned in the article might influence the price elasticity of demand for cigarettes?The shorter the period of time consumers have to adjust to price changes, the O lower; income O lower price O higher; income higher; price the elasticity of demand.
- |Unit 3 Midterm Economics A docs.google.com/forms/d/e/1FAlpQLSfDzcagnpq9EUKBs3AWMb. a change in quantity demanded for one product or service causes a change in simple demand for a related product or service. * In 2. O Elasticity of Demand O Cross Elasticity of Demand O Diminishing Marginal Utility O Cost-Benefit Analysis O All of These O None of These The rules of the price system operate in all markets of a capitalist/market economy. The market where consumers earn income Market. by selling resources to business resources is called O ConsumerCalculate your price elasticity of demand as the price of motor vehiclesincreases from $920 to $1300 when income is $15,000. Is the good elasticor inelastic? ii. Calculate your income elasticity of demand as your income increasesfrom $15,000 to $24,000 if the price moves from $640 to $1,120. What doesthe value tell you about the good?A 15 percent decrease in the price of potato chips leads to a 30 percent increase in the quantity of soda demandes ppers the O elasticity of demand for potato chips is 2. cross-price elasticity of demand for soda is-2. O elasticity of demand for potato chips is 15. O elasticity of demand for soda 2.