Redstone Clayworks, Inc. is located in Sedona, Arizona and manufactures clay fire pits for patios. They are one of about two dozen firms around the world that manufacture and sell clay fire pits for retailers such as Home Depot, Lowe’s, Front Gate, and other upscale home product chains. There is virtually no product differentiation. A clay fire pit is a clay fire pit. Assume that the world market demand and supply curves for clay fire pots intersects at $300 per unit. Make a spreadsheet and suppose that fire pits fall out of fashion causing prices fall worldwide to $85. How many units should the manager choose to produce? Explain.

Q: One criticism of the CPI is that the market basket used in the CPI may not reflect current spending…

A: The consumer price index (CPI) measures the change in price paid for a market basket of consumer…

Q: If the total budget expenditure is 6200 and the total budget receipts are 1300 find the budgetary…

A: The budget deficit is the excess of the expenditure over the receipts of government. The budget…

Q: What is Gross Value Added? What is GVA of banana industry in the Philippines?

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Suppose that there are 90 firms in a market, each with the following cost function: C(q) = 65+4q2…

A: Firm's total cost: C = 65+4q2  Market demand: D = 1260 - 39p

Q: 35. The increase in income generated by the additional government expenditure decreases the demand…

A: Government spending alludes to cash spent by the public area on the procurement of merchandise and…

Q: What are different types of costs involved in production of goods and services? Analyze the…

A: Fixed expenses, variable costs, and the total cost of production make up the cost of production. The…

Q: When firms face downward sloping demand curves for their products,

A: At the point when the price of a product diminishes, new purchasers enter the market and begin…

Q: Question 25 One key advantage of social media for entrepreneurs is that it is usually easy to track…

A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the…

Q: Suppose Mr. Juice needs a $1,660 loan and the bank, Wonderland Banking, has decided that this guy…

A: * SOLUTION :-

Q: where

A: Resource implies to all the materials accessible in our environment which are technologically…

Q: A firm has found from past experience that its profit in terms of number of units x produced, is…

A: Profit maximization is a cycle business firms go through to guarantee the best output and price…

Q: 100- 90- 80- 70- 60- 50- 40- 30- 20- 10- 0+ 0 N. 2 8 00 10 PPF 12 6 4 Fruit drinks (per hour) >>>…

A: A Production possibility frontier curve or PPF represents the trade off between the production of…

Q: Suppose the inverse demand function for a monopolist's product is given by P=100-2Q and the cost…

A: Demand: P=100-2Q Total Cost: C(Q)=10+2Q

Q: 2-Monopolies misallocate resources because: Select one: a. monopolies earn large profits b. price…

A: Monopoly is a market where there is a single seller which is the price maker in the market. There is…

Q: Tariffs (taxes on traded products between countries) generally have a greater negative impact on…

A: International trade is the transnational exchange of goods and services between nations. Trade is…

Q: An economy is experiencing a high rate of inflation. The government wants to reduce consumption by…

A: C= a+ bYd C = a +b(Y-T) Differentiating C with respect to T

Q: A competitive labor market offers traineeship programs. During the training, employees of type 1…

A: The equilibrium compensation and work level are resolved where the market demand for labor rises to…

Q: An economy attained a long-run equilibrium at point A. How does the price adjust in the long run…

A: Over the long run, economy is at the natural rate of output.  Economy might move above the natural…

Q: Suppose labor and capital are the only two factors of production. If Malaysia has 3% of the world’s…

A: Here, it is given that an economy has two factors of productions that are labor and capital. It is…

Q: Total budget expenditure is 8100 and the total budget receipts are 6101 find the budgetary deficit

A: In economics we define a budget deficit as a deficit which is actually multidimensional and which…

Q: What is the the total utility of consuming five units of the B good? What is the total utility of…

A: The utility is the wants satisfying power of goods and services.  Marginal utility is the additional…

Q: pose we have two people in the market: A, B. Their utility functions are UA = = min{x₁,2). Solve…

A: The consumer chooses consumption of the 2 products therefore, marginal rate of substitution equals…

Q: Why do most modern societies try to reduce poverty? What is the most effective way to reduce poverty…

A: Poverty refers to the condition of living or living standard where one does not have the basic…

Q: Using economic analysis, evaluate the statement that some gain, or "win" from free trade while…

A: Free Trade  Free Trade refers to the trade between 2 or more nations without any restrictions and…

Q: 3. What is an output gap? And which 3 situations are discussed

A: The total amount of products and services produced within an economy is referred to as the gross…

Q: Can you help me solve this please?

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Assume a country is in steady state. Explain what will happen id a disaster hit the country and…

A: In the Solow model,Equilibrium occurs where gross investment is equal to depreciation rate i.e.…

Q: b. Demonstrate graphically with the multiplier model a shift in the AE curve that would have caused…

A: The question is based on the aggregate expenditure model.

Q: 37) If the expected inflation rate was 2.5%, the expected real interest rate was 4.0%, and real…

A: The nominal interest rate (or money interest rate) is the percentage increase in money you pay the…

Q: Cartels usually breakdown because of what? Cartels can only be effectively run if they use Game…

A: A cartel is a gathering of free market members who connive with one another to work on their…

Q: > The table shows the demand and supply The equilibrium price of a magazine is $ magazines a week.…

A: How much goods and services that are accessible for individuals to buy contrasted with how much…

Q: (b) Rahmat plans to withdraw his money RM 3,090 each year for five years, beginning at the 14th…

A: We have given that Rahmat is planning to withdraw money RM3090 each year for five years starting…

Q: Using the Utility Function in Portfolio Management, where the utility function is the constant…

A: The certainty equivalent is a return that is assured and somebody would prefer to receive now over…

Q: Provide the answer for the requirements Price/unit (Pesos) 20 40 60 80 100 120 below. Show all…

A: Derive the following with complete solution.a. Equilibrium quantityb. Equilibrium price

Q: As the Federal Reserve sharply raises rates in the face if substantial inflationary pressures,…

A: Inflationary pressure is the continuous increase in the general price level in an economy. During…

Q: Industries where the US has a comparative disadvantage lead to O Lower exports and the domestic…

A: Hi! Thank you for the question. As per the honor code, We’ll answer the first question since the…

Q: Comment on the following statement: “The birth of the bond was the second great revolution in the…

A: Bonds are a frequent tool used by enterprises and governments (at all levels) to borrow money.…

Q: Question: firm has $2,040,000 in its common stock account and $20,400,000 in its paid-in capital…

A: Paid-in-capital can be defined as the face value of common stocks that have been issued by a company…

Q: In which market structure would you find a great deal of advertising?

A: Market: In economics, a market is defined as a place where sellers of a commodity and buyers of a…

Q: 6. Gains from Trade Indicate whether each of the following statements is true or false. Statement 1.…

A: When talking about international market, the primary motive of people to enter this market is to…

Q: A critical element of the Heckscher-Ohlin model is that     a.   Different goods display…

A: According to the H-O theorem, a country will export good which requires the intensive use of the…

Q: If the price of apples drops from $3.50 to $2.50, the quantity supplied would fall The price…

A: The elasticity of supply measures the responsiveness of change in quantity supply to change in…

Q: 2. A farmer must purchase a tractor using a loan of $20,000. The bank has offered the following…

A: Loan Amount = 20,000 r = 8% MARR = 15%

Q: What rate of return would she have earned during the year (between July 2021 and July 2022)? Show…

A: Follow the following steps Covert USD to Turkish Lira Apply Interest rate and add it to the amount…

Q: What is the lost consumer surplus due to the tax (in $millions)?

A: The lost consumer surplus is this yellow area Try find this area.

Q: Harare Zimbabwe's central bank today raised its key interest ra From 50 percent to 70 percent. The…

A: Given information: Zimbabwe raised the key interest rate from 50% to 70% The inflation rate is 200%…

Q: Consider the IS-LM model of open economies. Draw the IS, LM curves and decribe the economic meaning…

A: IS Curve is the locus of different combinations of interest rate and the output level, so that the…

Q: 1. Price elasticity of demand      a. from a to b      b. from e to f

A: Alfred Marshal is the person who introduces the concept of elasticity into economics. The elasticity…

Q: Firm increases its advertisement expenditure from $ 60000 to 75000. It's sale increases by 20% from…

A: Given the initial advertisement expenditure = $60000 Final advertisement expenditure = $75000…

Q: A firm with Perfect Competition in the Labour Market and Monopoly in the Output Market. (Short Run)…

A: Product market is the market in which final goods are exchanged between the firms and the household…