Suppose that the cost of a movie ticket is $12, and a lattecosts $6. Why would the theater management say thecost of admission is $12 and not two lattes? Explain whyit is more efficient to compare the value of commoditiesin monetary terms.

Q: For which of the following goods is a price increase likely to lead to a substantial income (as well…

A: Income Effect: The change in quantity demanded of a good due to a change in real income, assuming…

Q: Assume a demand curve for coffee; Which of the following would NOT shift the demand curve for…

A: Shift in demand is associated with  the change in components of demand other than price.  When there…

Q: If the economy goes into a recession and income fall, what happen in the market for inferior good?

A: Inferior goods are the goods that are inversely related to the income ie these might be low-quality…

Q: The Mumbai Times reported that the metro ridership declined after a fare increase:  There were…

A: Price declines by 4.3% Ticket increased by Rs. 1 to Rs. 5.50 Thus, there is % change in demand =…

Q: whats the differences between basic, producers’ and purchasers’ prices?

A: Basic price :- This is the amount producer receive from the sale of product, which includes…

Q: Explain how price mechanism allocates resources in an economy?

A: The economies, and the markets around the world work mainly on the basis of the demand, and supply…

Q: Suppose the current price of gasoline at the pump is $4 per gallon and that 1 million gallons are…

A: When the tax is implemented in an economy, it generates tax revenue for the government. Tax revenue…

Q: How does a supply curve differ from a demand curve and at what point do they intersect?

A: Understanding demand and supply is the very basic of Economics

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A:

Q: You notice that as income of consumers increases, the demand for cell phones also increases. In such…

A: This can be defined as the type of good in which the income of the purchaser rises. The purchaser…

Q: In a recent report it was said that there are health benefits to consuming coffee as it has…

A: Change in Demand and Supply occurs due to change in non price factors. An increase in demand or…

Q: Evaluate the following statements: e. "I hate golf, but I paid so much for the clubs that I can't…

A: Profit maximizing output is where marginal revenue is equal to marginal cost.

Q: Randy lives on Cheetos and chocolates. The price of Cheetos is 3 dollar per bag and the price of…

A: Consumer utility refers that  satisfaction that a consumer obtains from his or her consumption of…

Q: 6. Melinda buys an iPhone for $700 and gets a consumer surplus of $160. a. What is her willingness…

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

Q: 2 In a supply and demund diagram, draw. the shift 'f'the demand curve for ham burgers in following…

A: d. When the income of the consumers fall, the demand for inferior goods rises in the market. The…

Q: If you’ve ever travelled to another country, such asGermany, you may have noticed that the price on…

A: A tax on consumption is placed on a product whenever value is added at each level of the supply…

Q: What is Shortage & Surplus; graphically show and explain?

A: Shortage:-  A shortage exists when demand is greater than supply. It is a situation when the…

Q: Which of these graphs illustrates a decrease in price Ο Α O B O C D *

A: "In economics, a supply curve shows the relation between quantity supplied of a good and price of…

Q: Demand refers O how much of a good people are willing and able to buy at a particular price. O the…

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

Q: Which of the following products is most likely to have a sin tax placed on it? A. furniture B. food…

A: Answer: Sin tax: Sin tax refers to the tax imposed on socially harmful goods such as tobacco,…

Q: The various combination of goods that can be produced in any economy when it uses its available…

A: To find : What is condition depicted above

Q: The appointment of resource for a specificd purpose is kown as allocation.  Is it True or False??

A: Economic decisions are those decisions in which people will choose what to do with limited…

Q: Good Y O X and Y are complements X and Y are substitutes Not enought information to determine if X…

A: Complements are goods that are consumed together. Substitutes are goods where you can consume one in…

Q: graph shows the market for paper. government passes a new law that limits the quantity of paper that…

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Q: 2 A Long December This winter is hotter than normal, so people want fewer wool scarves than…

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Q: If the purchase and sale of a currently illegal drug were decriminalized in Texas, economist would…

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Q: 3. a. What method is used to ration goods in a market econo- my? How does this rationing method…

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Q: UeSTION 2 wer any ONE queestions of the two in thin sectic nn the enswer book Answer the following…

A: Note: In the BNED Guidance, only the first question can be answered at a time. Resend the question…

Q: 30) In Figure 2.1, Box 1 would be labeled Box 1 Box 3 Figure 2.1 A) D for demand. B) S for supply.…

A: In the question, a graph has been given for market equilibrium where the labelling is missing.

Q: What are the factors that affect the demand? Provide an example of each factor.

A: Economics uses the interaction of demand and supply to determine the price as well as quantity…

Q: Explain mohivation PowN yot"?

A: Power is something which makes a person more powerful. For example,when Hitler got power,he became…

Q: Use the following information to answer the questions below Computers: Soybeans: Total revenue =…

A: The rental rate of capital refers to the price one needs to pay in order to obtain capital from the…

Q: a. Suppose that the album producers put it on sale for $4 each. How much will be the surplus or…

A: Quantity demand refers to the particular quantity of the commodity that the consumer is ready and…

Q: QUESTION 19 Tim loves to collect Lego architecture sets. Suppose that Tim's willingness to pay for…

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Q: 4. It is said that the market forces of supply and demand, which determine the equilibrim price and…

A: Answer: The equilibrium price in a market is determined by the forces of demand and supply for a…

Q: R4

A: The price of a commodity plays an important role in the demand because it directly affects the…

Q: Which one of the following is a durable consumer good? Select one: O a furniture O b office supplies…

A: Durable consumer goods are such goods that have long life span i.e usually more than 3 years and are…

Q: Illustrate the market for peanut butter when the scientists discovered that peanut butter is a good…

A: Demand refers to the quantity of a good or service that consumers are willing and able to purchase…

Q: Define and Explain Law of one price

A: The Law of one price is an economic concept. As per this law, the price of a similar asset or…

Q: A change in which factor would shift the supply curve? Select one: a. production technology b. the…

A: Demand shows the relation between P and Q that consumers are willing to buy, assuming all other…

Q: What is law of demand? Explain the factors which effect demand curve. Could we use the factors…

A: Want backed by the purchasing power is known as the demand. The demand curve is a downward sloping…

Q: Suppose that Kaleed’s income 1800 RO. And he purchased 30 units of goods y that cost 30 RO per unit.…

A: CVP analysis is a technique for calculating how changes in variable and fixed costs affect a…