The demand for pork is likely to be, Select an answer and submit elastic than the demand for electricity because, substitutes are available for pos
Q: Jason, a high-school student, mows lawns for families in his neighborhood. The going rate is $12 for…
A: The going rate for lawn-mowing service = $12 Jason charges $20 The market is perfectly competitive
Q: Economics There are in essence 2 variations of the regular "C" Corporation: a. C Corporation…
A: Under the C Corporation legal structure. In this structure what ever the profit the corporation…
Q: 7. "We are fast approaching the stage of the ultimate inversion: the stage where the government is…
A: A government is a legal entity having the authority to impose social norms within a given…
Q: You have just moved to a new country to take up a two-year assignment. You need to buy a car and…
A: In the process of making decisions, economic analysis is unavoidably a crucial instrument. Before…
Q: Bryan is evaluating the pros and cons of taking economics virtually or in person. If he takes…
A: Opportunity cost can be defined as the potential benefits that is given up by an individual or a…
Q: Consider the Keynesian consumption function Yt=B₁ + B₂x2+ + Et ( where y, is per capita consumption,…
A: Given Keynsian consumption function yt=β1+β2x2t+εt ...... (1) At…
Q: Consider the following two taxes: 1) a state imposes a 10 cent tax on every gallon of gasoline sold…
A: Taxation is a term for while a taxing authority, generally an administration, levies or imposes a…
Q: The following graph shows an economy's short-run aggregate supply curve (SRAS), current equilibrium…
A: Short run equilibrium is achieved at a point where SRAS intersects AD. The current level of…
Q: Price $5 $4 $3 $2 $1 SO 3 units. b. c. 4 units. d. 5 units. Chapter 4 Quantity Demanded by Michelle…
A: demand and supply are two forces where demand and price are inversely related to each other, and…
Q: QS.1 - Integrate the following: 3x² ( 12x³ + 20 10.5 within the range 6 and 8. QS.2 - The marginal…
A:
Q: 9. Shifts in supply or demand II The following graph shows the market for hot dogs in New York City,…
A: Since there are over 1000 hot dog stands, the market is competitive. There are many sellers…
Q: A country has a trade surplus of $20 billion with its trading partners over a year. Which change…
A: When talking about trade balance, it refers to the international exchange of goods and services by…
Q: To demonstrate how a mixed economy differs from both a planned economy and a free-market enterprise…
A: An economy is a region of the creation, conveyance and exchange, as well as utilization of labor and…
Q: Suppose there are 20 low-cost bakeries that can produce bagels in St. Catharines, each of which has…
A: In economics aspects, supply is how much an asset that organizations, makers, workers, suppliers of…
Q: Menges developed the following econometric model for the West German economy*: Yt = β0 + β1Yt−1 +…
A: * ANSWER :- Given that,
Q: 5. What are economic benefits of using biodegradable plates? Explain.?.
A: We know that Biodegradable plates are substitutes for plastic plates. The reason biodegradable…
Q: Price (dollars per ice cream cone) $3.50 3.00 2.50 0 A $6.50 B $5.50 1 C) $2.50 2 Figure 4-1 shows…
A: Consumer Surplus is also termed Social Surplus, Consumer Surplus is the difference between what the…
Q: Show how an increase in productivity of workers affects real wages and employment using a standard…
A: Since you have asked multiple question, we will answer first question for you. If you want any…
Q: Answers A-E A 20 years. B 36 years. C 48 years. D 50 years. E 72 years.
A: GDP refers to the sum total of the market value of final goods and services produced in a country…
Q: 5. Economic growth and public policy Suppose an American buys stock issued by an Argentinian…
A: Since the American bought the share issued by the Argentina's company. Hence he can sell the share…
Q: If Andres and David decide to specialize and cooperate, then Andres will produce sandwiches and…
A: Suppose there are two people, A and B. And they are producing two goods, i.e., X and Y If A's…
Q: The following graph shows the supply curve for a group of sellers in the U.S. market for DVD…
A: The producer surplus is the difference between the price received for a product and the marginal…
Q: Question 16 The following graph shows Sarah's budget line. Suppose the bus fare is $2.00. What is…
A: Opportunity cost is the cost that a person has of achieving or getting in place of the certain…
Q: How do we use these FOCs to show that (wtNt)/Yt =(1-α) if Yt = At Ktα Nt1-α
A: Production function shows the relationship between output and input. The change in input causes…
Q: Consider the following function: f(x,y,w) =(x2/y) + (2w2/x). Is this homogeneous? If so, to what…
A: A function is a homogeneous function if it can be expressed as f(kx,ky,kw) = knf(x,y,w)
Q: A binding price floor 4 You are incorrect A binding price ceiling 6 You are correct You are…
A: Price floor is the minimum price which is set above the equilibrium price by the government which…
Q: A man expects to receive P20,000.00 in 8 years. How much is that money worth now considering…
A: The future worth formula is FV=PV(1+i)n , here the PV rises for every period into the future by a…
Q: What are the advantages of a sole proprietor?
A: A sole proprietor runs his own business on his own and also has total control of the business in his…
Q: Bargaining power of customers is likely to be the lowest for markets involving Apparel Automobiles…
A: In a market, bargaining power of a customer refers to the situation when a customer can negotiate…
Q: Jack and Diane work at a bakery. Jack can make either five batches of cookies or two cakes per hour,…
A: Here we will use the concept of absolute advantage. The worker who have advantage in producing cakes…
Q: Which concept in economics explains how the marginal benefit from an additional unit decreases as a…
A: Marginal benefit refers to an additional satisfaction which is derived from consuming one more unit…
Q: .Saving and investment in the national income accounts The following table contains data for a…
A: Gross Domestic Product (GDP): Gross Domestic Product is described as the total value of goods and…
Q: The accompanying table shows the price and yearly quantity sold of souvenir t-shirts in the town of…
A: Price elasticity measures the responsiveness of quantity demanded with respect to change in price.…
Q: Cross-price elasticity refers to changes in demand that happen due to changes in price of related…
A: Cross price elasticity is the change in demand for good X due to change in price of good Y.
Q: Consider two beer producers, POTUS Pilsner and Supreme Court Stout. If they advertise, they can both…
A: For (1) part There is Consider two beer producers: POTUS pilsner supreme court stout If they…
Q: explain law of diminishing marginal utility concept with exampl
A: The additional pleasure or benefit (utility) a customer obtains by acquiring an extra unit of a…
Q: Write the summary of following paragraph Multinational Anti Avoidance Rule Australia implemented…
A: Government: It refers to the group of people that take care of the country. The government is…
Q: How much (if any) does each of the following transactions raise GDP? The Jones family sells its old…
A: The GDP calculation excludes the purchase and sale of used items and pre-owned homes. The commission…
Q: Ismaya and Aditya have created a business together. The business was Ismaya’s idea and he operates…
A: A silent partner invests money in a company in exchange for a share of the profits made by the…
Q: 6. Why is economics central to an understanding of the problems of development?.
A: We know that The development of an economy is based on the development of the infrastructure, the…
Q: Why is Strategy so important for global business? Please explain.
A: An international market is any geographical region where a company conducts business that is outside…
Q: Cartel theory is usually understood as the doctrine of economic cartels. However, since the concept…
A: Oligopoly: It refers to a market that is dominated by a few suppliers. They are found in all…
Q: Consider the demand function (a) Determine the inverse demand function. (b) Determine the revenue…
A:
Q: How long will it take money to double itself if invested at 10% compounded annually?
A: Compound interest formula: F = P (1 + r)n Where F is the future value P is principal value r is…
Q: 7.
A: Given the information: Cost of storage facility = $35000 Maintenance cost for first 5 years = $8000…
Q: 2. Give a graphical confirmation of the sign of the multiplier 20 od for the linear one-commodity…
A: Answer..
Q: Prof. Business is considering retirement in 5 years. She is in a self-managed defined contribution…
A: Employees who participate in defined contribution (DC) retirement plans can put pre-tax money in the…
Q: Demand is highest for watermelon in the summer, yet that is also when prices are lowest. Draw a…
A: We know that the demand for a product depends on the taste and preferences of a consumer. For…
Q: Question 24 Consider the following production alternative, 40 capital goods and 240 consumer goods.…
A: Production possibilities schedule is a tabular representation of different combinations of two goods…
Q: production function is q = f(L, K), where q is output, L is workers, and K is the fixed number of…
A: Average productivity of labour = Output/Labour = q/L Marginal productivity of labour = MPL = dq/dL
![The demand for pork is likely to be,
elastic than the demand for electricity because,
Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer
more; close.
a
b
C
d
less; close
less; no close
more, no close
substitutes are available for po](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4454b7c5-cfde-458f-b3d2-867aac67c9f3%2F3427e5a5-1bde-401f-9b29-5aa1db8b391f%2Fv0eo1erf_processed.png&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- he quantity demanded each month of Russo Espresso Makers is 250 when the unit price is $136. The quantity demanded ach month is 1000 when the unit price is $106. The suppliers will market 750 espresso makers when the unit price is $80 er higher. At a unit price of $100, they are willing to market 2250 units. Both the supply and demand equations are known o be linear. (a) Find the demand equation. -1 -x + 146 25 p = (b) Find the supply equation. 1 x+ 70 p = 75* (c) Find the equilibrium quantity and the equilibrium price. |× units4. John Stain estimates that the demand curve for his PaneMaster insulated windows is given by 350-2P Q Currently, John is charging $150 per window, including installation. John is considering a sale. Find the price elasticity of demand for PaneMaster Windows and comment on the advisability of a sale. = a) EQp = -0.67 so the consequences of a sale cannot be determined b) Eqp = -0.67, so a sale would increase profits c) EQp = -6.00, so the consequences of a sale cannot be determined d) EQp = -6.00, so a sale would increase profitsYour Best Brand Bike Shorts-BBB Shorts have been flying off the shelf. Your chiefeconomist tells you that during the Covid-19 pandemic, the taste for bicycling has shifted. Thedemand curve is much more inelastic. The price elasticity of demand has decreased from:-5.76 to -2.70.”Before the campaign your price was $240 per pair of BBB Shorts. What should bethe new price? Please show calculations.
- PRICE (Yen per gram) 100 90 80 70 60 40 30 20 10 0 0 0 Demand + 20 40 60 80 100 120 140 160 180 200 QUANTITY (grams of uff per month) Graph Input Tool Demand for Uff Price of Uff (Yen per gram) to eat my uff this morning, but there wasn't any Quantity Demanded DEMAND SHIFTERS Average Income -(Yen per month) Price of Tulg (Yen per gram) Price of Snick (Yen per gram) Of Suppose that the price of a gram of uff decreased from 50 yen to 40 yen. This would cause a an increase in 50 100 100 20 50 Plug any value lower than the current number into the Average Income box. A decrease in average income causes a leftward the demand curve. the demand curve and therefore When the prices of tulg or snick change, there is a shift of the demand curve for uff. The directions of these changes imply that snick and uff are , and that tulg and uff are . For example, a Hermetian might say, "I went in my fridge. So instead of having uff for breakfast, I ate someCreative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned. however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(I) the concept of elasticity of demand, (2) why raisingprices without undetstanding the elasticity would bea bad move. (3) your recommendations for measurement. and (4) the potential impact on profits for elasticand inelastic demandCreative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned, however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(1) the concept of elasticity of demand, (2) why raisingprices without understanding the elasticity would bea bad move, (3) your recommendations for measurement, and (4) the potential impact on profits for elasticand inelastic demand
- The chart below shows how annual electricity for an average Ontario household would vary with the price paid for electricity. Calculate the arc elasticity of demand for electricity for this average houschold. Also, in the final column, calculate the total revenue from sales of clectricity to this household. Price Quantity Demanded Kwh/year Total Revenue $/kwh Elasticity of Demand $0.25 1200 -0.36 $0.20 1300 $0.15 1400 $0.10 1500 $0.05 1600 Hint: The own price elasticity of demand is the percentage change in the quantity demanded divided by the percentage change in the price. What factors do you think influence the elasticity of demand for this household?6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 2 Total Revenue PRICE (Dollars per bike) 88NR S 89 88 89 O 300 275 18 27 35 45 54 53 72 QUANTITY (Bikes) 91 Demand 90 99 108In Class, 10–25 Minutes for Teams For each of thefollowing products, determine at least three differentprices that might be charged. Then survey each of theindividuals within your group to find out how much ofeach product they would buy at each price point foreach of the products. For each product, calculate theprice elasticity of demand to determine whether thedemand is elastic or inelastic.a. Cheese pizzas per monthb. Movie tickets per monthc. Concert tickets per year
- 3. Garibaldi Provincial Park is located between Squamish and Whistler. A travel cost survey was completed to estimate demand for trips to the park. Bascd on the survey an estimated demand function was derived to represent an average household: P= 200 – 50Q. This is demand per year per household. If there are approximately 2000 households with a travel cost of $150, 3000 households with a travel cost of $100, and 4000 households with a travel cost of $50, what is the total consumer surplus per year from the park?After a destructive hurricane in Southeast Texas, gasoline prices around the country increased dramatically. Demand did not decrease much primarily because O there is a long time period under consideration. O the cost of the product is a relatively small percentage of oncs income. O there are very few substitutes for the product. O there is a small amount of this product.Can you think of an industry (or product) with near infinite elasticity of supply in the short term? That is, what is an industry that could increase Qs almost without limit in response to an increase in the price?
![Exploring Economics](https://www.bartleby.com/isbn_cover_images/9781544336329/9781544336329_smallCoverImage.jpg)
![Principles of Economics 2e](https://www.bartleby.com/isbn_cover_images/9781947172364/9781947172364_smallCoverImage.jpg)
![Managerial Economics: Applications, Strategies an…](https://www.bartleby.com/isbn_cover_images/9781305506381/9781305506381_smallCoverImage.gif)
![Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781337617383/9781337617383_smallCoverImage.gif)
![Microeconomics](https://www.bartleby.com/isbn_cover_images/9781337617406/9781337617406_smallCoverImage.gif)
![Exploring Economics](https://www.bartleby.com/isbn_cover_images/9781544336329/9781544336329_smallCoverImage.jpg)
![Principles of Economics 2e](https://www.bartleby.com/isbn_cover_images/9781947172364/9781947172364_smallCoverImage.jpg)
![Managerial Economics: Applications, Strategies an…](https://www.bartleby.com/isbn_cover_images/9781305506381/9781305506381_smallCoverImage.gif)
![Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781337617383/9781337617383_smallCoverImage.gif)
![Microeconomics](https://www.bartleby.com/isbn_cover_images/9781337617406/9781337617406_smallCoverImage.gif)