WAGE (Dollars per hour) 16 14 12 10 2 0 Supply Demand 200 400 600 800 1000 1200 1400 1600 LABOR (Thousands of workers) In the above graph, identify whether there is shortage or surplus? a) Shortage b) Surplus c) In equilibrium d) Both shortage and surplus.
Q: What is the future worth of this investment?
A: Future worth(FW) is the value of an asset at a specific date. It measures the nominal future sum of…
Q: Which of the following is included in Investment (I)? the amount spent on new factories…
A: Investment, with regards to economics refers to the expenditure or allotment of assets for the…
Q: On the following graph of a demand curve, what is the price elasticity of demand at the point where…
A: Price elasticity of demand (PED) is a measure of how responsive the quantity demanded of a good or…
Q: An automobile company has two version of the same model car for sale, a two-door coupe and the…
A: Linear programming is a computational optimization approach employed for determining the best…
Q: Assume that Trinbago is a small country that produces wine and motor vehicles, where motor vehicles…
A: The Heckscher-Ohlin model, also known as the Heckscher-Ohlin-Samuelson model or the factor…
Q: 10) Below are drawn cost curves for a monopolistically competitive firm. What is the profit? SA 16…
A: A monopolistically competitive firm functions in a market where there are many different firms with…
Q: QUESTION THREE Corruption and unethical conduct are evils which have caused havoc in the socio…
A: Corruption and unethical conduct indeed have detrimental effects on the socioeconomic development of…
Q: Air Alberta is considering replacing the firm's regional jets with a new model, which has a total…
A: Net Present Value (NPV) is a financial metric used to assess the profitability of an investment or…
Q: Given the production function, Y = AKaL(1-a) assume that a = 1/3. The labor supply equation is LS =…
A: Given:
Q: You just accepted an offer from XYZ Petrochemical Company in Louisiana. As a sign up bonus, the XYZ…
A: We have to take compounded rates for both deposits.
Q: Price per Pizza 12 11 10 9 8 7 6 5 123 Figure 6.3 7 8 Quantity of Pizza Suppose the price of pizza…
A: Consumer surplus is the difference maximum price consumers are willing to pay and market price.
Q: Use the data related to cyclical vs. structural budget balances (in billions of dollars) to answer…
A: The federal spending plan is significant because it explains the government's revenues and expenses,…
Q: Suppose the marginal product of labor in the economy is given by MPN-200-0.5N, while the supply of…
A: Demand curve is the downward sloping curve. Supply curve is the upward sloping curve. Equilibrium is…
Q: The Unique Gifts catalog lists a "super loud and vibrating alarm clock." Their records indicate the…
A: Since only two values are given for each demand and supply equation, we naturally assume that both…
Q: Use diagram to explain what will happen to the exchange rate between the rand and the US Dollar if…
A: The value of one currency in another currency's terms is known as the nominal exchange rate. It also…
Q: Part a Determine the ERR for this project. N 3 4 5 6 % $27 $27 $27 $27 $27
A: To calculate the Economic Rate of Return (ERR) for the given cash flow profile, we need to determine…
Q: Calculate the bank’s ROA on this loan.
A: Return on Assets (ROA) is a financial ratio that measures how efficiently a bank uses its assets to…
Q: There are two shows on Netflix that Jeff can watch, Show 1 and Show 2. x₁ measures the number of…
A: For a=1, indifference curves are circle with center at origin
Q: Suppose that a paper mill “feeds” a downstream box mill. For the downstream mill, the marginal…
A: Here,P = priceR = revenue TR = Total revenue MR = marginal revenue MC = marginal costTC = Total cost…
Q: Review the scenario presented below and answer the 3 questions which follow. You are the owner of a…
A: The quantity (Q) of a particular product that consumers are willing and able to purchase at various…
Q: What does Caroline Criado Perez mean by the term “the default male”?
A: Caroline Criado Perez is a feminist author and activist known for her work on gender and data bias.…
Q: Find the price elasticity of demand at P = 4 for the following demand function P = 20 / Q+4
A: Elasticity has evolved throughout time, beginning with the basic assumption of supply and demand…
Q: 5. Consider the following game: 1 L 3,1 2,0 C 1,-1 D 0,-1 ABCD A 2 R -2,-1 1,4 2,0 4,0 a. Find all…
A: 1/2LRA3, 1-2, -1B2, 01, 4C1, -12, 0D0, -14, 0
Q: Suppose two firms compete in quantities (Cournot). Market demand is given by P = 260 − 2Q, where Q =…
A: Market model = Cournot OligopolyNumber of firms = 2 (Duopoly)Market demand: P = 260 − 2Q,where Q =…
Q: what is Marginal Propensity to Consume
A: Marginal Propensity to Consume (MPC) is the proportion of an increase in income that is spent on…
Q: Consider the Cournot oligopoly model with costly finance similar to the one studied in the class.…
A: The Cournot oligopoly model is an approach to analyzing how businesses behave in oligopolistic…
Q: Based on the above graph, which statement better explains the slope of the total revenue? $ costs 0…
A: Total revenue is given as price*quantity, so a straight line represents a constant price…
Q: sider a situation where a manufacturing company named XYZ owns an 8-year old 3D printer with a…
A: Opportunity Cost Approach: The opportunity cost approach is a way of evaluating the potential…
Q: Please read and understand the five section provided below and make a simple explanation and give a…
A: Article III of the Regulation of Foreign Exchange Operations of Banks in the Philippines covers…
Q: Question 14 A large enough avoidable fixed cost may lead to a firm producing O output as costs would…
A: Economic costs involve not just the accounting costs but also the opportunity cost of making one…
Q: The following table shows the initial aggregate supply and demand data for a country. Price Level…
A: The macroeconomic equilbrium in an economy is determined by the aggregate demand and aggregate…
Q: 5. The price of trade Suppose that Hungary and Luxembourg both produce boo and shoes. Hungary's…
A: Comparative advantage refers to the ability of the country to produce the goods at an opportunity…
Q: Which of the following is not a characteristic of principal-agent conflicts that often exist in a…
A: In economics, incentive cost refers to the expenses associated with providing motivation to…
Q: he Securities and Exchange Commission (SEC) is an independent agency whose function is to administer…
A: Federal securities laws refer to a set of laws and regulations enacted at the federal level in the…
Q: Give only typing answer with explanation and conclusion PPC is concave to the point of origin…
A: Manufacturing and marketing choices in economics include determining the optimal quantity of output…
Q: Did the COVID-19 pandemic create new globalization opportunities for growth in your Caribbean…
A: The COVID-19 pandemic created new globalization opportunities for growth in the Caribbean territory.…
Q: uppose commercial Bank A receive deposit. a. What will be the total change in money sup as the…
A: When a commercial bank receives a new deposit, it has the ability to create money via a process…
Q: a. What is the firm's marginal revenue? b. What is the firm's marginal cost? c. Find the firm's…
A: By using the demand function we calculate the marginal cost and marginal…
Q: Implications of exchange rate regime choice: Use the IS–LM–FX model to illustrate how and increase…
A: The IS-LM model is a framework that shows how the money market and the goods market interact. It…
Q: Table below shows total demand and supply of loanable funds (in RM billions) in an imaginary…
A: The market that depicts the interaction between borrowers and lenders in the financial system is the…
Q: The following graph of long-run changes in Price ($) 10 9 8 7 6 5 4 3 2 1 0 0 Constant returns to…
A: Internal economies of scale are cost advantages that a firm can achieve through its own growth and…
Q: Individual A I 11 Individual B II 3 5 I 2 -5
A: A payoff matrix, also known as a payoff table or payoff matrix table, is a strategic tool used in…
Q: Information asymmetries The following diagram relates to a market with an information asymmetry. The…
A: Asymmetric information, also known as information asymmetry, refers to a situation in which one…
Q: Note: Good A B C D E F G H I J Nominal rate 10% 5% 0% 30% 2% 2.5% 15% R0.50/unit 40% R2.50/unit…
A: We need to take the average of all the nominal tariff rates without considering the import values.…
Q: Consider a small world that consists of two different countries, a developed and a developing…
A: The Solow growth model explains the long run growth rate of economy. The short run growth can be…
Q: Q3) How is peak-load pricing a form of price discrimination? Can it make consumers better off? Give…
A: Price discrimination is the practice of charging different prices for the same product or service…
Q: NAME THE FOOD MENU THAT FOUND IN CASUAL AND FINE DINE RESTAURANT SCRAMBLE WORDS 1. KCINHNEC GESTGUN…
A: Hello and welcome to our fun food menu scramble game! In this challenge, we have scrambled the names…
Q: 2.1 I would like to see only the figures to come to the answer 66% 2,2 R98847, 44 and R106211. 18…
A: Accounting rate of return:-Accounting Rate of Return (ARR) is a formula used to calculate the net…
Q: What is the difference between GDP and Gross National Product (GNP)? Why do economists look at per…
A: GDP or gross domestic product is the sum of the value of all end commodities produced within the…
Q: Suppose that the bank holds $15m of treasury bonds, $10m of reserves, $30m of checkable deposits,…
A: A commercial bank's operations can be monitored through its balance sheet. It has two sides-Assets-…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Name some factors that can cause- a shift in the supply curve in labor markets.The current quantity demanded of hairdressers is 47,00047,000, and the average salary in the labor market is $27,000$27,000 per year. Recently, several salons closed due to competition, which led to employers demanding only 36,00036,000 hairdressers.Assuming that when quantity demanded decreases by 1,1001,100 workers, the average salary will decrease by $500$500, calculate the new salary in the labor market. Write the exact answer. Do not round.The demand and supply schedules in this table list the quantity supplied and quantity demanded of steelworkers at different salaries. Provide your answer below: Annual Salary ($) 60000 40000 20000 Annual Salary $40,000 $45,000 $50,000 $55,000 $60,000 огсгт The highest and lowest points on the supply and demand curves have been plotted for you and are stationary. Using the demand and supply schedule provided above, move the other points on the graph to their correct coordinates to discover the equilibrium point where the demand curve of those employers who want to hire steelworkers intersects with the supply curve of those who are qualified and willing to work as steelworkers. 0 Demand and Supply of Steelworkers Quantity Demanded Demand 20, 000 15, 000 10, 000 (4000, 37-000) 5,000 0 (13000, 58000) (18000, 66000) Supply (11000, 50000) (6000, 27000) (13000, 32000) 20000 Quantity Supplied 10,000 15, 000 20, 000 40000 Quantity of Workers 25,000 30,000
- Suppose one thousand (1000) units of product Aare produced by XYZ limited and the quantity demade for the product is two thousand (2000)units .All other things remaining constant,$18 change in price of product A results in change quantity demaded and supplied of 6 and 9 respectively.XYZ limited has a work force of 500 people who Pay income tax of $200 each . Calculate the equilibrium price and equilibrium quantity.© Macmillan Learning Suppose the accompanying graph depicts a market for one pound bags of candy. Place the line labe! Shortage at a price that would generate a shortage and then, determine its size. Price per bag 10 9 8 7 5 4 3 2 1 2 Market for Candy Shortage 3 4 5 6 7 Quantity (millions of bags) S 8 D 9 10 Shortage= 3 million bagsGiven below is the Supply Schedule of Nestle Milk per liter:Price of Milk per liter (in Rs) 100 200 300 400Quantity Supplied per day in liters (in 1000s) 100 200 300 400 Assume Rs. 200 is the original price of milk per liter and 200,000 liters is the original quantity of supply.
- QUESTION 7 The demand for rubber erasers consists of two components. The first component is the demand for rubber erasers by art students. This demand is given by QA = 19,500 - 325P. The second component is the demand for rubber erasers by all others. This demand is given by Qo = 32,000 - 2,000P. (a) What is the total quantity demanded of rubber erasers if the price of an eraser is: (i) $10 (ii) $15 (iii) $20 (iv) $30 (v) $70 (b) Assume that the supply of rubber erasers is given by Qs = 14,000+ 175P. (i) Find the equilibrium price and the equilibrium quantity. (ii) Calculate the total consumer surplus. [Hint: It may be easier if you calculate the consumer surplus for art students and the consumer surplus for all others separately, and then add them up.] (c) Assume that the supply of rubber erasers is given by Qs = 8,390 + 180P. Find the equilibrium price and the equilibrium quantity. 10 (DC) EN510Figure 18-6 ↑ Wage D1 Select one: $1 D2 S2 Quantity Refer to Figure 18-6. The graph above illustrates the market for bakers who make homemade breads and breakfast pastries. If the wages paid to wedding cake bakers decrease, what happens in the market for bread bakers? a. Supply decreases from S2 to S1. b. Demand decreases from D2 to D1. c. Supply increases from S1 to $2. d. Demand increases from D1 to D2.1. In the labor market, the demand for labor represents A)The number of hours indivduals wish to work at all wages levels B)The number of hours of labor employers wish to employ at all wages levels C)The hours of overtimes workers are willing to work D)The number of employers in the market
- Some states require individuals to acquire a license in order to work as an interior designer. Suppose that the government initially does not require a license to operate as an interior designer and that the labor market for interior designers is as given in the accompanying graph. Wage ($ per hour) Labor supply curve Quantity of workers (thousands) Labor demand curve Now, suppose the government institutes a policy that requires all interior designers to acquire a license in order to work in the field. a. Shift the appropriate curve or curves on the graph to illustrate the impact of this policy on the labor market for interior designers.Price 0 9 D S Price Quantity 0 Price (c) m D 0 S k D 'S' (b) h Quantity S S Quantity (Exhibit: The Market for Music Downloads) An increase in the wage rate paid to web site technical support employees would result in a change illustrated by the move from: a. h to i in Figure (b). Ob.g to fin Figure (a). Oc. i to h in Figure (b). Od. f to g in Figure (a).As a future manager in the future given the scenario below how will you be able to solve the problem of shortage and surplus. Write your answer in a separate sheet, answer should contain at least 160 to 300 words. 1. Covid 19 is a virus than can affect our immune system. One of the this that the IATF encourages people to do to not get the virus is to use face mask as protection and use alcohol to fight germs whenever you are outside the house. Being an entrepreneur what will you do if you are one of the sellers of this kinds of products such as facemasks, and alcohol whose supply is always out of stock. Will you take the opportunity to raise your price to gain more profit?
