Economics Textbook Answers

Author:Karl E. Case, Ray C. Fair, Sharon E. Oster

9780134078779

The decision regarding the allocation of time involves many trade-off situations. Thus, the...

The opportunity cost of going home is lost the time that can be used for other purposes like...

The best examples of entrepreneurs in the tech industry are Bill Gates, Paul Allen with Microsoft...

Figure 1 illustrates the market equilibrium. Figure 1 shows the demand and supply curves for the...

The general formula to calculate slope is given below: Slope=Present valuey variable−Previous…

Engineering Economy (17th Edition)

17th edition

Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

9780134870069

The reduced greehouse gases per year can be calculated as follows. Reduced Greenhouse gases per...

An experimental composite engine block for an automobile will trim 20 pounds of weight compared…

A green (environmentally friendly) office building costs as average of 3.50 per square foot each…

Compare the interest earned by 9,000 for five years at 8% simple interest with interest earned by…

Tennessee Tool Works (TTW) is considering investment in five independent projects, Any profitable…

Principles of Economics (MindTap Course List)

9781305585126

Explanation: Option (a): The economics can be defined as the study of how society manages its…

Explanation: Option (c): The economic model can be defined as the simplified representation of…

Explanation: Option (d) Tyler has the absolute advantage in washing, since he can wash 3 cars per...

Explanation: Option (b): A change in price of hamburgers leads to a movement along the demand…

Explanation: Option (a): Lower the availability of substitute, lesser will be the elastic demand....

Managerial Economics: A Problem Solving Approach

5th edition

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

9781337106665

The compensation cap refers to the maximum limit on the salary paid. The compensation cap…

The value of money is determined in terms of the amount that an individual is willing to pay for…

Accounting profit refers to the excess revenue after subtracting the total cost from the total...

Option (c) In economics, the term ‘marginal’ refers to an additional cost, revenue, benefit, or...

Option (c) The break-even point refers to a point in the level of operations at which a company...

Managerial Economics & Business Strategy (Mcgraw-hill Series Economics)

9th edition

Author:Michael Baye, Jeff Prince

9781259290619

It is an example of producer-producer rivalry. In an airline industry, there are various…

There is a leftward shift in demand curve. This is because when there is decrease in income, it...

If price is fall from $12 to $10, When P = $12, Revenue = P*Q = $12*1 = $12 When P = $10 Revenue…

At equilibrium, the marginal rate of substitution is equal to the ratio of prices of goods as…

APL=QL=K 3/4L 1/4L=( K L)3/4Average prodcut of labor when capital is 81 and labor is 16.APL=( K...

Author:Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.

Explanation: Since the opportunity cost is the next best alternatives, it is the given up benefit…

Explanation: The market system is a system, which allows private ownership of the capital and its...

Explanation: The law of demand states that when other things being equal, if the price decreases,…

Explanation: Market failure can be caused by Externality and Market Power. Externality is when…

Explanation: When the government is allowed to coerce in the economy during some situations, it…

Principles are: People must make choices b/c resources are scarce In an economy, resources are...

EXPLANATIONs: The importance of the economic model is defined as a simplified description that…

We know that the law of demand states that, the quantity of good demanded is inversely related to...

A competitive market is a place where there is a large number of buyers and sellers in the…

Consumer surplus is the difference between the maximum amount the consumer is willing to pay for…

Macroeconomics (Fourth Edition)

9780393603767

Author:Charles I. Jones

In general, most of the important questions in economics involve macroeconomic study; the...

W. W. Norton & Company

GDP refers to the sum all final goods and services produced in a country during a given period.…

In an economy, the first sustained economic growth happened in Country ‘E’ in the late 1700’s and...

Macroeconomic models are also toy versions of the real world that contain the key moving parts to...

The growth of the economy takes place along with the growth of productivity and output. The...

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Economics of Money, Banking and Financial Markets (12th Edition) (What's New in Economics)

Author:Frederic S. Mishkin

9780134733821

The investor of a treasury bill does not receive any interest on them. The source of profit for…

No, he should not take the loan from a loan shark because there may be a cost-benefit hidden…

Currency is a type of money in the form of paper bills and coins. Counting currency is usually...

Calculation of present worth of dollar when the interest rate is 20%: Given, Future worth is 1...

One would be less willing to buy a company’s stock if his/her wealth falls because if wealth…

Author:Mankiw, N. Gregory.

Option (c): The velocity of money can calculated using the following equation:. V=PTM (1) Here, V…

Worth Publishers,

Option (b): Recession is massive reduction in the economic activity. During the recession, there...

Option (b): The nominal gross domestic product measures the value of economy’s total output at...

Option (a): The firm would employ labor and capital at the point where the marginal revenue…

Option (c): The supply of money in an economy depends on the monetary base, the reserve-deposit...

Author:ABEL, Andrew B., BERNANKE, Ben, CROUSHORE, Dean Darrell

Labor productivity refers to the output per unit of labor input. Unit labor costs, on the other...

The gross domestic product is the monetary value of all final goods produced within the…

Production function explains the relationship between output produced and inputs used in the...

Consumption refers to the utilization of services and goods by households. Saving refers to the...

The balance of payment account records all the transactions in the different accounts for…

Principles of Microeconomics (MindTap Course List)

9781305971493

Explanation: Option (a): The economics can be defined as the study of how society manages its…

Explanation: Option (c): The economic model can be defined as the simplified representation of…

Explanation: Option (d) Tyler has the absolute advantage in washing, since he can wash 3 cars per...

Explanation: Option (b): A change in price of hamburgers leads to a movement along the demand…

Explanation: Option (a): Lower the availability of substitute, lesser will be the elastic demand....

Contemporary Engineering Economics (6th Edition)

The current asset is calculated as follows. Current assets=[Cash+Marketable securities+Account...

Time period is denoted by n and the interest rate is denoted by i. Time period with 7.5% simple...

Time period is denoted by n and the interest rate is denoted by i. Nominal interest rate (in) can…

Table 1 shows the net cash flow. Total revenue is $450,000. (45×0.4×5,000×5) which is known as...

Time period is denoted by n and interest rate is denoted by i. Annual worth (Aw) can be…

Principles of Macroeconomics (MindTap Course List)

9781305971509

Explanation: Option (a): The economics can be defined as the study of how society manages its…

Explanation: Option (c): The economic model can be defined as the simplified representation of…

Option (d) Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while...

Explanation: Option (b): A change in price of hamburgers leads to a movement along the demand…

Explanation: Option (a): Lower the availability of substitute, lesser will be the elastic demand....

Basics Of Engineering Economy

Author:Leland Blank, Anthony Tarquin

9780073376356

MCGRAW-HILL HIGHER EDUCATION

Engineering economics is the division of economics which helps in determining the alternatives…

Option (a): Future value factor to the present value for 10% with 20 years of time period is…

Option (a): Time period is denoted by n and the interest rate is denoted by i. Nominal interest…

When there is a requirement to select one of the qavaiolable option, then do-nothing opption…

Time period is denoted by n and interest rate is denoted by i. Required revenue (RR) can be...

The empty seats of plane and empty beds of hotel were analyzed and alternate action was taken to...

In the above case,the time spent in search of tools could have been used by workers to finish…

The cab market in New York City was competitive before the arrival of Company U because the...

Many financial companies provided loans to the people for buying taxis. If the borrowers failed…

When Company L was export broker, it couldn’t take the full advantage of cheap labor. As a supply...

Author:Jay Bhattacharya

SPRINGER NATURE CUSTOMER SERVICE

Deriving the demand curve for health care is not an easy task like deriving a demand curve for…

In the Grossman’s model, health is considered as a durable capital good that gets depreciated…

According to the Grossman model, well-educated people are more efficient producers of health.…

The medical institutions are the basic step starting to become a doctor. It is the step that…

It is true that the hospital admission rate has dropped in the past two decades. This is due to…

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Modern Principles: Microeconomics

9781319098766

Explanation: The idea of opportunity cost in the enrollment of students in college explains the…

Explanation: Drudgia has more knowledge. This is because in Drudgia, people are specialised in...

Explanation: Demand and price are negatively related. Thus, when price of a good increases, the...

Explanation: If the price in the market is above the equilibrium price, the quantity supplied is...

Explanation: Fruit is more likely to be in-elastically demanding. This is because fruit as a…

Author:Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.

Explanation: Since the opportunity cost is the next best alternatives, it is the given up benefit…

Explanation: The market system is a system, which allows private ownership of the capital and its...

Explanation: The law of demand states that when other things being equal, if the price decreases,…

Explanation: Market failure can be caused by Externality and Market Power. Externality is when…

Explanation: When the government is allowed to coerce in the economy during some situations, it…

Microeconomics (9th Edition) (Pearson Series in Economics)

9th edition

Author:Robert Pindyck, Daniel Rubinfeld

9780134184241

Theories are the basis for making predictions. Generally, a theory cannot be used for making…

The demand for ice cream will increase during the time of hot weather. When the demand for ice…

There are four main assumptions about individual preference. They are as follows: (1) Preferences...

The price consumption curve is a graphical representation, which depicts the changes in the...

A person who has a diminishing marginal utility of income and prefers to gamble with a certain...

Given information: The function, f(x,y)=4x2+3y2 Since, f(x,y)=4x2+3y2 Partially differentiate…

The utility function is linear. This means that the goods x and y are perfect substitutes. For...

Given utility, U = tsBudget constraint,...

If both goods are substitute goods, the utility function will be in the following form: U=αx+βy...

Given: Utility function: U(m,s) = m.s m denotes goat’s milk and s denotes strudel. Lagrange...

There are generally twelve principles of economics. The explanation given below relates those...

Determination of Opportunity cost of allowing a worker to wander off on the factory floor from…

According to the given case, the market was highly competitive, as the price was not set by the…

Fig 1 In the above table, x-axis shows quantity of tickets sold and y-axis shows the price of...

M Financials was engaged in the business of renting the M cars to the drivers. Later on, the…

Principles of Economics 2e

Author:Steven A. Greenlaw; David Shapiro

9781947172364

What is scarcity? Can you think of two causes of scarcity?

OpenStax

Suppose Alphonsos town raised the price of bus tickets to 1 per trip (while file price of burgers…

Review Figure 3.4. Suppose the price of gasoline is 1.60 per gallon. Is the quantity demanded…

In the labor market, what causes a movement along the demand curve? What causes a shift in the…

From the data in Table 5.5 about demand for smart phones, calculate the price elasticity of demand…

Author:David C. Colander

In this case, the coordination refers to how the three major problems faced by an economy are...

McGraw Hill Education

The figure shows the production possibility curve. In the figure, the horizontal axis represents…

A market economy is a system in which decisions related to the economy and the pricing of…

According to the law of demand, demand decreases when the price increases and vice versa. This...

The equilibrium price and quantity demanded in the economy are obtained at the intersection of…

Econ Macro (book Only)

9781337408745

Economics is the study of understanding the human behavior & rationality to satisfy unlimited...

Since the cost of the expensive meal is already incurred, it cannot be recovered. Thus, it is a…

The opportunity cost for a mother who chooses/decides not to work outside the home will be high…

A cure for lung cancer is found Other things remaining the same, after the cure for lung cancer…

National economic indicators are better indicators of the economic health of a country than the...

Statistics for Business and Economics

Author:Paul Newbold, William Carlson, Betty Thorne

9780132745659

Figure-1 illustrates the histogram of hours for 20 students as follows: Stem-and-leaf display:…

From the given information, the mean number of claims per policy can be calculated as follows:...

The probability of occurrence of only one event is the mutually exclusive events. For example,…

In general, the mutual fund will not certainly yield the higher return than money market because...

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Essentials of Economics

9781464186653

Budget Constraint The prices of same items are less at discount stores as compared to general...

(a) A total number of hotel stays produced if fishermen employed by the hotel. The opportunity…

(a) If the price of movies increases, fewer consumers go to see movies. Panel (a) matches the…

There are generally twelve principles of economics. The explanation given below relates those...

(a) Severe drought in the Midwest reducing the supply of cream. In the given situation, a severe...

Economics of Public Issues (20th Edition) (The Pearson Series in Economics)

20th edition

Author:Roger LeRoy Miller, Daniel K. Benjamin, Douglass C. North

9780134531984

The consumers were not fully aware about the effects of the prescribed drugs because of which the...

The extensive use of oil in today’s world is important because in the modern economy, almost all...

When the marginal social cost of safety exceeds the marginal social benefit then the condition is...

The different legal systems in different countries are as follows: Common Law Nations Civil Law...

Only the owner and guests are allowed to enter an apartment, as it is a closed apartment. If the...

Microeconomics (7th Edition)

Author:R. Glenn Hubbard, Anthony Patrick O'Brien

9780134737508

In general, the domestic firm sets up its production units with the foreign country due to the...

Figure 1 shows the production possibilities curve for 2018 and 2022. Figure 1 In the above graph,...

Food market has more competition. Consumer prefers new things. Thus, it is necessary to go ahead…

Tax is a unilateral payment made to the government from the public for various purposes. There…

An externality can be beneficial or cost which means it may be positive or negative externality.…

Microeconomics (13th Edition)

9780134744476

Author:Michael Parkin

Apple’s decision about the iTunes increases the customer’s incentive to buy an iPad because the…

Figure 1 illustrates the PPF of Company B. In Figure 1, the x-axis shows food crops and the…

Given information: It is given that the money price of a carton of milk is $2.01 and a gallon of...

The general formula for calculating price elasticity of demand is shown below. Price elasticity…

There are different methods for the allocation of scarce resources. In this case, these three...

Public Finance (The McGraw-Hill Series in Economics)

Author:Harvey S Rosen, Ted Gayer

9780078021688

JL, BR Country’s Philosopher states that government should set common rules to all the citizens…

When the marginal tax rate differs, it can have an impact on the net wages given to the…

a. Hurricane insurance and beach houses: In this insurance market, customers would not expect...

a. Wilderness area This is a pure public good. At certain point, this area has minimal human...

Earlier the passengers were charged for check-in bags, they would select whether to check-in…

ESSENTIALS OF ECONOMICS

The economy is based on the following points: 1) There is a scarcity of resources. 2) People have...

The level of production in any economy determines the GDP of an economy. Higher output implies...

If the market in kidneys were legal, then the demand and supply curves look like the ones shown…

Consumer preferences are affected by their experiences, religion, and upbringing. The theory of...

Production Function: It refers to the technological relationship between the quantity of a good...

Principles Of Microeconomics

Author:Robert H. Frank, Ben Bernanke, Kate Antonovics, Ori Heffetz

9781260111088

In general, the benefits from private lessons are greater than attending group lessons. People…

Comparative advantage refers the ability of a nation to produce goods and services at a lower...

The demand curve can be interpreted horizontally and vertically. The demand curve shows the total...

Budget share or fraction of income of a consumer is one of the important determinants of price...

The United States is a rich country since there are abundance of goods and services that are...

The relationship between hot dogs and hot dog buns is that both are complementary goods. The…

A war taken place in the US soil leads to reduction in capital stock, potential resources and…

The statement, “demand refers to the willingness of buyers to purchase different quantities of a...

The given statement is false. The need for a rationing device arises due to the scarcity of...

The United States is a rich country since there are abundance of goods and services that are...

The relationship between hot dogs and hot dog buns is that both are complementary goods. The…

A war taken place in the US soil leads to reduction in capital stock, potential resources and…

The statement, “demand refers to the willingness of buyers to purchase different quantities of a...

The given statement is false. The need for a rationing device arises due to the scarcity of...

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Author:KARLAN, Dean S., Morduch, Jonathan

The situation of buying clothes to wear for a job interview in case of a tighter budget will make...

Mcgraw-hill Education,

A production possibility frontier (PPF) shows all possible combinations of two goods that can be...

Quadrants are used to refer to four quarters of the coordinate plane. Coordinate plane has an...

The market for wheat is a competitive market because it has all the characteristics of a…

Demand refers to the consumer's desire to purchase goods and services and willingness to pay a…

Principles of Engineering Economic Analysis

Author:John A. White, Kenneth E. Case, David B. Pratt

9781118163832

Wiley, John & Sons, Incorporated

The value of money over the time period is decreasing. The value of $100 tomorrow is less than…

Time period is denote by n and interest rate is denoted by i. Future value (FV) can be calculated…

Since the investment earns 8%, which is greater than the borrowing rate, the person preferred to…

If the different alternates have unequal life time, then the planning life time to evaluation is...

DCF of economic worth for alternatives are calculated mostly based on the present worth analysis....

Econ Micro (book Only)

9781337408066

The scarcity of resources is determined when demand is more than availability and the price of...

Answer: This example is based on sunk cost. The person has bought the expensive meal. despite...

The opportunity cost for a mother who chooses/decides not to work outside the home will be high…

a. Due to the new cure of lung cancer, the smoker will demand more cigarettes because there is a...

We have presented the information in following table: Price (in $) Quantity (in units) $1 50…

Labor economics is a branch of economics, which studies how the labor market works. That is, the...

The reservation wage is the wage that makes a person indifferent between working and non-working....

A profit maximizing firm will hire the employers at the point where the wage of the labor is…

Producer surplus in a labor market is an advantage taken by the producer due to the variations in...

Assume that there are only two types of jobs in the labor market, the safe jobs and the risky…

Modern Principles: Macroeconomics

9781319098773

Explanation: The idea of opportunity cost in the enrollment of students in college explains the…

Explanation: Drudgia has more knowledge. This is because in Drudgia, people are specialised in...

Explanation: Demand and price are negatively related. Thus, when price of a good increases, the...

Explanation: If the price in the market is above the equilibrium price, the quantity supplied is...

Explanation: A free market eliminates shortage by letting the price rise. By this way, it tends…

Author:BOYES, William

"You are a member of society. You can grow up only when the society contributes to your growth…

The graph is plotted by joining 3 points of price on Y-axis to the corresponding quantity sold on...

Let us take the example of the fine business person that American President, Mr. Donald trump is....

A report says that the bananas that have been imported are infected with a deadly virus, this…

A household is a concept where a single or multiple number of people occupy a housing unit. All...

Author:B. Douglas Bernheim, Michael Whinston

MCGRAW-HILL HIGHER EDUCATION

Some of the examples of goods and services that are provided by the government for the public are...

Terrorist attack destroyed the World Trade Center and surrounding office buildings. This caused...

People are very conscious about the benefits and costs of doing something. The benefit of…

The principle of declining MRS (marginal rate of substitution) implies that the consumer’s...

The figure mentioned in the question is figured as follows: According to the diagram, O chose…

Author:Tucker, Irvin B.

Scarcity is a situation in which human wants are greater than the available resources. A low...

Cengage,

The human wants are unlimited though there are only limited resources. The scarcity of resources...

Scarcity is obviously shortage. The shortage of supply to the existing demand in the economy is...

If people buy a good with higher price, they demand higher quality for that good. Generally, as…

The equilibrium demand and supply of milk in the economy can be obtained at the point of...

Macroeconomics: Private and Public Choice (MindTap Course List)

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

9781305506756

Option (a): When the temperature reduces from 80 degrees Fahrenheit to 50 degrees Fahrenheit,…

In an economy, ‘J’ will get $5,000 by trading used car to ‘S’. In this case, by getting $5,000,…

An increase in the price of pork would lead to a fall in the quantity demanded of pork. This…

An increase in the demand for housing leads to an increase in the demand for goods and services.…

In the market, if the payment is not demanded for the goods and services, then the potential...

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The model should consider the qualification, skills, and experience while making choices to…

U.S. economy is the biggest economy in the world. The reason is its unique combination of…

The rent of the house is $24000 per year. The person has $200,000 in the bank account that pays…

Elasticity of demand refers to the degree of responsiveness of a change in the quantity demanded…

Macroeconomics studies the economy as a single unit/as a whole. The aggregate effect of the…

Author:Austan Goolsbee, Steven Levitt, Chad Syverson

Microeconomics and macroeconomics are the two important branches of economics. The study areas…

The supply and demand model explains the price determination by the interactions of the supply…

Consumer surplus is the difference between the maximum willing price of a consumer and the actual...

There are mainly four assumptions or properties which help the consumers to determine their...

The income effect shows the changes in the consumption choices of the consumers due to the…

International Economics

9781305887633

Author:Robert Carbaugh

The world’s economy shows an increasing interdependence in terms of movement of goods and…

The modern trade theory divides the gains from trade into gains from production and gains from...

In general, the transportation costs disturb the location of the industry, as the firms know that...

Specific tariff: The amount of money paid per physical unit of imported product is known as the...

Author:PARKIN, Michael

Apple’s decision about the iTunes increases the customer’s incentive to buy an iPad because the…

Figure 1 illustrates the PPF of Company B. In Figure 1, the x-axis shows food crops and the…

Given information: It is given that the money price of a carton of milk is $2.01 and a gallon of...

The final goods are those used either for final consumption or for capital formation. On the…

The unemployment rate can be calculated using the formula given below: Unemployment rate =Number…

Economics (Irwin Economics)

21st edition

Author:Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.

9781259723223

Explanation: Since the opportunity cost is the next best alternatives, it is the given up benefit…

Explanation: The market system is a system, which allows private ownership of the capital and its...

Explanation: The law of demand states that when other things being equal, if the price decreases,…

Explanation: Market failure can be caused by Externality and Market Power. Externality is when…

Explanation: When the government is allowed to coerce in the economy during some situations, it…

Author:Leland T Blank Professor Emeritus, Anthony Tarquin

There are many alternatives that are available, and many criteria are used to select the…

Option (1): The interest rate (i) is 10% and time period is 7 years. The future to present…

Equivalent annual value (A) is $400,000. Repayment starts from the beginning of the second year…

Option (a): Interest rate is 1% per week. It indicates that interest rate is calculated once in a...

When all the available alternatives are independent, it cannot compare with the available other...

Foundations of Economics (8th Edition)

Author:Robin Bade, Michael Parkin

9780134486819

The three examples of scarcity are given below: The scarcity of crude oil: We all know that oil…

A chocolate bar can be considered as consumption goods because consumption goodsare broadly…

Inefficient points are those in which resources are not fully utilized or are wasted. Economy is...

Airfares tumble, while there is no change in fares of long-distance buses fares will increase the...

The price of home heating oil increased by 20 percent and the quantity demanded decreased by 2...

Principles Of Macroeconomics

Author:CASE, Karl E., Fair, Ray C., Oster, Sharon M.

9780135162163

Decision regarding the allocation of time involves many trade-off situations. Thus, allocation of...

Option (a): The opportunity cost of going home is, lost the time that can be used for other…

The best examples of entrepreneurs in the tech industry are Bill Gates, Paul Allen with Microsoft...

Figure 1 illustrates the market equilibrium. The figure 1 shows the demand and supply curves for…

Inflation is defined as a situation in which the general price level of the economy rises...

The Economics of Sports

Author:Michael A. Leeds, Peter von Allmen, Victor A. Matheson

9781138052161

Individuals know that sports are more news generating one than other industries. This is because...

Routledge

There are many factors, which determine the location of demand curve for basketball at the school…

The revenue-sharing model for Major League Baseball (MLB) teams was given by the blue-ribbon…

The NFL, NBA, and MLB are the main sports events or leagues that are prominent in the US economy....

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Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th edition

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

9781305506381

Yes, this strategy or approach to abide by the clean Air act is to adopt the aspect fuel…

The demand curve is the graphical representation of quantity demanded by a consumer at a given…

Given information: The unit price of the P’s oven: $500 P’s average monthly sales: 6000 units The...

The formula for the regression equation is: Y^=a+bX^Here,a is estimated intercept coefficientb is...

The causes of autocorrelation are: 1. Bias in the data 2. The data is not reliable there must be...

Brief Principles of Macroeconomics (MindTap Course List)

9781337091985

Option (a): The economics can be defined as the study of how society manages its scarce…

Option (c): The economic model can be defined as the simplified representation of some aspects of…

Option (d) Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while...

Option (b): A change in price of hamburgers leads to a movement along the demand curve and not a...

GDP is the summation of money value of all the goods and services that are produced by the…

Macroeconomics: Principles and Policy (MindTap Course List)

Author:William J. Baumol, Alan S. Blinder

9781305280601

The model should consider the qualification, skills, and experience while making choices to…

U.S. economy is the biggest economy in the world. The reason is its unique combination of…

The rent of the house is $24000 per year. The person has $200,000 in the bank account that pays…

Elasticity of demand refers to the degree of responsiveness of a change in the quantity demanded…

The growth of company “T” is part microeconomics because microeconomics studies the economy on an...

Economics: Principles & Policy

14th edition

Author:William J. Baumol; Alan S. Blinder; John L. Solow

9781337696326

Option (a): Decisions on financial aid: The decision on financial aid depends upon the decision…

United State is the largest national economy in the world. The reason for the U.S to remain as…

(a) The poorest person on Earth: The resources limitation to the poorest person on the Earth is a...

Rent of the videos depends upon its price in the market, if it is low, the consumer may prefer to...

The major purposes of water are drinking, for cooking foods, for bathing, to feed pest, washing...

EBK HEALTH ECONOMICS AND POLICY

Health crisis is a complex health system that impacts the humans living in a specific geographic...

Certain events cause fluctuations in demand and supply curves. The events described involving the...

Market failure suggests of a situation where a market cannot optimally meet the output…

The dominant treatment option for heart diseases is option F. Although it is the most costly…

Medical care is different and unique among all the other commodities. The differences as well as...

Statistics for Management and Economics (Book Only)

A population refers to a group of all items of interest to a statistics practitioner. The overall...

Table -1 shows result of three US government owe money as follows: Table -1US Individuals and...

The precious metals include gold, silver, platinum, and others in the economy. The fund made up…

The mean and median of a woman’s bone density loss is calculated using statistical software and...

Sampling error refers to the inaccuracy in the prediction about the population that arises…

Microeconomics (2nd Edition) (Pearson Series in Economics)

Author:Daron Acemoglu, David Laibson, John List

9780134492049

In an economy, most goods have limited supply whereas their wants are unlimited. That means the...

Every economist is required to do research and studies with an intent to develop models. The...

Optimization is one of the major principles, upon which economics is based. It refers to the…

The term is used to explain that an action takes place assuming that all the other factors, which...

In a perfectly competitive market structure, there exist large number of buyers and sellers…

Principles of Macroeconomics (MindTap Course List)

9781285165912

Explanation: A few of the important trade-offs faced in real life are given below: Trade-off…

Explanation: The subject economics is a science. This is because economics is based on scientific...

Explanation: The production possibilities frontier will be linear, if the opportunity cost of...

Explanation: A competitive market refers to a market where there are many buyers and many sellers…

Explanation: Price elasticity of demand which is computed as the percentage change in quantity...

Essentials of Economics (MindTap Course List)

9781337091992

Option (a): The economics can be defined as the study of how society manages its scarce…

Option (c): The economic model can be defined as the simplified representation of some aspects of…

Option (d) Tyler has the absolute advantage in washing, since he can wash 3 cars per hour, while...

Option (b): A change in price of hamburgers leads to a movement along the demand curve and not a...

Option (a): Lower the availability of substitute, lesser will be the elastic demand. This is…

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Principles Of Microeconomics

Author:CASE, Karl E., Fair, Ray C., Oster, Sharon M.

9780135162170

The decision regarding the allocation of time involves many trade-off situations. Thus, the...

The opportunity cost of going home is lost the time that can be used for other purposes like...

The best examples of entrepreneurs in the tech industry are Bill Gates, Paul Allen with Microsoft...

Figure 1 illustrates the market equilibrium. The figure 1 shows the demand and supply curves for…

The general formula to calculate slope is given below: Slope=Present valuey variable−Previous…

Author:Robert L. Sexton

As countries develop, the economic and social betterment takes place. In previous times, women…

SAGE Publications, Inc

Given options: GarbageSalt water in the ocean ClothesClean air in a big cityDirty air in a big…

The three basic economic questions that every economy face is: What to produce? How to produce?…

The market for laptop computers would be considered as the global market. It is because the...

The unfavorable weather condition brings a situation where there is a limitation in the supply of...

Economics For Healthcare Managers

Health Administration Pr

The firms or the producers make the investment for innovation, research, and development for the…

The economy has many firms in it, which means that there will be different organizations that...

Health insurance pays the health services of the buyer, that is, the insurance carrier will cover...

The expected payoff is the average, which can be calculated as follows: Expected payoff=Sum of…

The earning and income of a company will be affected by fixed and variable costs. Individuals...

In this case, the coordination refers to how the three major problems faced by an economy are...

The figure shows the production possibility curve. In the figure, the horizontal axis represents…

A market economy is a system in which decisions related to the economy and the pricing of…

According to the law of demand, demand decreases when the price increases and vice versa. This...

The equilibrium price and quantity demanded in the economy are obtained at the intersection of…

Economics Today: The Macro View (19th Edition) (Pearson Series in Economics)

19th edition

Author:Roger LeRoy Miller

9780134478760

Answer: Economics is a study of the general productivity, consumption and transfer of wealth...

Answer: Scarcity exists in every society and at all income levels because the human wants exceed…

: The law of demand is a fundamental economic principle. The exogenous factors such as the…

Answer: The prices are an expression of consensus on the value of goods, services and factors in…

Answer: Externalities are of two types: Positive externalities and Negative externalities.…

EBK PRINCIPLES OF MICROECONOMICS (SECON

When the instructor provides daily quizzes, the students will focus to prepare for the daily…

Positive economics is a perspective that concerns with the description and explanation of…

A market is a place where the buyers and sellers meet each other and interact with each other,…

The percentage change in the quantity demanded of a product due to the percentage change in its...

Figure 1 indicates the derivation of consumer surplus. In Figure 1, the vertical axis measures…

Contemporary Labor Economics

Author:Campbell R. McConnell, Stanley L. Brue, David Macpherson

9781259290602

Economics is the study of scarcity and how individuals and the society deal with the fact that…

An indifference curve in work-leisure model represents the combination of real income and leisure...

The aggregate labor supply is a macroeconomic concept that refers to the size of labor force who…

The investment in the college education will increase the efficiency of labor force with an...

Economic Education For Consumers

Author:Roger LeRoy Miller, Alan D. Stafford

9780538448888

A person who buys or uses a good or service is known as consumer. The consumer will always try to...

Social networking websites provide anyone with the ability to exchange information and images and...

Federal Trade Commission (FTC) is a government agency for the protection of consumers. The main...

Skill is the development on aptitude through consistent training and experience. Interest will…

Macroeconomics (7th Edition)

Author:R. Glenn Hubbard, Anthony Patrick O'Brien

9780134738314

In general, the domestic firm sets up its production units with the foreign country due to the...

Figure 1 shows the production possibilities curve for 2018 and 2022. Figure 1 In the above graph,...

Food market has more competition. Consumer prefers new things. Thus, it is necessary to go ahead…

Tax is a unilateral payment made to the government from the public for various purposes. There…

Health care is provided through markets, so it also involves in the demand and supply of health...

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Economics Today: The Micro View (19th Edition) (Pearson Series in Economics)

19th edition

Author:Roger LeRoy Miller

9780134479255

Economics is a study of the general productivity, consumption and transfer of wealth considered in…

Scarcity exists in every society and at all income levels because the human wants exceed the...

The law of demand is a fundamental economic principle. It states that as the price of a good...

The prices are an expression of consensus on the value of goods, services and factors in the...

Externalities can be of two types: positive externality and negative externality. Positive...

Modern Principles of Economics

9781319098728

The idea of opportunity cost in the enrollment of students in college explains the fact that when...

Drudgia has more knowledge. This is because in Drudgia, people are specialised in different…

Demand and price are negatively related. Thus, when price of a good increases, the quantity of...

If the price in the market is above the equilibrium price, the quantity supplied is greater than…

Fruit is more likely to be in-elastically demanding. This is because fruit as a whole has fewer...

MACROECONOMICS FOR TODAY

Scarcity is a situation in which human wants are greater than the available resources. A low...

The human wants are unlimited though there are only limited resources. The scarcity of resources...

Scarcity is obviously shortage. The shortage of supply to the existing demand in the economy is...

If people buy a good with higher price, they demand higher quality for that good. Generally, as…

The equilibrium demand and supply of milk in the economy can be obtained at the point of...

Microeconomics: Private and Public Choice (MindTap Course List)

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

9781305506893

Option (a): When the temperature reduces from 80 degrees Fahrenheit to 50 degrees Fahrenheit,…

In an economy, ‘J’ will get $5,000 by trading used car to ‘S’. In this case, by getting $5,000,…

An increase in the price of pork would lead to a fall in the quantity demanded of pork. This…

An increase in the demand for housing leads to an increase in the demand for goods and services.…

In the market, if the payment is not demanded for the goods and services, then the potential...

Microeconomics: Principles & Policy

14th edition

Author:William J. Baumol, Alan S. Blinder, John L. Solow

9781337794992

The model should consider the qualification, skills, and experience while making choices to…

The U.S. economy is the biggest economy in the world. The reason is its unique combination of...

The interest which the tenant is getting from the bank is: i=$200,000×4100=$8,000 The annual rent...

The demand curve for this type of medicine will be vertical in shape. The consumer will not care...

There are three types of commodities, namelygoods, bads and neutrals. "Goods" are those…

Author:Tucker, Irvin B.

Scarcity is a situation in which human wants are greater than the available resources. A low...

Cengage Learning,

The human wants are unlimited though there are only limited resources. The scarcity of resources...

Scarcity is obviously shortage. The shortage of supply to the existing demand in the economy is...

If people buy a good with higher price, they demand higher quality for that good. Generally, as…

The equilibrium demand and supply of milk in the economy can be obtained at the point of...

Fundamentals of Engineering Economics LooseLeaf (4th Edition)

The incorrect statement is option. A- Economic decisions are time invariant. Economic decisions…

The present equivalent worth of the future cash flow is calculated as follows....

Time period is denoted by n and the interest rate or MARR is denoted by i. Future value (FV) can…

Required time period (n) can be calculated as follows. n=72Interest rate=726=12 Required time…

Cumulative cash flow is calculated below. YearCash flowCumulative cash...

Engineering Economic Analysis

Author:Donald G. Newnan, Ted G. Eschenbach, Jerome P. Lavelle

9780190296902

The marketplace dynamics which drive the developing of electric vehicles are: High demand for...

Oxford University Press

There are several general models and techniques to estimate costs and benefits which can be used…

With the improvement in production process, the quality of product increases with less wastage…

Note that, sunk costs are those costs which cannot be recovered. The ISU panels were purchase by…

The money is well utilized by the Canada. They can now generate 2730-megawatt electricity and can...

Scarcity is a situation in which human wants are greater than the available resources. A low...

The human wants are unlimited though there are only limited resources. The scarcity of resources...

Scarcity is obviously shortage. The shortage of supply to the existing demand in the economy is...

If people buy a good with higher price, they demand higher quality for that good. Generally, as…

The equilibrium demand and supply of milk in the economy can be obtained at the point of...

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Micro Economics For Today

9781337613064

Author:Tucker, Irvin B.

Scarcity is a situation in which human wants are greater than the available resources. A low...

Cengage,

The human wants are unlimited though there are only limited resources. The scarcity of resources...

Scarcity is obviously shortage. The shortage of supply to the existing demand in the economy is...

If people buy a good with higher price, they demand higher quality for that good. Generally, as…

The equilibrium demand and supply of milk in the economy can be obtained at the point of...

Principles of Economics (Second Edition)

Author:coppock, Lee; Mateer, Dirk

9780393614077

Positive as well as negative incentives both have influences on people's choices and...

W. W. Norton & Company

Positive economics is an economic stream that puts an emphasis on defining, quantifying, and...

In perfect competition market, neither a single producer nor a single consumer can determine the...

After the market equilibrium is established once, if the situation arises when demand and supply...

Prices of most goods do not remain constant. They are constantly fluctuating and with this change…

PRINCIPLES OF MACROECONOMICS(LOOSELEAF)

In general, the benefits from private lessons are greater than attending group lessons. People…

Comparative advantage refers the ability of a nation to produce goods and services at a lower...

The demand curve can be interpreted horizontally and vertically. The demand curve shows the total...

The field of macroeconomics is dealing with wide economic phenomena such as inflation, price…

The gross domestic product is the summation of the market value of all the final goods and…

Macroeconomics (MindTap Course List)

Author:William Boyes, Michael Melvin

9781285859477

"You are a member of society. You can grow up only when the society contributes to your growth…

The graph is plotted by joining 3 points of price on Y-axis to the corresponding quantity sold on...

Let us take the example of the fine business person that American President, Mr. Donald trump is....

A report says that the bananas that have been imported are infected with a deadly virus, this…

A household is a concept where a single or multiple number of people occupy a housing unit. All...

Microeconomics: Principles for a Changing World

The given statement is wrong. Money has a role in economics, but it does not mean that money is...

An economy has the capacity to increase the production of one good without making any reduction…

Price of a product provides more information regarding the product. The important information are...

The consumer surplus can be explained by the difference between the highest price that the…

Total revenue is the amount of money that a firm, company, or an industry actually receives during…

MicroeconomicsMacroeconomicsIt deals with the individual market.It deals with the economy as a...

The situation of excess demand increases the market price because when there is excess demand,…

A basket of goods refers to a fixed range of consumer goods and services which are priced…

Budget line shows the budget constraint, which means the combinations of goods and services that…

Budget line: It refers to the graphical representation of all possible combinations of two goods...

Economics Today (19th Edition)

19th edition

Author:Roger LeRoy Miller

9780134478777

Economics is a study of the general productivity, consumption and transfer of wealth considered in…

The available resources are limited and have multiple uses with which whatever we can produce is…

- The law of demand is a fundamental economic principle. It states that as the price of a good...

The prices are an expression of consensus on the value of goods, services and factors in the...

Externalities can be of two types : positive externality and negative externality. Positive...

There are four principles that guide the choices made by individuals and they are people face...

? Why models—simplified representations of reality—play a crucial role in economics

We know that the law of demand states that, the quantity of good demanded is inversely related to...

The competitive market is a place where there are large number of buyers and sellers in the…

In the above graph the coloured section shows the consumer surplus, the consumer surplus is the...

Economics (11th Edition) Standalone Book

9781260225587

Author:David C. Colander

In this case, the coordination refers to how the three major problems faced by an economy are...

McGraw Hill Education

The figure shows the production possibility curve. In the figure, the horizontal axis represents…

A market economy is a system in which decisions related to the economy and the pricing of…

According to the law of demand, demand decreases when the price increases and vice versa. This...

The equilibrium price and quantity demanded in the economy are obtained at the intersection of…

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Exploring Microeconomics

9781544339443

Author:Sexton, Robert L.

Sage Publications, Inc., Corwin, Cq Press,

As countries develop, the economic and social betterment takes place. In previous times, women…

Given options: GarbageSalt water in the ocean ClothesClean air in a big cityDirty air in a big…

The three basic economic questions that every economy face is: What to produce? How to produce?…

The market for laptop computers would be considered as the global market. It is because the...

The unfavorable weather condition brings a situation where there is a limitation in the supply of...

EBK INTERNATIONAL ECONOMICS

Globalization is the process of free trade across the borders. This means that globalization is…

The institution is a set of rules of behavior, which is necessary to run the economy. The...

The absolute advantage is the ability to produce more quantity than the opponent countries in the...

The capital labor ratio of the US can be calculated as follows: Capital labor ratio=Capital…

The trade takes place within the similar industries is known as the intra industry trade. The...

Modern Principles: Microeconomics

3rd edition

9781429278416

Explanation: The idea of opportunity cost in the enrollment of students in college explains the…

Explanation: Drudgia has more knowledge. This is because in Drudgia, people are specialised in...

Explanation: Demand and price are negatively related. Thus, when price of a good increases, the...

Explanation: If the price in the market is above the equilibrium price, the quantity supplied is...

Explanation: Fruit is more likely to be in-elastically demanding. This is because fruit as a…

Principles of Macroeconomics 2e

Author:Steven A. Greenlaw; David Shapiro

9781947172388

What is scarcity? Can you think of two causes of scarcity?

OpenStax

Suppose Alphonsos town raised the price of bus tickets to 1 per trip (while file price of burgers…

Review Figure 3.4. Suppose the price of gasoline is 1.60 per gallon. Is the quantity demanded…

In the labor market, what causes a movement along the demand curve? What causes a shift in the…

From the data in Table 5.5 about demand for smart phones, calculate the price elasticity of demand…

EBK INTERMEDIATE MICROECONOMICS AND ITS

Generally, small quantities or inadequate quantities are called scarcity of the goods and when…

The following figure shows the effects on supply and demand: In the case of the oil market, when...

Budget Constraint: It shows all the possible combination of two goods that a consumer can…

Real Income represents that part of income of an individual, resulting after adjusted with the...

Whenan individual tosses fair coin, the chances of getting a heador getting a tail equals to…

Economics Principles For A Changing World

9781464186660

Author:CHIANG, Eric P.

The given statement is wrong. Money has a role in economics, but it does not mean that money is...

Worth Publishers,

An economy has the capacity to increase the production of one good without making any reduction…

Price of a product provides more information regarding the product. The important information are...

The consumer surplus can be explained by the difference between the highest price that the…

Total revenue is the amount of money that a firm, company, or an industry actually receives during…

Macroeconomics: Principles for a Changing World

The given statement is wrong. Money has a role in economics, but it does not mean that money is...

An economy has the capacity to increase the production of one good without making any reduction…

Price of a product provides more information regarding the product. The important information are...

The consumer surplus can be explained by the difference between the highest price that the…

The business cycle refers to the periods of progress and decline in an economy. There are mainly...

Microeconomics (Book Only)

9781285738307

The opportunity cost will not be equal to all students in the class. The opportunity cost refers…

The relationship between hot dogs and hot dog buns is that both are complementary goods. The…

Production–possibility frontier is the combination of different combinations of two goods that a...

The market demand curve can be derived by adding each individual’s quantity demand at a different...

The reduction in employment when the wage rate is set above the equilibrium is illustrated below:…

Economics: Principles, Problems, & Policies (McGraw-Hill Series in Economics) - Standalone book

20th edition

Author:McConnell, Campbell R.; Brue, Stanley L.; Flynn Dr., Sean Masaki

9780078021756

Explanation: Since the opportunity cost is the next best alternatives, it is the given up benefit…

Explanation: The market system is a system, which allows private ownership of the capital and its...

Explanation: The law of demand states that when other things being equal, if the price decreases,…

Explanation: Market failure can be caused by Externality and Market Power. Externality is when…

Explanation: When the government is allowed to coerce in the economy during some situations, it…

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Economics of Money, Banking and Financial Markets, The, Business School Edition (5th Edition)…

5th edition

Author:Frederic S. Mishkin

9780134734200

Financial market plays an important role in the development and growth of the economy. A strong...

Direct and indirect finances are different in the sense that in the former, there is no place for...

The primarily medium of exchange is money. This is the means of exchange. Money has few...

For the simple loan, the present value (PV) of the amount to be repaid (C1) after n years given…

Wealth: With increase in wealth, we have more resources available to purchase assets. Holding...

Engineering Economy (16th Edition) - Standalone book

Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

9780133439274

Total saving (S) from the trip can be calculated as follows. S=(Total gas×Savings)−(Total lb×Cost...

An experimental composite engine block for an automobile will trim 20 pounds of weight compared…

One square meter(SM) is 10.764 square feet. Cooling cost (CC) can be calculated as follows....

Time period is denoted by n. Interest rate is denoted by i. Future value can be calculated as...

Tennessee Tool Works (TTW) is considering investment in five independent projects, Any profitable…

Macroeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card…

The world economic crisis in the year of 2009 was one of the major economic crises which emanated...

In the year of 1960, the GDP was $543 billion than compared to the year of 2014 when it was…

The statement is true because it contains goods and services that are produced in an economy and...

A stock variable is measurable at a particular point of time, whereas a flow variable changes…

Firms with low level of sales will not required to invest further while firms with high level of...

Principles of Microeconomics

9781305156050

Explanation: Option (a): The economics can be defined as the study of how society manages its…

Explanation: Option (c): The economic model can be defined as the simplified representation of…

Explanation: Option (d) Ron has the absolute advantage in washing, since he can wash 3 cars per...

Explanation: Option (b): A change in price of hamburgers leads to a movement along the demand…

Explanation: Option (a): Lower the availability of substitute, lesser will be the elastic demand....

Economics: Private and Public Choice (MindTap Course List)

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

9781305506725

Option (a): When the temperature reduces from 80 degrees Fahrenheit to 50 degrees Fahrenheit,…

In an economy, ‘J’ will get $5,000 by trading used car to ‘S’. In this case, by getting $5,000,…

An increase in the price of pork would lead to a fall in the quantity demanded of pork. This…

An increase in the demand for housing leads to an increase in the demand for goods and services.…

In the market, if the payment is not demanded for the goods and services, then the potential...

Economics (MindTap Course List)

9781337617383

The United States is a rich country since there are abundance of goods and services that are...

The relationship between hot dogs and hot dog buns is that both are complementary goods. The…

A war taken place in the US soil leads to reduction in capital stock, potential resources and…

The statement, “demand refers to the willingness of buyers to purchase different quantities of a...

The given statement is false. The need for a rationing device arises due to the scarcity of...

Principles of Economics, 7th Edition (MindTap Course List)

9781285165875

Explanation: A few of the important trade-offs faced in real life are given below: Trade-off…

Explanation: The subject economics is a science. This is because economics is based on scientific...

Explanation: The production possibilities frontier will be linear, if the opportunity cost of...

Explanation: A competitive market refers to a market where there are many buyers and many sellers…

Explanation: Price elasticity of demand which is computed as the percentage change in quantity...

Economics is the study of understanding the human behavior & rationality to satisfy unlimited...

Since the cost of the expensive meal is already incurred, it cannot be recovered. Thus, it is a…

The opportunity cost for a mother who chooses/decides not to work outside the home will be high…

A cure for lung cancer is found Other things remaining the same, after the cure for lung cancer…

National economic indicators are better indicators of the economic health of a country than the...

Macroeconomics: Principles, Problems, & Policies

20th edition

Author:Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.

9780077660772

Explanation: Since the opportunity cost is the next best alternatives, it is the given up benefit…

Explanation: The market system is a system, which allows private ownership of the capital and its...

Explanation: The law of demand states that when other things being equal, if the price decreases,…

Explanation: Market failure can be caused by Externality and Market Power. Externality is when…

Explanation: When the government is allowed to coerce in the economy during some situations, it…

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Macroeconomics (12th Edition) (Pearson Series in Economics)

9780133872644

Author:Michael Parkin

Apple’s decision about the iTunes increases the customer’s incentive to buy an iPad because the…

Figure 1 illustrates the PPF of Company B. In Figure 1, the x-axis shows food crops and the…

Given information: It is given that the money price of a carton of milk is $2.01 and a gallon of...

The final goods are those used either for final consumption or for capital formation. On the…

The unemployment rate can calculated by using the following formula: Unemployment rate =Number of...

Author:PARKIN, Michael

Apple’s decision about the iTunes increases the customer’s incentive to buy an iPad because the…

Figure 1 illustrates the PPF of Company B. In Figure 1, the x-axis shows food crops and the…

Given information: It is given that the money price of a carton of milk is $2.01 and a gallon of...

The general formula for calculating price elasticity of demand is shown below. Price elasticity…

There are different methods for the allocation of scarce resources. In this case, these three...

Economics (7th Edition) (What's New in Economics)

Author:R. Glenn Hubbard, Anthony Patrick O'Brien

9780134738321

Explanation: In general, the domestic firm sets up its production units with the foreign country…

Explanation: Figure 1 shows the production possibilities curve for 2018 and 2022. Figure 1 In the...

Explanation: Food market has more competition. Consumer prefers new things. Thus, it is necessary…

Explanation: Tax is a unilateral payment made to the government from the public for various...

Explanation: An externality can be beneficial or cost which means it may be positive or negative...

ECON: MICRO4 (New, Engaging Titles from 4LTR Press)

9781285423548

The scarcity of resources is determined when demand is more than availability and the price of...

Answer: This example is based on sunk cost. The person has bought the expensive meal. despite...

The opportunity cost for a mother who chooses/decides not to work outside the home will be high…

a. Due to the new cure of lung cancer, the smoker will demand more cigarettes because there is a...

We have presented the information in following table: Price (in $) Quantity (in units) $1 50…

Survey of Economics (MindTap Course List)

9th edition

9781305260948

Author:Irvin B. Tucker

Scarcity is a situation in which human wants are greater than the available resources. A low...

The human wants are unlimited though there are only limited resources. The scarcity of resources...

Scarcity is obviously shortage. The shortage of supply to the existing demand in the economy is...

If people buy a good with higher price, they demand higher quality for that good. Generally, as…

The equilibrium demand and supply of milk in the economy can be obtained at the point of...

The scarcity of resources is determined when demand is more than availability and the price of...

Answer: This example is based on sunk cost. The person has bought the expensive meal. despite...

The opportunity cost for a mother who chooses/decides not to work outside the home will be high…

a. Due to the new cure of lung cancer, the smoker will demand more cigarettes because there is a...

We have presented the information in following table: Price (in $) Quantity (in units) $1 50…

Author:George J Borjas

Labor economics is a branch of economics, which studies how the labor market works. That is, the...

The reservation wage is the wage that makes a person indifferent between working and non-working....

A profit maximizing firm will hire the employers at the point where the wage of the labor is…

Producer surplus in a labor market is an advantage taken by the producer due to the variations in...

Assume that there are only two types of jobs in the labor market, the safe jobs and the risky…

Principles of Macroeconomics (11th Edition)

Author:Karl E. Case, Ray C. Fair, Sharon E. Oster

9780133023671

Decision regarding the allocation of time involves many trade-off situations. Thus, allocation of...

The opportunity cost can be simply defined as the next best alternative. In the given situation,…

Figure 1 shows the changes in quantity demanded of tablet. In Figure 1, the vertical axis…

Figure 1 illustrates the demand and supply curve of the Norwegian artist Edvard Munch’s ‘The…

Inflation is defined as a situation in which the general price level of the economy rises...

The Economics of Money, Banking and Financial Markets (11th Edition) (The Pearson Series in…

Author:Frederic S. Mishkin

9780133836790

The investor of a treasury bill does not receive any interest on them. The source of profit for…

No, he should not take the loan from a loan shark because there may be a cost-benefit hidden…

Currency is a type of money in the form of paper bills and coins. Counting currency is usually...

Calculation of present worth of dollar when the interest rate is 20%: Given, Future worth is 1...

One would be less willing to buy a company’s stock if his/her wealth falls because if wealth…

Can't find your book?

Ask our experts your Economics Question!

Microeconomics (12th Edition) (Pearson Series in Economics)

9780133872293

Author:Michael Parkin

Apple’s decision about the iTunes increases the customer’s incentive to buy an iPad because the…

Figure 1 illustrates the PPF of Company B. In Figure 1, the x-axis shows food crops and the…

Given information: It is given that the money price of a carton of milk is $2.01 and a gallon of...

The general formula for calculating price elasticity of demand is shown below. Price elasticity…

There are different methods for the allocation of scarce resources. In this case, these three...

Essentials of Economics (MindTap Course List)

9781285165950

A few of the important trade-offs faced in real life are given below: Trade-off between studying…

The subject economics is a science. This is because economics is based on scientific methods and...

The production possibilities frontier will be linear, if the opportunity cost of producing a good…

A competitive market refers to a market where there are many buyers and many sellers of an…

Price elasticity of demand which is computed as the percentage change in quantity demanded and...

Exploring Macroeconomics

9781285859446

Author:Sexton, Robert L.

As countries develop, the economic and social betterment takes place. In previous times, women…

Given options: GarbageSalt water in the ocean ClothesClean air in a big cityDirty air in a big…

The three basic economic questions that every economy face is: What to produce? How to produce?…

The market for laptop computers would be considered as the global market. It is because the...

The unfavorable weather condition brings a situation where there is a limitation in the supply of...

Microeconomics (MindTap Course List)

Author:William Boyes, Michael Melvin

9781285859484

"You are a member of society. You can grow up only when the society contributes to your growth…

The graph is plotted by joining 3 points of price on Y-axis to the corresponding quantity sold on...

Let us take the example of the fine business person that American President, Mr. Donald trump is....

A report says that the bananas that have been imported are infected with a deadly virus, this…

A household is a concept where a single or multiple number of people occupy a housing unit. All...

Modern Principles: Macroeconomics

3rd edition

9781429278409

Explanation: The idea of opportunity cost in the enrollment of students in college explains the…

Explanation: Drudgia has more knowledge. This is because in Drudgia, people are specialised in...

Explanation: Demand and price are negatively related. Thus, when price of a good increases, the...

Explanation: If the price in the market is above the equilibrium price, the quantity supplied is...

Explanation: A free market eliminates shortage by letting the price rise. By this way, it tends…

Exploring Macroeconomics

9781544337722

Author:Robert L. Sexton

As countries develop, the economic and social betterment takes place. In previous times, women…

SAGE Publications, Inc

Given options: GarbageSalt water in the ocean ClothesClean air in a big cityDirty air in a big…

The three basic economic questions that every economy face is: What to produce? How to produce?…

The market for laptop computers would be considered as the global market. It is because the...

The unfavorable weather condition brings a situation where there is a limitation in the supply of...

PRINCIPLES OF MICROECONOMICS (OER)

Author:Timothy Taylor, Steven A. Greenlaw

9781947172340