A farmer produces both green beans and corn. The farmer must give up 31 bushels of corn to get 7 more bushels of green beans. If the rate of transformation (or tradeoff) between the two goods is constant, then the opportunity cost of 1 bushel of green beans in terms of bushel of corn is? The result should be given to two decimal places in absolute value (e.g if the result is 3.678, write 3.68, if the result is -3, write 3.00.)
Q: ride-sharing services. In one town, the demand curve on weekdays is given by the following equation:…
A:
Q: Question: 1 A cobweb model of a labor market explains why: A. Workers accurately predict future…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: C Answer the next question(s) Demand Data Price $5.50 5.00 4.50 3.85 3.35 2.90 2.50 Quantity…
A: In a monopoly market structure, There exists a single seller. The monopolist maximize its profit…
Q: Question: 1 Over long periods of time, the present discounted value of tax revenue must be…
A: The total amount of money that a government usually spends on goods and services in an economy…
Q: Suppose that you are given $20,000 to split between two people, Jane and Fred. The income and…
A: Utility means satisfaction. The marginal utility is the utility derived from the consumption of…
Q: There has been much publicity about bonuses paid to financial sector workers. Just how large are…
A: Given the time series data for bonus where we have years and the corresponding bonus
Q: Stephanie is looking to hire workers to help her produce earrings. The current hourly market wage…
A: Marginal resource cost refers to the change in the total cost when one more unit of the variable…
Q: How does the marginal propensity to consume (MPC) determine how GDP responds to policy changes? If…
A: The marginal propensity to consume (MPC) basically refers to the percentage of an additional dollar…
Q: Suppose that Linda receives a fixed payment of $50 and consumes 8 hours of leisure. If her total…
A: Hourly wage rate can be defined as the amount of money earned by a worker on per hour basis. The…
Q: Chillman Motors, Inc., is an oligopolist and faces the following kinked demand curve: Price and cost…
A: In the oligopoly market there are more than 1 firms in the market and each firm have some market…
Q: The figure shows the marginal private cost curve, marginal social cost curve, and marginal social…
A: MSC stands for "Marginal Social Cost". It refers to the additional cost imposed on society as a…
Q: What is an excise tax?
A: the suitable answer is: "Taxes applied to specific goods or services as a source of revenue."An…
Q: The aggregate expenditure curve shows the relationship between aggregate planned expenditure and…
A: The aggregate expenditure curve is derived from the Keynesian macroeconomic model and shows the…
Q: Define absolute and comparative advantage and explain the difference between the two concepts.
A: According to guidelines only first question is to be attempted. Absolute advantage refers to a…
Q: A duopoly exists in the market for lumber in a town. It costs the first company, Big Cutters, $16…
A: Under the collusion only the pine stacker would be producing as the marginal cost of production is…
Q: #10: The quantity demanded x (in units of a hundred) of the Mikado miniature cameras per week is…
A: Consumer surplus refers to the difference between the maximum price that a consumer is willing to…
Q: Full-employment equilibrium occurs when Select one: O A. aggregate demand equals short-run aggregate…
A: The full employment level of output is determined by the economy's productive capacity, which…
Q: This question addresses the impact of saving on an economy by examining what happens if tax laws…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Suppose that Fizzo and Pop Hop are the only two firms that sell orange soda. The following payoff…
A: Given game table: Pop Hop Advertise Not advertise Fizzo Advertise 10, 10 18, 2 Not…
Q: Name: Japan and the United States are major trading partners and the exchange rate between the…
A: A rise in real income in the US would increase demand for Japanese imports by US residents. If…
Q: Nielson Motors (NM) has no debt. Its assets will be worth $600 million in one year if the economy is…
A: The expected return for Nielson Motors stock without leverage can be calculated using the following…
Q: Use the figure below to answer the following questions. Good Y 10- 8 6 4 2 0 2 4 6 B 8 10 Good X…
A: The production possibility frontier is the graphical representation showing all the possible…
Q: The balance sheet for the newly formed ACME Bank is shown below. Reserves listed on the balance…
A: Reserve requirement refers to the amount of funds that a financial institution, such as a bank, is…
Q: Consider a town in which only two residents, Lorenzo and Neha, own wells that produce water safe for…
A: Monopoly is a market condition in which there will be only a single seller present. The only motive…
Q: Suppose the price of a burger is $4.50 Canadian in Toronto, and the exchange rate is 103 U.S. cents…
A: The price of a burger in Canada: $4.50 Exchange rate= 1 Canadian dollar= $1.03 US dollar PUS= E*PC…
Q: In the short run, inflation_ and unemployment, Now suppose that over time, expected inflation…
A: Government spending refers to the expenditure of public funds by the government on various goods and…
Q: If the economy is at full employment, then Select one: O A. the unemployment rate is less than 3…
A: Full employment is a situation where all those who are willing and able to work get work without any…
Q: If a consumer starts at point A, and then receives an income in current income, this would appear as…
A: Budget constraint refers to a a graphical representation of all possible combination of two goods…
Q: Suppose that the industry demand curve is given by the following quantity demanded = 100 – 0.5…
A:
Q: Suppose an individual's initial budget constraint for good X and good Y is represented by BC₁. When…
A: The budget shows the combination of two goods that a consumer can purchase with his/her available…
Q: How much would you pay for a perpetual bond that pays an annual coupon of $100 per year and yields…
A: A coupon bond pays interest on a regular basis for the duration of the bond. The bond is redeemed…
Q: What is the level of net benefits when one unit is produced? Number Units Produced 0 1 2 3 4 5…
A: Net Benefit is obtained by deducting total costs from total benefit. Net Benefit = Total Benefit -…
Q: Data collected from the economy of Pokerville reveals that a 16% increase in income leads to the…
A: Income elasticity of demand measures the responsiveness of change in demand for goods to change in…
Q: Use the figure below to answer the following questions. Real wage rate (2002 dollars per hour) O 25…
A: When wage is greater than equilibrium wage, labour supplied is greater than labour demand. Hence,…
Q: Suppose a country is producing $20 million of real GDP. If the economy grows at 10 percent per year,…
A: The rule of 70 provides an estimate of how long it will take for an economy to double in size. A…
Q: 50 - 3Ed and w = 10 + Es. Please show work for each part. a.What is the equilibrium wage of this…
A: a. To find the equilibrium wage, we need to set the labor demand and supply functions equal to each…
Q: Of the countries listed, which has the most efficient economy with regard to energy per $ GDP…
A: Energy consumption per GDP refers to the energy intensity. It is an approach to determine the…
Q: 1. In the settlements A-B-C whose purchasing power and trade area sizes are given below, the…
A: To calculate how the required trade area sizes will change in the settlements A-B-C, we need to…
Q: Suppose the New Orleans city council passes a price gouging law: during a hurricane, the price of a…
A: Price Quality Supplied Normal times Quantity demanded Hurricane Quantity Demanded $1500 100 10 40…
Q: If chocolate bars have a price elasticity of 1.8, then we can infer the chocolate bar: a. has many…
A: Price elasticity of demand measures the responsiveness of change in quantity demanded to change in…
Q: 2) Is the marginal utility of money income uniquely defined? 3) Examine the responses of an…
A: Marginal utility means the satisfaction received from consuming an additional unit of a good.
Q: The following graph shows the relationship between GDP and the budget deficit or surplus. Spending…
A: A government budget is an important instrument for managing a country's finances. It specifies the…
Q: Does it shift outward or inward?
A: Budget constraints shows the relationship between the two goods , their prices and the income of the…
Q: Refer to the figure above. If the economy is at point b, to close the output gap the Federal Reserve…
A: Fiscal policy acts are those made by the government to influence the economy through spending and…
Q: 11-21 Economic lifetime. Over recent years an increasing number of machines that are economically…
A: The production function determines all the input bundles that produce the same output level. The…
Q: 8. Suppose you know the demand curve for gadgets is P-80-3Q. The marginal cost for producing gadgets…
A: 8) A revenue function is an algebraic equation that represents the relationship between revenue and…
Q: Explain what a third-degree price discrimination policy consists of and what its purpose is. From…
A: Price discrimination is a pricing strategy where a company charges different prices for the same…
Q: Only typed answer Mountain Breeze supplies air filters to the retail market and hires workers to…
A: A perfect competitive labour market is a form of the labour market in which the labour was paid…
Q: Potential GDP is Select one: O A. the same as nominal GDP. OB. equal to real GDP multiplied by the…
A: Gross domestic product (GDP) is the market value of final goods and services produced within the…
Q: Figure 9.3 shows the cost structure of a firm in a perfectly competitive market. If the market price…
A: In perfect competition there are many firms producing identical goods. Each firm is a price taker.
Step by step
Solved in 3 steps
- The graph below is Mendork's production possibility curve for the only two goods that it produces-quirks and quarks. Quantity of Quarks 800 700 600 500 400 300 200 100 A 2 4 6 8 10 12 14 16 18 20 Quantity of Quirks Select one: Refer to the graph above to answer this question. If new technology increased the output of quirks by 50%, how many quirks could be produced if 700 quarks were produced? B A. 9 quirks. B. 18 quirks. C. 10 quirks. D. 20 quirks. E. No quirks.Question 3 Person 1 can allocate her 8-hour day between the production of two goods A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. a) State whether 9units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. (State all that applies) b) Person 2, can produce3 units of Good B or 4 units of Good A per hour who has the absolute advantage in the production of Good B? c) who has the absolute advantage in the production of Good A? d) Calculate the opportunity cost for Good B for Person 2 e) Calculate the opportunity cost for Good A for person 1 f) who has the comparative advantage in the production of Good B? g) who has the comparative advantage in the production of Good A?Refer to the figure below. Assume Cliff and Paul were both producing wheat and corn, and each person was dividing his time equally between the two. Then each decides to specialize in the product in which he has a comparative advantage. As a result of this change, total production of corn would Wheat 8 Paul increase by 1 bushel. increase by 3 bushels. increase by 5 bushels. decrease by 2 bushels. Wheat 10 Com (0) 0 Cliff Corn
- 10)Suppose that in a three-hour block of time you can either make 2 batches of chocolate chip cookies or word-process 10 pages of text. In contrast, your roommate Keshawn can either make 4 batches of cookies or word-process 5 pages of text in a three-hour block of time. Which of the following is correct * a)Your comparative advantage is in making cookies. b)None of the above c)Keshawn's comparative advantage is in word-processing text. d)Your comparative advantage is in word-processing text.Suppose two economies Home (H) and Foreign (F) produce two goods, bread and wine, with only one production factor: labour. Production technology, expressed as marginal product of labour (MPL), is given in the following table: Technologies expressed as MPL Bread Wine Home 1/6 1/12 Foreign 1/4 1/2 Suppose that Home has 2400 units of labour and Foreign has 1800 units of labour. a Derive the Production Possibilities Frontier (PPF) and the Consumption Possibility Frontier (CPF) for Home and Foreign, with bread on the horizontal axis and wine on the vertical axis. What is the autarky equilibrium price of bred relative to wine in each country? b. What country has the absolute advantage in producing each good? What country has the comparative advantage in producing each good? Briefly explain the difference between these two concepts. Suppose both countries are now free to trade. The world relative price of bread is 1. c.) What is the pattern of specialisation and trade? Briefly…Supermarché Jean Claude has decided to manufacture its own brand of non-alcoholic beverages, called NAB, and chocolate bars, called S-JC. A certain amount of money has been allocated to the production of these two products. Jean Claude believes in the old saying that a picture is worth a thousand words, and once again, he has called on you. This time, he wants to see diagrams that illustrate the effects of each of the following events on the production possibilities for NABS and S-JCs so he can visualize the situation. (a) A new and more efficient method of producing non-alcoholic beverages is discovered. (b) The demand for both non-alcoholic beverages and chocolate bars increases. (c) More workers are hired to produce S-JCs. (d) Resources are transferred from S-JC production to NAB production. (e) All workers are trained so that the quality of their labour services improves. Instructions Produce the series of graphs with accompanying texts (150-175 words) so that Uncle Jean Claude…
- I am eight hour day Andy can produce either 24 loaves of bread or 8 kilograms of butter. In an eight hour day Rolfe can produce either 8 loaves of bread or 8 kilograms of butter. a)what is Andy's opportunity cost of producing one loaf of bread? What is rolfes opportunity cost of producing one loaf of bread b) who has the comparative advantage in bread production? Who has comparative advantage in butter production? c)would they both gain from specialization and trade in other each other? Show it through a numerical exampleMichael owns a strawberry farm in central California and is deciding how many strawberries to supply this month. Which question appropriately applies the cost-benefit principle to the supply decision? Is the price Michael gets for the extra bushel of strawberries at least as large as the marginal cost? What is the fixed cost of production for Michael's strawberries? If Michael was not producing strawberries, how else could he use his resources? Is Michael "holding all else constant" when making this decision?vidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? C) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.
- You produce quesadillas (Q) with beef (B) and cheese (C). The production process is as so: Q = 40B - 1.5B² +50C - 1.5C² The price of beef is $4 per box, and the price of cheese is $5 per box. The boxes are the same size and you only have room for 9 boxes in your freezer. How many boxes of cheese should be purchased?person 1 can allocate her 8 hour day between the production of two goods: A and B. Each hour devoted to good B yeilds 2units . whereas each hour devoted to good A produces 4 units. state whether 9 units of good B and 12 units of good A are unattainable, efficient, or inefficient.(state all that applies) select one or more attainable inefficient efficient unattainableThe graph below is Mendork's production possibility curve for the only two goods that it produces: quirks and quarks. Quantity of Quarks 800 700 600 500 400 300 200 100 2 4 6 8 10 12 14 16 18 20 Quantity of Quirks Note: If the image does not appear, right-click on the placeholder and choose Show picture or View image. If Mendork's current production is at point A, what is the (approximate) cost of producing one more quirk? a) 50 quarks B b) 100 quarks c) 200 quarks d) One more quark e) 25 quarks