A1 In a hypothetical survey about proposed cuts to higher education, suppose that the following question was asked: The cost of funding higher education is threatening to bankrupt the state of Texas. Do you agree or disagree that cutting the budget by 20% is not a necessary step to fixing the problem? Change this question to make it both unbiased and clear:
Q: A firm sells its product in a perfectly competitive market where other firms charge a price of $100 ...
A: (a) A perfectly competitive firm produces at P=MC in short run. C = 60 + 12Q + 2Q2 Differentiate C ...
Q: The graph depicts the average total cost curve for a perfectly competitive firm. At the long-run equ...
A: In a perfectly competitive market, price is constant at all levels of output so it is equal to margi...
Q: The Gravity model predicts that two countries trade more the bigger they are and the closer they are...
A: Please find the answer below.
Q: 3. You are an internet service provider and you have two types of customers, households and business...
A: In economics, profit maximization is the short run or long run process by which a firm may determine...
Q: Why is it helpful to track your spending for 2 months? a. You can receive higher interest rates for ...
A: As an individual who make expenditure on different goods and services according to his interest, nee...
Q: Any position that is to the right of (and below) the LM curve indicates that there is equilibr...
A: The LM bend is positively slanted. when the money supply, an increment in the level of income, which...
Q: The following graph shows the market for loanable funds in a closed economy. The upward-sloping oran...
A: We have given a graph of the market for loanable funds.
Q: e accompanying table shows data from the World Bank, World Development Indicators, for real GDP per ...
A:
Q: Which one of the following statements is correct? * In a monetary economy there always ha: be a doub...
A: As per the guidelines answer is given to three sub-parts: 1) "Money can never lose its usefulness as...
Q: a.) Graph Teddy's demand curve, with quantity on the x-axis. Suppose there is another consumer in th...
A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question spec...
Q: ATC MC P5 PA AVC P2 P1 5 10 11 12 Quantity (per day) Price and costs (dollars)
A: In perfectly competitive market, there are many buyers and sellers. Goods produced are homogenous me...
Q: During the week before Memorial Day, a supermarket chain begins running a nev set of sales. The pric...
A: Complementary goods have a negative cross price elasticity which means that when the P of one good r...
Q: Suppose that the employment rate is 55.0% and unemployment rate is 5.0%. What is the participation r...
A: The participation rate is the percentage of the total population employed and actively looking for e...
Q: The Production Possibility Frontier of a country has a slope equal to the ratio of the in...
A: PPF of a country is the set of feasible allocations of goods in a country such that all resources ar...
Q: The economy of Westlandia in 2021: • Real GDPY= 400 • Consumption C = 300 • Planned investment (I) =...
A: Aggregate expenditure is the sum of consumption, investment, government spending and net exports in ...
Q: Look at the graph. Then answer the question that follows. PA D1 D2 P1- Q1 Q2
A: Here, it is given that Destiny and Kismet are two substitutes in the automobile industry and the giv...
Q: A company's revenue is $1,600,000. Its explicit cost is $1,000,000 and its implicit cost is $700,000...
A: Implicit cost refers to the opportunity cost of the resources which is owned by the owner of the fir...
Q: QUESTION 4 Use the following supply and demand schedules for skate boards in table 18.1, to answer t...
A: The demand and supply curves intersect at a level of price giving the market equilibrium point. At t...
Q: 15. Justine buys a television set from a merchant who asks P 1,250.00 at the end of 60 days (cash in...
A: Let the cash price today be p. Assumption: cash price is worth 8%. 8% interest on cash price=0.08x P...
Q: Q)The inverse demand function for good x is defined by the equation p = 214 - 5q, where q is the nu...
A: Given: inverse demand function: p = 214 - 5q, inverse supply function:p = 7 + 4q
Q: An economist estimated the cross-price elasticity for peanut butter and jelly to be 1.5 . Based on t...
A: Given Cross price elasticity for peanut butter and jelly is 1.5
Q: how can a policy protect our environment?
A: To find : How policy protect our environment.
Q: When the nominal interest rate increases, the O a. quantity of money demanded increases and there is...
A: In the money market, the equilibrium interest rate is determined by the intersection of the money su...
Q: |0. Giffen goods are those goods
A: To find : What is type of giffen goods.
Q: Problem 07-02 (algo) An industry consists of three firms with sales of $310,000, $725,000, and $405,...
A: Total sales = 310000 + 725000 + 405000 = 1440000 1st firm market share = 310000 / 1440000 = 21.53 % ...
Q: Some firms find conglomerate mergers advantageous since they permit firms to Multiple Choice take ad...
A: Economies of scale improve a company's output when it becomes more efficient. Economies of scale can...
Q: A necessity is defined as a good having
A: To find : What is definition of necessity.
Q: There is an oil change firm in town called Oil Pro. The total cost function for Oil Pro is below. Wh...
A: When the firms breakeven they tend to earn Zero economic profit which implies total revenue is equal...
Q: Describe the difference between efficiency and effectiveness in government and give an example using...
A: Effectiveness vs Efficiency:- Effectiveness:- Effectiveness deals with the maximizing the desired r...
Q: How has the power of the executive branch shifted over time?
A: To find : How power of executive branch has changed over time.
Q: Number unemployed 1,000,000 1,500,000 2,50 a. Define labor force. For each year find the labor force...
A: The labour force participation rate is the measure to evaluate working-age population in an economy....
Q: III 123 Verdana 12 A A- Aa BIU abe X, x2 Styles 3. Complete the following table: See module 3 notes,...
A: Fixed cost is the cost that remains same at all levels of output while variable cost is the cost tha...
Q: 3. The fictional criminal group known as the Sons of Anarchy, as a recognizable organization with cr...
A: Crime fiction has influenced a wide range of Australian fiction. Some are pure fiction, while others...
Q: Consider an economy described by the following data (in $ trillion): Č- 3.25; I- 1.3; G= 3.5: T-3.0;...
A: Dear student as you have posted multiple sub-parts in a question but according to our policies and g...
Q: the Savings function of UAE is: S 0.25Y. The Goverment of UAE has spent 100 billion dirham to develo...
A: (Q) The Savings function of UAE is: S = 0.25Y. The Government of UAE has spent 100 billion dirhams t...
Q: The figure shows three supply curves for wheat. Which of the following would cause the supply of whe...
A: Supply curve is upward sloping and shows a positive relationship between price and quantity supplied...
Q: 3. Suppose the individual has a utility function In(c) where c is consumption and In(-) is the natur...
A: Lottery A: Prize = 1.25 units with probability 0.5 Prize = 0.75 units with probability 0.5 Lottery ...
Q: Greenmail Raider Do not Buy buy Management Raider 10 Management 10 Greenmail No greenmail Raider 15 ...
A: Backward induction is used by the Raider to pick takeover at the final decision node.
Q: Q3 Suppose that the average hourly wage of manufacturing workers decreases. Assuming the market for ...
A: Perfectly competitive market: - it is a market condition where there are many buyers and many seller...
Q: An increase in price, all else held constant, would cause a change from Multiple Choice p...
A: The supply curve shows the association between the price of commodity and quantity of the commodity ...
Q: In the IS/LM model, the exogenous variables include government spending, income and interest r...
A: Exogenous variables are those variables whose values are given to find the value of endogenous varia...
Q: Unexpected inflation can benefit some people/firms and harm others. This is an example of Multiple C...
A: Risk refers to an uncertainty about future payoff of an investment. There are chances that things ma...
Q: Suppose you are given the following information: Qs =100+3P Qd =400–2P where Qs is the quantity supp...
A: Disclaimer: You have posted three parts, viz, (a), (b) and (c). Part (c) is not part of the main que...
Q: 2. On the above figure explain your decision on price one and price five in a perfectly competitive ...
A: 2. On the above figure explain your decision on price one and price five in a perfectly competitive ...
Q: Because of automatic stabilisers, the government budget will tend toward deficit during a...
A: Automatic stabilizers are a type of fiscal policy used by the government to stabilize the economic c...
Q: The lower-income industrial countries are catching up to the higher-income industrial countries in t...
A: According to the catch-up effect, there will be a convergence between lower-income industrial econom...
Q: n Engineering Economics, which among these is/are true about a discount? A. It is the difference bet...
A: In engineering economics, the discount rate is the rate that is paid on the given set of cashflows. ...
Q: The textbook discusses several things that determine how price elastic the supply of a good or servi...
A: A product's price elasticity describes how sensitive suppliers and buyers are to price changes. It i...
Q: With specific examples (of industries) discuss at least 2 factors against monopolies in the USA (min...
A: Monopolies came to the United States with the social administration. The large-scale public workshop...
Q: Suppose that single-price, single-product and single-plant monopolist faces the following demand cur...
A: In a monopoly, Marginal revenue lies below the demand curve. The firm has to lower the price in orde...
Step by step
Solved in 2 steps
- Government-imposed taxes cause reductions in the activity that is being taxed, which has important implications for revenue collections. To understand the effect of such a tax, consider the monthly market for wine, which is shown on the following graph. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per case) 50 45 40 35 30 25 20 15 10 5 0 1 Supply Demand 09 18 27 36 45 54 63 72 81 90 QUANTITY (Cases) Graph Input Tool Suppose the government imposes a $10-per-case tax on suppliers. At this tax amount, the equilibrium quantity of wine is Market for Wine Quantity (Cases) Demand Price (Dollars per case) Tax (Dollars per case) 36 30.00 10.00 Supply Price (Dollars per case) cases, and the government collects $ ? 20.00 in tax revenue.Government-imposed taxes cause reductions in the activity that is being taxed, which has important implications for revenue collections. To understand the effect of such a tax, consider the monthly market for cigarettes, which is shown on the following graph. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per pack) 10 9 8 6 2 1 0 0 # Supply Demand 10 20 30 40 50 60 70 80 90 100 QUANTITY (Packs) Graph Input Tool Market for Cigarettes 31- Quantity (Packs) Demand Price (Dollars per pack) (Dollars per pack) Suppose the government imposes a $2-per-pack tax on suppliers. At this tax amount, the equilibrium quantity of cigarettes is Tax 40 6.00 2.00 Supply Price (Dollars per pack) packs, and the government collects $ ? 4.00 in tax revenue.Government-imposed taxes cause reductions in the activity that is being taxed, which has important implications for revenue collections. To understand the effect of such a tax, consider the monthly market for cigarettes, which is shown on the following graph. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per pack) 10 9 TAX REVENUE (Dollars) Suppose the government imposes a $2-per-pack tax on suppliers. At this tax amount, the equilibrium quantity of cigarettes is 200 180 160 140 120 100 80 60 40 20 0 10 20 30 40 50 60 70 80 90 100 QUANTITY (Packs) 0 Now calculate the government's tax revenue if it sets a tax of $0, $2, $4, $5, $6, $8, or $10 per pack. (Hint: To find the equilibrium quantity after the tax, adjust the "Quantity" field until the Tax equals the…
- Government-imposed taxes cause reductions in the activity that is being taxed, which has important implications for revenue collections. To understand the effect of such a tax, consider the monthly market for champagne, which is shown on the following graph. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per case) 82222220 50 45 40 35 30 25 15 10 5 0 LI Supply Demand 16 24 32 40 48 56 64 72 80 QUANTITY (Cases) Graph Input Tool Market for Champagne Quantity (Cases) Demand Price (Dollars per case) Tax (Dollars per case) 32 30.00 10.00 Supply Price (Dollars per case) 20.00Government-imposed taxes cause reductions in the activity that is being taxed, which has important implications for revenue collections. To understand the effect of such a tax, consider the monthly market for rum, which is shown on the following graph. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.A tax on gasoline is proposed in order to raise money for the pollution-control activities of several public agencies. The tax will be 10¢ per gallon, and last year 10.3 million gallons of gasoline were used by motorists (this is strictly an illustrative number). Does this mean that we can anticipate $1,030,000 in revenues from this tax? Explain and use a graph to answer this question.
- ■CASE STUDY THE PROPERTY MANAGER AS ECONOMIST-PLANNER After graduating from college with honors and a master's degree in eco- nomics, Charles Gill was hired by the local urban renewal authority in his home town of approximately 500,000 people. His responsibilities were in the areas of statistics, financial planning, and research. When activities of the urban renewal authority began to wind down upon completion of a major downtown redevelopment project, one of the directors, a businessman who had acquired some real estate investment property, hired Charles to manage one of his residential rental properties. The area's economy had slowed with the general downturn that occurred throughout the country and severely depressed the price of real estate in many areas, including property in Charles's town. In addition, a local defense factory had closed, leaving hundreds out of work. Charles saw there were suddenly many properties available that were priced far less than they had sold for just a…Ypsilanti Market Research conducted a survey to find out whether people who earn more money purchase more expensive goods. The following graph indicates the relationship between income the survey subjects earned and the price of the home that they purchased. PRICE (Thousands of dollars per home) 500 450 400 350 300 250 200 150 100 50 L 0 10 20 30 40 50 60 70 80 INCOME (Thousands of dollars per year) 90 100please assist with this question Read the following extract and answer the question that follows.Women’s empowerment movement eyes 40% of government spending accreditation...Last year the South African government affirmed its support for women-owned businesses as part of itscommitment to ensuring that gender equality in Africa’s most advanced economy was achieved.President Cyril Ramaphosa said then: “We are going to drive women’s economic inclusion through public procurement. We have set the target of ensuring that 40% of goods and services procured by public entities are procured from women-owned business.” The above decision by the South African government is an example of... a) Market participation.b) Government spending.c) Commercialisation.d) Nationalisation
- PRICE (Dollars per room) 500 450 400 350 300 250 200 150 100 50 0 Demand D 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) Graph Input Tool Market for Oceans's Hotel Rooms Price (Dollars per room) Quantity Demanded (Hotel rooms per night) Demand Factors Average Income (Thousands of dollars) Airfare from MSY to ACY (Dollars per roundtrip) Room Rate at Meadows (Dollars per night) 350 150 50 200 250 ? For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Oceans is charging $350 per room per night. If average household income increases by 20%, from $50,000 to $60,000 per year, the quantity of rooms demanded at the Oceans from rooms per night to rooms per night. Therefore, the income elasticity of demand is. , meaning that hotel rooms at the Oceans are If the price of an airline ticket from MSY to ACY were to increase by 10%, from $200 to $220 roundtrip, while all other demand factors remain at their initial values,…Can you provide an explanation of the graph.In 2016 Longwood University hosted the only Vice Presidential Debate. It was an expensive endeavor that, along with the significant educational benefits to our campus, was also meant to encourage interest and, ultimately, increase the number of applicants to Longwood. Suppose we have the following application data: Year 2015 2016 2017 2018 2019 Number of Applicants 5000 5100 6000 6800 7800 Administration points to this post-debate increase in number of applicants as clear evidence that the debate expenses were well worth it - applications increased because of the debate. Why is this conclusion problematic, and why would multiple regression analysis address the problem you identified and, hence, lead to better evidence of a potential impact of the debate on number of applicants?