Pizzas (millions per year) 3 2 3 4 5 6 Tacos (millions per year) The figure above shows a nation's production possibilities frontier. In the figure, point B shows O a point that is unattainable. O a point that is efficient a point with a free lunch. a point with no tradeoff. O a point at which there are unemployed resources.
Q: Given the above graph, what are the imports and exports for this country? a- It imports 25…
A: The free trade refers to restriction free trade. The government does not impose any kinds of taxes…
Q: Suppose that demand for a good increases and, at the same time, supply of the good decreases. What…
A: Equilibrium price:The equilibrium price is the price at which the quantity demanded equals the…
Q: UI. In American football, the offense can either run the ball or pass the ball, whereas the defense…
A: Disclaimer- “Since you have asked multiple questions, we will solve the first three questions for…
Q: TRUE-FALSE: Is the following statement true of false? “Suppose that the demand curve for an…
A: This can be defined as a cost that shows the type of cost that an individual, business, or any other…
Q: 4. Assume that sea-levels are rising due to climate change. Florida is a state with many ocean-front…
A: In economics, capitalization alludes to the most common way of deciding the present value of an…
Q: d. What is total autonomous expenditure? Total autonomous expenditure is $ 500 The marginal…
A: MPS or marginal propensity to spend refers to the percentage of income spent on goods and services.…
Q: muffins 20 15 10 5 0 Select one: 2 6 bread a. 2 units of bread 8 00 b. The gain in muffin production…
A: Opportunity cost is a fundamental concept in economics that represents the value of the next best…
Q: In antitrust law, "price-fixing" refers to Multiple Choice O a company paying its suppliers a fixed…
A: Antitrust law refers to the law which protects consumers from unfair and unethical trade…
Q: PROMPT: 900,000 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 Price (dollars per…
A: The demand and supply of new homes in 2022 is orovided below:The equilibrium is 3 million houses and…
Q: Activities in input markets include OA. households paying businesses money for food. OB. households…
A: The Circular Flow Model is a simplified representation of the way goods, services, and money flow in…
Q: South African electricity generation is dominated by a monopoly, ESKOM. Develop an economic…
A: Economic Intervention:Government or regulatory actions aimed at influencing or managing economic…
Q: 27. A fall in the price of milk, used in the production of ice cream, will: A. Decrease the supply…
A: A supply curve depicts the positive relationship between the price of a product and the quantity…
Q: 7-12 A Compute the rate of return on the following investment. Year Cash Flow -$8000 0 1 2 3 4 5 0…
A: Rate of return (RoR) is a calculation of the gain or loss on an investment relative to the starting…
Q: Consider the Solow-Swan growth model, with a savings rate, s, a depreciation rate,8, and a…
A: ***Since the student has asked for some specific subparts to be solved, the expert is required to…
Q: 5 ΟΟΟΟ 4 3 2 1 2 first increases, then decreases X 4 Refer to Figure 6. As the consumer moves from A…
A: Marginal rate of substitution (MRS): it is the slope of the indifference curve, and it tells us that…
Q: For each of the proposals, use the previous graph to determine the new number of laboratory aides…
A: Demand-supply equilibrium:The demand function reflects an individual’s willingness to pay for each…
Q: If the income elasticity of demand for a good is -2.5, then
A: Income elasticity is the responsiveness of quantity demanded to the change in income.Income…
Q: Suppose that people consume only three goods, as shown in this table: 2020 Price Quantity 2021 Price…
A: The Consumer Price Index calculates the average change over time in the prices paid by city…
Q: Refer to the figure. In order to profit maximize, the monopolist should: Charge a price of $16 in…
A: The price discrimination practice is followed by the monopoly firm to maximize profit. Monopoly…
Q: Place the orange line (square symbol) on the following graph to show the most likely long-run supply…
A: A supply curve is a graphical representation of quantity supplied at each possible price. The supply…
Q: Exercise 2 Juliette spends $48 each month on salt and vinegar chips (which cost $3 per bag) and Oreo…
A: The budget line represents all combinations of goods that a consumer can afford given her income and…
Q: For a good that is a necessity a. quantity demanded tends to respond substantially to a change in…
A: A necessary good is something which a consumer has to consume to survive e.g. medicines,…
Q: Assume that 25 years ago your dad invested $260,000, plus $32,000 in Year 2 through 5, and $49,000…
A: In economics, future value means to the value of an asset or investment at a specified future date,…
Q: Does job control unionism promotes workplace justice, or is it simply a form of worker control…
A: Job control unionism is like a rulebook for workplaces. It’s a system that was created to protect…
Q: Explain why per capita real gross domestic product (GDP) is a better measure of a nation's standard…
A: Standard of living:- A country's or nation's standard of living is a representation of the country's…
Q: "Fracking" is a relatively new technology that allows drillers to extract significantly larger…
A: The LRAS is vertical and it shows the maximum potential output that can be produced with available…
Q: Starting a gluten free and nut free restaurant has been a lifelong dream of Sydney Quintero, since…
A: The Maximax strategy involves making a decision that maximizes the potential benefits or outcomes by…
Q: The graphs below depict the initial market for labor (on the left) and the macroeconomic production…
A: The labor market refers to the marketplace or environment in which individuals (job seekers or…
Q: Gabriel the consumer, has preferences over goods x and y that are perfect substitutes, where utility…
A: Utility means satisfaction. The total utility is the satisfaction generated from the consumption of…
Q: In a fractional-reserve banking system, each bank lends out 100% of deposits and does not keep…
A: This can be defined as a concept that represents a situation in which the spending of the private…
Q: 2. A key factor in analyzing the industry-level effect of an environmental regulation is to study…
A: Market equilibrium is a state in which the quantity of a good or service demanded by buyers is equal…
Q: Cases of simultaneous change in demand and supply Practice drawing graphs to explain claims in the…
A: The link between the amount of a product provided and its price, while maintaining other variables…
Q: In the model of monopolistic competition, an increase in industry output will cause individual…
A: Monopolistic competition is a type of market where there are many sellers and buyers. Sellers sell…
Q: A charity organization will donate for the education of indigent students. The donation will be…
A: The given problem can be represented using a cash flow diagram.The interest rate is 20% compounded…
Q: Suppose that for Abraham, the income elasticity of demand for movie tickets is +0.25, and for Sarah,…
A: Person A and Person S both demand movie tickets for their given level of income. Person A's demand…
Q: he quantity demanded (QD) of a soft drink brand A has decreased. This could be because: i) A’s…
A: Quantity demanded is the particular amount of goods and services consumers will buy at a particular…
Q: a. On the basis of the three individual demand schedules below, and assuming these three people are…
A: The market demand curve for public goods refers to the price society is willing to pay for a given…
Q: (Figure: Market for Timber) Refer to the figure which shows the market for timber. Which of the…
A: Tax is a mandatory payment by the individual to society. The tax amount is collected by the…
Q: The graph shows the demand curve for ice cream cones and the market price of an ice cream cone. Draw…
A: When customers pay less for a good or service than they are willing to, this is known as a consumer…
Q: Your total benefits from spending time with your spouse are shown in the following table. Hours per…
A: The overall benefit received from spending time with the spouse is given as follows. Number of…
Q: Demand is said to be inelastic if a. buyers respond substantially to changes in the price of the…
A: The price elasticity of demand is a measure of responsiveness of the quantity demanded by buyers to…
Q: Refer to Figure: Policy Alternatives. In panel (b), the economy is initially in short-run…
A: In panel (b), the short-run equilibrium occurs at real GDP level Y1 and price level P2. The…
Q: Assume, in producing one unit of a good X, an agent can exert either the good effort (G) or the bad…
A: In this economic scenario, an agent can choose between two efforts, "good" or "bad," affecting…
Q: 30. Refer to figure (6-1) Figure (0-1) c. $9. d. $5. Which of the following price cellings would be…
A: A price ceiling is a control on the price imposed by the government which is the highest price that…
Q: For each of the regions, use the midpoint method to identify whether the supply of this good is…
A: Price elasticity of supply (PES) is a metric that gauges the responsiveness of the quantity (Q) of a…
Q: Question 1 The market for drones is perfectly competitive. Labor is the only variable input. The…
A: Fixed cost is the cost that does not change when there is a change in the quantity of output.…
Q: Using the economic way of thinking, explain why politicians might want to drag their feet on fixing…
A: Economic analysis is the method involved with inspecting and assessing economic data, information,…
Q: Exercise 4 by the quasilinear utility function u(x, y) = x¹/² + y. a) Derive his demand functions of…
A: Utility maximization problem: With the given prices and the income, a consumer chooses his…
Q: The equilibrium price in this market is $ Price (Dollars per shirt) Sho 40 60 Complete the following…
A: Households in the market for shirts represent the demand (dd) side of the shirt and firms represent…
Q: An entrepreneur's most recent venture is selling robots that he builds and programs himself. At a…
A: It measures how the quantity demanded changes when there is a price change. The elasticity of demand…
Step by step
Solved in 4 steps
- Table 19.15 shows how the average costs of production for semiconductors (the "chips" in computer memories) change as the quantity of semiconductors built at that factory increases. a. Based on these data, sketch a curve with quantity produced on the horizontal axis and average cost of production on the vertical axis. How does the curve illustrate economies of scale? b. If the equilibrium quantity of semiconductors demanded is 90,000, can this economy take full advantage of economies of scale? What about if quantity demanded is 70,000 semiconductors? 50,000 semiconductors? 30,000 semiconductors? c. Explain how international trade could make it possible for even a small economy to take full advantage of economies of scale, while also benefiting from competition and the variety offered by several producers. Quantity of Semiconductors 10,000 20,000 30,000 40,000 100,000 Table 19.15 Average Total Cost $8 each $5 each $3 each $2 each $2 eachCom 120.000 80,000 40.000 B C A B the opportunity cost of that shift is 40,000 units of corn. 5.000 10.000 15.000 In the above graph, if the economy is currently producing at point C and then shifts production to point B, then A the economy moved from one efficient point to another efficient point. Robots moved from an inefficient point to an efficient point.A production possibility frontier corn. The farmer can grow 80 bushels of soybeans or 160 bushels of corn on each acre of land. The price of soybeans is $13.20 per bushel. The price of corn is $5.85 per bushel. A farmer can grow soybeans or What is the opportunity cost (in dollars) per acre to grow soybeans? Corn? Which crop (pick only one) do you think the farmer will produce? Why?
- Soybean (bushels per year) Chicken (Pounds per year) 500 0 400 300 200 500 0 600 9.) If the farm uses its resources efficiently, what is the opportunity cost of an increase in chicken production from 300 pounds to 500 pounds a year? Explain your answer.ple Choice ý the letter of the choice that best completes the statement or answers the question. 1. Which of the following is an example of lower production costs brought about by the use of technology? the delivery costs of gasoline to the consumer by diesel trucks the use of e-mail to replace slower surface mail а. b. the making of breads and pastries in local shops rather than large bakeries the importing of fresh vegetables from South America rather than using canned vegetables- с. d. 2. What is the effect of import restrictions on prices? They cause prices to drop. b. a. They cause prices to rise. They often cause prices to rise steeply and then drop. d. They usually do not have any lasting effect on price. с. 3. What do sellers do if they expect the price of goods they have for sale to increase dramatically in the future? sell the goods now and try to invest the money instead of resupplying sell the goods now but try to get the higher price for them store the goods until the…Output Mathew Danar bagels 9 4 cream cheese 12 9 What is Mathew's opportunity cost for 9 units of bagels? What is Mathew's opportunity cost for 1 unit of bagels? What is Danar's opportunity cost for 4 units of bagels? What is Danar's opportunity cost for 1 unit of bagels? What is Mathew's opportunity cost for 12 units of cream cheese? What is Mathew's opportunity cost for 1 unit of cream cheese? What is Danar's opportunity cost for 9 units of cream cheese? The table shows the maximum amount of bagels and cream cheese that Mathew and Danar can produce with the same amount of resources. What is Danar's opportunity cost for 1 unit of cream cheese? units of (select unit) units of (select unit) units of (select unit) units of (select unit) units of (select unit) units of (select unit) units of (select unit) units of (select unit)
- Final Year Exam: Economics 3 of 24 The definition of Product Possibility Frontier is The graph which indicates the various production possibilities of two products when resources are fixed. The graph that shows the highest amount of money a person can make over a period of time. The graph that shows how supply and demand works. The graph that tells us how well an economy is doingIf a producer is producing at point z and wants to move to point X, then what is the trade-off? How do you find trade-off? 20 gallons of milk 3 lbs of cheese 7 lbs of cheese 10 gallons of milkThe quantities shown are taken from a production possibilities frontier for an economy with diminishing returns. The blank in the table could be which value? Bags Courses 40 300 60 ? 80 100
- This diagram represents the production possibility frontier of a Country. Point A has coordinates (0 S; 1.000 T) Point B has coordinates (2.000 S;OT) Point C has coordinates (1,200 5; 600 T) You are told that P(S)/P(T) is 0.5. What is the production point that is most likely to be chosen in equilibrium between A, B and C? GO 8 B SQuèstion 16 any point under the production possibility frontier represent O unemployment O inflation O growth O efficiency4. A zoo cannot have everything it wants. It has to make choices. The zoo committeehas decidea that it can have several concession stands. It has to decide how many popcorn stands and how many cotton candy stands to have scattered around the zoo, The committee made up a table of the different combinations depending upon what the committee has determined to be the cost of each stand. Now the committee has to decide what combination is right. a. Use the table below to graph & label a Production Possibilities curve on the grid below Popcorn or Cotton Candy Popcorn, Cotton Candy Popcorn 10 1 9 2. 4 4 Cotton Candy b. Next, label a point of underutilization (inefficiency). Call it Point A, Next, label apoint of efficiency. Call it Point B. Last, label a point that is now unattainable. Call it Point C. c. Look at the table: To get one popcorn stand, how many cotton candy stands have to be given up (marginal/opportunity cost)? 10 -9 = ? d. What is the marginal/opportunity cost of 3 popcorn…