Suppose a firm is producing in the long run. When it produces 2,000 units of output, its total cost is $6,000. When it produces 2,200 units of output, its total cost is $6,200, and when it produces 2,400 units of output, its total cost is $7,000. This firm is experiencing. returns to scale. decreasing O constant Increasing then decreasing O decreasing then increasing Oincreasing

Q: 9. Cost-benefit analysis A local college is deciding whether to conduct a campus beautification…

A: Excludable - A good is excludable if some person can be prevented from consuming the good.Rivalrous-…

Q: Which bundles give the consumer the same amount of utility? Hamburger bundles r, s, t, and u.…

A: A utility function:The utility function is a function that shows the preferences of the consumers,…

Q: As abatement efforts increase (pollution is reduced., the marginal benefits from abatement and the…

A: The acts and steps done to lessen or control a particular environmental concern, such as pollution…

Q: Imposing higher interest rate may slow down GDP growth and Inflation OA. True B. False

A: Inflation refers to the continuous rise in the overall price level of commodities and services…

Q: Human wealth is given by: the present value of labor income. Health. O human capital accumulation.…

A: Human wealth is the summation of health, experience, skills, education, and income of the people. It…

Q: Fill in the blanks in the following table. Assume for simplicity that taxes are zero. Also assume…

A: Gross domestic product refers to the final value of a goods and services produced in a year in…

Q: Which of the following would cause the Aggregate Supply curve to move from AS to AS2 in the graph…

A: Aggregate demand is the sum of consumption, investment, government spending and net export. This…

Q: In the above figure, if the budget line shifts from RT to RS, the substitution effect is illustrated…

A: The budget line represents the different combinations of two goods that can be purchased with…

Q: The question is based on the following information: Business A produces electrical plugs. It wants…

A: A financial intermediary is an institution or organization that facilitates financial transactions…

Q: The table below sets out cost information for a company. Some values are missing. Which of the…

A: Total cost is the sum of fixed cost and variable cost.=> TC = FC + VC Fixed cost is the cost that…

Q: Units Consumed 0 10 20 30 40 50 60 Total Utility 20 44 54 71 Marginal Utility - 2.0 1.3 0.9

A: Utility means satisfaction. The total utility is the satisfaction generated from the consumption of…

Q: The following graph shows the daily cost curves of a firm operating in a perfectly competitive…

A: In perfect competition, There exists a large no. of sellers and buyers The firm produces where the…

Q: The capital investment cost for a switchgrass-fueled ethanol plant with a capacity of 200,000…

A: The power-sizing technique is used to calculate the cost of a plant with a capacity of 450,000…

Q: The capital investment cost for a switchgrass-fueled ethanol plant with a capacity of 250.000…

A: Capital investment refers to the money that a company spends on things that will help it operate and…

Q: fer to Figure 9-2. Without trade, consumer surplus amounts to a. $6,480. b. $810. c. $3,240. d.…

A: Consumer surplus is the benefit that consumers receive when they buy a product at a price lower than…

Q: Consider the game in Question 2. For which values of e are the strategy profiles (Player 1-A, Player…

A: A game theorist called Nash equilibrium asserts that a player can reach the intended result by…

Q: Demand and supply in the banjo market are Qd = 10-P and Qs = P. Suppose the government wants to make…

A: Deadweight loss is the social cost that society bear when economic activity is eliminated or wiped…

Q: C +1, $500 $400 $300 $200 $100 0 $100 $200 $300 $400 5500 GDP 9. Refer to the above diagram for a…

A: GDP is the sum of consumption,  investment,  government spending and net export. This means, AD = C…

Q: Darlington Company entered into the following business events during its first month of operations.…

A: Your description of the issue has to do with accounting and financial reporting. It focuses on the…

Q: We have determined that Jenny's satisfaction from eating a Snickers bar is 30 utils, whereas Sarah's…

A: Jenny's satisfaction from Snickers = 30 utils Sarah's satisfaction from Sarah = 15 utils Also, Jenny…

Q: A man wants to help provide a college education for his young daughter. He can afford to invest…

A: The annual investment is the amount to be paid at the end of the period. It is paid on an annual…

Q: Income Consumption Sales Tax $10,000 $11,000 20,000 20,000 36,000 60,000 40,000 80,000 b. This sales…

A: A consumption tax imposed by a government on the sale of goods and services is termed a sales tax.…

Q: The figure below shows a perfectly competitive firm. Revenue and cost (dollars per unit) 25 20 15 10…

A: In perfect competition, There exists a large number of buyers and sellers. The firm will produce…

Q: i) ii) Two companies share the bulk of the market for a particular kind of product. Each is now…

A: In game theory, a dominated strategy refers to a choice that is always worse for a player,…

Q: 2. Does the presence of online auction sites, such as eBay, make it easier or harder for traditional…

A: Online auction sites serve as platforms for the exchange of products and services between buyers and…

Q: The graph below represents the costs and revenues for a firm operating in a Monopoly market for…

A: In a monopoly market structure,  There exists a single seller. There exists high barriers to entry…

Q: Suppose a new hormone is discovered that increases the productivity of the workers in producing…

A: The Production Possibility Frontier (PPF) refers to the graphical representation of the maximum…

Q: Complete the table by calculating the "New Market Quantity Supplied" if Ann decided to stop…

A: The equilibrium occurs at a point where the quantity supplied is equal to the quantity demanded. The…

Q: A nation's real GDP was $250 billion in Year 1 and $270 billion in Year 2. its population was 120…

A: The information given can be represented as table Year 1Year 2Real GDP$250$270Population 120125.

Q: alculate marginal utility and marginal utility per dollar for the data provided in the table below:…

A: Price of wine = 4Price of cheese= 0.95Budget= 16.73Marginal Utility: Change in Total utility the…

Q: For the following question(s), suppose an economy produces only pens and pencils, and that the…

A: Gross Domestic Product: GDP is a measure of the total economic output of a country or region over…

Q: What do you mean by import tariff and import quota? Take an example and discuss the difference…

A: International trade enables countries to exchange commodities and services at their own pace, much…

Q: From the equity-deposit insurance game, describe the differences in incentives resulting from the…

A: This can be described as a form of market in which no single producer or consumer has the power to…

Q: Answer is not 23,000. Need only a handwritten solution only (not a typed one).

A: The annual worth is the sum of all benefits and expenditures incurred over the course of a year. As…

Q: For each item, indicate the likely impact on the supply and demand for paperback books. Then…

A: Equilibrium Price is the price at which the quantity of a product demanded by consumers equals the…

Q: 3. Welfare effects of a tariff in a small country Suppose Kenya is open to free trade in the world…

A: The world price is given as $400 At $400, Country K participates in trading activities. In another…

Q: Consider the market represented by the figure to the right. Suppose this market has one firm. If the…

A: In a monopoly, there is a single seller producing unique product. Marginal revenue lies below the…

Q: A proposed cost-saving device has an installed cost of $550,000. It is in Class 8 (CCA rate = 20%)…

A: Installation cost  = 550,000CCA (Depreciation ) =  20% Useful Life = 5 years Tax rate = 35%

Q: Question 9 When Marginal Product of Labor intersects the Average product of labor, minimum average…

A: The Marginal product is the change total product when additional unit of labor is used. The AP is…

Q: Suppose E decreases by 2 %. Which of the following will have occurred as a result of this reduction…

A: Nominal exchange rate is the rate at which one country's currency can be exchanged for another…

Q: What does zero economic profits in the long-run mean to the owner of a business operating in a…

A: In a perfectly competitive market, businesses operate in an environment where there are numerous…

Q: The information below applies to a competitive firm that sells its output for $50 per unit. . • When…

A: A perfectly competitive firm sells its output for $50 per unit.The average total cost of producing…

Q: 28. An increase in national saving will cause real interest rate ar change in which of the following…

A: The loanable funds market determines the equilibrium interest at the intersection of the loanable…

Q: The gains and loss from selling one more unit Sean's Fire Engines is the sole seller of fire engines…

A: Total revenue is the product of price charged and the quantity sold. It is the total amount of…

Q: 1. What would be the level of excess reserves if the required reserve ratio were 20%?     a) There…

A: Fractional reserve banking is a banking system where banks retain only a portion of their deposited…

Q: Light emitting diode (LEDs) light bulbs have become required in recent years, but do they make…

A: The break-even point is a concept for businesses because it helps to understand the minimum level of…

Q: The primary cause of high inflation or hyperinflation is A a continuing decline in velocity.

A: Hyperinflation is a situation when the general price level of goods and services in an economy rises…

Q: Suppose you are given the following utility schedules and budget for a consumer and the price of…

A: Marginal utility refers to the change in total utility when one additional unit of good is consumed.

Q: If you borrow $500 at an interest rate of 4% per year for two years, how much interest will you have…

A: The concept of simple interest involves the calculation of interest on a fixed principal amount over…

Q: Question 17 A farmer can make accounting profits $80,000 per year planting corn, $60,000 per year…

A: Opportunity cost refers to the cost of a foregone opportunity. The cost involved when an opportunity…