Q: To economists, the main difference between the short run and the long run is that: Question 17…
A: In economics, the short-run and long-run perspectives are typically used to analyse a corporation.…
Q: sider the diagram below showing a consumer's choice of goods (Trainers and Electricity), following a…
A: When the price of a good change then its demand also changes and we call it price effect. This price…
Q: A cost incurred in the production of a good or service and for which the firm does not need to make…
A: The entire amount spent on resources or inputs needed to produce finished goods or services is…
Q: Boom Time For "Gently Used" Clothes Most retailers are blaming the economy for their poor sales, but…
A: Normal goods are goods for which demand increases as consumer income rises. These goods have a…
Q: Which of the following statements is true? a. A company can manipulate uncontrollable factors to…
A: This question spins around the central comprehension of an organization's capacity to impact factors…
Q: Question 4 Figure: Market for Vaccines $20 15 10 1.200 1.500 1.800 2.400 The figure represents the…
A: An external benefit, otherwise called a positive externality, happens when the consumption or…
Q: According to the figure, if the price is $4, there is a: O surplus of 375 units, and the price will…
A: There is shortage in the market if, at a particular price, quantity supplied is lower than the…
Q: A firm sells a product in a purely competitive market. The marginal cost of the product at the…
A: In perfect competition, There exists a large number of buyers and sellers. The firm will produce…
Q: The data in the above table indicate that the unemployment rate is at the natura rate of…
A: The long-run aggregate supply curve depicts the potential level output of the country that can be…
Q: Suppose the price elasticity of demand for product X is 0.5. In order to increase total revenue, the…
A: Demand is a word which denotes the amount of goods that consumers buy at a given market price. It is…
Q: = (a) Mr Jones has utility function U(A,B)= AB. He loses b bananas, reducing his banana holding to…
A: Utility is the total satisfaction that the consumer derives from the consumption of the two goods.
Q: explain What can be a key factor to consider to ensure long-term economic growth as planned?A.…
A: The objective of the question is to identify the key factor that can ensure long-term economic…
Q: Yana initially charged $80 for an hour-long massage and averaged 20 clients per week. When she…
A: Price elasticity of demand helps the economist to measure how demand for items or services may…
Q: Figure: Tariffs Price X World 1130 NO O $90, 1,150 Domestic O $60, 650 O 500, 1,150 O $40, 1,800…
A: A tariff is a duty charged on imports of goods. A country that imports a great deal of goods from…
Q: Lucy quits her psychiatrist job that pays $200 an hour and opens lemonade business. At the same…
A: Opportunity cost basically refers to the cost of next best forgone. It is the cost of something that…
Q: Using Okun's law, fill in the four pieces of missing data in the table below. All of the following…
A: Disclaimer- “Since you have asked multiple question, we will solve the first three question for you…
Q: A manufacturer has been selling 1000 television sets a week at $400 each. A market survey indicates…
A: The selling price for each TV is the total number of flat-screen TVs sold And, for each rebate…
Q: 1. It is often said that the Federal Reserve Board typically cares more about inflation and less…
A: Federal reserve system often known as "fed" is the central bank of the united states. It uses its…
Q: Question 3 In March 2023, imports for the US exceeded their exports by $60.6 billion. In June 2023,…
A: The buyers and sellers exchange goods in the international borders is known as international trade.…
Q: a) Suppose that the demand for pizzas were to increase by 105 pizzas per day. Show the new demand,…
A: The demand curve shows the inverse relationship between price and quantity demanded. The supply…
Q: The per-unit standards for direct labor are 2 direct labor H was $30000 for 4000 direct labor hours…
A: According to the question, Production unit - 2400 unitsLabor cost - $30000 for 400 labor hoursTotal…
Q: Would a decrease in the wage rate (or some other short-run variable input price) shift down the…
A: Marginal Cost Curve: A graphical representation showing the additional cost incurred by producing…
Q: 5. Fiscal policy, the money market, and aggregate demand Suppose there is some hypothetical economy…
A: Since you have posted multiple questions, we will provide the solution only to the first question as…
Q: Suppose that the population growth rate of a developing economy drops. Using carefully labeled…
A: Solow model of growth, or the Solow model is a model developed by Robert Solow in contrast with…
Q: Required information A process for producing the mosquito repellant Deet has an initial investment…
A: Breakeven production happens when total revenue equals total costs, bringing about neither profit…
Q: 4. Questions and Problems 4 In 2017, the top 10% of income earners earned of total income and paid…
A: The United States central bank known as the Federal Reserve regulates monetary policy. It is…
Q: gure: Loanable Funds erest ate 6% S D $100 Quantity of loanable fund (billions of dollars n the…
A: A reversible process, or one that moves in both directions, reaches equilibrium when the ratio of…
Q: Directions: As you read through the senior below, please identify all sources of revenue for the…
A: Tax:Tax is the money paid to the government by the people of the country, This tax is the income of…
Q: Economic profits may result from: O a. innovation b.risk taking Oc.…
A: Profit is the financial addition or advantage that a business or individual acknowledges when the…
Q: Q1) A new highway is being evaluated at an interest rate of i= 5.5%. Use capitalized cost to…
A: This can be defined as the tool that is used by the individual, business, or any other organisation…
Q: Scenario 21-3 Scott knows that he will ultimately face retirement. Assume that Scott will experience…
A: Saving alludes to the demonstration of setting to the side a part of one's income or resources for…
Q: We are evaluating a project that costs $729,600, has an eight-year life, and has no salvage value.…
A: The cash break-even, accounting break-even, and financial break-even points are among the different…
Q: Show that if the economy’s aggregate supply curve is vertical, fluctuations in the growth of…
A: Aggregate demand curve shows the inverse relationship between price level and real GDP. AD curve is…
Q: Show using a graph how the following shocks would affect equilibrium output. (Which parameters in…
A: Equilibrium occurs when aggregate demand and aggregate supply are equal. The aggregate demand shock…
Q: Table 3 Types Hardcover Price Paperback $9.99 Q $27.95 0.5 millions $1.50 AC 1 millions Option 1:…
A: Profit:Profits are the amount that any firm earns when the total costs are subtracted from the total…
Q: Price per Pound (dollars) $16 14 12 10 8 6 4 2 Quantity of Cheese Demanded (pounds) between $14 and…
A: Price elasticity is calculated as the percentage change in quantity demanded divided by the…
Q: 29. Suppose the absolute value of elasticity of demand for flat screen TVs is 3.00 and the…
A: Tax incidence:It is a necessary payment that is made to the government for the consumption of goods…
Q: Which of the following is an example of structural unemployment? A. A teacher who is temporarily…
A: In an economy structural unemployment arises due to a mismatch between skills and job requirements,…
Q: 1. Suppose that the long-run real interest rate is 1% and the Fed has an inflation target of 2% (a)…
A: Nominal interest rate is one kind of interest which is levied on any kind of loan or investment. But…
Q: Fill in the Blanks Type your answers in all of the blanks and submit X₂ Xº Ω· Assume you consume…
A: The consumer preferences are provided as a ratio 3:2.The income level is $280The price for P is $20…
Q: In workout problem 8.4, Maude thinks delphiniums and hollyhocks are perfect substitutes, one for…
A: Delphiniums and hollyhocks are perfect substitutes in a one-to-one ratio. This implies Maude is…
Q: How quickly does GDP need to grow in order to provide for population growth?
A: Gross Domestic Product (GDP) is a comprehensive measure used to gauge the total economic output of a…
Q: Mobile phone networks Predatory roaming They were in the bank, toting guns, as lots of money…
A: In the roaming market, collusion pertains to the possibility of collaboration amongst mobile…
Q: 15. In the equation of exchange, the letter "V" stands for a. variance. b. validity. c. volume. d.…
A: The equation of exchange, planned asM*V = P*Q is an essential idea in money related financial…
Q: Price of Gasoline P3 P₂ P₁ 0 9₂ 9₂ 52 D S₁ Price Ceiling Quantity of Gasoline Refer to the figure…
A: The demand curve is the downward-sloping curve. The supply curve is the upward-sloping curve. The…
Q: 4. A different economy can be modeled with these équations: C = 150+ b Yd₁ F = 260, 16 = 20₁ |X= 280…
A: C=150+b*YdIn consumption function, b is marginal propensity to consume (MPC).MPC tells how much…
Q: The graph displays the marginal cost and marginal revenue curves for a perfectly competitive firm. X…
A: Marginal revenue refers to the additional revenue earned by selling one additional product. In a…
Q: O The demand curve for a product is given by Qo= 400-20P and the supply curve for a product is given…
A: Demand and supply are fundamental economic concepts that describe the relationship between the…
Q: Oil prices are on track to reach $100 a barrel this month for the first time in 2023 after surging…
A: The question is asking about the type of inflation that could occur in South Africa due to a rise in…
Q: good day kindly assist Which of the following measures may assist the SARB in decreasing the money…
A: It can be defined as a concept that shows how much currency of one nation is valuable in terms of…
What are the impacts of
Step by step
Solved in 3 steps
- Is absolute advantage or comparative advantage more important for trade? Give an ExampleWhat distinguishes comparative advantage from absolute advantage in production?What is absolute advantage? What is comparative advantage? Under what conditions does comparative advantage lead to gains from trade?
- Explain the difference between absolute advantage and comparative advantage. Which is more important in determining trade patterns, absolute advantage or comparative advantage? Why?What is the difference between absolute advantage and comparative advantage in decisions to trade with another country?Give three examples of trade in servieces and explain how comparative advantage may play a role in them. Do you think there are other factors at work than comparative advantage?