Q) The supply of a good declines. Will total revenue after the decline in supply be...
Q) The supply of a good declines. Will total revenue after the decline in supply be greater than, less than, or equal to total revenue before the decline in supply? Explain your answer.
Would be greatly appreciated if the answered in 5senteces by your own, not copy and paste one
Homework Answers
Total revenue is basically P*Q when any one price or quantity changes the total revenue will change . Change in total revenue will depend on elasticity of demand and supply. When elasticity of demand is 0 ..TR will increase . If elasticity of demand is infinity TR will decrease ..when elaticity is 1 then their will be no change in TR .Soo it clearly depend on elasticity .
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Q) The supply of a good declines. Will total revenue after the
decline in supply be...
Is it possible for the average total cost curve to decline if the marginal cost curve...
Is it possible for the average total cost curve to decline if the marginal cost curve is rising? Explain your answer. Would be greatly appreciated if it answered in 5sentences by yout own not copy and paste
Q) If total utility declines, can a marginal utility be positive? Explain your answer. Would be...
Q) If total utility declines, can a marginal utility be positive? Explain your answer. Would be greatly be appreciated if answered in 5 sentences and by your own,
Q) A Tax is placed fully on the sellers of a good. If the demand for...
Q) A Tax is placed fully on the sellers of a good. If the demand for the good is perfectly inelastic, who ends up paying the tax? Explain and diagrammatically represent your answer Will be greatly appreciated if the answer is in 5sentences and by your own.
Q) Do you think Monopoly business practice is so bad for the general public's welfare? why?...
Q) Do you think Monopoly business practice is so bad for the general public's welfare? why? or why not? Explain based on cost and benefit analysis of social welfare. Would be greatly appreciated if the answered in 5sentences by your own, not copy and pasted
Diagrammatically represent a perfectly competitive firm that is incurring short-run losses. But still is better off...
Diagrammatically represent a perfectly competitive firm that is incurring short-run losses. But still is better off continuing to produce than shutting down. Would be greatly appreciated if answered in 5sentences and by your own written, not copy and paste please.
1) In your own words, explain what elasticity of supply is signifying. (Put in your own...
1) In your own words, explain what elasticity of supply is signifying. (Put in your own words – just don’t copy and paste the notes.) 2) Explain why a tax levied on a good with elastic supply will bring in less revenue for the government than one placed on a good with inelastic supply. 3) Briefly explain why both the Elasticity of Demand and the Elasticity of Supply are greater (that is, more elastic) at longer time horizons compared...
The profit-maximizing (or loss-minimizing) perfectly competitive firm will want to produce the quantity of output at...
The profit-maximizing (or loss-minimizing) perfectly competitive firm will want to produce the quantity of output at which the difference between MR and MC is greatest, DO you agree or disagree with this statement? Explain your answer, Would be greatly appreciated answered in 5sentences by your own, not copy and pasted please.
3. The market supply and demand for a product are shown in the diagram below. O...
3. The market supply and demand for a product are shown in the diagram below. O PRICE $6 Supply Demand 080 200 QUANTITY (a) Is the price elasticity of supply less than one, equal to one, or greater than one? Explain. (b) Calculate consumer surplus at the equilibrium price. Show your work. (C) Now suppose the government imposes a per-unit tax of $1 on producers. (i) What happens to total revenue received by producers after they pay the tax to...
A good is considered normal when its income elasticity of demand is ___ and inferior when the...
A good is considered normal when its income elasticity of demand is ___ and inferior when the its income elasticity of demand is ___. Greater than zero, less than zero. Less than zero, greater than zero. Greater than one, less than one. Less than one, greater than one. If an increase in prices decreases total revenue in the short run, what will it do to total revenue in the long run? It will decrease total revenue in the long run. It...
Suppose the supply of a good is given by the equation Q 800P 2,400, and the...
Suppose the supply of a good is given by the equation Q 800P 2,400, and the demand for the good is given by the equation 2,000-200P , where quantity (Q) is measured in millions of units and price (P) is measured in dollars per unit. The government decides to levy an excise tax of $2.00 per unit on the good, to be paid by the seller. Calculate the value of each of the following, before the tax and after the...
3. The market supply and demand for a product are shown in the diagram below. O PRICE $6 Supply Demand 080 200 QUANTITY (a) Is the price elasticity of supply less than one, equal to one, or greater than one? Explain. (b) Calculate consumer surplus at the equilibrium price. Show your work. (C) Now suppose the government imposes a per-unit tax of $1 on producers. (i) What happens to total revenue received by producers after they pay the tax to...
Suppose the supply of a good is given by the equation Q 800P 2,400, and the demand for the good is given by the equation 2,000-200P , where quantity (Q) is measured in millions of units and price (P) is measured in dollars per unit. The government decides to levy an excise tax of $2.00 per unit on the good, to be paid by the seller. Calculate the value of each of the following, before the tax and after the...
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