Homework Answers
The incorrect coefficient in the supply function is 30
It is so because the wage is the cost of production and as wage increases the supply will decreases so the coefficient is incorrect because supply and wages are negatively related so the coefficient of wage should be negative not positive
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Question 4 0.25 pts Refer to the following supply function, answer Questions 4 and 5: QSA...
Question 5 0.25 pts 5. Regardless of the correct answer in the previous question, we assume...
Question 5 0.25 pts 5. Regardless of the correct answer in the previous question, we assume the coefficient (- 5) for Pwis correct for now. Then what can we infer about the relationship between almond and walnut? They are _ in production. complements substitutes by-products for each other inputs to each other Refer to the following supply function, answer Questions 4 and 5: Qsa = - 50 + 10PA +30Wage - 5Pw Where QsA is quantity supplied of almond; Pa...
Question 17 0.25 pts 17. If both supply and demand increase, will increase, and is unclear....
Question 17 0.25 pts 17. If both supply and demand increase, will increase, and is unclear. O a. price; quantity O b.supply; quantity O c.quantity; price O d. quantity; supply Question 18 0.25 pts 18. Lower resource cost will cause price to decrease. O True O False oo Question 19 0.25 pts 19. Turkey and chicken are substitutes. The price of turkey falls. As a result, we expect the price of chicken to increase. O True O False Question 20...
Plz give answer to follwoing multiple choices Question 1 0.25 pts market, the product is homogeneous,...
Plz give answer to follwoing multiple choices
Question 1 0.25 pts market, the product is homogeneous, and there are many buyers and 1. In a sellers. a. monopoly Ob.competitive O c. simple O d. complex Question 3 0.25 pts 3. The effect describes the change in consumer purchasing power that occurs when the price of a good changes. O a. demand O b.supply O c. income O d. substitution Question 4 0.25 pts 4. The price of chicken has doubled....
Question 25 6 pts Clearly type out your answer to parts (A), (B) and (C) in...
Question 25 6 pts Clearly type out your answer to parts (A), (B) and (C) in the space provided. Retain all of your handwritten work for this question to be uploaded separately after you have completed the exam. Every farmer in the perfectly competitive market for almonds have the same long run cost function, where q is pounds of almonds: C = 10q - 2q? +(1/6)q3 (A) What is the market price for almonds per pound? (B) What is the...
Question 14 5 pts The supply function for slow cookers is S(p) = p - 5,...
Question 14 5 pts The supply function for slow cookers is S(p) = p - 5, while the demand function is D(P) = 317 - p. In the above equations, p is the price of a slow cooker. The government imposes a $48 tax on the producers of slow cookers. Calculate the price that the supplier receives for a slow cooker. Question 15 5 pts The demand function is: D (p) = 42 - p, while the supply function is...
4. The following supply function was estimated for milk: Qs 120P-44F-80W+ 132T, where: Qs is the...
4. The following supply function was estimated for milk: Qs 120P-44F-80W+ 132T, where: Qs is the quantity supplied (4,400 ewt. Average) P is the milk price ($11.00/cwt. F is feed cost (S60/ton average) W is average hourly wage paid for labor ($8.25/hour average T is an index of technology (average is 6). SHOW YOUR WORK. (a) Compute the own price elasticity of supply. (b) Compute the elasticity of supply with respect to feed cost. (c) Compute the elasticity of supply...
Incorrect Question 4 0/1 pts Supply Rent ceiling Demand Quantity of apartments Refer to the figure...
Incorrect Question 4 0/1 pts Supply Rent ceiling Demand Quantity of apartments Refer to the figure above. Which surface(s) describe(s) the consumers dead-weight loss, as a result of this price ceiling? O B+C D+E C+E
Question 20 3.75 pts Exhibit 4-10 Supply and demand data for apricots Bushels supplied Bushels demanded...
Question 20 3.75 pts Exhibit 4-10 Supply and demand data for apricots Bushels supplied Bushels demanded Price per per month bushel 50 $5 55 4 per month 80 75 70 60 3 165 2 65 70 1 55 Which of the following would occur if the government set a price ceiling of $1 in the market shown in Exhibit 4.10? Farmers would reduce the number of acres allocated to the growing of apricots. Buyers would not want to purchase all...
Question 13 5 pts Determine whether the function is one to one or not: {(-3,-5) (-2,-4)...
Question 13 5 pts Determine whether the function is one to one or not: {(-3,-5) (-2,-4) (-1, -3) (0, -2)(-1,-1) (-2, 0) (-3, 1)} Yes No, it is not one to one Oo oo Not a function None of the above. 5 pts Question 14 Find the inverse of the function: f (x) = x3 + 13 f'(x) = V2 - 13 y=2-13 33 = 2 - 13 None of the above. Question 15 5 pts Given f (x) =...
4. Here is a function that is either a demand function or a supply function (but...
4. Here is a function that is either a demand function or a supply function (but not both): A change occurs so that the following function now represents the situation: We can conclude that (circle the appropriate conclusion on the answer sheet). a. demand has increased b. demand has decreased c. supply has increased d. supply has decreased e. quantity supplied has decreased f. quantity demanded has decreased g. quantity demanded has increased h. quantity supplied has increased 6. Circle...
Question 5 0.25 pts 5. Regardless of the correct answer in the previous question, we assume the coefficient (- 5) for Pwis correct for now. Then what can we infer about the relationship between almond and walnut? They are _ in production. complements substitutes by-products for each other inputs to each other Refer to the following supply function, answer Questions 4 and 5: Qsa = - 50 + 10PA +30Wage - 5Pw Where QsA is quantity supplied of almond; Pa...
Question 17 0.25 pts 17. If both supply and demand increase, will increase, and is unclear. O a. price; quantity O b.supply; quantity O c.quantity; price O d. quantity; supply Question 18 0.25 pts 18. Lower resource cost will cause price to decrease. O True O False oo Question 19 0.25 pts 19. Turkey and chicken are substitutes. The price of turkey falls. As a result, we expect the price of chicken to increase. O True O False Question 20...
Plz give answer to follwoing multiple choices
Question 1 0.25 pts market, the product is homogeneous, and there are many buyers and 1. In a sellers. a. monopoly Ob.competitive O c. simple O d. complex Question 3 0.25 pts 3. The effect describes the change in consumer purchasing power that occurs when the price of a good changes. O a. demand O b.supply O c. income O d. substitution Question 4 0.25 pts 4. The price of chicken has doubled....
Question 25 6 pts Clearly type out your answer to parts (A), (B) and (C) in the space provided. Retain all of your handwritten work for this question to be uploaded separately after you have completed the exam. Every farmer in the perfectly competitive market for almonds have the same long run cost function, where q is pounds of almonds: C = 10q - 2q? +(1/6)q3 (A) What is the market price for almonds per pound? (B) What is the...
Question 14 5 pts The supply function for slow cookers is S(p) = p - 5, while the demand function is D(P) = 317 - p. In the above equations, p is the price of a slow cooker. The government imposes a $48 tax on the producers of slow cookers. Calculate the price that the supplier receives for a slow cooker. Question 15 5 pts The demand function is: D (p) = 42 - p, while the supply function is...
4. The following supply function was estimated for milk: Qs 120P-44F-80W+ 132T, where: Qs is the quantity supplied (4,400 ewt. Average) P is the milk price ($11.00/cwt. F is feed cost (S60/ton average) W is average hourly wage paid for labor ($8.25/hour average T is an index of technology (average is 6). SHOW YOUR WORK. (a) Compute the own price elasticity of supply. (b) Compute the elasticity of supply with respect to feed cost. (c) Compute the elasticity of supply...
Incorrect Question 4 0/1 pts Supply Rent ceiling Demand Quantity of apartments Refer to the figure above. Which surface(s) describe(s) the consumers dead-weight loss, as a result of this price ceiling? O B+C D+E C+E
Question 20 3.75 pts Exhibit 4-10 Supply and demand data for apricots Bushels supplied Bushels demanded Price per per month bushel 50 $5 55 4 per month 80 75 70 60 3 165 2 65 70 1 55 Which of the following would occur if the government set a price ceiling of $1 in the market shown in Exhibit 4.10? Farmers would reduce the number of acres allocated to the growing of apricots. Buyers would not want to purchase all...
Question 13 5 pts Determine whether the function is one to one or not: {(-3,-5) (-2,-4) (-1, -3) (0, -2)(-1,-1) (-2, 0) (-3, 1)} Yes No, it is not one to one Oo oo Not a function None of the above. 5 pts Question 14 Find the inverse of the function: f (x) = x3 + 13 f'(x) = V2 - 13 y=2-13 33 = 2 - 13 None of the above. Question 15 5 pts Given f (x) =...
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