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Question Four (worth six points (a) T/F. Explain. The reason why voluntary trade can produce a...
Question Six (worth ten points) Refer to Graph Two in answering the parts of this question....
Question Six (worth ten points) Refer to Graph Two in answering the parts of this question. Assume that initially we are at equilibrium at point M and that the cost to each firm of producing a unit of the good goes down by $15 per unit. This shifts the supply curve to the right. (a) How much did supply go up (measured in units of the good)? There is an excess supply at the price of $50. This excess demand,...
Economics EXERCISE 8.3 MAXIMIZING THE SURPLUS
Consider a market for the tickets to a football match. Six supporters of the Blue team would like to buy tickets; their valuations of a ticket (their WTPwillingness to pay (WTP) An indicator of how much a person values a good, measured by the maximum amount he or she would pay to acquire a unit of the good. See also: willingness to accept.closewillingness to pay (WTP) An indicator of how much a person values a good, measured by the maximum...
1- Consider a monopolistic market where the government has decided to implement lump-sum tax. Which of...
1- Consider a monopolistic market where the government has decided to implement lump-sum tax. Which of the following are true? Select all that apply. The monopolist loses profit. The government gains revenue. The monopolist is forced to reduce their prices. The monopolist is forced to sell less products. 2-Consider a monopolistic market where the government has decided to implement lump-sum tax. Which of the following are true? Select all that apply. The monopolist loses profit. The government gains revenue. The...
Question 3 Three of the four events described below might reasonably be expected to increase or...
Question 3 Three of the four events described below might reasonably be expected to increase or decrease the demand for beef. Which event would not shift the demand curve for beef? a. A change in people's tastes in regard to beef b. A fall in the price of beef c. An increase in people's income d. An effective advertising campaign that claims that eating beef causes poor health 2.5 points Question 4 Which of the following statements is/are true...
A country's consumption possibilities frontier can be outside its production possibilities frontier if a
1. A country's consumption possibilities frontier can be outside its production possibilities frontier if a. the country engages in trade. b. the citizens of the country have a greater desire to consume goods and services than do the citizens of other countries. c. the country’s technology is superior to the technologies of other countries.d. All of the above are correct. 2. A production possibilities frontier will be a straight line if a. increasing the production of one good by x...
1. Suppose that Adam's willingness To Pay (WTP) for a shirt of a particular brand is...
1. Suppose that Adam's willingness To Pay (WTP) for a shirt of a particular brand is equal to 525. The market price of the brand is initially = $35 (thus, Adam's "consumer's surplus" SO, since he won't buy the shirt at that price). But then the brand becomes less popular (although Adam's WTP still equals 5 25; note that the Demand Curve will shift to the left when the brand becomes less popular). a.) Use a relevant graph to show...
Problem 1 A country (”Home”) is populated with 300 workers who produce either food (F) and/or...
Problem 1
A country (”Home”) is populated with 300 workers who produce
either food (F) and/or clothing (C). Each food worker produces 6
units of food and each clothing worker produces 3 units of
clothing. The preferences of the consumers over food and clothing
are represented by the utility function: u(DF ,
DC) = (DF ) 2/3 (DC)
1/3
1) Assuming that at the optimum, consumers set their marginal
rate of substitution, MRSDF ,DC , to the relative price,
i.e.,...
1. (15 points possible) Brazil and Argentina can both produce beef and sugar. The production possibilities...
1. (15 points possible) Brazil and Argentina can both produce beef and sugar. The production possibilities frontiers are given by the table below. (You may assume respectively constant opportunity costs.) Brazil Max. number of per year Beef (000s of tons) Sugar (000s of tons) 15 20 Argentina 30 10 Determine a mutually beneficial trade agreement between Brazil and Argentina; describe it as fully as possible (and draw supporting diagrams). Explain how & why the agreement is beneficial to each party?...
I’m lost on all of these can some one please explain them. ( practice test )...
I’m lost on all of these can some one please explain them. (
practice test )
15) The "nalve" Keynesian model is unrealistic because it A) Assumes that AS is upward sloping when it is more probably horizontal. B) Assumes that the price level decreases as AD increases. C) Does not account for changes in output due to the multiplier. D) Does not take into account probable changes in the price level as the economy 均 approaches full employment. 16)...
For questions 1 to 20 indicate whether each of the statements is TRUE or FALSE. (20...
For questions 1 to 20 indicate whether each of the statements is TRUE or FALSE. (20 marks) 1. A demand curve is downward sloping because as the price of a good falls, consumers will substitute some other good for that good whose price has fallen. 2. An improvement in the technology for producing Gari will shift the supply curve for Gari to the left. 3. The minimum wage is an example ofa price floor. 4. Ifthe price ofa good goes...
Question Six (worth ten points) Refer to Graph Two in answering the parts of this question. Assume that initially we are at equilibrium at point M and that the cost to each firm of producing a unit of the good goes down by $15 per unit. This shifts the supply curve to the right. (a) How much did supply go up (measured in units of the good)? There is an excess supply at the price of $50. This excess demand,...
1. Suppose that Adam's willingness To Pay (WTP) for a shirt of a particular brand is equal to 525. The market price of the brand is initially = $35 (thus, Adam's "consumer's surplus" SO, since he won't buy the shirt at that price). But then the brand becomes less popular (although Adam's WTP still equals 5 25; note that the Demand Curve will shift to the left when the brand becomes less popular). a.) Use a relevant graph to show...
Problem 1
A country (”Home”) is populated with 300 workers who produce
either food (F) and/or clothing (C). Each food worker produces 6
units of food and each clothing worker produces 3 units of
clothing. The preferences of the consumers over food and clothing
are represented by the utility function: u(DF ,
DC) = (DF ) 2/3 (DC)
1/3
1) Assuming that at the optimum, consumers set their marginal
rate of substitution, MRSDF ,DC , to the relative price,
i.e.,...
1. (15 points possible) Brazil and Argentina can both produce beef and sugar. The production possibilities frontiers are given by the table below. (You may assume respectively constant opportunity costs.) Brazil Max. number of per year Beef (000s of tons) Sugar (000s of tons) 15 20 Argentina 30 10 Determine a mutually beneficial trade agreement between Brazil and Argentina; describe it as fully as possible (and draw supporting diagrams). Explain how & why the agreement is beneficial to each party?...
I’m lost on all of these can some one please explain them. (
practice test )
15) The "nalve" Keynesian model is unrealistic because it A) Assumes that AS is upward sloping when it is more probably horizontal. B) Assumes that the price level decreases as AD increases. C) Does not account for changes in output due to the multiplier. D) Does not take into account probable changes in the price level as the economy 均 approaches full employment. 16)...
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