Homework Answers
Answer 1:A decrease in the price of 7-UP, assuming that both goods are substitues.
Decrease in the price of substitute good will shift the demand curve of the good leftwards because demand of the good galls as the price of its substitute decreases.
Answer 2: Oligopoly.
The market structure in which small number of producers compete against each other is known as Oligopoly.
Answer 3: a point that achieves production efficiency.
In the above diagramm Point C lies on the PPF and thus it represents Production Efficiency in the market.
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Refer to the information provided in Figure 3.1 below to answer the questions that follow. Price...
Refer to the information provided in Figure 3.7 below to answer the questions that follow $4...
Refer to the information provided in Figure 3.7 below to answer the questions that follow $4 Price of pizza B C Dz 0 •D, D₂ Number of plazas per month Figure 3.7 Refer to Figure 3.7. An increase in demand is represented by the movement along D2 from Point B to Point C. from D2 to Di. along D2 from Point B to Point A. from D2 to Dz. Refer to the information provided in Figure 13.3 below to answer...
Refer to the information provided in Figure 5.2 below to answer the questions that follow. $4...
Refer to the information provided in Figure 5.2 below to answer the questions that follow. $4 10 A B 8 Price 6 C E 4 F N 1 2 3 4 5 Number of hamburgers Figure 5.2 Refer to Figure 5.2. If the price of a hamburger is increased from $6 to $8, the price elasticity of demand equals Use the midpoint formula. -0.24 - 1.0 0 -1.4 -2.0 Free entry implies that the government regulates the number of firms...
Question 2 Because resources are scarce, the opportunity cost to an economy of investment in capital...
Question 2 Because resources are scarce, the opportunity cost to an economy of investment in capital assets is zero. forgone future consumption. forgone present consumption. infinite. According to Figure 1 below, as the economy moves from Po A to Point E, the opportunity cost of motorcycles, measured int o ondan Hybrid cars Motorcycles Figure 1 decreases increases remains constant initially increases, then decreases estion 4 Refer to Table 1 below. Table 1 Molly Pete Avatar Design Tattoo Design Which of...
Refer to the information provided in Figure 20.2 below to answer the questions that follow. England...
Refer to the information provided in Figure 20.2 below to answer the questions that follow. England The U.S. 80 60 Cars Cars 40 Trucks 20 Trucks Figure 20.2 Refer to Figure 20.2. the theory of comparative advantage suggests that the United States should export both trucks and cars. the United States should import cars and export trucks. England should export both trucks and cars. England should export trucks and import cars. For inferior goods, demand will fall when price decreases...
Refer to the information provided in Figure 8.9 below to answer the questions that follow. SA...
Refer to the information provided in Figure 8.9 below to answer the questions that follow. SA MC ATC P = MR 24 20 18 Price 0 100 350 500 700 4 Bales of hay Figure 8.9 Refer to Figure 8.9. if the price jay falls to 18, to maximize profits, the firm should. produce 700 to minimize fixed costs O produce 350 and break even- reduce production to 500 shut down to avoid losses If P = MC and MC...
Refer to the information provided in Figure 8.6 below to answer the questions that follow. Cost...
Refer to the information provided in Figure 8.6 below to answer the questions that follow. Cost curves for Outdoor Equipment 1 B 3 Cost per unit 2 A Number of sleeping bags 9 Figure 8.6 Refer to Figure 8.6. Curve 1 is Outdoor Equipment's cost curve. average variable marginal average fixed average total Refer to the information provided in Figure 13.9 below to answer the questions that follow. $A A G B Dollars E C MC = AC D MR...
Refer to the information provided in Figure 13.3 below to answer the questions that follow. 10...
Refer to the information provided in Figure 13.3 below to answer the questions that follow. 10 8 7 (Note: Point A is the midpoint of the demand curve) Price per unit חין 4 Demand 0 2 3 4 5 6 Pounds of cheese at At Point A the elasticity of demand is -1 5 Figure 13.3 18 Refer to Figure 13.3. This firm's marginal revenue will be negative at 21 24 prices between $4 and $8. prices above $5. prices...
Monopolistic competition differs from perfect competition primarily because in monopolistic competition, entry into the industry is...
Monopolistic competition differs from perfect competition primarily because in monopolistic competition, entry into the industry is blocked. in monopolistic competition, there are relatively few barriers to entry. in monopolistic competition, firms can differentiate their products. in perfect competition, firms can differentiate their products. Health care (patients per year) с 4 D 0 Education (students per year) In the figure above, point Dis not production efficient and point Bis production efficient. production efficient and point B is not production efficient. production...
Refer to the information provided in Figure 13.5 below to answer the questions that follow. MC...
Refer to the information provided in Figure 13.5 below to answer the questions that follow. MC ATC Price per unit LL MR 20222426 hits of output Figure 13.5 1. Refer to Figure 13.5. The profit-maximizing level of output for this monopolist is units of output. A) 20 B) 22
Refer to the information provided in Figure 12.4 below to answer the question(s) that follow. a....
Refer to the information provided in Figure 12.4 below to answer the question(s) that follow. a. Industry X Price per unit of X (5) so Units of X b. Industry Y b. Industry Y Price per unit of Y (5) Units of Y Figure 12.4 There are two sectors in the economy, X and Y, and both are in long-run, zero-profit equilibrium at the intersections of sand D. Figure 12.4 There are two sectors in the economy, X and Y,...
Refer to the information provided in Figure 3.7 below to answer the questions that follow $4 Price of pizza B C Dz 0 •D, D₂ Number of plazas per month Figure 3.7 Refer to Figure 3.7. An increase in demand is represented by the movement along D2 from Point B to Point C. from D2 to Di. along D2 from Point B to Point A. from D2 to Dz. Refer to the information provided in Figure 13.3 below to answer...
Refer to the information provided in Figure 5.2 below to answer the questions that follow. $4 10 A B 8 Price 6 C E 4 F N 1 2 3 4 5 Number of hamburgers Figure 5.2 Refer to Figure 5.2. If the price of a hamburger is increased from $6 to $8, the price elasticity of demand equals Use the midpoint formula. -0.24 - 1.0 0 -1.4 -2.0 Free entry implies that the government regulates the number of firms...
Question 2 Because resources are scarce, the opportunity cost to an economy of investment in capital assets is zero. forgone future consumption. forgone present consumption. infinite. According to Figure 1 below, as the economy moves from Po A to Point E, the opportunity cost of motorcycles, measured int o ondan Hybrid cars Motorcycles Figure 1 decreases increases remains constant initially increases, then decreases estion 4 Refer to Table 1 below. Table 1 Molly Pete Avatar Design Tattoo Design Which of...
Refer to the information provided in Figure 20.2 below to answer the questions that follow. England The U.S. 80 60 Cars Cars 40 Trucks 20 Trucks Figure 20.2 Refer to Figure 20.2. the theory of comparative advantage suggests that the United States should export both trucks and cars. the United States should import cars and export trucks. England should export both trucks and cars. England should export trucks and import cars. For inferior goods, demand will fall when price decreases...
Refer to the information provided in Figure 8.9 below to answer the questions that follow. SA MC ATC P = MR 24 20 18 Price 0 100 350 500 700 4 Bales of hay Figure 8.9 Refer to Figure 8.9. if the price jay falls to 18, to maximize profits, the firm should. produce 700 to minimize fixed costs O produce 350 and break even- reduce production to 500 shut down to avoid losses If P = MC and MC...
Refer to the information provided in Figure 8.6 below to answer the questions that follow. Cost curves for Outdoor Equipment 1 B 3 Cost per unit 2 A Number of sleeping bags 9 Figure 8.6 Refer to Figure 8.6. Curve 1 is Outdoor Equipment's cost curve. average variable marginal average fixed average total Refer to the information provided in Figure 13.9 below to answer the questions that follow. $A A G B Dollars E C MC = AC D MR...
Refer to the information provided in Figure 13.3 below to answer the questions that follow. 10 8 7 (Note: Point A is the midpoint of the demand curve) Price per unit חין 4 Demand 0 2 3 4 5 6 Pounds of cheese at At Point A the elasticity of demand is -1 5 Figure 13.3 18 Refer to Figure 13.3. This firm's marginal revenue will be negative at 21 24 prices between $4 and $8. prices above $5. prices...
Monopolistic competition differs from perfect competition primarily because in monopolistic competition, entry into the industry is blocked. in monopolistic competition, there are relatively few barriers to entry. in monopolistic competition, firms can differentiate their products. in perfect competition, firms can differentiate their products. Health care (patients per year) с 4 D 0 Education (students per year) In the figure above, point Dis not production efficient and point Bis production efficient. production efficient and point B is not production efficient. production...
Refer to the information provided in Figure 13.5 below to answer the questions that follow. MC ATC Price per unit LL MR 20222426 hits of output Figure 13.5 1. Refer to Figure 13.5. The profit-maximizing level of output for this monopolist is units of output. A) 20 B) 22
Refer to the information provided in Figure 12.4 below to answer the question(s) that follow. a. Industry X Price per unit of X (5) so Units of X b. Industry Y b. Industry Y Price per unit of Y (5) Units of Y Figure 12.4 There are two sectors in the economy, X and Y, and both are in long-run, zero-profit equilibrium at the intersections of sand D. Figure 12.4 There are two sectors in the economy, X and Y,...
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