Homework Answers
Answer
22. the equilibrium price will be :
e. $1,000
*as under perfect competition marginal cost (MC), marginal revenue (MR), average revenue (AR) and price curve are same means MC,MR,AR and price are equal so MC is given as $1000 so price will also be $1000.
23. the equilibrium quantity will be :
e. none of the answer choices are correct
*equilibrium quantity will be $12,000 at equilibrium price $1000.
24. if there is only one supplier of sheep and lambs the equilibrium price will be :
a. $ 8,000
* There is only one supplier so he has monopoly in the market. He will set the higher price to earn maximum profits.
25. the equilibrium price and quantity will be :
b. $7,000 and 6,000
*they will decide their quantity and price as per the competition given by their rival in the market and each will produce 1/3 of the market.
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YES 22. Use table 17.09 as a reference to anawer the following stant at 81,000 per...
the marginal cost of sheep and lamb production is contant at $1000 per animal. If there...
the marginal cost of sheep and lamb production is
contant at $1000 per animal. If there were only one supplier of
sheep and lambs what would be the equilibrium price?
a 8000
b7000
c6000
d5000
e none
20. 21. Table 17.09 is Price Quantity $8000 7000 6000 5000 4000 5000 6000 7000 8000 9000 10,000 11,000 12,000 estion: 3000 nt at 2000 ve, 1000 e table 17.09 as a reference to answer
Use the following table which shows the aggregate demand and aggregate supply schedules for a hypothetical...
Use the following table which shows the aggregate demand and aggregate supply schedules for a hypothetical economy to answer the next question. Real Domestic Output Demanded (in billions) Price Level (index value) Real Domestic Output Supplied (in billions) $3,000 350 $9,000 4,000 300 8,000 5,000 250 7,000 6,000 200 6,000 7,000 150 5,000 8,000 100 4,000 The equilibrium price and output levels will be Select one: a. 200 and $5,000. b. 200 and $6,000. c. 250 and $7,000. d. 300...
Use the following table to answer questions 2-3. Table: The Market for Fried Twinkies Quantity Demanded...
Use the following table to answer questions 2-3. Table: The Market for Fried Twinkies Quantity Demanded 9,000 Price $1.10 1.20 1.30 1.40 1.50 8.000 7.000 6,000 5,000 Quantity Supplied 3,000 5,000 7,000 9,000 11.000 2. Look at the table "The Market for Fried Twinkies. As a result of the $0.30 tax per reduce the government will receive total tax revenue of: The government decides to tax fried Twinkies at a rate of SO. 30 per Twinkle and collect that tax...
A large share of the world supply of diamonds comes from Russia and South Africa. Suppose...
A large share of the world supply of diamonds comes from Russia and South Africa. Suppose that the marginal cost of mining diamonds is constant at $1,000 per diamond, and the demand for diamonds is described by the following schedule: Price (Dollars)Quantity (Diamonds)8,0005,0007,0006,0006,0007,0005,0003,0004,0009,0003,00010,0002,00011,0001,00012,000If there were many suppliers of diamonds, the price would be _______ per diamond and the quantity sold would be _______ diamonds.If there were only one supplier of diamonds, the grice would be _______ per diamond and the quantity...
Quantity opportunity cost: 1000 pecans 00 6000 O 1,000 2,000 3,000 4,000 5,000 Quantity of pecans...
Quantity opportunity cost: 1000 pecans 00 6000 O 1,000 2,000 3,000 4,000 5,000 Quantity of pecans produced 6,000 Shift point to indicate El Paso increasing production of cowboy boots from point B by another thousand. Determine the opportunity cost of shifting from point B to point C. Enter your answer specified to one decimal place. 7,000 opportunity cost: 6000 pecans This PPF exhibits what kind of opportunity costs? decreasing constant about us Careers priority t o use onctus 5.000 5000...
Problem 2 Answer the following questions based on the table below. PriceQuantity Quantity Supplied Per Month...
Problem 2 Answer the following questions based on the table below. PriceQuantity Quantity Supplied Per Month S5 $4 $3 $2 Demanded Per Month 6,000 8,000 10,000 12,000 10,000 8,000 6,000 4,000 $1 14,0002,000 Given the table above, graph the demand and supply curves for flashlights. Make certain to label the equilibrium price and equilibrium quantity. What is the equilibrium price and the equilibrium quantity? Suppose the price is currently S5. What problem would exist in the market? What would you...
HW Score: 48.49 % , 14.55 of 30 pts Text Problem 12-2c Question Help The following table depicts a hypolthetical ec...
HW Score: 48.49 % , 14.55 of 30 pts Text Problem 12-2c Question Help The following table depicts a hypolthetical economy in which the marginal propensity to save is constant at all levels of real GDP, investment spending is autonomous, and there is no govemment. 12- Real GDP Consumption $1,000 11- Saving $-1000 Investment OS 2,000 10- $1,000 1,000 1,000 2,500 4,000 5,500 7,000 8.500 -500 9 4,000 0 8- 6,000 500 1,000 74 8,000 1,000 1,500 1,000 1,000 10,000...
Question 21 1 pts Use the following table which shows the aggregate demand and aggregate supply...
Question 21 1 pts Use the following table which shows the aggregate demand and aggregate supply schedule for a hypothetical economy to answer the next question. Real Domestic Output Demanded Price Level Real Domestic Output Supplied (in billions) (index value) (in billions) $3,000 350 $9,000 4,000 300 8,000 5,000 250 7,000 6,000 200 6,000 7,000 150 5,000 8,000 100 4,000 At the price level of 150, there will be a general surplus in the economy, and output supplied will decrease...
Suppose a firm producing table lamps has the following costs: Quantity 1,000 2,000 3,000 4,000 5,000...
Suppose a firm producing table lamps has the following costs: Quantity 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Average Total Cost $15.00 9.75 8.25 7.50 7.75 8.50 9.75 10.50 12.00 Ben and Jerry are managers at the company, and they have this discussion: Ben: We should produce 4,000 lamps per month because that will minimize our average costs. Jerry: But shouldn't we maximize profits rather than minimize costs? To maximize profits, don't we need to take demand into...
Answer question 2 using the table from question 1. [The following information applies to the questions...
Answer question 2 using the table from question 1.
[The following information applies to the questions displayed below.) Listed here are the total costs associated with the production of 1,000 drum sets manufactured by TrueBeat. The drum sets sell for $516 each. Costs 1. Plastic for casing-$19,000 2. Wages of assembly workers--$90,000 3. Property taxes on factory-$7,000 4. Accounting staff salaries-$33,000 5. Drum stands (1.000 stands purchased)-$35,000 6. Rent cost of equipment for sales staff-$36.000 7. Upper management salaries-$170,000 8....
the marginal cost of sheep and lamb production is
contant at $1000 per animal. If there were only one supplier of
sheep and lambs what would be the equilibrium price?
a 8000
b7000
c6000
d5000
e none
20. 21. Table 17.09 is Price Quantity $8000 7000 6000 5000 4000 5000 6000 7000 8000 9000 10,000 11,000 12,000 estion: 3000 nt at 2000 ve, 1000 e table 17.09 as a reference to answer
Use the following table to answer questions 2-3. Table: The Market for Fried Twinkies Quantity Demanded 9,000 Price $1.10 1.20 1.30 1.40 1.50 8.000 7.000 6,000 5,000 Quantity Supplied 3,000 5,000 7,000 9,000 11.000 2. Look at the table "The Market for Fried Twinkies. As a result of the $0.30 tax per reduce the government will receive total tax revenue of: The government decides to tax fried Twinkies at a rate of SO. 30 per Twinkle and collect that tax...
Quantity opportunity cost: 1000 pecans 00 6000 O 1,000 2,000 3,000 4,000 5,000 Quantity of pecans produced 6,000 Shift point to indicate El Paso increasing production of cowboy boots from point B by another thousand. Determine the opportunity cost of shifting from point B to point C. Enter your answer specified to one decimal place. 7,000 opportunity cost: 6000 pecans This PPF exhibits what kind of opportunity costs? decreasing constant about us Careers priority t o use onctus 5.000 5000...
Problem 2 Answer the following questions based on the table below. PriceQuantity Quantity Supplied Per Month S5 $4 $3 $2 Demanded Per Month 6,000 8,000 10,000 12,000 10,000 8,000 6,000 4,000 $1 14,0002,000 Given the table above, graph the demand and supply curves for flashlights. Make certain to label the equilibrium price and equilibrium quantity. What is the equilibrium price and the equilibrium quantity? Suppose the price is currently S5. What problem would exist in the market? What would you...
HW Score: 48.49 % , 14.55 of 30 pts Text Problem 12-2c Question Help The following table depicts a hypolthetical economy in which the marginal propensity to save is constant at all levels of real GDP, investment spending is autonomous, and there is no govemment. 12- Real GDP Consumption $1,000 11- Saving $-1000 Investment OS 2,000 10- $1,000 1,000 1,000 2,500 4,000 5,500 7,000 8.500 -500 9 4,000 0 8- 6,000 500 1,000 74 8,000 1,000 1,500 1,000 1,000 10,000...
Question 21 1 pts Use the following table which shows the aggregate demand and aggregate supply schedule for a hypothetical economy to answer the next question. Real Domestic Output Demanded Price Level Real Domestic Output Supplied (in billions) (index value) (in billions) $3,000 350 $9,000 4,000 300 8,000 5,000 250 7,000 6,000 200 6,000 7,000 150 5,000 8,000 100 4,000 At the price level of 150, there will be a general surplus in the economy, and output supplied will decrease...
Suppose a firm producing table lamps has the following costs: Quantity 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Average Total Cost $15.00 9.75 8.25 7.50 7.75 8.50 9.75 10.50 12.00 Ben and Jerry are managers at the company, and they have this discussion: Ben: We should produce 4,000 lamps per month because that will minimize our average costs. Jerry: But shouldn't we maximize profits rather than minimize costs? To maximize profits, don't we need to take demand into...
Answer question 2 using the table from question 1.
[The following information applies to the questions displayed below.) Listed here are the total costs associated with the production of 1,000 drum sets manufactured by TrueBeat. The drum sets sell for $516 each. Costs 1. Plastic for casing-$19,000 2. Wages of assembly workers--$90,000 3. Property taxes on factory-$7,000 4. Accounting staff salaries-$33,000 5. Drum stands (1.000 stands purchased)-$35,000 6. Rent cost of equipment for sales staff-$36.000 7. Upper management salaries-$170,000 8....
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