*Please use the answer choices below to finish the statement* “There is no such thing as a free lunch” because: There are always opportunity costs Whoever pays for lunch will always make you pay in way Someone must pay for limited resources Price is always greater than zero Scarcity does not always exist

Q: Government Intervention in the Market: Price Floorsand Price Ceilings?

A: Government Intervention is very necessary  in Market Prices.   In severe economic circumstances, it…

Q: What is the demand elasticity at the equilibrium of 2022? What is the supply elasticity? Which one…

A: Given  Supply equation of gasoline: Qs=100+100p               ...... (1) Demand equation of…

Q: Which of the following would economists expect to happen in a state that imposes a binding cap (or…

A: Equilibrium in the market occurs where demand is equal to supply.

Q: 2. Explain the law of increasing opportunity cost in a production possibility curve. What is the…

A: As per honor code, we’ll answer only one question at a time, we have answered the question 2. Please…

Q: Show in a diagram the effect on the demand curve, the supply curve, the equilibrium price, and the…

A: i)  Increase of Electric cars reduces the demand for Gasoline hence pushing the Equilibrium price…

Q: MACROECONOMIC

A: Money supply refers to the money stock held by public during a year. And there are various…

Q: Is this counted as part of the GDP? Which of the following are included and which are excluded in…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: 15. A PPF curve is based on the assumptions that resources are fixed and fully employed and…

A: Points on PPF represents the the combination of 2 goods which the economy can produce if it employs…

Q: Lina saved RM4000 in a bank that offered simple interest at 10% per annum. After 3 years, she…

A: Calculating the amount of interest that will be charged on a loan can be done quickly and easily…

Q: Consider the supply and demand curves for taxi rides in the attached graph. If the price is $2.50…

A: Equilibrium demand and quantity are determined where demand is equal to supply in the market.…

Q: Chapter 16 Problems i LO eBook Refer the figure given below to answer the question. Wage rate ($ per…

A: For the labour force market, price floors are established in almost all economies. Typically, there…

Q: Which of the following statements about country wealth is true? Everyone in a high real GDP per…

A: Real GDP  A measure of an economy's output of all products and services during a specific year that…

Q: 2. Discouraged workers Which of the following statements correctly describe discouraged workers? (If…

A: Discouraged workers refer to those people who are tired of finding a job but they do have a desire…

Q: The graph below shows the budget lines and indifference curves for a consumer. Suppose that…

A: Ans. Under Consumer theory - The budget line and indifference curve approach   The indifference…

Q: Explain how information provision and decision coordination problems are resolved in a market…

A: Market economy is actually a broader concept. In this concept, there are many types of problem like…

Q: You borrow $9,500 at 14% per year and will pay off the loan in three equal annual payments with the…

A: P=$9,500 i=14% or 0.14 n=4 Annual amount=P(1+i)n

Q: Assume that a worker can either drive a delivery truck or paint houses in a given day. It takes 5…

A: Opportunity cost refers to the benefits of next best alternate which is sacrificed. The resources…

Q: Economic models A are complicated because human behavior is complicated. B are simplifications of…

A: When talking about economic models, it can be said that these models are developed using…

Q: he cross-price elasticity of demand for peanut butter with respect to the price of jelly is -0.3. If…

A: Given Cross PED = -0.3 Decline in price of jelly = 15 %

Q: 1. What is a production possibility curve and explain points of efficiency, inefficiency, and not…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Jess wishes to provide P4,000 for his daughter on her 21st birthday. How much should she deposit…

A: We use the formula to calculate the value: Future Value = P x (1+r)n - 1r

Q: Olivia is a student at Boston University. She has 5 hours to study for 2 exams. The tables below…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: A diesel engine uses a Type A filter and high-grade lubricating oil costing $5.50 per liter. With…

A: Lets assume that the engine needs to be used for 3000 hours. Now we will calculate the total cost…

Q: If nominal GDP for 2017 is $62 trillion and real GDP for 2017 is $46 trillion, then the GDP deflator…

A: The gross domestic product (GDP) is a financial indication of the market value of all finished…

Q: Suppose that good X is on the x-axis and good Y is on the y-axis. Suppose that the consumer has an…

A: Budget line shows the different combinations of consumptions by an individual with the fixed income.…

Q: Why does the laissez faire approach to economic policy imply only minimal government involvement?…

A: Government involvement in the economic activities lead to the inefficient outcomes. However, it is…

Q: What policies (if any) should governments in more economically developed countries (MDCs) pursue to…

A: A developed country (or industrialized country, big league salary country, more economically…

Q: Year 1990 1991 1992 1993 Nominal GDP 647 515 552 741 Price index 100 110 110 115 For the above…

A: GDP or Gross Domestic Product is the sum total of the market value of final goods and services…

Q: Question 1. An industry consists of two firms. The demand function for the product of irm i is q =…

A: here two firm choose the price simultaneously , so it proves that it is Bertrand duopoly which is…

Q: To rent or to buy? These are questions individual consumers face when decidin where to live.…

A: Consumer behavior is the investigation of people, gatherings, or associations and every one of the…

Q: 1. The economy's income and expenditure The following diagram presents a circular-flow model of a…

A: Households earn income when "firms" purchase their "factors of production : land, labor, capital…

Q: The mercantilists argued that  a. Control of the money supply is the most important policy lever…

A: During the era of mercantilism, the global supply was finite. During that time, people majorly used…

Q: The amount of P20,000.00 was borrowed from a lending investor at an interest rate of 5% per month.…

A: Given that, Principal = P = P20000 Rate = r = 5% per month Time = n = 10months

Q: How do economists handle the issue of multiple market-affecting factors changing at once when…

A: Inflation is one of the primary economic marketing elements that affects consumers' ability to buy.…

Q: Consider the supply and demand curves for taxi rides in the attached graph. At the equilibrium…

A: The marginal willingness to pay expresses the demand curve or the maximum price a consumer is…

Q: Fill in the blanks. Price $5 $4 $3 $2 $1 Quantities Demanded by Jill 0 1 2 3 4 Refer to the above…

A: Consumer surplus is the difference between the consumer's maximum willingness to pay and actual pay.…

Q: -) A depositor puts $40,000 in a savings account that pays 10% interest, compoun semiannually. Equal…

A: Future worth (FW) is the value of a current resources at a piece of future information based on an…

Q: A company is considering two machines. Machine X has a first cost of $30,000, AOC of $18,000, and 5…

A: Lets tabulate the given information:   Machine X Machine Y First cost FC 30,000 50,000 Annual…

Q: what is meant by inflation? If you see a rise in the price of gasoline, is that inflation? Is that…

A: Inflation can be caused due to increase in the demand or increase in the cost of production. When…

Q: GDP is a strong measure of the health of the economy, and it’s among the most important and widely…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Why do economists prefer to use real gross domestic product (RGDP) instead of nominal gross domestic…

A: The nominal GDP refers to the final goods and services produced at market price within the domestic…

Q: A heat exchanger is needed in a chemical process. If interest is 9% compounded annually, determine…

A: A capitalized cost refers to an expense included in the cost basis of a fixed asset on a firm's…

Q: Metters Cabinets, Inc., needs to choose a production method for its new office shelf, the Maxistand.…

A: Given information Process type               Annualized fixed cost             labor…

Q: Complete the following table with the quantity of labor supplied and demanded if the wage is set at…

A: Given, Wage = 3.00  Labor demand = 1,050  Labor supplied = 150 Introduction: When a price is set or…

Q: Rent controls are a typical example of a price ceiling. Please select all likely consequences of…

A: A price ceiling is the commanded maximum amount a seller is allowed to charge for a product or…

Q: The demand functions for a pineapple is given by p=-0.10x+15.  a.) find the revenue function b.)…

A: Total Revenue is calculated by multiplying price with quantity. It refers to the total revenue…

Q: 3. Which lottery payout scheme is better? Suppose you win a small lottery and have the choice of two…

A: A lump sum investment is depositing the whole amount at one go. Lump-sum investment is a famous…

Q: Suppose a relative has promised to give you $1,000 as a wedding gift the day you get engaged.…

A: The time value of money refers to the concept that a sum of money is worth more now than the same…

Q: 2.31 A firm pays 5/12 of its labor force an hourly wage of $5, 1/3 of the labor force a wage of $6,…

A:

Q: Prepare a list of examples for the 3 sectors of economy. (Format is provided below) Sectors…

A: Economic activities are human activities that generate income. The three major categories of…

Production Possibility Analysis

The production possibility analysis comprises the production possibility frontier (PPF), or the production possibility curve (PPC) to evaluate a society or even an economy. The production possibility curve represents the cost that the society has to incur for choosing between two different commodities. It is assumed that an economy that operates at the highest production possibility curve is known to have a better standard of living which the society can achieve for producing the optimum level of output which it can produce given a specified number of factors of production or inputs or resources.