Suppose a technological improvement lowers the cost of producing guava candy. At the same time, preferences for guava candy decrease. The equilibrium quantity of guava candy will: O increase. O decrease. O increase, decrease, or remain the same, depending on the relative magnitudes of the shifts of the demand and supply curves. O increase or decrease, depending on whether the price of coffee falls or rises.
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- If a 3% increase in the price of corn flakes causes a 6% decline in the quantity demanded, what is the elasticity of demand?In your country, the demand curve of a litre of petrol is given by: P = 124 - 3QD. Due to political unrest coupled with the slow recovery from pandemic, the global price of petrol surged which led to an increase of price per litre of petrol in your country from TK58 to TK88. After the price rise, the employees of the company you work for demanded a pay-raise. Your employer, hence, increased your income from 32954 taka to 42762 taka. The new demand curve at the new income level is P = 139 - 3QD. i. Calculate the income elasticity of demand (YED). ii. Now assume that the increase in income (and the subsequent shift of the demand curve) had occured before the rise in price, then what would the YED be?Suppose the demand for a particular good is given by = QD 103-15P, where QD represents the quantity demanded and P is the per unit price. Suppose the supply for a particular good is given by QS 5+ 6P, where QS represents the quantity supplied and P is the per unit price. What is the equilibrium quantity? Enter a number rounded to two decimal places.
- Chris owes the bank $30. His friend Morgan owes the bank $18 Which inequality correctly expresses the relationship of the money they each owes ? Mark all that apply A -18>-30 B -1830 D -30According to the Quantity Theory of Money, the Federal Reserve reducing reserve ratio will lead to _______ money supply which will only lead to _______ higher, inflation lower, inflation higher, booms lower, booms.Economics Daegu considers producing electric razors for men. If the market demand is high, he would get a return of $100,000, but if there were a low demand for this type of razor, he would lose $60,000. Daegu also considers the possibility of ordering a market survey to gather additional information about the market demand. The survey includes a sophisticated questionnaire administered to a test market and costs $5,000. Daegu believes that there is a 62:38 chance that the market information will be favorable (i.e., predicting a high market demand) and unfavorable (i.e., predicting a low market demand). Furthermore, the probabilities of a favorable survey given a high market demand and an unfavorable survey given a low demand are both 0.8. Daegu is not sure if the value of the survey is worth the cost Draw the decision tree and advise Daegu
- Investment is a larger portion of GDP than consumption, but is substantially less volatile. Investment rises OA. sharply during recessions and falls sharply during booms OB. slowly during booms and falls slowly during recessions OC. sharply during booms and falls sharply during recessions OD. sharply with exports and falls sharply with importsWhen a price floor is imposed, it has an impact on a market if it is set, O a. at the equilibrium price O b. above the equilibrium price because quantity demanded exceeds quantity supplied O c. above the equilibrium price because quantity supplied exceeds quantity demanded O d. below the equilibrium price because quantity demanded exceeds quantity supplied Price floor is beneficial for O a. Buyers O b. Sellers O c. All of these O d. Government incomeThe consumption function for a closed economy with no government sector is given by theequation:C = £200 million + 0.8 Ywhere C is aggregate consumption and Y is national income.(i) Calculate the value of aggregate savings if the level of national income is £4000 million.(ii) Calculate the equilibrium level of national income if the level of planned investment is£600 million(iii) Calculate the level of aggregate consumption at the equilibrium level of nationalincome if the level of planned investment is £1000 million(iv) Calculate the change in national income if planned investment rose from £600 millionto £800 million
- Country A and Country B both have the production function: Y = F(K,L) = K^(1/3)L^(2/3).A carpet manufacturer, whose discount rate is 10%, can purchase texturizing equipment for $1,250,000 to process yarn. Incremental income before straight line depreciation from sales of texturized carpets is projected over the next five years as $95,000, $165,000, $357,000, $725,000 and $315,000, respectively. The company believes that the fashion will pass and demand in Year 6 will all but disappear. The machine can be sold at the end of Year 5 for $250,000. What should you advise the company to do? Select one: O A. Purchase the equipment as ARR is 10.9%. O B. Not purchase the equipment as the ARR is only 9.3%. O C. Not purchase the equipment as NPV is ($54,784). O D. Purchase the equipment as both the NPV and ARR are negative. O E. Purchase the equipment as NPV is $86,952. OSuppose that the demand for a monopoly’s product decreases so that its profit-maximizing price is below average variable cost. How much output should this monopolist firm supply? Draw the graph.