(A) Identify the FOUR (4) assumptions underlying the Production…
(A) Identify the FOUR (4) assumptions underlying the Production Possibilities Curve. Ireland is known for the production of Houses and Agricultural products. The following is a production possibility schedule for Ireland. Combinations Houses Agricultural Products A 0 150 B 10 145 C 20 130 D 30 100 E 40 60 F 50 0 (B) […]
Market Structure Number of Firms Type of Product Sold Price Taker?…
Market Structure Number of Firms Type of Product Sold Price Taker? Price Formula Freedom of Entry? Short-run Profit? Long-run Profit? Industry Examples Perfect Competition Choose an item. Choose an item. Choose an item. Choose an item. Choose an item. Choose an item. Choose an item. [Insert two to three example industries that meet the criteria […]
What are the factors of production? Why does the study of economics…
What are the factors of production? Why does the study of economics exist? What is the opportunity cost of a certain product or choice? What is the difference between Macroeconomics and Microeconomics What are the incomes/rewards received by the four factors of production? What are the three fundamental economic questions? What is Productive efficiency? What […]
1) The legislative branch makes laws, the executive branch carries…
1) The legislative branch makes laws, the executive branch carries them out, and the judicial interprets them, in the intended model of the US government. true or false 2)The Founding Fathers took their view of separation of powers from a dude named Madison Montesquieu Marshall Montplier 3)The president of the Senate is the: […]
a. Calculate the price elasticity of demand when price is increased…
a. Calculate the price elasticity of demand when price is increased from $25 to $30 b. What type of elasticity does this good face?
Using the formulas for profit, marginal revenue, and marginal cost,…
Using the formulas for profit, marginal revenue, and marginal cost, fill in the table below: Q TR TC Profit MR MC 0 0 20 1 30 40 2 60 56 3 90 76 4 120 100 5 150 130 […]
Given what you’ve learned about normative and positive statements,…
Given what you’ve learned about normative and positive statements, which of the following is a normative statement? a.) The price of eggs is too high. b.) nflation has been under 10% for the past 10 years. c.)The average temperature in New York City in April was 49 degrees. […]
Consider the Production Possibilities Frontier (PPF) above which…
Consider the Production Possibilities Frontier (PPF) above which shows two possible outputs of a hypothetical economy — cars on the vertical axis (output 2) and laptops along the horizontal axis (output 1). Answer these two questions (a few sentences each): #1) Can society currently produce at any point from A through D? Why or […]
The absolute value of the slope of the budget constraint is equal…
The absolute value of the slope of the budget constraint is equal to Part 2 A. quantity of the good on the vertical axis divided by the quantity of the good on the horizontal axis. B. the price of good on the horizontal axis divided by the price of the good on the […]
As your text suggests, sellers alone do not set prices and buyers…
As your text suggests, sellers alone do not set prices and buyers alone do not set prices. It is the interaction of buyers and sellers that sets prices. Explain where the market equilibrium occurs. How do we show equilibrium graphically? Share an example from your own experience when the market was not in equilibrium for […]
