Homework Help for Economics

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Economics deals with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources.

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Use the table below to answer the following questions. Table 3.1.1 Coffee Price $1.25 $1.50 Tea Price $1.10 $1.10 Year 2007 2008 2009 Cola Price $0.80 $1.00 $1.25 $1.20 $1.00 9) Refer to Table 3.1.1. In 2009, the relative price of coffee in terms of cola is A) 1.56. B) 1.25. C) 0.67 D) 1.00 E) unknown without more information.

in Economics

Explain how supply and demand is used to determine market equilibrium. Apply the concepts using examples in the text or from work or personal experience.

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1- When a price ceiling is imposed, long lines are likely to follow. The value of the time wasted waiting in these lines should be equal to the difference between the market equilibrium price and the imposed price ceiling.

Suppose that demand for a good is given by Q = 122 - 3P, while supply for the good is given by Q = 1P - 20. The average person values their time at $12.29/hour. If a price ceiling of $11.04 is imposed, how many hours will the average person have to wait in line?

2- Suppose that demand for a good is given by Q = 132 - 3P, while supply for the good is given by Q = 2P - 5. If a price ceiling of $11.96 is imposed, what will be the area of the deadweight loss?

The unemployment rate is the percentage of workers who are seeking a job at the prevailing wage, but who are unable to get one. When a minimum wage is imposed, it creates some unemployment among minimum wage workers.

Suppose that the demand for labor is given by Q = 56 - 1W, where 'W' is the hourly wage rate, and the supply of labor is given by Q = 5W - 5. Imagine that a minimum wage of $22.68/hour is imposed by law.

What will be the unemployment rate for workers in this market?

in Economics

2) Which one of the following concepts is not illustrated by a production possibilities frontier? A) monetary exchange B) scarcity C) attainable and unattainable points D) opportunity cost E) the tradeoff between producing one good versus another Use the table below to answer the following questions. Table 1 Production Possibilities Possibility Kilograms of Butter Guns

in Economics· 22 Feb

Which of the following groups are likely to have the highest tax elasticity of labor supply:

a) college students

b) single parents

c) primary earners in two-parent families

d) secondary earners in two-parent families

e) retired people with average savings accounts and monthly Social Security checks coming in

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Apple (relatively) recently introduced different

in Economics

14. Which of the following statements about monopoly firms are correct? I. Monopoly firms will produce the quantity of output where the marginal cost of the last unit of) that amount of output is just equal to the marginal revenue from selling the last unit of) that amount of output. II. Monopoly firms will never produce a quantity of output that falls in the elastic section of the demand curve faced by that monopolist. III. A profit maximizing monopolist will always produce an output level at which the marginal willingness-to-pay of consumers is greater than the marginal cost of production. Which of the above statements are true? (A) I only (B) II only (C) III only (D) I and II (E) I and III (F) II and III (G) I and II and III (H) none of the above

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Question 8. (10 marks) (a) Find the candidate extreme points of the function: f(0) = 4.x- 6x2 + 6 on (-1,1]. (b) Determine the global minimum and maximum values over 1-1,11

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20) Which one of the following does not occur in perfect competition? A) No single firm can exert a significant influence on the market price of the good. B) There are many buyers. Sellers and buyers are well informed about prices. D) Established firms have no advantage over new ones. E) There are significant restrictions on entry into the market.

in Economics

MONEY AND BANKING

Assume that savers/lenders are risk averse. A decrease in default risk of Bond âAâ will _____ demand and price of Bond âAâ thereby resulting in _____ in yield of Bond âAâ.

a.) increase; decrease

b.) decrease; decrease

c.) increase; increase
d.) decrease; increase

EXPLAIN ANSWER PLEASE - credit will not be given with no explanation.