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In most provinces, provincial property rights In most provinces, provincial property rights law is known as
Supply = -20+10p Demand = 400-20p Solve for equilibrium price and quantity
Assume that the government sets a price of $4 for fuel and the quantity is 35 million litres, what would be the effect on the market?
Which of the following is not a step that economists use in developing a useful economic​ model? A. Use economic data to test the hypothesis. B. Decide on the assumptions to be used in developing the model. C. Make a value judgement about the merits of the hypothesis. D. Formulate a testable hypothesis. E. Revise the model if it does not explain the data well.
In a prisoner’s dilemma with prisoners A and B, if they both confess, A gets 5 years and B gets 8 years. If both remain silent, A gets 2 years and B goes free. If one confesses and the other does not, the one who confesses gets 1 year and the other gets 15 years. Which statement is TRUE of this case?
. 1. Explain how the world price of coffee might be expected to change by the end of 2013?? P↑= S↑, P↓= S↓ (+) D= ↑, S= ↓ P ↓ = D ↑, P ↑ = D ↓ (-) can you explain this one.
You have to determine the optimal number of trucks that the company should buy in order to use them in their projects. Let denote "Y" as the number of trucks. The Marignal Benefit to the company is given by the expression: MB = 80,000 - Y. The Marginal Cost given by the expression: MC = 10,000 + (1/2,000)Y2 a. Please calculate the optimal amount of trucks that this company should buy and include a diagram. b. Provide some reasons that might explain the slopes of the marginal benefit and marginal cost curves. c. Assume that marginal cost is LOWER than marginal benefit, should more trucks be bought? Illustrate.
Which of the following is/are classified as production in economics? (1) A boy making an aeroplane model for himself (2) A mother cooking fish for her family (3) A waiter serving customers in a restaurant
Gomez runs a small pottery firm. He hires one helper at $10,500 per year, pays annual rent of $4,500 for his shop, and spends $19,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth) that could earn him $5,000 per year if alternatively invested. He has been offered $21,000 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth $3,000 per year. Total annual revenue from pottery sales is $71,000. a. Calculate the accounting profit for Gomez’s pottery firm.
TC=50+10Q+0.04Q^2 MC=10+0.08Q TR=40+20Q+0.02Q^2 MR=20+0.04Q 1) Find the quantity that the firm produces 2)Find the price at which the firm produces 3)Find the total cost,total variable cost and total fixed cost 4) how much does the firm need to earn to avoid from closing its operations
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