Refer To Figure 5.7. Using The Midpoint Formula, The Price Elasticity Of Demand For

Transcribed Image Text from this QuestionRefer to Figure 5.7. Using the midpoint formula, the price elasticity of demand for pumpkins from the equilibrium point before the imposition of the tax to the equilibrium point after the imposition of the tax is Your answer: -0.02. 0 -0.47 O -2.11 -4.43 Supply 2 Price ($) 8.50 В. Supply 1 7.25 5.50 А Demand 0 700 1,200 Quantity of pumpkins Figure 5.7

Your Boss Has Asked You To Describe How The Demand For An Over-the-counter Sinus

Your boss has asked you to describe how the demand for an over-the-counter sinus medication would change in the following situations.

Assuming the price does not change, forecast whether the sales volume will go up, remain constant, or go down. The local population increases. A wet spring leads to a bumper crop of ragweed.

Factory closings lead to a drop in the area’s average income. A competing product with a different formula is found to be unsafe. A research study is published showing that the medication causes severe dizziness.  The price of another sinus medication drops.

The Amount By Which Equilibrium Real GDP Exceeds Full Employment GDP Is

Transcribed Image Text from this Question3 poin The amount by which equilibrium real GDP exceeds full employment GDP is known as Recessionary gap, Inflationary gap, Contractionary gap, Expansionary gap

If the government records $80 million of government spending and $72 million of tax revenues. Which of the following best describes the situation?

The government has a budget surplus and is likely to suffer from crowding out effect

The government has a budget surplus and is not likely to suffer from crowding out effect

The government has a budget deficit and is likely to suffer from crowding out effect

The government has a budget deficit and is not likely to suffer from crowding out effect

The crowding out effect refers to a decrease in Consumption resulting from an increase in investment Investment resulting from an increase in consumption and decrease in savings Government spending resulting from a decrease in taxes Consumption or investment as a result O of an increase in government spending 3 points

What is the effect of a contractionary fiscal policy on aggregate demand curve and short run aggregate supply curve?

AD shifts right, SRAS shifts right AD shifts right, SRAS stays unchanged AD shifts left, SRAS shifts right AD shifts left, SRAS stays unchanged

What would be the effect of a 3 points contractionary fiscal policy on the output level, price level and unemployment rate? RGDP decreases, price level decreases and unemployment rate increases RGDP decreases, price level increases and unemployment rate decreases RGDP decreases, price level decreases and unemployment rate decreases RGDP increases, price level decreases and unemployment rate increases

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Quantity AVC ATC MC 4 $1.50 $3.75 $0.00 5 $1.40 $3.20 $1.00 6 $1.50

Transcribed Image Text from this Question Quantity AVC ATC MC 4 $1.50 $3.75 $0.00 5 $1.40 $3.20 $1.00 6 $1.50 $3.00 $2.00 7 $1.71 $3.00 $3.00 8 $2.00 $3.13 $4.00 Refer to the table above. If the price in this competitive market is $2.00, in the short run this firm will choose to continue to produce a. b. shutdown

Blake Eats Two Bags Of Potato Chips Each Day. When Blake’s Hourly Wage Increases

Blake eats two bags of potato chips each day. When Blake’s hourly wage increases from $8 to $15, he decides to stop eating generic potato chips and starts eating a name brand potato chip.

Use the midpoint method to calculate Blake’s income elasticity of demand for generic potato chips. Round your answer to two decimal places. income elasticity of demand for generic potato chips: For Blake, generic potato chips are a normal good. a luxury good. an inferior good.

Which Of The Following Statements Is True About A Market Where There Is A

Which of the following statements is true about a market where there is a effective price ceiling for widgets, but where there is also a resale market for widgets with no regulation?

There will be a surplus of widgets. Consumer surplus will be the same as when there is perfectly in efficient rationing in the widget market. It will give the exact same consumer and producer surplus as the unregulated free market. O It will ensure the widgets goes to the consumers with the highest willingness to pay. There will be no shortage of widgets.

Real GDP And Nominal GDP Differ Because The Real GDP Select One O A.

Real GDP and nominal GDP differ because the real GDP Select one  a. is not adjusted for changes in the price level and changes in real GDP can only be due to changes in quantities

b. is constructed using constant base-year prices and changes in real GDP can only be due to changes in quantities.

c. measures the value of all final goods and services produced domestically using current prices

d. includes the economic effects of international trade.

Elasticity: Measuring Responsiveness – End Of Chapter Problem According To The U.S. Department Of

Elasticity: Measuring Responsiveness – End of Chapter Problem According to the U.S. Department of Energy, the average price of gasoline in the U.S. fell by 14% in 2015. The number of hybrid electric vehicles (HEV) sold in the U.S. fell by 36% in the same year. Calculate the cross-price elasticity of demand for HEVs and gasoline. Round answer to one place after the decimal. a. Cross-price elasticity = b. Based on your answer in part a, gasoline and HEVs are unrelated substitutes. complements.

Elasticity: Measuring Responsiveness – End Of Chapter Problem Congratulations! You Have Just Landed Your

Elasticity: Measuring Responsiveness – End of Chapter Problem Congratulations! You have just landed your first job out of college as an economic analyst at the Bureau of Labor Statistics.

Your starting salary is $55,000 per year; an increase of 250% per year over the salary you made at the local coffee shop. The corresponding table gives the percentage change in your purchases of each good after your income increases.

Use this information to estimate your income elasticity of demand for each of the items. Meals at restaurants Cups of coffee Instant noodles Percentage change in quantity 500 80 -75

a. Income elasticity for meals at restaurants is

b. Income elasticity for cups of coffee is

c. Income elasticity for instant noodles is Lupa UE LLC Instant noodles UV -75 a. Income elasticity for meals at restaurants is b. Income elasticity for cups of coffee is c. Income elasticity for instant noodles is 1 d. Based on the calculations of income elasticity, meals at restaurants are coffee is and ramen noodles are a normal good an inferior good an inferior good a luxury a necessity a normal good a necessity a necessity an inferior good

Bond A Is A 10-year Bond Issued By A Company With A Very Good

Bond A is a 10-year bond issued by a company with a very good credit rating. Bond B is a five-year bond issued by a different company with a very good credit rating. Which of the following is likely? O Bond A will have a higher interest rate than Bond B. Bond B will have a higher interest rate than Bond A. Bond B will have a higher term risk than Bond A. Bond B will have a higher default risk than Bond A.

Show your solutions/ calculations for each question (not just the final answer). Dave’s demand for good X is given by the following equation: q = 10 – 2p 0.0004I where q is the quantity demanded at price p when Dave’s income is I. His income is currently $85,00

a. (3 points) At what price will Dave’s demand fall to zero?

b. (3 points) If the price of good X is $14, how many will be demanded by Dave?

c. (3 points) At a price of $14, calculate Dave’s price elasticity of demand for good X.

d. (3 points) In a scratch paper, draw a diagram showing the demand curve for good X and shade the consumer surplus region at a price of $14. Calculate consumer surplus. You do not need to submit your drawing.

e. (5 points) If the price of good X decreases to $12, how much consumer surplus is gained?

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The small country of Hapolonia applies import tariffs of t= 100 against Canadian and American goods.

The US can export as much as Hapolonia wants at a (before-tariff) price of P = 400, but Canada, a much smaller country can export according to the (before-tariff) inverse export supply function, P=200 Q$. Hapolonian inverse import demand is given by P=1000-2″.

a. (2 marks) Calculate how much Hapolonia imports with the tariff.

b. (2 marks) Calculate how much Hapolonia imports, with the tariff, from each of the US and Canada.

c. (2 marks) Calculate Hapolonian consumer surplus with the tariff.

d. (2 marks) Calculate Canadian producer surplus with the tariff. 11

e. (2 marks) Calculate Hapolonian government tariff revenue.

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