feedback and control system Explain how the economic concept known as "supply of law and demand" can be interpreted as a feedback control system. Take the example of the soaring price of fuel in the market today
Q: Part 2 : You are examining a firm that is under a perfectly competitive market. Show all necessary…
A: Some of the basic concept that is necessary to solve the above problem: Profit = Revenue - Total…
Q: Show, using algebra, that the current account balance is: (i) the difference between saving and…
A: Current account balance is actually under the balance of payment theory. Now this account measures…
Q: The right expression to calculate how much money will be in an investment account 14 years from now…
A: Future value is the value of investment for the given time in future. It is calculated by F = P(1 +…
Q: The CPI has risen from 130 to 115, what is the inflation rate? 10% 20% 15%…
A: Inflation rate helps in determining the percentage of increase in prices of goods and services.
Q: beginning of the year, a software developer quit his job and gave up a salary of $90,000 per year in…
A: DISCLAIMER “Since you have asked multiple question, we will solve the first three question for you…
Q: What factors have led to the dominance of the banks? Prove explanations in detail with an example
A: Banks are the authorities that enable flow of money by lending and depositing money of the people.
Q: SECTION A QUESTION ONE: (a). The Buccaneer general manager obtains from a consulting firm the…
A: Cross price elasticity measures the responsiveness of quantity demanded of good 1 with respect to…
Q: Assume that the demand curve for romance novels has a negative slope. If the price of these novels…
A: Downward sloping curve means that there is inverse relationship between variables . Demand is…
Q: At the start of the week, Marie decides to buy a pie. Does this imply that the utility she receives…
A: Budget Organizations, Governments, and individuals utilize budgets to calculate revenue and…
Q: Question 4 You are given the following data for 2006 and 2007 2006 2007 Money supply 1000 1050…
A:
Q: 9. Why do Social Security and Medicare pose problems for the federal government budget? The number…
A: Social security and Medicare are considered as the components in which the larger share of…
Q: ccording to the British economist John Maynard Keynes, economic instability was a product of…
A: John Maynard Keynes was a British economist who lived from 1883 until 1946. He is best known as the…
Q: If the world price of oil increases, what impact will this have on the welfare of an oil importing…
A: David Ricardo is the creator of comparative advantage theory. It explains how economic advantages…
Q: Fred Corp. is considering a project that has the following cash flow data. What is the project's…
A: The internal rate of return (IRR) approach is used to calculate the discount rate at which the…
Q: Price of wine Price of coffee 2021 $5 $5 2022 $9 $6 Assuming that wine and coffee…
A: Inflation basically refers as the rate at which prices rise over time. Inflation is usually defined…
Q: When I entered my answer in my online math assigment it said it was wrong
A: We use this formula to solve the above problem: A = P(1 + r)t where A is the amount that you get…
Q: Vincenzo is [Select] the labor force. He [Select] unemployed. Vincenzo is suffering from [Select]
A: The measure that depicts people who are capable and able to work but are not able to find suitable…
Q: Suppose you are given the following data for a particular economy (unit: Millions of Euros): Gross…
A: Gross National Product refers to the sum of the values of all the finished goods and services and…
Q: Can a market be productively efficient but allocatively inefficient? Why is it bad for a market to…
A: Productive Efficiency is the scenario in which the economy uses the available resources to their…
Q: Discuss an example of a fiscal policy and monetary policy that is used to control inflation and how…
A: The exercise of control over the economy via the use of governmental spending and taxes is known as…
Q: Part 1 : Answer the following Games below. For each game below, please illustrate and show how the…
A: Here, according to the given payoff matrix, Arisu can choose between light and Dark, while Usagi can…
Q: QUESTION 9 If a price ceiling is binding in a given market, compared to equilibrium, what is the…
A: Government intervenes the price market using two of its important tools which are price ceiling and…
Q: Name 5 public goods and explain why they are public goods.
A: Introduction. Public Goods. It a non-excludable and non-rival good, that is, a public good. It means…
Q: In Chapter 6, we said that taxes create deadweight losses. When we tax goods with external costs,…
A: Deadweight loss is the decrease in total surplus when socially efficient quantity is not produced.
Q: Consider the following components of GAVbp: Agriculture, Forestry and Fisheries = 2072 Industry =…
A: Given: Agriculture, Forestry and Fisheries = 2072Industry = 18723Services = 34195Indirect taxes net…
Q: If an innovation methodology is probabilistic and it yields profit equal to £10 m with probability…
A: The expected value is the summation of the product of the outcome and the probability of that…
Q: developmen ct one: a increases in per capita real GDP measured by its rate of change per year. b.…
A: The word sustainable means maintaining balance.
Q: The table below shows the demand for pollution permits to emit hydrocarbons in a particular…
A: Pollution tax assessment charges polluters for the harms their activities cause the climate and…
Q: anth Sales Forecast 1 Forecast 2 1 770 771 769 2 789 785 787 3 794 790 792 780 784 798 768 770 774…
A: *Answer: Given data Month Sales Forecast1 Forecast 2 1 770 771 769 2 789 785 787 3…
Q: Question 4' A firm's long-run total cost is TC(Q)=402-10Q²+Q³. Over what range of output does the…
A: Total cost of production is the total expenditure incurred by the firm on the factors of production…
Q: Julie owns and operates a clothing store in Topeka which sells t-shirts with graphics from popular…
A: Here, it is given that the taste and preference of consumers changes as they no longer consider the…
Q: 3. A company that builds gas pipelines hires rig welders as independent contractors and has them…
A: Fair Labor Standard Act: It refers to an act that helps the employees to get their wages on time. It…
Q: Assume that you are studying exchange rates between India and the US. Assume that the equilibrium…
A: Here, it is given that Indian economy is experiencing a fall in the inflation rate.
Q: Explain clearly what a Carbon Tax is. Then explain clearly what an Emissions Trading scheme is.
A: Carbon Tax A carbon tax is an environmental tax imposed by the government to ensure that a company…
Q: There are two types of open market operations carried out by the central bank, dynamic and defensive…
A: Open market operations, sometimes known as OMO are when a central bank buys or sells short-term…
Q: How does Qs = 9 I thought it would be 27
A: P=30-QMC=$3Now,To determine market demand, we set price equal to the marginal…
Q: What is the behaviour of average fixed cost as output increases?
A: The expenses made to produce goods and services are referred to as total costs. Cost is calculated…
Q: 2. Suppose an economy begins in steady state. By what proportion does per capita GDP change in the…
A: The measure that depicts the final value of goods and services being produced in an economy during a…
Q: Required: ; . Calculate the net present value of the investment.
A: Net present value (NPV) is the difference between the present value of cash inflows and the present…
Q: Describe the distinction between descriptive statistics and inferential statistics.
A: The collecting, processing, compilation, distribution, and analysis of economic data is an issue in…
Q: Indicating consumption sider an agent who want to maximize her duty function, 6₁, 62) - ₁2 subject…
A: We have given welll behaved utility function for C1 and C2
Q: 5. 'Suppose the taxi fare for the first two kilometres increases from $18 to $30, holding other…
A: A simple intuition of the Law of Demand does not work in such a scenario.
Q: Describe the optimal level of state involvement in the economy of developing countries. What are the…
A: The government's role in the economy has an influence on technological performance and long-term…
Q: Consider production possibilities of goods and services in China, Since 1980, the population of…
A: Given that the population of China has increased from 1 billion to more than 1.4 billion. And there…
Q: Yvonne’s father was a true believer in “giving back.” He endowed a program 35 years ago to help…
A: Given:Future value (FV)=$36000r=8%n=1 year
Q: Economics Q: a salesperson preparing an agreement to lease a condominium must explain to the tenant…
A: Amenities are defined as a desirable or helpful component of a building or area. It aims to give…
Q: Rod N. Reel owns a dealership that sells fishing boats in an open price-searcher market. To develop…
A: Introduction Data of weekly sold boats and revenue of boats of Rod has given. Table: Price ($)…
Q: Where can QGIS/Basic Geographic Information System can be used in the field of economics?
A: Introduction Geographic Information System GIS is nothing but collection of computer programs,…
Q: How does a Loan to Value Ratio (say an 80% LVR limit) achieve the objectives of Macro-prudential…
A: In reducing systemic risk, macro-prudential regulation has been quite effective. crucial,…
Q: If there is a sharp increase in the minimum wage as well as an increase in pessimism about future…
A: A minimum pay permitted by law allowed by regulation is the most negligible pay that organizations…
feedback and
Explain how the economic concept known as "supply of law and demand" can be interpreted as a feedback control system. Take the example of the soaring price of fuel in the market today
Step by step
Solved in 3 steps
- The following table shows the demand and supply of tickets of a football game which will be held at Shah Alam Stadium. Unit Price (RM) Market Demand (units) Market Supply (units) 20 5000 3500 40 4000 3500 60 3000 3500 80 2000 3500 100 1000 3500 a) On your foolscap paper, draw the demand and supply curves. Label all axes, all curves and the equilibrium point. (6m) b) How much is the equilibrium price and equilibrium quantity? (2m) c) At which price will there be a surplus of 2500 tickets? (1m) d) What will happen when the market price is RM40? Show your answer on the same diagram. (3m) e) Why is the supply of tickets fixed at 3500? (1m)Directions Post your initial response by Thursday & reply to 2 other students by Saturday. You have been learning about the factors that affect supply and demand as well as how price affects the quantity demanded or supplied. In this week's discussion board, you will be running a computer printer shop. You only produce and sell various types of printers which you make using various inputs. Below is a list of economic conditions you are currently experiencing: 1. You implemented new technology to build the printers. 2. You experienced a decrease in the price of print ink cartridges a complement for printers. 3. You increase the price of printers. 4. The price of plastic to make the printers decreases, 5. A new eco-friendly trend as emerged and your printer is rated #1 in eco- friendliness. Using the 4-step process in described in chapter 3 complete the following for each scenario: 1. Step 1-Draw a demand curve and supply curve before the economic change took place label as…com/courses/26116/discussion_topics/176523?module_item_id%3D1255293 LTaJtiCTty arna Topic According to the law of supply, if buyers are willing to pay more, sellers are willing to supply more. The price elasticity of supply is a measure of how much sellers are able to adjust the quantity supplied in response to changes in price. Read the following scenario and answer the corresponding questions. World renowned fashion designer Alvin Stein died recently. His company, Alvin Stein Designs has released the last 100 pair of his signature ASD Original jeans. The pattern and design sketches for the ASD Originals were buried with Alvin, per his last wishes. The current price of a pair of ASD Originals is $10,000. • What is the current price elasticity of supply for a pair of ASD Originals? Explain your answer. • Five years after his death, Alvin's sister, Jan released an exact replica of the signature jeans, called ASD Original 2.0, priced at $5000. How might this affect the demand for the…
- COVID-19 lockdowns caused demand for gas to decrease and therefore oil prices plummeted. In response, Russia and Saudi Arabia cut production by 9.7M barrels per day. How did the global oil market change? It caused a movement up along the supply curve. Supply shifted to the right O It caused a movement down along the supply curve. Supply shifted to the leftThe quantity demanded each month of russo Espresso Makers is 250 when the unit price is $140; the quantity demanded each month is 1000 when th e unit price is $110. the suppliers will market 750 expresso makers if the unit price is $60 or higher. At a unit price of $80 they are willing to market 2250 units Both the demand and supply equations are known to be liniear. A: Find the demand equation. B: Find the supply equation. C: Find the equilibrium quantity and the equilibrium price.For each question start with a supply and demand graph of the market for tennis rackets. What happens to supply or demand in each scenario? Explain why and show on graph labeling the new equilibrium point.
- Assuming the Petroleum Company of Barbados did not issue a directive for an increase in supply and a decrease in demand, explain the problem that would exist in the economy and how would this be corrected over time. Discuss one factor EACH that you think influence demand and supply for water heaters. Provide examplesHow does the equilibrium price and quantity change when here are bad rumors about a product? Are there any changes or none? Provide a graph of your answerMicroEconomics Practice: Ethanol is a motor fuel manufactured from corn. Ethanol and Gasoline are both used independently to power the engines of automobiles. Suppose bad weather negatively affects Corn production. Explain the effect of the bad weather on demand and supply of Corn. What is the effect on equilibrium price and Quantity. Explain the effect of changes in market for Corn on demand and supply of Ethanol. What is the effect on equilibrium price and Quantity. Explain the effect of changes in market for Ethanol on demand and supply of Gasoline. What is the effect on equilibrium price and Quantity.
- The Unique Gifts catalog lists a "super loud and vibrating alarm clock." Their records indicate the following information on the relation of monthly supply and demand quantities to the price of the clock. Demand Supply Price 167 132 $32 137 172 $56 Use this information to find the following. (b) the demand equation p (c) the supply equation p (d) the equilibrium quantity and priceConsider the market for minivans. Indicate the impact if any on demand, supply, price and quantity: (a) People decide to have more children. (b) A strike by steelworkers raises steel prices. (c) Engineers develop new automated machinery for the production of minivans. (d) The price of station wagons rises. (e) A stock-market crash lowers people’s wealth acThe impact on demand, supply, prices and quantity. In the market for airline tickects, airline cariers have drastically cut fares forinternational air travel resulting in 3% increase in ticket sales. Meanwhile, recent health considerations due to COVID 19 has caused 11% in reduction in overseas travel.