Ms. Haleema offered to sell her house to a Trader for Rs. 2,150,000. Trader said that he would take the house for Rs. 2,000,000. Ms. Haleema refused to sell here house to Trader at this price. A day later that Trader agreed to pay the original price for the house. Explain whether Ms. Haleema is obliged to sell her house to that Trader?
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Ms. Haleema offered to sell her house to a Trader for Rs. 2,150,000. Trader said that he would take the house for Rs. 2,000,000. Ms. Haleema refused to sell here house to Trader at this price. A day later that Trader agreed to pay the original price for the house. Explain whether Ms. Haleema is obliged to sell her house to that Trader?
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- What is the highest price consumers would be willing to pay forthis product? Also called the reservation price in the market.You rcad a newspaper teport that compares wages paid to employees at Starbucks in IndiA and in the United Kingdom. At the time, 1 pound was equal to 87 rupees. The report says that Starbucks baristas in India are paid a mere 56 pence an hour, which is lower than the cheapest coffee that Starbucks sells in the United Kingdom A friend of yourS who read the roport is appalled by this information and thinks that Starbucks ought to raise its salaries substantially in India. Is your friend necessarily correct? O A. Yes, the report correctly highlights tho fact that-workers are paid the lowest amount possible in third world countrios. O B. Yes, the report accurately points out that baristas in India arc boing oxploited with low wages OC. No, the fiaw in the report is that U.K. workers are smarter and better trained than workers in India, thereforc, the oxchange rate is not a fair represeritalen O D. No, the flaw in the report is that it converts the wages paid in India lu pounds using Ihe…If people have different reservation prices, why does the market demand curve slope down?
- When the price is above the equilibrium, how do market forces move the market price to equilibrium. When price is above the equilibrium, there will be more sellers than buyers and the surplus goods will start to pile up. The only way for sellers to get rid of their excess goods is to raise prices. When price is above the equilibrium, there will be more sellers than buyers and the surplus goods will start to pile up. The only way for sellers to get rid of their excess goods is to lower prices. The government directs companies to lower their price to clear unused inventory When price is above the equilibrium, there will be more buyers than sellers and the surplus goods will start to pile up. The only way for sellers to get rid of their excess goods is to maintain their prices and wait.Ian works at an iron smelter in Pittsburgh, the center of iron production in America. Due to the difficulty in measuring the productivity of individual employees, Ian's employer as well as the other iron smelters all pay an efficiency wage. Adjust the wage line on the graph to reflect this situation. What characteristic of efficiency-wage jobs is not supported by the situation shown in the graph? Efficiency wage jobs result in a surplus of workers at the wage being offered. Elevated wages serve as an economic incentive to work harder. The wage rate will eventually return to the market-clearing level. Efficiency wages result in an increase in the rate of unemployment. Wage ($ per hour) Quantity of workers (in thousands) Wage S“The fairest price is the one that has been set by the market forces of Supply and Demand.” Agree or disagree with this statement.
- where are the prices they have to pay in each?Suppose that there were 25 people who had a reservation price of $500,and the 26th person had a reservation price of $200. what would the equilibrium price be if there were 24 apartments to rent? What if there were 26 apartments to rent? What if there were 25 apartments to rent?CBS is selling advertising for its broadcast of the AFC championship game. The station's demand for minutes of commercial advertising time is the demand it faces from the companies to which it sells advertising time: PADS = 100,000 50Q. CBS has MC = $2000. Buyers pay CBS a price PoCBS for each minute of advertising and add $1,000 for each ad to cover the tax they pay, so their MCADS=PCBS+ 1000. No one has any fixed costs. The profit for CBS is (include dollar sign and any commas, no decimals)
- Macmillan Learning Suppose that the graph illustrates the market demand for poutine per month with an equilibrium price of $3.00 and equilibrium quantity of 4,000 servings of poutine. Please indicate on the graph the effects of a coupon that lowers the price by $2 and place point A at the new equilibrium. Price ($) 6.0 5.0 4.0 3.0 20 1.0 0.0 3.0 0 1 2 Demand 4.0 5 4 3 Quantity (thousands) What is the new quantity of poutine demanded? Enter your answer in thousands, specified to one decimal place.ASAP!! Mr. Kamran Ali is building houses in Karachi. He has analyzed the market carefully, and he knows that at a price of Rs.12,000,000. (Rs.12 million) he will sell 8 houses per year. In addition, he knows that at any price above Rs.12,000,000. (Rs.12 million), no one will buy his houses because the government provides equal-quality houses to anyone who wants one at Rs.12,000,000. (Rs.12 million). He also knows that for every Rs.2,000,000. (Rs.2 million), he lower his price, he will be able to sell an additional 2 units. For example, at a price of Rs.10,000,000. (Rs.10 million), he can sell 10 houses; at a price of Rs.8,000,000. (Rs.8 million), he can sell 12 houses; and so on. Sketch the demand curve that Mr. Kamrans’ firm faces. Sketch the effective marginal revenue curve that his firm faces. If the marginal cost of building a house is Rs.10,000,000. (Rs.10 million), how many will he build and what price will he charge? What if MC = Rs.8,500,000. (Rs.8.5 million)?Auctions can be an important tool for selling goods and gathering information. Auctions are used in multiple venues including agriculture, eBay, and distressed asset sales. The seller does not have to worry about estimating demand and setting a price because the demanders will do that through the auction process. Write an essay examining the value of auctions in the economy by addressing the following items. Explain the difference between oral auctions and second-price auctions, including how they work and their results. Use the expected value information to illustrate how having more bidders in an oral auction will likely result in a higher winning bid. Explain how the number of bidders in a common value auction affects the outcome of the auction. Relate this to the effect on price in different market structures based on the number of producers. Auctions lead to outcomes where buyers reveal their value for the products being auctioned. To successfully price discriminate, firms often…