The difference between economic profit and accounting profit is that economic profit is calculated based on both implicit and explicit costs whereas accounting profit is calculated based on explicit costs only. True False

Q: Suppose you decide to start your own business.  Give a brief overview of the purpose and location of…

A: Here you'll go to fine Indian restaurants in big cities like New York. The company offers authentic…

Q: Suppose a firm experiences decreasing returns to scale. This is shown graphically by www OA. a…

A: The decreasing returns to scale occurs when the additional use of inputs cause the rise in the…

Q: The price elasticity of demand for a firm’s product is equal to –1.75 over the range of prices being…

A: Elasticity of demand measures the responsiveness of quantity demanded to changes in price.

Q: Explain the relation between average variable cost and marginal cost for both the short-run and…

A: Cost Curves show the relation between the costs that a firm incur in the process of production and…

Q: ABC Co. manufactures a subcomponent at the rate of 400 per day when required. Its annual demand for…

A: Economic Order Quantity (EOQ) benefits entities that control their inventory competently. It is a…

Q: The central bank decided to raise interest rates when it wanted to reduce aggregate demand to fight…

A: Introduction Central bank is the head bank of the country all the commercial bank and public sector…

Q: New Keynesian sticky price open economy model with a flexible exchange rate: a. Explain why fiscal…

A: Price stickiness, or tacky price, alludes to the propensity of costs to stay consistent or to change…

Q: Let CPI, represent CPI in period t and let CPI₁+1 represent the CPI in period t + 1. CPI inflation…

A: Note:- Since we can only answer one question at a time, we'll answer the first one. Please repost…

Q: Economics Three brands of apples (Anti, Banti, Canti) are currently available to consumers in town.…

A: Here, the information about the price and perceived benefit from different brands of apples.

Q: Part 2 : You are examining a firm that is under a perfectly competitive market. Show all necessary…

A: Introduction Perfectly competitive market is the market where lots of firm are available in the…

Q: Suppose the production process for running shoes is given by q = 10KL where q is the number of pairs…

A: A production function in economics describes the technological relationship between the quantities…

Q: 3. The graph below gives the marginal profit P'(x) for a company when it produces x products. P'(x)…

A: Given,

Q: A subway ride is than a car because a. more price elastic: it is a smaller part of one's income. b.…

A: Savings is defined as the difference between income and consumption. Therefore, if the level of…

Q: Suppose a firm has the following widget production function: q=2K/₁2, the wage rate, w = $20 and the…

A: Given  Production function: q=2K1/2L1/2              .... (1) w=$20 and r=$180 In short-run K is…

Q: 17- Assume that 12t = 0.15% and that 11t = 0. If the one-year interest rate is 5% and the two-year…

A: A lender will charge a borrower an interest rate in addition to the principle amount for the use of…

Q: a. You work for a certain firm that is the sole provider of water services in a city. The market…

A: A monopoly is a form of market structure in which there is only one seller of a certain good or…

Q: How much do you need to deposit in an account today in order to have $11,000 in the account in 6…

A: Every commercial bank decides its Annual Percentage Rate (APR) range based on the interest rate set…

Q: Carefully explain the terms 'non-rivalry' and 'non-excludability'. Provide an example of a good with…

A: Main characteristics feature of a public good is they are non-excludable and non-rivalrous in…

Q: Q4. (a) Suppose a decrease in price from $100 to $5 causes an increase in Q from 1008 to 120.…

A: Given  At price P1 = 10α quantity demanded Q1= 100β At price P2 =$5, quantity demanded Q2 =120 We…

Q: Is the following statement true or false? Given is the graph below of the oil market. Without the…

A: Without the tax, the point where the demand and supply curve intersects is called the equilibrium…

Q: WHAT IS ASIAN DOLLAR MARKET?

A: Singapore had a well-developed banking and financial sector capable of offering a wide range of…

Q: 14 You are interested in buying a car at/$25,000. You plan to take a loan and pay it ou in 4 years.…

A: Nominal interest rate refers back to the interest rate earlier than taking inflation into account.…

Q: 1. the aggregate supply curve shows the negative relationship between general price and real GDP.…

A: Real GDP is a proportion of a nation's GDP that has been adapted to expansion. Balance this with…

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: 25. Which of the following is NOT a non-price method that a supplier could use to allocate a good…

A: Non price tools is a showcasing technique that normally incorporates limited time consumptions, for…

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: 4. A decision at the margin Edison is a hard-working college sophomore. One Tuesday, he decides to…

A: Marginal gain the additional number of problems solved by employing an additional hour to problem…

Q: b. Supposed that your friend is an owner of a lake that grows and harvests Bangus (Milkfish). A…

A: The tragedy of the commons The tragedy of the commons is a social and economic problem where…

Q: Justin's demand for good 1 is given by the formula: x1d(p1,p2,I)=2⋅I/4⋅p1+6⋅p2, Suppose...…

A: Given  Demand function of good 1 x1p1,p2, I=2I4p1+6p2                .. (1) Initially p1=$7, p2=$7…

Q: Yaster Breakfast Supplies is planning to manufacture and market a new toaster.  After conducting…

A: Marginal profit is the profit procured by a firm or person when one extra or marginal unit is…

Q: 3. The figure below demonstrates the moral hazard with insurance coverage. When consumer pays 50%…

A: A moral hazard indicates that a party may function differently than they would retain without the…

Q: The firm will maximize its profit at a quantity of units. After choosing the profit maximizing…

A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…

Q: Problem Solving 1. Suppose the Central Bank reduces the money supply by 5 percent. Assume the…

A: Aggregate Demand is the prevailing demand for all the services and goods in the country’s economy…

Q: 11. Suppose that the demand and supply functions for three related goods are:

A: The supply curve shows the positive relationship between price and quantity supplied. The demand…

Q: Problem 3 20 The engineering department estimates that waste treatment costs will be $50,000 for the…

A:

Q: using economic concepts , discuss the impact of the following events on the equilibriumprice level…

A: Contractionary monetary policy is used by a central bank in order to slow down the economy, with the…

Q: Assume that the demand for cosmetic or plastic surgery is price inelastic. Are the following…

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: Can you provide more details on the functions of monetary policy. Examples would really help

A: The monetary policy-related approach expands liquidity to make economic development. It lessens…

Q: Assume that an appliance manufacturer is employing variable resources X and Y in such amounts that…

A: Marginal Revenue refers to the revenue that a firm or seller receives in the sale of an additional…

Q: If the money supply is growing at a rate of 8 percent per year, real GDP (real output) is growing at…

A: The velocity of cash can be determined as the proportion of ostensible GDP (GDP) to the cash supply…

Q: Economics How does research provide you with the knowledge and skills you need to solve management…

A: Research is the quest for knowledge, it provides the solutions for an enquiry that is strategically…

Q: If a country that fixes its exchange rate increases its money supply, then its currency will become…

A: In the fixed exchange rate system, any change in money supply will lead to affect the value of…

Q: Consider an economy where the monetary base is k24 000, while the total deposits are k56 000. Bank…

A: Given information Monetary base=K24000 Total deposit=K56000 Bank can loan=K50400 Excess reserves=30%…

Q: What effect, if any, does each of the following events have on the price elasticity of demand for…

A: Elasticity of demand is the sensitiveness in the quantity demanded due to any change in its factors…

Q: Suppose a competitive firm has the following short run cost function: C(q) = q³-8q² + 30q + 5. a. р…

A: The MC above the minimum point of AVC is called supply.

Q: ssume a Cobb-Douglas production function, where © =0.5 and A = 1. If AN/N = 0.06, d = 0.04, and s =…

A: Production function provides the relationship between the input and the output. Cobb-Douglas…

Q: Discuss the link between adventure tourism and eco-tourism, discuss the best practices in Adventure…

A: Introduction Several diverse types of tourism have arisen within the tourism sector, each attempting…

Q: The following graph displays four supply curves (HH, II, 33, and KK) that intersect at point A. 100…

A: Elasticity measures the responsiveness of quantity to changes in price level.

Q: Explain the law of diminidhing returns whith a relevant example

A: