Can someone help me with this economic question?
The most basic concept of economics is supply and demand - the law of supply is that if the price goes up the amount producers are willing to produce will go up. Conversely price down = quantity produced down. An example - Crocs - the demand went up as they became popular and the price went up - as well as the number of copies. Does that cover it. The exception is gas - it can not produce more fast enough to meet a rise in prices
Can someone help me on this economics question?
1. The government institutes a park entrance fee of 10 dollars per person. What are the appropriate units for measuring the total amount of revenue generated by this fee? A. Dollars B. People squared C. Dollars per person D. Square dollars E. Attendance F. People
Can someone help me on this economics question?
3.Read the following statement carefully: "Cattle ranchers sell more beef to meatpackers when the price of beef is higher." If P represents the price of beef and Q represents the quantity of beef sold to meatpackers, which of the following statements best summarizes the pattern of causality suggested by this sentence? A. A change in P causes a change in Q. B. A change in Q causes a change in P. C. A change in P causes a change in Q, and a change in Q causes a change in P.
Will someone help me to learn economics?
Yes. There are many people in this world who can help you learn economics. All you'll need is to be a little resourceful. All the best!
Can someone help me with this economics question?
As the demand for a product falls, it is not uncommon for the industry to become a monopoly. This is most likely due to...? a. an increase in the number of barriers. b. legal restrictions being imposed. c. the surviving firm operating on the declining part of its average cost curve. d. patent protection causing high prices.
Where can I get help with my economics homework?
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Can someone help me with this Economics question?
Marginal revenue product should not be lower than marginal cost. MRPL ≥ MC MRPL = MRxMPL MPL = 3 units of output MR = P = $3 per unit of output MRxMPL = 3x3 = 9 Marginal cost in this case is wage level, thus MC=W MRPL ≥ MC MRPL ≥ W (costs of one worker can't be higher than this worker earns for the company) 9 ≥ W Thus maximal wage profit-maximizing firm shouldn't exceed is $9.
Can someone help me with this Economic question?
Any company which is the only supplier (a monopoly) for an essential product has the ability to almost set their own price. For example, if Chevron were the sole supplier of oil in the entire world, and if they controlled that oil from its source to its distribution, they could charge almost anything for it and people would pay the price. However, there still are some limits. E.g. if the government exerted price controls on that product, the price may drop, but the monopoly could decide simply not to sell the product in that country. Also, if the price becomes prohibitive, i.e., too high to live with, then alternative products would be developed which would reduce the demand, and hence the price, of the product. E.g., if the price of gas went to $100 per gallon, we would rapidly be switching to rechargeable electric batteries, propane, ethanol, or other fuel sources which would be cheaper than gas. So no, control over price is not absolute, even for a monopoly.
A quick economics question, can someone help me?
Since the Red Cross supplies 95 percent of the blood in the United States, it can be considered a monopolist. Assume that it, in fact, operates like a monopolist. The Red Cross currently charges hospitals and other users $21 for a pint of blood. In order to increase the supply of blood, the government offers the Red Cross a $10 million, lump-sum subsidy. How much more blood supply will the subsidy generate? a. about 500,000 pints b. somewhere between 100,000 and 500,000, depending on demand elasticity c. somewhere between 100,000 and 500,000, depending on the elasticity of supply d. zero
Can someone help me define what the true economic wealth of a country is?
There is no accepted definition of wealth. Most definitions are obviously false, in that they do not exclude slaves (which are not wealth), or money (which is a claim on wealth). Definitions of wealth which include land in the category “wealth” also include land. There is a comprehensive discussion of this subject at the start of Henry George’s “Progress and Poverty”.Based on his considerations, wealth is defined as follows:“All material things produced by labour for the satisfaction of human desires and having exchange value.”This means that wealth must have all of these characteristics:Wealth is material. Human qualities such as skill and mental acumen are not material, hence cannot be classified as wealth.Wealth is produced by labor. Land possesses all the essentials of wealth but one — it is not a product of labor, therefore it is not wealth.Wealth is capable of satisfying human desire. Money is not wealth; it is a medium of exchange whereby wealth can be acquired. Nor are shares of stock, bonds or other securities classifiable as wealth. They are but the evidences of ownership. None of these satisfy desire directly; if they are destroyed, the sum total of wealth is not decreased.Wealth has exchange value.On that definition, if chunks of planet earth disappear into outer space, there is a loss of “Land”.