I need help with this homework question in microeconomics...I would appreciate any help....?
England and Scotland both produce scones and sweaters. Suppose that an English worker can produce 50 scones per hour or 1 sweater per hour. suppose that a Scottish worker can produce 40 scones per hour or 2 sweaters per hour. - Which country has the absolute advantage in the production of each good? Which country has the comparative advantage? - If England and Scotland decide to trade, which commodity will Scotland trade to England? - If a Scottish worker could produce only 1 sweater per hour, would Scotland will gain from trade? Would England still gain from trade?
Microeconomics homework need help plz?
3 D. free the market 5 C 7 D 9 B 10 C (D is what most people think, but its more likely the opposite)
Microeconomics Homework?
I need some help with this question. The end has a chart. I need to know how to do it. Can someone tell me at least the first one, Ill do the rest. For each event listed below, indicate whether it affects the demand or supply of battery-operated dancing flowers and the direction (increase or decrease) of the change. Also indicate what will happen to equilibrium price and quantity. Remember, the determinants of demand are income, tastes, prices of related goods or services, consumers’ expectations, and the number of buyers. The determinants of supply are prices of resources, changes in technology or productivity, producers’ expectations, number of producers, and prices of related goods or services (goods that are substitutes or complements in production). a. There is a change in tastes toward battery-operated dancing gorillas. b. The price of plastic falls. c. A technological breakthrough makes it cheaper to produce plastic flowers. d. Consumers’ incomes rise. e. The price of battery-operated dancing gorillas rises. f. The price of plastic for making flowers skyrockets. g. A fire destroys a major production facility for dancing flowers. h. Consumers expect lower prices for dancing flowers in the future. Demand Supply Price Quantity a b c
Microeconomics 218: Need help with Homework?
For the first one the demand curve shifts since more people will be willing to consume more fountain water at higher prices. b. The Law of Demand states that consumers buy more of a good when its price decreases and less when its price increases. And when the price of a substitute good lowers or rises, then those who were going to buy a certain product or brand will instead buy the substitute good. 2. c. substitutes= if you eat one, then you likely won't eat the other ex: If you eat a Triple Whopper you probably wont eat a Double cheese along with it. Compliments= products that are usually consumed together Ex: Burgers and fries or Burgers and sodas or tires and cars 4. Im assuming your teacher taught you opportunity cost and probably made you create charts and graphs and taught you the possibility frontier line. It would probably help if you look over them. Consider: how much broccoli or pork rind is being sacrificed at each point? If you consume 300b , how much R is being sacrificed? If you consume 400B how much R is being sacrificed and vice versa? 5. If the price of textbooks or something like that falls, then it is possible that college education's demand will most likely stay or rise depending on how much the prices fall. Show a diagram with what would happen when the price of complimentary changes and one that shows the rise of college education but show that when rise of college ed rises, afterwards it goes back to the previous demand when there is a change in price of complimentary goods. Hope this helps!
Where can I get help with my economics homework?
Hey there!First off, I’m impressed that a student-athlete has the tenacity to balance a travel schedule and take micro and macro economics in the same semester. You are bold!Both macro and micro economics are the foundations of business and, in many ways, life. If you have a moment to breathe in your crazy schedule, check out Freakonomics. It’ll blow your socks off.But before you resign yourself to feeling overwhelmed by your workload, relax. Help is just one click away at TutorMe.To connect with the most insightful economics tutors in 30 seconds or less, click here.Busy schedule getting you down? Don’t let it! Time management is key for anyone with a hectic schedule, whether you are a student-athlete or a working parent taking night classes. Time is a valuable resource, so don’t waste it by struggling in isolation. Ask for expert help, and better utilize your precious time.Test prep or a thought on the fly? We’ve got you covered 24/7 in over 300+ subjects at Tutorme. Whether you’re looking to dedicate several hours to nail down big concepts like supply and demand before a final, or a silly little question pops into your head during practice, TutorMe offers pro-rated minutely rates so you don’t have to shell out a bundle of cash for an expensive tutor when you require an on the spot answer.And if you do need someone to look over assignments with you, uploading documents is simple at TutorMe. Just click ‘Find Me A Tutor,’ then drag whatever kind of file you’re working with so your tutor can screenshare and work with you in our virtual classroom!Don’t leave your success to chance! With professional help, you can manage the busiest schedule and master economics!Best of luck!
Please help with homework Microeconomics!?
Trade liberalization protects the interest of the consumer, the end users. Since there are no lobbiest for the end users (like you and I) there are still quite a lot of protectionism going on. Trader groups who support liberalization probably do not have much to loser if we had open trades with the world. Those that do support less liberalization want to save their own jobs, companies etc. at the expense of consumers. Sure you and I may pay $3 more per shirt but that will go and pay the organized trade groups that are in the shirt making business. It's an argument for non efficient groups to stay in business even when the same product can be had for lesser price. Basically you and I are always subsidizing someone at all times, be it auto workers who can't make efficient cars as the Japanese etc. or sugar factory works who cant produce sugar as cheaply as the Brazillians. Anyone who has taken entry level economics knows that there is nothing to be gained as a whole from restricting trade activities. Sure it sounds good to keep american jobs in america but they should have been more efficient at producing whatever they are producing, if not they should get into a different business.
I need help on my microeconomics homework please!?
Since there are a few ways to implement a payroll tax, the language used by Blagojevich was intended to highlight the way in which the bill would be implemented. A payroll tax can be implemented as the responsibility of employees, so the 3% would've been taken out of their paychecks. The second method is the responsibility of the employer. Therefore employers would be charged the 3% tax on payroll for all their employees. The same amount goes towards the state health programs, but employees would not see their paychecks directly affected by the 3%. However, there is a good chance the bill would not have been successful because some employers might cut wages of employees or lay off employees to compensate for this. Lowering wages would make it less successful because there would be a lower dollar amount taxed on employers (since it's strictly based on wages). And if the wage reduction is significant enough, it could completely offset any benefit of the tax and even potentially reduce the amount of money going towards other government programs that rely on tax revenue.
A little help with my microeconomics homework..?
I always over-analyze things, but on music, I strip it down to basics. If rock band X says that tickets for their shows are too expensive, then how about they don't charge that much? The simplest answer is that bands have accountants and those accountants monitor the costs of having a show versus the price to guarantee a certain net % per show. Simply put, if the band has a big show (lights, pyro, etc.) then it would naturally cost more to have. I just know that I would not pay $75 for an Eagles concert (they stand there...or sit on stools), but I would pay for a Kiss show (they blow up EVERYTHING!!!)
Microeconomics Homework Help: Supply Curve?
The supply curve would shift to the left. A shift to the left in either the demand or supply means a reduction is demand or supply. A shift to the right means there's an increase in supply or demand. When you draw the diagram. Draw a regular supply and demand curve. Draw an additional supply curve to the left of your original supply curve. Name your original supply curve "S1" and name the second supply curve "S2" to show the reduction in supply.
I need help with 4 homework questions in microeconomics?
1. An increase in demand (with no change in supply) will: A) increase equilibrium price and reduce equilibrium quantity. B) decrease equilibrium price and increase equilibrium quantity. C) increase both equilibrium price and equilibrium quantity. D) decrease both equilibrium price and equilibrium quantity. 2. A decrease in supply (with no change in demand) will: A) increase equilibrium price and reduce equilibrium quantity. B) decrease equilibrium price and increase equilibrium quantity. C) increase both equilibrium price and equilibrium quantity. D) decrease both equilibrium price and equilibrium quantity. 3. An increase in demand for strawberries is most likely to: A) increase the demand for strawberry pickers. B) reduce the supply of strawberry pickers. C) reduce the supply of strawberries. D) reduce the demand for strawberry pickers. 4. The demand for a product is inelastic with respect to price if: A) consumers are largely unresponsive to a per unit price change. B) the elasticity coefficient is greater than 1. C) a drop in price is accompanied by a decrease in the quantity demanded. D) a drop in price is accompanied by an increase in the quantity demanded.