cost of Country 1 is C1 = $2 and of country 2 it is %3D C2 = $4. The total demand for oil is Q = 40-p where p is the market price of a unit of oil. Each country can only produce either 5 units, 10 units 15 units. The total production of the two countrie
Q: Maya grows apples and sells them in the weekend markets in Almaty around a year, for a fixed fee.…
A: In economics, market structure refers to how different industries are classed and distinguished…
Q: The market supply and demand equations for a given product are given by the expressions QD=200-50p…
A: Equilibrium is achieved when the quantity demanded is equal to its price.
Q: Find the GNP at factor cost if the GNP at market price is 3200 indirect taxes are 1400 and the…
A:
Q: supply curve
A: Supply curve of a firm represents the quantity supplied in the market at different prices which was…
Q: In a territory, there are two available markets for coffee beans Market 1: Foreign: This is the…
A: Answer -
Q: Identify the QS vs QD Price ($ per Quantity Demanded (units) 20 Quantity Supplied (units) 4. unit) 1…
A: We have given quantity demand and quantity supply schedules
Q: Let us consider the case of Good X in Malaysia. The demand and supply functions for Good X in…
A: (Q)Let us consider the case of Good X in Malaysia. The demand and supply functions for Good X in…
Q: This year is expected to be a great one for selling walking shoes in Georgia. At very low prices,…
A: A market is a place where the buyers and sellers interact with each other and the exchange of goods…
Q: This year is expected to be a great one for selling walking shoes in Georgia. At very low prices,…
A: Below is the schedule constructed from the given information: Price Quantity supplied 10…
Q: You are the manager of medium-sized company that deals in production of make-ups in Ghana. Suppose…
A: There are various other factors that lead to shift in demand and supply curve . Here tax and price…
Q: Demand function: Qd = 3550- 266p Supply function: Qs = 1526+ 240p Question:…
A: "Equilibrium occurs at a point where demand function intersects (equates) the supply function i.e.…
Q: to chage nces ustomers denote the price and demand for the domestic market then the demand equation…
A: Total costs = fixed costs + (number of units x variable cost per unit) A cost function can be a…
Q: Two software companies sell competing products. These products are substitutes so that the number of…
A: For maximization of profit, price per unit of production must be equal to the price. For perfectly…
Q: Coffee is now the second most traded commodity in the world after crude oil. Not only has demand for…
A: The demand for coffee and coffee products is higher in the world market. One of the important…
Q: Suppose that the short-run world demand and supply elasticities for crude oil are −0.076 and 0.088…
A: A short run competitive equilibrium is a situation in which, given the firms in the market, the…
Q: What kind of market structure is involved for the sale of medicines and vitamins in the above case?…
A: The market is a location where the transaction of services and commodities takes place. It is…
Q: Price Per Unit Quantity Demanded Per Year Quantity Supplied Per Year $ 5 2,000 0 10 1,800 300 15…
A: Answer to the question is as follows:
Q: The vertical difference between TVC and TC is equal to
A: To find : What is vertical difference between TVC amd TC.
Q: During the 1980s most of the global supply of lysine was produced by a Japanese company named…
A: Given, Marginal cost = MC = 0.70 Demand curve, Q = 208 – 80P 80 P = 208-Q P = (208-Q)/80 In 1980,…
Q: a. Estimate the equlibrium price and quantity of the market whose demand and supply functionsare pd…
A: The equilibrium in a market is obtained at the point where the market demand is equal to the market…
Q: Q29 a government mandated price which is set below the equilibrium price in order to prevent thr…
A: The government imposes minimums and maximums in the market on the price of certain goods and…
Q: = 5602 - 2p, + 1p2. P2) = 5602 – 2p2 + 1p,. %3D irm 1's output, q, is Firm 2's output, p, is Firm…
A: In the bertrand competition, firms competes in basis of price.
Q: It is known that the quantity demanded of a certain make of portable hair dryer is x hundred…
A: When quantity is 0 units price is: p=840-8xp=840-8×0p=841p=$29 thus the vertical distance above the…
Q: We BEGIN with a perfectly competitive market for commercial seedless grapes. Quantity in thousands…
A: Answer to the question is as follows:
Q: There has been a veritable explosion of piggery projects in the Philippines. These projects range…
A: Answer- Need to find- Considering this peculiarity how is the equilibrium price for hogs and ginger…
Q: Consider a competitive market served by many domestic and foreign firms. The domestic demand for…
A: Under free trade, the world resources are efficiently utilised as each country produces the good in…
Q: Two software companies sell competing products. These products are substitutes so that the number of…
A: A completely competitive corporation cannot pick the price it charges since the price for its…
Q: (a) What combination of goods x and y should a firm produce to minimize costs when the joint cost…
A: Here we have two goods x and y The joint cost function is cx,y=6x2+10y2-xy+30 The firm here has a…
Q: It is known that the quantity demanded of a certain make of portable hair dryer is x hundred…
A: Quantity (x) can be calculated as follows. Quantity is 31.
Q: Consider a competitive market served by many domestic and foreign firms. The domestic demand for…
A: Subpart a: Equilibrium price in percent can be calculated as follows. Equilibrium price is $200.…
Q: If C$1.00 rises from ¥87.94 to ¥89.78, what will be the change in the C$ price to an importer of a…
A: When the price of a currency ($) in terms of another currency (¥) rises, it means that the currency…
Q: The US demand curve for transporting freight by truck is Q° = 580B – 60B ´ P, where B denotes…
A: Given that the demand curve for transporting freight by truck is QD=580B-60B P .... (1)…
Q: Demand and supply for a good are given as Qd = 100 - 2P and Qs = -8 + P, respectively (Q is in 1000…
A: DISCLAIMER “Since you have asked multiple question, we will solve the first three question for you.…
Q: a two sector economy has the following input-output technical matrix 0.4 0.3 0.6 0.5 the final…
A: Input-output matrix by Leontif shows the usefulness of different sectors for each other in an…
Q: The Kalo Fertilizer Company makes a fertilizer using two chemicals that provide nitrogen, phos-…
A: Objective Function 3X1 = cost of ingredient 1 5X2 = cost of ingredient 2 Min Z = 3X1+X2 Subject to…
Q: Country A currently imports solar panels at $30,000 each. The government is using only 10% of the…
A: Domestic business refers to commercial transactions that take place within a country's geographical…
Q: Over the past decade, the total amount of beer consumed in Japan has declined as the beer market has…
A: Japanese government can make liquor tax reforms to increase the competition in the Japanese beer…
Q: Instructions: Type written (font 12 New Roman). No handwritten or screenshot answers. Copying from…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: An electronics company makes communications devices for military contracts. The company just…
A: Given; Number of devices= 6808 devices Number of workers= 43 workers Number of hours worked= 40…
Q: A firm charges $800 for its unique word processor. If total revenue is $56,000 in July, how many…
A: In the production process, different inputs are used to produce the final output. Each input has its…
Q: Okyerefo Company Ltd. manufactures okyerefo soap. The product is sold in three communities, X, Y and…
A: Given, 1. The linear supply curve function is written as, Q = a + bP Where Q is the quantity of…
Q: The supply and demand functions for maize farmers are given as Qs = - 32 + 10P and Qd = 40 – 2P…
A: a. Qs =- 32 + 10P Qd = 40 – 2P At equilibrium price quantity demanded =quantity supplied, so, - 32 +…
Q: • In 1981 the supply curve for wheat was approximately as follows: • Supply: Qs = 1800 + 240P where…
A: In 1981 the supply and demand curves of wheat was, QS=1800+240P QD=3550-266P
Q: Q2. Given the following demand and supply functions for a one commodity market. Qa = e - fP Os = -g…
A: Equilibrium is at such a price where quantity demanded equals quantity supplied.
Q: Cloud Cafe is considering the sale of promotional mugs. It can have the mugs produced by one of two…
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…
Q: Per-unit production cost is: A) a determinant of aggregate demand. B) real output divided by…
A: Aggregate demand is composed of consumption spending, investment spending, government purchases and…
Q: The rate of change of revenue (in dollars per calculator) from the sale of x calculators is R'(x)=…
A: In economics, total revenue is the total payments received by the producers from the sale of goods…
Q: Q5 a. Estimate the equlibrium price and quantity of the market whose demand and supply functions are…
A: Given, a) At equilibrium, supply = demand
Step by step
Solved in 2 steps
- Suppose OPEC has only two producers, Saudi Arabia and Nigeria, Saudi Arabia has far more oil reserves and is the lower-cost producer compared to Nigeria. The payoff matrix in the table to the right shows the profits earned per day by each country. "Low output" corresponds to producing the OPEC assigned quota and "high output" corresponds to producing the maximum capacity beyond the assigned quota Which of the following statements is true? OA. The Nash equilibrium is a cooperative equilibrium. OB. The Nash equilibrium is a noncooperative, dominant strategy equilibrium OC. The Nash equilibrium is a collusive equilibrium. D. There is no Nash equilibrium in this game because each party. pursues its dominant strategy. Low output Nigeria High output Low output Nigeria earns $20 million Saudi Arabia Nigeria earns $30 million Saudi Arabia earns $100 million Saudi Arabia earns $80 million High output Nigeria earns $12 million Saudi Arabia earns $75 million Nigeria earns $20 million Saudi Arabia…estion 20 of 20 > Vincent and Jean are two cooks who work in a village. Each of them can either bake cakes or make pizzas. Every ingredient is readily available to them, and the only scarce resource is the cooks' time. Vincent can bake 10 cakes or make 5 pizzas in an hour. Jean can bake 12 cakes or make 8 pizzas in an hour. Please answer the four questions. 1. Which cook has the absolute advantage in baking 2. Which cook has the absolute advantage in making cakes? pizzas? ONeither O Vincent O Jean O Jean O Vincent O Neither 3. Which cook has the comparative advantage in baking 4. Which cook has the comparative advantage in making cakes? pizzas? Unit 7- Chapter 1..xlsx 0 Unit 7-Chapter 1...xlsx Topic 2 (2).docx Topic 2 (1).docx Show all 11:10 PM 73 F EENG 12/8/2021 ins prt sc f12 delete COLI dn 6d 6J 144 I14 backspace unu lock of enter H. pause T shift pua alt ctrlned... ESS... 15 PPF2 Review Consider the diagram depicting the tradeoff faced by the Mars colony in production of spaceships or habitats. Suppose that the colony is currently producing nothing but spaceships. It is decided, however, that spaceship production should be reduced by one unit so that some habitats may be produced. How many habitats can then be produced if one spaceshift is foregone? 14 13 12 11 8 10 PPE 9 7 6 5 4 3 Review 2 1 0 Habitats 1 2 3 (3, 8) 4 (4, 6) 5 6 Close 7 Spacecraft 8 9
- Rafael's PPF Naomi's PPF 30 30 25 25 20 20 A 15 15 10 10 A 5 10 15 20 25 30 10 15 20 25 Rackets Rackets Refer to the diagrams above. Suppose that before trading, Rafael and Naomi had been producing at point A on their respective PPF. Then suppose they choose to specialize and trade. After specializing they trade 8 Rackets for 8 Balls. After this trade, Rafael will consume and Select one: а. 20 Rackets; 8 Balls b. 8 Rackets; 8 Balls C. 8 Rackets; 12 Balls d. 12 Rackets; 8 Balls Balls Balls 30PA no Page 5 8. Pat and Kerry are considering a partnership. With all Pat's resources, Pat can produce 50 X or 20 Y. With all of Kerry's resources, Kerry can produce 30 X or 30 Y. Assume the resources can be easily substituted to make either product. They are starting by using half of the resources to make each item. These relationships are shown in the following table. Use this information to answer the following questions: Kerry Product X (Xylophones) Product Y (Yams) 50 0 Pat 25 Pat make? 10 0 20 Pat make? 30 0 15 15 0 30 a. Who has an absolute advantage in producing X? Pat b. Who is a comparative advantage in producing Y? Partnership be gained from before they started trading? c. If Pat and Kerry decided to take all the gains from trade in X, how much X would 40 25 d. If Pat and Kerry decided to take all the gains from trade in X, how much X would Gain be gained from before they started trading? e. If Pat and Kerry decided to take all the gains from trade in Y, how much Y would f.…20 New PPC 15 10 3 4 7. TRUCKS PER DAY Suppose Raphael is currently using combination D, producing one truck per day. His opportunity cost of producing a second truck per day is per day. Now, suppose Raphael is currently using combination C, producing two trucks per day. His opportunity cost of producing a third truck per day is per day. From the previous analysis, you can determine that as Raphael increases his production of trucks, his opportunity cost of producing one more truck Suppose Raphael buys a new tool that allows him to produce twice as many trucks per hour as before but doesn't affect his ability to produce puzzles. Use the green points (triangle symbol) to plot his new PPC on the previous graph. Because he can now make more trucks per hour, Raphael's opportunity cost of producing puzzles is it was previously. PUZZLES PER DAY
- Consider trade relations between the United States and Mexico. Assume that the leaders of the two countries believe the payoffs to alternative trade policies are as follows a. What is the dominant strategy for the United States? For Mexico? Explain. b. Define Nash equilibrium. What is the Nash equilibrium for trade policy? c. In 1993, the U.S.Congress ratified the North American Free Trade Agreement, in which the United States and Mexico agreed to reduce trade barriers simultaneously. Do the perceived payoffs shown here justify this approach to trade policy? Explain. d. Based on your understanding of the gains from trade (discussed in Chapters 3 and 9), do you think that these payoffs actually reflect a nation's welfare under the four possible outcomes?Use the table to answer the question.Peter and Olga live near a lake with open fishing, and both have fishing boats there. They are the only two sellers in their local fish market. What is likely to be the outcome in a Nash equilibrium? Peter and Olga Fish in the Lake Peter fishes every day Olga fishes every day Both Olga and Peter have smaller and smaller catches over time Peter fishes two times each week Olga catches and sells more fish than Peter Olga fishes two timeseach week Peter catches and sells more fish than Olga Both Olga and Peter have large catches each fishing trip Oa. Both Olga and Peter continue to have large catches on each fishing trip. Ob. Peter catches and sells more fish than Olga. OC. Olga catches and sells more fish than Peter. Od. Both Olga and Peter have smaller and smaller catches over time.Consider the following normal-form game: Player 1 כ M D Player 2 L 4,2 3,7 5,7 8,3 O For Player 1: U and M, for Player 2: C and R For Player 2: U and D, for Player 2: L and C For Player 1: U, M and D, for Player 2: Land C O For Player 1: U and D, for Player 2: C and R 7,9 9,11 R 10,6 9,3 7,8 Which strategies survive iterated elimination of strictly dominated strategies?
- GAME THEORY: Two countries produce oil. The per unit production cost of Country 1 is C1 = $2 and of country 2 it is C2 = $4. The total demand for oil is Q = 40-p where p is the market price of a unit of oil. Each country can only produce either 5 units, 10 units or 15 units. The total production of the two countries in a Nash equilibrium is: A. 10 B. 15 C. 20 D. 25 E. 30QUESTION 1 Manny buys a tuna sandwich at the school cafeteria. After buying the required textbook for his class, his best friend Lucas, didn't have any money left to buy lunch that day. Manny is deciding whether he would share his food with Lucas or not. In the end, he cut his tuna sandwich in half so that he could share half with Lucas. Which of the following statements is true? O The tuna sandwich is non-rivalrous in nature. O The tuna sandwich is considered a collective good. O The tuna sandwich is considered a private good. O The tuna sandwich is non-excludable in nature. O This is a classic example of Tragedy of the Commons.A producer of manure is located next to a bakery. The producer of manure produces M pounds of manure daily and earns profits of 156M - M². The bakery sells C' cakes daily, and it earns profits of 312C-C²-MC (the strong smell of manure drives away the appetite of many would-be customers of the bakery). In a competitive equilibrium solution, where each business seeks to maximize profits, a total of if be sold daily. From a social point of view, the producer of manure should not produce at all. Choose one: A. true B. false pounds of manure will