The labor supply curve is L = 2/(2+w), the elasticity of John's supply with respect to the wage is E = -2w/(2+w) and the labor supply curve if m>0 is L = (2 + 2m)/(2+w).
The labor supply curve for John can be calculated by setting the marginal utility of leisure equal to the marginal utility of income and solving for L. The marginal utility of leisure is given by the derivative of the utility function with respect to h, which is -2h.
The marginal utility of income is given by the derivative of the utility function with respect to R, which is 2R. Setting these two equal and solving for L gives:
-2h = 2R
-2(1-L) = 2wL
-2 + 2L = 2wL
L = 2/(2+w)
The labor supply curve is therefore L = 2/(2+w).
The elasticity of the labor supply curve with respect to the wage is given by the derivative of the labor supply curve with respect to w multiplied by w/L. The derivative of the labor supply curve with respect to w is -2/(2+w)^2, so the elasticity is:
E = -2/(2+w)^2 * w/(2/(2+w))
E = -2w/(2+w)
The elasticity is negative, which means that the income effect is dominant. As the wage increases, John chooses to work less because the increase in income allows him to afford more leisure.
When John receives non-labor income of m > 0, his budget constraint changes to R = wL + m. The labor supply curve can be calculated in the same way as before, but with the new budget constraint. Setting the marginal utility of leisure equal to the marginal utility of income and solving for L gives:
-2h = 2R
-2(1-L) = 2( wL + m)
-2 + 2L = 2wL + 2m
L = (2 + 2m)/(2+w)
The labor supply curve is therefore L = (2 + 2m)/(2+w).
The shape of the labor supply curve changes because the intercept on the L-axis increases by 2m/(2+w). This means that John is willing to work less at any given wage rate because he has non-labor income to support his consumption. The slope of the labor supply curve remains the same.
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Define culture and explain the differences culture betweenMalaysia and United States of America by using Hofstede’s Model ofNational Culture.
According to Hofstede’s Model of National Culture, there are some significant differences in culture between Malaysia and the United States of America. In Malaysia, power distance is higher, meaning there is a greater acceptance of hierarchical structures, whereas in the United States there is a greater focus on egalitarian structures. Malaysia also scores higher in terms of collectivism, meaning that people are more likely to identify with their in-groups and sacrifice their own needs for those of the collective. In contrast, the United States is more individualistic, with people more likely to prioritize their own goals.
Culture is a set of shared beliefs, values, customs, behaviours, and artifacts that the members of a society use to cope with their world and with one another. Malaysia also has higher uncertainty avoidance, meaning that people are more likely to adhere to established rules and regulations than in the United States. Finally, Malaysia is more “masculine” in its orientation, with greater emphasis on success and competition, whereas the United States is more “feminine”, with greater emphasis on cooperation and quality of life.
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Distinguish between third degree price discrimination
and two-part pricing. What is the profit maximizing condition in
case of third degree price discrimination? Explain your answer.
Third degree price discrimination involves charging different prices to different groups of customers for the same good or service.
This is done by segmenting customers into different groups based on their willingness to pay for the product. In two-part pricing, a customer pays a fixed fee to access a service or product, and then an additional amount for the usage of that product or service.
The profit maximizing condition in case of third degree price discrimination is to set the price for each segment such that the total revenue from each segment is maximized.
This means that the prices should be set so that each segment is willing to pay a price that is as high as possible without leaving money on the table.
For example, the price should be set so that customers in the highest willingness-to-pay group pay more than the customers in the lowest willingness-to-pay group.
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how COVID 19 may affect life cycle of a person who is infected by the corona virus?
April is a new mother who must return to work when her son, Henry, is 10 weeks old.
She’s already made arrangements for Henry to stay in a nearby family childcare home.
April has really enjoyed the breastfeeding relationship with Henry and would like to
continue, but she’s concerned that she may have to switch Henry to formula once she
returns to work.
In what ways can a care provider support April’s interests in continuing
to breastfeed?
She's already made plans for Henry to remain at a neighboring family daycare facility. April has had a wonderful nursing experience with Henry.
What is the Neighbouring meaning?
Neighboring places are those that are next to or near one another: neighboring countries/states. She married a man from a nearby community. Synonyms, antonyms, and instances can be found in a thesaurus. on the other hand. Any surrounding or adjoining land or premises in which the Landlord has a Freehold or Leasehold interest or in which the Landlord will acquire a Freehold or Leasehold interest during the Term is referred to as Neighboring Property.
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The farmers of the constitution used the best ideas from a variety of sources
The old Roman customs of freedom, public service, and the value of knowledgeable, devoted citizens served as models for the Constitution's framers. The Articles and state constitutions both contributed significantly to the creation of the Constitution.
The old Roman customs of freedom, public service, and the value of knowledgeable, devoted citizens served as models for the Constitution's framers. The American Constitution's creators were forward-thinking individuals. They made our System durable. The states were formerly British colonies, so they were acquainted with the British heritage of rights and liberty guaranteed . The U. S. Constitution's rights charter included similar concepts. The Constitution's designers also addressed the shortcomings of the British administration.
Complete question is here -
The framers of the Constitution used the best ideas from a variety of sources. Write an essay in which you explain how the ancient Roman Republic, British traditions, the American colonial experience, and the ideas of the Enlightenment helped shape the system of government in the United States.
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Discuss the following statements : explain whether the statement is TRUE or FALSE, and provide justification :
"For a given utility function, monotonic transformation may yield different marginal utilities yet necessarily produces the same marginal rate of substitution."
The statement "For a given utility function, monotonic transformation may yield different marginal utilities yet necessarily produces the same marginal rate of substitution" is TRUE because monotonic transformation preserves the order of preferences, the ratio of the marginal utilities will also be preserved, and the MRS will remain the same.
A monotonic transformation of a utility function is a mathematical manipulation that preserves the order of preferences. This means that if one bundle of goods is preferred to another before the transformation, it will still be preferred after the transformation. However, the actual numerical values of the utility function may change, leading to different marginal utilities.
But, the marginal rate of substitution (MRS) is the ratio of the marginal utilities of two goods. Since the monotonic transformation preserves the order of preferences, the ratio of the marginal utilities will also be preserved, and the MRS will remain the same.
Therefore, it is true that a monotonic transformation may yield different marginal utilities yet necessarily produces the same marginal rate of substitution.
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Estimating the returns to education using wage-schooling locus while controlling observable determinants will over- estimate the rate of return to schooling."" True or False
"Estimating the returns to education using wage-schooling locus while controlling observable determinants will over- estimate the rate of return to schooling" is a false statement because the wage-schooling locus is a graphical representation of the relationship between education and wages.
By controlling for observable determinants, such as age, experience, and gender, researchers can more accurately estimate the true rate of return to schooling.
However, there may still be unobservable determinants, such as innate ability or family background, that can affect the relationship between education and wages.
If these unobservable determinants are not controlled for, the estimated rate of return to schooling may be biased.
Therefore, it is important to use statistical techniques, such as instrumental variables, to account for these unobservable determinants and obtain unbiased estimates of the returns to education.
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State the Nigerian common heritage before the coming of the europeans
Answer:
Before the coming of Europeans, Nigeria had a rich and diverse cultural heritage that included various kingdoms, empires, and ethnic groups. Some examples of Nigeria's common heritage include:
1. The Nok culture: This was a prehistoric culture that existed in what is now northern Nigeria between 1000 BCE and 500 CE. The Nok people are known for their terracotta sculptures, which are among the earliest known examples of African art.
2. The Benin Empire: The Benin Empire was a powerful kingdom that existed in what is now southern Nigeria from the 13th to the 19th century. The empire was known for its impressive bronze sculptures, ivory carvings, and intricate beadwork.
3. The Hausa city-states: The Hausa people are a group of ethnicities that live in what is now northern Nigeria and neighboring countries. Before the arrival of Europeans, the Hausa people lived in a network of city-states, each with its own ruler and government.
4. The Igbo people: The Igbo people are a group of ethnicities that live in what is now southeastern Nigeria. Before the arrival of Europeans, the Igbo people lived in autonomous communities governed by council meetings of adult men.
5. Traditional religion: Before the arrival of Europeans, most Nigerians practiced traditional religions that were centered on the worship of ancestors and spirits. These religions varied widely depending on the region and the ethnic group, but they all shared a belief in the importance of the spiritual world.
Overall, Nigeria's common heritage before the coming of Europeans was characterized by a rich diversity of cultures, languages, and traditions, which have contributed to the country's cultural richness and complexity today.
Given that velocity is 4, real GDP is 8, and the price level is 2. Suppose that the Central Bank decides to increase nominal money supply to 6 while velocity remains unchanged, calculate the percentage change in nominal GDP.
The percentage change in nominal GDP is 50%
The percentage change in nominal GDP can be calculated using the equation: Nominal GDP = Money Supply x Velocity.
Given that the original money supply is 4, velocity is 4, and the price level is 2, we can calculate the original nominal GDP as follows:
Nominal GDP = 4 x 4 = 16
Now, if the Central Bank increases the money supply to 6 while velocity remains unchanged, the new nominal GDP will be:
Nominal GDP = 6 x 4 = 24
To calculate the percentage change in nominal GDP, we can use the formula:
Percentage Change = [(New Value - Old Value) / Old Value] x 100
Percentage Change = [(24 - 16) / 16] x 100
Percentage Change = [8 / 16] x 100
Percentage Change = 0.5 x 100
Percentage Change = 50%
Therefore, the percentage change in nominal GDP is 50%.
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rom the following data relating to an economy, calculate (a) National Income using Expenditure Method, (b) National Income using Income Method.
Particulars Rs. in crores
(i) Government final consumption expenditure 5,100
(ii) Gross fixed capital formation 9,029
(iii) Export of goods and services 2,800
(iv) Net compensation of employees from abroad (-)9
(v) Net property and entrepreneurial income from rest of the world (-)316
(v) Change in stock 2,323
(vi) Consumption of fixed capital 3,023
(viii) Private final consumption expenditure 42,865
(ix) Import of goods and services 3,177
(x) Net indirect taxes 5,168
(xi) Compensation of employees 17,818
(xii) Operating surplus 6,890
(xiii) Mixed income of the self employed 26,041
(a) The National Income using Expenditure Method is 56,617 crores and (b) the National Income using Income Method is 51,074 crores.
(a) To calculate National Income using the Expenditure Method, we need to add up all the expenditures made by the different sectors of the economy. These include government final consumption expenditure, gross fixed capital formation, export of goods and services, and private final consumption expenditure. We also need to subtract import of goods and services, as this is an expenditure made outside the economy.
The formula for calculating National Income using Expenditure Method is:
National Income = Government final consumption expenditure + Gross fixed capital formation + Export of goods and services + Private final consumption expenditure - Import of goods and services
Plugging in the values from the data given, we get:
National Income = 5,100 + 9,029 + 2,800 + 42,865 - 3,177
National Income = 56,617 crores
(b) To calculate National Income using the Income Method, we need to add up all the incomes earned by the different factors of production. These include compensation of employees, operating surplus, and mixed income of the self employed. We also need to subtract net compensation of employees from abroad and net property and entrepreneurial income from rest of the world, as these are incomes earned outside the economy.
The formula for calculating National Income using Income Method is:
National Income = Compensation of employees + Operating surplus + Mixed income of the self employed - Net compensation of employees from abroad - Net property and entrepreneurial income from rest of the world
Plugging in the values from the data given, we get:
National Income = 17,818 + 6,890 + 26,041 - (-9) - (-316)
National Income = 51,074 crores
Therefore, the National Income using Expenditure Method is 56,617 crores and the National Income using Income Method is 51,074 crores.
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In about 500 words write an essay explaining what you think about Sojourner Truth's, "Ain't I A Woman" speech. Be sure you answer the following in your response:
What was the point of her speech?
What did she want to walk away with after she was done?
Try and think of a song from a recent artist that you think relates to this speech and why you think they relate.
Truth began her speech by asking the simple question, "Ain't I a woman?" This question was a direct challenge to the prevailing notion of womanhood that excluded African American women.
By highlighting her own experience as an enslaved person and mother, Truth demonstrated that the struggle for women's rights was not limited to white women but was a universal struggle for all women.
Essay on Sojourner Truth's, "Ain't I A Woman" speech:Sojourner Truth's "Ain't I A Woman" speech is a powerful and thought-provoking piece of literature that continues to inspire generations of people around the world. Delivered in 1851 at the Women's Rights Convention in Akron, Ohio, the speech challenged the prevailing societal norms and beliefs about race and gender in America.
At the time of the speech, women's rights were not widely recognized in America, and the fight for women's suffrage was still in its infancy. Furthermore, African American women faced even greater obstacles due to their race and gender. In this context, Truth's speech was a bold and daring challenge to the deeply ingrained prejudices and stereotypes of her time.
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1.Several types of yogurt are sold in a small general store. From a past study of customer selections, the owner knows that 20% of the customers ordered flavor A, 35%, flavor B, 19%, flavor C, 13%, flavor D, and the remainder, flavor E. Now the owner, who thinks that the customer preferences have changed, randomly samples 80 customers and finds that 11 prefer A, 21 prefer B, 30 prefer C, 5 prefer E and the remainder prefer D. Determine if the customers' preferences have changed from the last study. Use significance level α = 0.05.
Calculate the test statistic
Determine the critical value
2.
Two years ago a study to determine the pizza best liked by students at a certain college was conducted, and it was found that 35% of all students at this college preferred pizza 1,25% chose pizza 2,20% selected pizza 3, and the rest selected pizza 4. To see if the preferences have changed,180students were randomly selected and asked to indicate their pizza preferences. The results showed that 40selected pizza 3,31 chose pizza 4,76 students preferred pizza 1, and the remainder selected pizza 2. Do the data indicate that the preferences today differ from those from the last study? Use significance level
α=0.05.
Calculate the test statistic
Determine the critical value
1. The test statistic is 14.43 and the critical value is 9.488. As test statistic is greater than critical value, it is concluded that the customers' preferences have changed from the last study. 2. The test statistic is 6.86 and the critical value is 7.815. As the test statistic is less than the critical value, it is concluded that the preferences today do not differ from those from the last study.
1. To determine if the customers' preferences have changed from the last study, we need to conduct a chi-square test of independence. The null hypothesis is that the customers' preferences have not changed from the last study, and the alternative hypothesis is that the customers' preferences have changed from the last study.
The test statistic for a chi-square test of independence is calculated as follows:
χ^2 = ∑[(O-E)^2/E]
Where O is the observed frequency and E is the expected frequency.
The expected frequencies for each flavor are calculated as follows:
E(A) = 0.20*80 = 16
E(B) = 0.35*80 = 28
E(C) = 0.19*80 = 15.2
E(D) = 0.13*80 = 10.4
E(E) = 0.13*80 = 10.4
The test statistic is calculated as follows:
χ^2 = [(11-16)^2/16] + [(21-28)^2/28] + [(30-15.2)^2/15.2] + [(13-10.4)^2/10.4] + [(5-10.4)^2/10.4] = 14.43
The critical value for a chi-square test of independence with 4 degrees of freedom and a significance level of 0.05 is 9.488.
Since the test statistic (14.43) is greater than the critical value (9.488), we reject the null hypothesis and conclude that the customers' preferences have changed from the last study.
2. To determine if the preferences today differ from those from the last study, we need to conduct a chi-square test of independence. The null hypothesis is that the preferences today do not differ from those from the last study, and the alternative hypothesis is that the preferences today do differ from those from the last study.
The test statistic for a chi-square test of independence is calculated as follows:
χ^2 = ∑[(O-E)^2/E]
Where O is the observed frequency and E is the expected frequency.
The expected frequencies for each pizza are calculated as follows:
E(1) = 0.35*180 = 63
E(2) = 0.25*180 = 45
E(3) = 0.20*180 = 36
E(4) = 0.20*180 = 36
The test statistic is calculated as follows:
χ^2 = [(76-63)^2/63] + [(29-45)^2/45] + [(40-36)^2/36] + [(31-36)^2/36] = 6.86
The critical value for a chi-square test of independence with 3 degrees of freedom and a significance level of 0.05 is 7.815.
Since the test statistic (6.86) is less than the critical value (7.815), we fail to reject the null hypothesis and conclude that the preferences today do not differ from those from the last study.
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A typical firm in long-run equilibrium in an industry with
identical firms has a cost function given by C = 800 +
2q2. What is the equilibrium price?
The answer of equilibrium price would be equal to 800/2q, or 400/q
To determine the equilibrium price for a typical firm in long-run equilibrium in an industry with identical firms with the cost function C = 800 + 2q², follow these steps:
1. Find the marginal cost (MC) by taking the first derivative of the cost function with respect to q:
MC = d(C)/dq = 4q.
2. Since the firm is in long-run equilibrium, price (P) is equal to the marginal cost:
P = MC.
3. Substitute the marginal cost equation into the price equation:
P = 4q.
Unfortunately, we cannot determine the exact equilibrium price without more information about the demand curve or the quantity produced in equilibrium (q*). If you have this information, you can plug the value of q* into the equation P = 4q to find the equilibrium price.
A typical firm in long-run equilibrium in an industry with identical firms has a cost function given by C = 800 + 2q².
What is the equilibrium price?The equilibrium price can be calculated by equating the market demand and supply of a product. The demand curve shows the quantity demanded at different prices, while the supply curve shows the quantity supplied at different prices. Equilibrium is established when the quantity demanded is equal to the quantity supplied.
The equilibrium price can be calculated as follows:
Market demand: Qd = 20,000 - 200P
Market supply: Qs = 20,000 + 400P
Put the above-mentioned demand and supply equation into one, we get,
200P + Qs = 20,000 - 200P
200P + 20,000 + 400P = Qs + Qs
600P = 40,000 P = $66.67
Equilibrium price is $66.67.
In an industry with identical firms, a cost function given by C = 800 + 2q2 implies that the long-run equilibrium price is equal to the minimum average cost (AC).
Therefore, in this case, the equilibrium price would be equal to 800/2q, or 400/q.
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Suppose you are an e-commerce merchant and wish to create a website. Describe five types of websites that you would consider and the decisions that would inform your choices of server hardware as well as server software
There are a variety of websites that an e-commerce merchant can consider when building an online store, and the decisions that inform their choice of server hardware and software can vary depending on the type of website they choose.
Here are five types of websites and the decisions that can help inform your choice:Static Website: A static website typically consists of simple HTML pages with no server-side scripting and does not require a powerful server. However, if the website features high-resolution images and videos, then a more powerful server will be needed. As for server software, a web server such as Apache or Nginx can be used to serve the HTML pages.In addition to the type of website, the number of expected visitors to the website should also be considered when choosing server hardware and software.
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Consider the neoclassical model of labour supply. A positive permanent income shock
a.reduces labour supply because of the intertemporal substitution effect.
b.increases labour supply because of the intertemporal substitution effect.
c.reduces labour supply because of the income effect.
d.Choices C and D.
e.None of the above.
f.increases labour supply because of the income effect.
In the neoclassical equilibrium model, aggregate demand is equal to aggregate supply
a all of the above.
b.only if input markets clear.
c.only if the individual budget constraint and the market equilibrium condition in bonds are satisfied.
d. choices A and C.
e.choices A and B.
f. only if firms make optimal choices.
1. In the neoclassical model of labour supply, a positive permanent income shock will lead to an increase in the demand for leisure and a decrease in the supply of labour. The correct answer to the first question is c.
This is because the income effect, which is the change in consumption that results from an increase in income, dominates the intertemporal substitution effect, which is the change in consumption that results from a change in the relative price of consumption goods.
2. In the neoclassical equilibrium model, aggregate demand is equal to aggregate supply only if input markets clear. The correct answer to the second question is b.
This means that the supply of inputs, such as labour and capital, is equal to the demand for inputs. If input markets do not clear, then there will be either excess supply or excess demand, which will lead to an imbalance between aggregate demand and aggregate supply.
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If this trend continues, what will be the average price of a home in Year 7?
Year 7 saw a $205,000 national Average Price for property prices. Suppose this pattern persists Finding an index gauge of the typical price levels inside a market is possible by using the market average.
What Does the Mean Average Price?The Average Price of a commodity and security as seen over a certain length of time is its average price. It is determined by finding the closing price average over a given time period using simple maths.
How much do I typically buy?By the entire number of shares purchased, divide the overall investment amount. The amount invested divided by the number of shares purchased at each purchase will yield the average purchase price for every investment. Voila! Now that you hold a position in stocks, you know what the average purchase price was.
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The correct question is
If this trend continues, what will be the average price of
a home in Year 7?
$195,000
$205,000
$295,000
$305,000
"In 2009, Congress passed the American Recovery and Reinvestment Act. Much was said at the time about the importance of "shovel-ready" projects. On balance, this Act truly was an effective short-run stabilization package that was instrumental in pulling the economy out of the Great Recession."
My position is FOR this. Please provide at least 500 words, and include your sources.
The American Recovery and Reinvestment Act (ARRA) of 2009 was a significant piece of legislation that was enacted in response to the Great Recession.
The act provided for various forms of economic stimulus, including tax cuts, infrastructure spending, and increased funding for various government programs. One of the key components of the act was the emphasis on "shovel-ready" projects, which were meant to quickly create jobs and stimulate economic activity.
There is a strong case to be made that the ARRA was an effective short-run stabilization package. Firstly, it is important to note that the act was passed at a time when the economy was in a dire state. The Great Recession, which began in late 2007, was the worst economic downturn since the Great Depression. Unemployment was rising, the housing market had collapsed, and many businesses were struggling to stay afloat. In this context, the ARRA was seen as a necessary intervention to prevent the economy from spiraling further downward.
One of the key ways in which the ARRA helped to stabilize the economy was through its infrastructure spending. The act allocated $105 billion for infrastructure projects, including $48 billion for transportation projects and $30 billion for energy projects. These "shovel-ready" projects were meant to create jobs quickly, as they could be started relatively quickly and would require a large workforce. According to a report from the Council of Economic Advisers, the ARRA created or saved an average of 1.6 million jobs per year between 2009 and 2012. This was a significant boost to the economy at a time when unemployment was at its highest levels in decades.
Another way in which the ARRA helped to stabilize the economy was through its tax cuts. The act included $288 billion in tax cuts, including a payroll tax cut for workers, a temporary increase in the earned income tax credit, and a temporary increase in the child tax credit. These tax cuts helped to put more money in the pockets of Americans, which in turn helped to stimulate consumer spending. Consumer spending is a key driver of economic growth, and by boosting spending, the ARRA helped to stabilize the economy.
Finally, the ARRA provided increased funding for a number of government programs, including unemployment insurance, food assistance, and education. These programs helped to provide a safety net for Americans who were struggling during the Great Recession, and helped to prevent further economic decline.
Overall, there is strong evidence to suggest that the American Recovery and Reinvestment Act was an effective short-run stabilization package. The act's infrastructure spending helped to create jobs, its tax cuts helped to stimulate consumer spending, and its increased funding for government programs helped to provide a safety net for Americans. While the act was not without its critics, it is widely credited with helping to pull the economy out of the Great Recession and prevent further economic decline.
Sources:
- Council of Economic Advisers. "The Economic Impact of the American Recovery and Reinvestment Act of 2009: Eighth Quarterly Report." January 2013.
- "American Recovery and Reinvestment Act of 2009." Public Law 111-5. February 17, 2009.
- "The American Recovery and Reinvestment Act of 2009: Information Center." Internal Revenue Service. https://www.irs.gov/newsroom/the-american-recovery-and-reinvestment-act-of-2009-information-center
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What will happen to car market if oil price decreases
a. demand for car will be decreased
b. supply for car will be decreased
c. demand for car will be increased
d. supply for car will be increased
If oil price decreases then demand for car will be increased. (C)
If the price of oil decreases, it becomes more affordable for consumers to fuel their cars.
This will make owning and operating a car more affordable, which in turn will increase the demand for cars. As more consumers are interested in buying cars, the demand for cars will increase .
This increase in demand can lead to higher prices for cars, as well as an increase in the number of cars being produced (supply).
It is important to note that this is just one factor that can affect the car market. Other factors, such as changes in income, consumer preferences, and the availability of substitutes, can also have an impact on the demand and supply of cars (C).
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The table gives the demand and supply schedule for Good W. Price (RM) Quantity supplied (unit) Quantity demanded (unit)
8 800 250
7 700 300 6 600 350
5 500 400 a. Calculate the price elasticity of demand for good w when the price decreases from RM7 to RM5. Is the demand elastic or inelastic
b. Calculate the price elasticity of supply for good w when the price increases from RM6 to RM8. State the degree of elasticity of supply for good W
c. When the price of good W has increases by 10%, quantity demanded for good M has decreases by 2%, calculate the cross elasticity of demand and identify their relationship. d. Based on your answer in (C)give example of good M and good W.
a. The price elasticity of demand for good W when the price decreases from RM7 to RM5 is 50.The demand for good W is inelastic since the price elasticity is less than 1.
b. The price elasticity of supply for good W when the price increases from RM6 to RM8 is 100. The supply for good W is elastic since the price elasticity is greater than 1.
c. The cross elasticity of demand can be calculated using the formula
is 0.2.
d. An example of good M and good W could be apples and oranges.
The price elasticity of demand for good W when the price decreases from RM7 to RM5 can be calculated using the formula
Ep= (%ΔQd)/(%ΔP) = (400-300)/(7-5) = 100/2 = 50.
The price elasticity of supply for good W when the price increases from RM6 to RM8 can be calculated using the formula
Ep= (%ΔQs)/(%ΔP) = (800-600)/(8-6) = 200/2 = 100.
The supply for good W is elastic since the price elasticity is greater than 1.
The cross elasticity of demand between good M and good W is inelastic, which means that when the price of good W increases by 10%, the quantity demanded for good M decreases by only 2%.
When the price of apples increases by 10%, the quantity demanded for oranges decreases by 2%.
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You collect data on unemployment percentages and minimum wages for 500 random cities in the U.S. in 2015, and then you estimate the following OLS regression:
Unemployment_i=2.3+0.4MinimumWage_i
where unemployment percentages range from 4%-20% and minimum wages range from $0-$25 per hour across cities in your sample. Your estimation results show that SE(beta0hat)=0.9 and SE(beta1hat)=0.13. Consider the results from the sample regression function to answer the following question:
As a city’s minimum wage increases by $1 per hour, unemployment …
Doesn’t change at all.
Decreases by 2.7%
Increases by 0.4%
Decreases by 0.4%
Not enough information is provided.
Increases by 1.9%
Increases by 2.7%
Question 2
Consider the sample regression function from question 1. What is the unemployment percentage in a city where the minimum wage is $10? Enter a numeric answer without the % sign.
Question 3
Consider the sample regression function from question 1. The average minimum wage in the sample of cities is $6. What is the average unemployment percentage in the sample of cities? Enter a numeric answer without the % sign.
Question 4
Consider the sample regression function from question 1. You want to test whether beta1 is statistically significant when alpha=0.05. What is the value of the t-statistic for this test? Round your answer to two decimal places.
10 points
Question 5
Based on your answer in question 4, you reject the null hypothesis.
True
False
As a city's minimum wage increases by $1 per hour, unemployment increases by 0.4%, the unemployment percentage in a city where the minimum wage is $10 is 6.3%.
The average unemployment percentage in the sample of cities is 4.7%, the value of the t-statistic for the test is 3.08 and we reject the null hypothesis.
Answer 1: According to the sample regression function, Unemployment_=2.3+0.4MinimumWage_i, as a city's minimum wage increases by $1 per hour, unemployment increases by 0.4%. Therefore, the correct answer is "Increases by 0.4%".
Answer 2: To find the unemployment percentage in a city where the minimum wage is $10, we can plug in the value of $10 for MinimumWage_i in the sample regression function:
Unemployment_i=2.3+0.4(10)=2.3+4=6.3
Therefore, the unemployment percentage in a city where the minimum wage is $10 is 6.3%.
Answer 3: To find the average unemployment percentage in the sample of cities, we can plug in the average minimum wage of $6 for MinimumWage_i in the sample regression function:
Unemployment_i=2.3+0.4(6)=2.3+2.4=4.7
Therefore, the average unemployment percentage in the sample of cities is 4.7%.
Answer 4: To test whether beta1 is statistically significant when alpha=0.05, we can calculate the t-statistic using the formula: t=(beta1hat-0)/SE(beta1hat)=(0.4-0)/0.13=3.08. Therefore, the value of the t-statistic for this test is 3.08.
Answer 5: Based on the answer in question 4, the value of the t-statistic is 3.08, which is greater than the critical value of 1.96 for a two-tailed test at the 0.05 significance level. Therefore, we reject the null hypothesis and conclude that beta1 is statistically significant. The correct answer is "True".
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Explain 4 reasons why it can be hard for matrics to find job opportunities after school
Answer:
Uncertainty with major.
Little work experience.
Few or no skills.
Little networking.
Lack of follow up.
It may be challenging for matrics to obtain employment prospects after school for the following reasons:
Concern about the major.little professional experience.little to no talents.hardly any networking.inadequate follow-up.What factors affect students' decisions about their careers?Models for choosing a career have been given by the literature review. Three life factors—environment, opportunity, and personality—have an impact on students' job decisions, according to the examination of the literature. The effects of the three on professional outcomes varied.
What factors determine whether a high school student enrolls in a college course?The accessibility of work, the parents' preferred course of study, peer pressure, and individual course preferences are a few examples of these factors. Students will have a greater chance of landing a terrific profession with a high salary. The child's choice of course is influenced by the parent's preferred course.
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1. If price elasticity of demand = -1.5 and price decreases by 15 percent, then
A quantity demanded will increase by 22.5 percent.
B total revenue will decrease.
C quantity demanded will increase by 15 percent.
D demand will increase by 22.5 percent.
E quantity demanded will increase by 30 percent.
If price elasticity of demand = -1.5 and price decreases by 15 percent, then the answer is A. Quantity demanded will increase by 22.5 percent.
This is because price elasticity of demand (PED) measures the responsiveness of quantity demanded to a change in price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price. In this case, the PED is -1.5, which means that for every 1 percent decrease in price, quantity demanded will increase by 1.5 percent.
Therefore, if the price decreases by 15 percent, the quantity demanded will increase by (15 * 1.5) = 22.5 percent.
So, the correct answer is A. Quantity demanded will increase by 22.5 percent.
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Research topic: Herbicides, Pesticides,& Fungicides
Your research should include the following questions：
1. What's the problem now?
2. Why should we care?
3. What are the reasons for this phenomenon?
Herbicides, pesticides, and fungicides are all commonly used in agriculture to protect crops from pests, weeds, and diseases. However, there are several problems associated with their use that are important to be aware of.
1. What's the problem now?
One of the main problems with the use of herbicides, pesticides, and fungicides is that they can have harmful effects on the environment and on human health. For example, they can contaminate soil and water, harm wildlife, and contribute to the development of resistant pests and diseases.
Additionally, exposure to these chemicals can cause health problems such as respiratory issues, skin irritation, and even cancer.
2. Why should we care?
We should care about the problems associated with the use of herbicides, pesticides, and fungicides because they can have a significant impact on the health of both the environment and humans.
Additionally, the development of resistant pests and diseases can lead to reduced crop yields and higher food prices, which can have a negative impact on the economy.
3. What are the reasons for this phenomenon?
The main reason for the problems associated with the use of herbicides, pesticides, and fungicides is the overuse and misuse of these chemicals. For example, using more than the recommended amount of these chemicals can lead to contamination of soil and water, and the development of resistant pests and diseases.
Additionally, the use of these chemicals on crops that are not approved for their use can also contribute to these problems.
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The average starting salary for engineers was $5,000 a year in 1955. John, a mechanical engineer, got an offer for $72,500 a year in 2017. Knowing that the CPls for 1955 and 2017 are 26.87 and 243.73, respectively, what is John's real salary in terms of constant 1955 dollars? The general inflation rate is_____ %. (Round to two decimal places.) John's real salary in terms of constant 1955 dollars is $______ . (Round to the nearest dollar.)
Based on the provided information, the general inflation rate is 807 %. John's real salary in terms of constant 1955 dollars is $ 7,950.29 .
The general inflation rate can be calculated using the Consumer Price Index (CPI) formula:
Inflation rate = [(CPI in 2017 - CPI in 1955) / CPI in 1955] x 100
Inflation rate = [(243.73 - 26.87) / 26.87] x 100
Inflation rate = (216.86 / 26.87) x 100
Inflation rate = 8.07 x 100
Inflation rate = 807%
To calculate John's real salary in terms of constant 1955 dollars, we can use the following formula:
Real salary = (Nominal salary / CPI in 2017) x CPI in 1955
Real salary = ($72,500 / 243.73) x 26.87
Real salary = $295.89 x 26.87
Real salary = $7,950.29
Therefore, the general inflation rate is 807% and John's real salary in terms of constant 1955 dollars is $7,950.
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T or F: in most cases, when children are placed in foster homes, the courts have severed the rights of the birthparents
In most cases, when children are placed in foster homes, the courts have severed the rights of the birthparents. This is a false statement.
It is untrue that when minors are put in foster families, the courts typically sever the birth parents' rights. A foster residence is the place in which a kid is cared for after being abandoned as well as withdrawn from the care of either of her bio parents. For kids who can't remain with their families, states offer foster care as a temporary service. Foster kids may reside with family members or with adoptive parents who are not related. Due to a background of neglect and exploitation, such kids are in foster care.
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Fiscal policy
a. uses the federal government’s power of spending and taxation to affect employment, price levels, and GDP.
b. uses the federal government’s power over the money supply and interest rates to affect employment, the price level, and GDP.
c. can affect employment and price, but not the level of GDP.
Fiscal policy uses the federal government’s power of spending and taxation to affect employment, price levels, and GDP.
This means that the federal government can use its fiscal policy to influence the economy by increasing or decreasing government spending and taxes. For example, if the federal government wants to stimulate the economy and increase GDP, it can increase government spending or decrease taxes, which will increase aggregate demand and lead to economic growth.
Conversely, if the federal government wants to reduce inflation and stabilize prices, it can decrease government spending or increase taxes, which will decrease aggregate demand and lead to a decrease in price levels.
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In France a large fraction of the population between 15 and 29 years of age is neither in education nor employment nor receiving any form of training. Which among the following policy proposals will be the most effective in improving French youth's labor market outcomes?
A higher minimum wage
A lower minimum wage
A lower college tuition
A higher college tuition
The policy proposals which will be the most effective in improving French youth's labor market outcomes is a lower college tuition.
The most effective policy proposal to improve French youth's labor market outcomes would be a lower college tuition. This would make higher education more accessible to young people, allowing them to gain the skills and knowledge needed to secure better employment opportunities.
A higher minimum wage could potentially lead to businesses hiring fewer workers, which could hurt the job prospects of young people. A lower minimum wage could also have negative effects, as it could lead to young people being paid less for their work. A higher college tuition would make higher education less accessible to young people, which could also hurt their job prospects.
Therefore, a lower college tuition would be the most effective policy proposal to improve French youth's labor market outcomes. This would allow more young people to access higher education, which could lead to better employment opportunities and higher wages.
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Which company has the comparative advantage in cost per pound of coffee?
Café con Leche
Beans Brothers
Colombian Co.
Turkish Coffee Company
Turkish Coffee Company, has the comparative advantage in cost per pound of coffee. Thus, option (d) is correct.
What is Company?The term company refers to the legal entities that are legally registered in accordance with the Company Act. Company is the main goal to earn higher profit, and they maintain the goodwill.
According to the per pound of coffee, as a cost Turkish Coffee Company $6.25. Turkish coffee shop was the $6.25 as comparatively on greater benefit to the than its rivals.
As a result, the significance of the Turkish Coffee Company, has the comparative advantage in cost per pound of coffee are the aforementioned. Therefore, option (d) is correct.
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Question 9 of 20
All of the following are incentives proprietary schools use to attract a student
except.
O A. guaranteed acceptance of all previously earned college credit.
OB. free laptops.
OC. scholarships.
OD. reduced housing rates.
SUBMIT
All the following options incentives proprietary schools use to attract a student except. Option A. guaranteed acceptance of all previously earned college credit.
Proprietary schools, also known as for-profit schools, use various incentives to attract students. However, they typically do not guarantee acceptance of all previously earned college credit. This is because each institution has its own set of criteria for evaluating and accepting transfer credits, and proprietary schools are no exception.
In contrast, other incentives like free laptops (B), scholarships (C), and reduced housing rates (D) are commonly offered by proprietary schools to attract prospective students. These incentives can make the school more appealing and help ease the financial burden of attending college. But it's important for students to carefully consider the quality of education and the potential long-term benefits before making a decision based solely on these incentives. Therefore the correct option is A
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Using theories of cost and supply, explain cost structure andcost management strategies of hotels in Mauritius in the post Covidera.Word limit 2000Please give answer in the said word limit Thanks
In the post Covid era, hotels in Mauritius have had to adapt their cost structure and management strategies in order to survive. One strategy has been to reduce fixed costs by renegotiating leases and cutting back on staff.
Cost structure refers to the types of costs that a business incurs in order to operate. These costs can be fixed, variable, or a combination of both. In the hotel industry, cost structure typically includes fixed costs such as rent, salaries, and utilities, and variable costs such as food and beverage expenses and marketing costs. Another strategy has been to increase variable costs by investing in marketing and promotions to attract new customers. Overall, the post Covid era has required hotels in Mauritius to adapt their cost structure and management strategies in order to survive and thrive. This has included reducing fixed costs, increasing variable costs, and implementing new cost management strategies to ensure the safety of guests and staff.
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