is the curve resulting when the above data is graphed‚ as shown below: Production Possibility Frontier The PPF shows all efficient combinations of output for this island economy when the factors of production are used to their full potential. The economy could choose to operate at less than capacity somewhere inside the curve‚ for example at point a‚ but such a combination of goods would be less than what the economy is capable of producing. A combination outside the curve such as
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unchanged: Answer | a. | as price decreases‚ demand decreases. | | b. | as price increases‚ demand increases. | | c. | price has no effect on quantity demanded. | | d. | as price decreases‚ quantity demanded increases. | | e. | None of the above. | 1 points Question 2 1. At any price‚ the market demand curve: Answer | a. | is flatter than the flattest individual demand curve. | | b. | has a slope that is the average of the individual demand curve slopes. | | c. | is
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– 10‚000P (Demand) QS = 2‚500 + 7‚500P (Supply) Where Q is quantity measured in pounds of scrap aluminum and P is price in cents. Complete the following Price (1) | Quantity supply (2) | Quantity Demand (3) | Surplus (+) or shortage (-)(4) = (2) – (3) | 15¢ | 115‚000 | 167‚500 | -52‚500 (shortage) | 16 | 122‚500 | 157‚500 | -35‚000 (shortage) | 17 | 130‚000 | 147‚500 | -17‚500 (shortage) | 18 | 137‚500 | 137‚500 | 0 (Equilibrium) | 19 | 145‚000 | 127‚500 | +17‚500 (surplus)
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1. Supply and Demand Economists Are a Joke? ________________________________________ A smarty-pants old story says that if you want a "learned economist‚" all you have to do is get a parrot and train the bird to squawk "supply and demand" in response to every question. Not fair‚ but ... It ’s true that the "theory of supply and demand" is a central part of economics. It is widely applicable‚ and also is a model of the way economists try to think most problems through‚ even when the theory of
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one direction and the other one is reversible. A reversible reaction is when a products starts to form the backward reaction starts where the products turns back to reactant molecules. When the rate of forward and backward reaction is already equal and the concentrations of the reactants and products no longer change with time we can say that chemical equilibrium is already achieved. A reaction is said to be at equilibrium when the following conditions exist. 1. 2. 3. Several factors such as temperature
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Supply and Demand Simulation ECO/365 Supply and Demand Simulation In the supply and demand simulation a neighborhood called Atlantis is given for the setting. Atlantis is a small city with open spaces‚ low population‚ and a low crime rate. There are plenty of sidewalks and street systems for easy access to the highway. The housing in Atlantis is detached homes and apartments. The supply and demand simulation consists of microeconomics and macroeconomics. The simulation presents shifts in the
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Should women be permitted to work late night shifts? Shift work is a planning strategy designed for organizations that operates in constant service for twenty-four hours‚ which includes late night shifts that begin after seven o’clock in the evening and finishing before nine o’clock in the morning. Due to the nature of this type of work‚ it becomes problematic for women to work late night shifts. Information for this essay has been obtained through secondary research using websites and electronic
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PRICE DISCRIMINATION What is Price Discrimination; Price discrimination is a pricing tactic that charges consumers different prices for the same product or service. In other worlds‚ price discrimination exists‚ when identical product or service transacted at different prices from the same supplier. Price discrimination allows a company to earn higher profits than standard pricing because it allows firms to capture every last pence of revenue available from each of its customers. While perfect
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Chemical Equilibrium Date: 30th April 2013 Due Date: 15th May 2013 Prepared For: M. Seraji Prepared by: Andrea Odunze Abstract Many reactions proceed to a state of equilibrium. A chemical reaction at equilibrium‚ where the rates of the forward reaction and reverse reaction are equal‚ looks like this: A + B AB There are three factors‚ according to Le Chatelier’s principle‚ that affect the equilibrium position and equilibrium constant. These are the concentrations of products and reactants
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measuring price elasticity of demand? Percentage change in quantity demanded / Percentage change in price When the price elasticity coefficient is less than 1‚ the percentage change in quantity demanded is smaller than the change in price. When the price elasticity coefficient is equal to 1‚ the percentage change in quantity demanded is equal to the change in price. When the price elasticity coefficient is greater than 1‚ the percentage change in quantity demanded is greater than the
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