Can somebody help me with these questions?\n\n12)High price and low total utility mean\n\na.low marginal utility\nb.large quantities sold\nc.high marginal utility\nd.high price/ marginal utility ratio\n\n14)The law of demand may not hold in cases when\n\na.the item being purchased is a necesssity of life\nb.price is assumed to be the major indicator of quality\nc.government price controls are in effect\nd.the consumer is on welfare\n\n15.The proportion of an exise tax that is paid by consumers depends on the slopes of \n\na.the supply curve only\nb.the demand curve only\nc.either the supply curve or the demand curve\nd.both the suppply curve and the demand curve\n\n16.The term "unit elasticity" is used to describe a situation in which a rise is accompanied by\n\na.a fall in total expenditure\nb.a rise in total expenditur\nc.constant total expenditure\nd.none of the above
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12) D.  The others don't make sense to me.\n14) B.  So people may pay more for better quality\n15) D.  Just a guess\n16) Eh...maybe B.  delta price/delta exp?
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Marketplace desirability = DEMAND.\n\nthe rise in demand means more people want that service or product.
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Do people buying things help the economy?\nDo companies do well when their products/services are purchased?\nDo people spend money?\nRaise the salaries and people will spend. They can't spend what they don't have. If the minimum wage was raised enough the economy would boom.
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price elasticity of demand = (dD/dP) * (P/Q)\n\nwhere D = the quantity demanded, P = price, and Q is the quantity.\nP/Q is the price to quantity ratio at whatever point you are trying to calculate elasticity.\n\nSo then price elasticity of demand = (-1800/P^4) * (P/Q)  \n\nwhen p = 25, Q = 600/(25^3) = 0.0384\n\nso price elasticity of demand when P = 25 is:\n(-1800/25^4) * (25/0.0384) = -3
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In economics, inflation is an increase in the money supply or an increase in prices.\n\nThe two most obvious versions of this, each held by some economists to be "real" inflation, are for prices of goods and services in the currency in question to rise, or for the money supply to increase.\n\nPrice inflation is closely akin to "cost of living" measurement, where a "basket" of goods, and comparing the prices at two intervals, and adjusting for changes in the intrinsic basket. But, technically, this is not raw inflation; it is an attempt to determine real-life value of money compared to the members of the society in question, adding other factors like increased expectations.\n\nRaw inflation measurement does not adjust for expectations, but directly measures the change in the price of goods.\n\nThere are different measurements of price inflation, depending on the basket of goods selected. The most common measures are of consumer inflation, producer inflation and GDP deflators, or price indexes. The last measures inflation in the entire economy.\n\nGeneral price inflation is a fall in the purchasing power of money within an economy, as compared to currency devaluation which is the fall of the market value of a currency between economies. The extent to which these two phenomena are related is open to economic debate, though the comparison of a currency to foreign currencies is based on investor demand for currencies, and therefore must at least partially be a matter of perception.\n\nBoth of these are often caused by money being added to an economy, either as printed currency or as virtual money lent to banks or other entities. This is called currency inflation, and can cause price inflation or currency devaluation. But, because the general amount of wealth gradually changes in an economy (as long-lasting things are created, new technologies invented, et cetera), a small amount of currency inflation need not cause price inflation.\n\nSome terms related to inflation:\n\ndeflation is a rise in the purchasing power of money, and a corresponding lowering of prices (the opposite of inflation). \nDisinflation refers to slowing the rate of inflation, that is, prices are still rising, but at a slower rate than before. \nReflation is a term used to denote inflation after a period of deflation, meaning inflation designed to restore prices to a previous level. \nHyperinflation is rapid inflation without any tendency towards equilibrium - that is, an inflation that produces even more inflation. \nIn some contexts the word "inflation" is used to mean an increase in the money supply, which is seen as a cause of price increases. Some economists (of the Austrian school) still prefer this meaning of the term, rather than to mean the price increases themselves. Thus, for example, some observers refer to inflation in the 1920s in the United States even though the prices of some baskets of goods were not increasing at the time. The word "inflation" will be used to refer to a general increase in prices unless otherwise specified.\n\n\nEconomic role\n\nOne effect of small steady inflation is that it is difficult to renegotiate some prices, and particularly wages and contracts, downwards, so that with generally increasing prices it is easier for relative prices to adjust. Many prices are "sticky downward" and tend to creep upward, so that efforts to attain a zero inflation rate (a constant price level) punish other sectors with falling prices, profits, and employment. Thus, some business executives see mild inflation as "greasing the wheels of commerce". Efforts to attain complete price stability can also lead to deflation (steadily falling prices), which can be very destructive, risking bankruptcy for companies that do not react, ultimately resulting in recession (or even depression).\n\nMany in the financial community regard the "hidden risk" of inflation as an essential i
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try the Consumer Price Index or other price statistics at http://www.bls.gov/data/home.htm
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The marginal revenue is given by the derivative of the demand function with respect to price.\n\nUsing the rule for exponents (and the chain rule) we have:\n\nd D(p)/dp = - p / (1-p^2)^0.5\n\nThe revenue R at price p is given by pxD(p)\n\nThe marginal revenue at price p = pxd D(p)/dp \n\n= - p^2/(1-p^2)^0.5\n\nTo find out when R is a maximum we need to determine\n\nd R/dp = D(p) dp/dp + pxd D(p)/dp \n\n=  (1-p^2)^0.5 - p^2 /(1-p^2)^0.5\n\nSet the derivative equal to 0 and solve for p to get:\n\n0 = (1-p^2) - p^2  (after multiplying through by (1-p^2)^0.5)\n\nSo 0 = 1 -2p^2\n\n2p^2 =1\n\np^2 = 1/2\n\np = +sqrt(1/2) = 0.7071  = 0.71 dollars or price units
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Monopoly.\n\nEvery for profit firm wants to monopolize their industry (assuming there were no anti-trust laws). The only factor that would effect your price is marginal cost and marginal revenue of demand.  This would be the way to maximize economic profits, due to the fact that you have no real competition except people just doing without your service.  Your pricing strategy becomes much simpler.\n\nIf your company is really interested in serving the community then you would still be able to give away all the producer surplus.\n\nMonopolies are bad for consumers which is why the government steps in to break up trusts.  They are really good for producers which is why businesses always are trying to do it.  If businesses had no reason to monopolize there would be no anti trust laws.
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I suppose you were given more than those three consumption figures, but didn't put them in here? \nYou could plot these points on a graph, putting the mass values along the horizontal axis and the consumptions on the vertical.  If they are in a straight line, or nearly so, continue the line back to the point above 25kg on the mass scale, and see what consumption value it has.
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how about how tax affects the price level of products and services :P
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based on supply and demand.  Too detailed to explain in a q&a.  If you're in school, take a finance and economics class.
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This is a question out of macro economics (national economics) and this is discussed since 300 years.\n\nImagine a market as a square, on every corner you have one participant, they are: consumer/individuals, goverment/state/towns, companies, foreign trade (import and export of goods). Between this 4 corners is a flow of money: e.g. paid money for purchases, income for work, taxes and a "physical" stream (work hours, goods and services), so called "transfers" e.g. social security/welfare/, infrastructure (streets/schools/universities) and others. Try to write this on a paper.\n\nIn a perfect market economy (Adam Smith: Wealth of Nations) there is no regulation between the four corners, the market is called " the invisible hand" and on the longterm takes care of all and everything. This would be the perfect market economy. This is only a model, there are some conditions that this would work: Every aprticipants has perfect knowledge of the market conditions and all alternatives (you want the dress now not in 20 years) , would be able to shift demands depending on market conditions (but when you are hungry you have to eat), and and and ....\n\nThe other extreme is: all transactions are perfectly coordinated by one authority (with perfect knwoledge of everything at everytime): also not possible.\n\nBoth are "models" which do not exist in reality, all national economies are "mixed": they contain certain regulations. In a democracy this regulations are by law and law is made by the elected representatives (House and Senat). So the question is: howmuch regulation you create and what are the intentions and values behind your decision.\n\nIf you understand this you can play with the possible regulations and find pro's and con's.\n\nHere some regulations in the US:\n\nMinumum wage paid to workers\nWelfare/Negative Income Tax\nAnti-Trust Laws\nBuilding of streets \nSocial Security (paid from a certain age)\nUnemployment\nAffirmative action/Anti discrimination laws\nSubsidizing of e.g. certain areas of research (e.g. military)\n\n(The above list does not express any statement what my perosonal opinion about this is.)
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The three economic questions? \n\nSheesh...do your own homework!
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there should be a column of coefficients. estimated demand is equal to sum of products of those coefficients and corresponding variables, plus the constant.\n\nI.e. demand = constant +var1*coef1+var2*coef2+...
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Try this site, hope it helps you, good luck.\n\nhttp://sparknotes.com/economics\n\nThis could come in useful.\n\nhttp://www.askoxford.com/asktheexperts...
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(a)\nC = mx + b\nC = 10x + 40\n(where fixed cost could be due to the cost of the workers or rental of the factory...)\n(The variable cost is the cost required to make 1 item)\n\n(b)\nR = 50x\n(The revenue, money collected, from selling x items is 50x.\nSo if you were to buy 1 item, you would pay $50\nand if you were to buy 3 items, you would pay $150.)\n\nRevenue = Cost\nR = C\n50x = 10x + 40\n50x - 10x = 40\n40x = 40\nx = 40/40\nx = 1\n\nThe selling of 1 item would result in the break-even point.
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1. The demand gives you the price of a single item, so the revenue will be the price of an item times the number of items bought:\n\nr(x) = x * p(x) =  -4x^2 + 28x\n\n2. The profit function is revenue - cost:\n\n(-4x^2 + 28x) - (4x + 12) = -4x^2 + 24x - 12\n\n3. First, it would be helpful to factor out a common factor:\n\n-4(x^2 - 6x + 3)\n\nIf you have a quadratic function x^2 + bx + c, in order for it to be a perfect square, c must equal (b / 2)^2. In this case, b = -6, so c should equal 9. So, adding 6 (while also subtracting 6 to not change the value of the expression) should give a perfect square.\n\n-4(x^2 -6x + (3 + 6) - 6)\n\n-4( (x^2 - 6x + 9)  - 6 )\n\n-4(x^2 - 6x + 9) + 24\n\n-4(x - 3)^2 + 24\n\nThis puts the equation into vertex form, so the vertex or maximum value occurs where x = 3.