Economics Answers

interpreting multivariate demand

with the aid of a properly labelled diagram, explain the three main characteristics of the consumption function?

The disability manager, Helene, is constantly asking you to increase her budget. You have explained to her on a number of occasions that the board has officially adopted the budget. What will you do if her request begins to take up too much of your time? (200 words)

If an increase in total (consumer+producer) surpluses exceeds the deadweight loss, is that an increase in efficiency? Or does any deadweight loss guarantee market failure?

A market is described by the following supply-and-demand curves:
Qs=4p
Qd=400-p

The equilibrium price isand the equilibrium quantity is.
Suppose the government imposes a price ceiling of $60. This price ceiling is , and the market price will be. The quantity supplied will be, and the quantity demanded will be. Therefore, a price ceiling of $60 will result in .
Suppose the government imposes a price floor of $60. This price floor is , and the market price will be. The quantity supplied will beand the quantity demanded will be. Therefore, a price floor of $60 will result in .
Instead of a price control, the government levies a tax on producers of $10. As a result, the new supply curve is:
Qs=4(p-10)

If a 40% change in price results in a 25% change in quantity supplied, then the price elasticity of supply is about

What are the uses of elasticity’s to the private sector

The short run (retail) supply of freshly cut flowers is much less elastic than that of pot plants because
Select one:
A. the price of freshly cut flowers fluctuates much more than that of pot plants.
B. supplies of fresh flowers fluctuate much more with the weather and the season.
C. florists cannot keep freshly cut flowers as long as pot plants. Correct
D. fresh flowers are more likely to be purchased for special occasions.

If the charge for a phone call was higher between 8 AM and 6 PM Monday to Friday than between 6 PM and 8 AM this could be explained by the fact that the demand for phone calls is ________ between 8 AM and 6 PM and the demand for phone calls is ________ between 6 PM and 8 AM.
Select one:
A. perfectly elastic; perfectly inelastic
B. less elastic; more elastic Correct
C. one; zero
D. zero; one

explain all about sunk fund account and solve an example