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OLEGan [10]
3 years ago
14

In 2007, the economy slipped in a recession that many called the worst since the Great Depression. This caused people to experie

nce a general decrease in their income levels. At the same time, there was an increase in the price of wheat used to make Ramen Noodles (an inferior good). Given these two effects, what would happen to the equilibrium price and quantity of Ramen Noodles
Business
1 answer:
Elis [28]3 years ago
3 0

Answer:

an increase in equilibrium price and an indeterminate effect on equilibrium quantity.

Explanation:

An inferior good is a good whose demand increases when income falls and reduces when income rises.

If ramen is an inferior good, when income falls its demand would increase. This would lead to a rise in quantity and price.

An increase in the price of wheat would increase the cost of production of ramen. As a result, the supply of ramen would fall. Price would increase and supply would fall.

The combined effect would be an increase in equilibrium price but an indeterminate effect on equilibrium quantity.

I hope my answer helps you

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Which of the following total cost functions suggests the presence of a natural​ monopoly?
monitta

Answer: B. TC​ = 50​ + 20Q

Explanation:

A Natural Monopoly is generally associated with a firm that has very high initial fixed costs. These costs are generally related to the use of high scale technology or machinery to operate effectively.

Some examples include, gas pipelines, electricity grids, and the like.

They act as both a deterrent for companies to join the market as well as to exit.

Option B shows the typical Total Cost function of a Natural Monopoly and reflects the high initial costs as well.

8 0
3 years ago
For each of the goods, classify them according to whether they are rivalrous, nonrivalrous, excludable, or nonexcludable. Rivalr
Jobisdone [24]

Answer:

1. Sports Team Shirt - Excludable / Rivalrous

2. Air we breathe - Non - Excludable / Non - Rivalrous

3. Atlantic Bluefin Tuna - Non -Excludable / Rivalrous

4. A Toll Road - Excludable / Non - Rivalrous

Explanation:

A rivalrous good is one in which usage, by an individual limits the ability of another to use the same good. Rival goods are tangible. This means that they can be held or touched. Examples in this category are; A sports team shirt and, the Atlantic Blue Fin Tuna. Eating a Tuna would limit access to another person, who wants to eat Tuna at that point in time. The same would apply to wearing a sports shirt.

A Non - Rivalrous good is one in which usage by an individual does not limit consumption by another. Most non - tangible goods are non -

rivalrous. Examples in this category are; the air we breathe, and the Toll Road. Almost anyone can access these.

Excludable goods are only used after payment for them has been made. Examples are the Toll Road and the Sports Team Shirt.

Non - Excludable goods can be used even when payment has not been made. Examples are Air and The Atlantic Blue Fin Tuna which anyone can access.

7 0
3 years ago
Suppose that the adult population in the country of Atlantis is 140 million. If 90 million people are employed and 10 million ar
Lelu [443]

Let's assume that Atlantis has 140 million adult residents. If there are 90 million employed people and 10 million unemployed people, that leaves 40 million people out of the labor force.

What does the term "labor force" mean?

All people who meet the criteria for inclusion among the employed or unemployed make up the labor force, also known as the population that is currently engaged in labor-force activities. The term "employed" refers to people who work for pay or profit at least one hour per week or who hold a job but are momentarily off the clock due to illness, vacation, or a strike. The armed forces include anyone who served in the armed forces during the time in question, whether they were stationed in the metropolitan territory or elsewhere, and was selected from the pool of all workers available.

Know more about unemployed people visit:

brainly.com/question/13546318

#SPJ4

6 0
1 year ago
the five mission areas outlined in the national response framework are prevention, protection, mitigation, response, and _______
IgorLugansk [536]

Answer:

recovery

Explanation:

There is one framework for each of the five mission areas wich are Prevention,protection, mitigation,response, and Recovery

Hope this helped you!

8 0
3 years ago
Lucky started a new business last year. Since it was the first year of operation, the business purchased $10,000 in machinery an
Jet001 [13]

Answer:

The answer is: A) The new machinery can be depreciated using the same method or different method than the previously purchased machinery

Explanation:

Their is no rule that requires a business to always use the same depreciation method for the assets they purchase.

The most common depreciation methods include:

  • Straight-line.
  • Double declining balance.
  • Units of production.
  • Sum of years digits.

Depending on the asset a business may consider one depreciation method that better suits it, and another depreciation method for their other assets.

6 0
3 years ago
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