Answer: When the price of the flour falls, the equilibrium price of the cream rises and the equilibrium quantity of the cream cheese also rises
Answer A is correct
Explanation:
if flour is cheaper, bagels are chepear so demand increases and both equilbrium price and equilibrium quantity rises
Answer:
The GDP in this economy is $6,230 billion.
Explanation:
The GDP can be calculated using the following formula:
Y = C + I + G + (X - M) ....................................... (1)
Where:
Y = GDP of the economy
C = Personal Consumption Expenditures = $4,500
I = Gross Private Domestic Investment = $800
G = Government Purchases = $950
X = Exports = $65
M = Imports = $85
Substituting the values into equation (1), we have:
Y = $4,500 + $800 + $950 + ($65 - $85)
Y = $6,250 - $20
Y = $6,230
Since the figures are in billions of dollars, the GDP in this economy is therefore $6,230 billion.
Answer:
The correct answer is D. Bid-rent curves illustrate how low-density land uses gravitate the periphery of heavily populated areas.
Explanation:
The Bid-Rent Theory is a spatial model of the city developed in 1964 by the American economist William Alonso based on the Tunen model, adapted to the urban land market by analogy with rural land, where the city is seen as the central business district around which workers settle, and there is competition for land between its various uses: offices, shops and housing. Firms and households have their own rental rate function - the willingness to pay for location relative to the city center.
According to this theory, the preferences of firms and households are determined by the rental rate function, which shows the willingness to pay for location relative to the city center.
Initially, the houses and buildings of the poor are located on the very outskirts of the city, as this is the only place they can afford, while low-income families can sacrifice more living space in order to expand access to employment.
