Answer:
Economist Brown : Perfectly Inelastic (Vertical) Aggregate Supply
Economist Black : Perfectly Elastic (Horizontal) Aggregate Supply
Explanation:
Economy is at equilibrium where : Aggregate Demand = Aggregate Supply.
Aggregate Demand is downward sloping curve, as aggregate demand is inversely related with price. Increase in AD shifts the AD curve rightwards.
Aggregate Supply is usually upward sloping curve, as it is directly related to price. However, as per given special cases by Economists Black & Brown, it is as undermentioned :
- Black : AD increase (rightwards shift) increases only price if - Aggregate Supply is perfectly inelastic i.e non respondent to price & AS curve is vertical.
Real GDP is the total value of goods & services produced by an economy, valued at constant base prices. Increase in real GDP implies increase in production quantity.
- Brown : AD increase (rightwards shift) increases only Real GDP (quantity) if - Aggregate Supply is perfectly elastic (infinitely respondent to price, so prices constant) & AS curve is horizontal.
Answer:
The correct answer is letter "D": vouchers as an efficient and equitable use of public resources.
Explanation:
School vouchers are monetary public resources allocated to private education. States provide parents a certain amount of money so their children go to a private school or, in other cases, that money can be used for homeschooling. The money provided covers part of private schooling only.
Therefore, <em>if a person focuses on providing students technical knowledge that could be useful for students when they join the workforce instead of allocating resources for private regular shooling, that individual is likely to consider that vouchers are not used efficiently neither it brings effective results.</em>
Answer:
The answer is below.
Explanation:
The z score is a used in statistics to determine by how many standard deviations the raw score is above or below the mean. The z score is given by:

a) Given that n = 100, μ = 2000, σ = 18
For x < 1995 millimeters:

From the normal distribution table, P(x < 1995) = P(z < -2.78) = 0.0027
b) P(z > z*) = 10% = 0.1
P(z < z*) = 1 - 0.1 = 0.9
z* = 1.28

From the normal distribution table, P(z < z
Answer:
$2400
Explanation:
Average cost is the ratio of total cost of production to the total number of units produced, it is the sum of both the average fixed cost and the average variable cost. The average cost is given by the formula:
Average cost = Total cost / number of units.
Given that:
The total number of units produced = 100 selfie sticks, Average cost = $1 and Price of each selfie stick = $25
From Average cost = Total cost / number of units.
Substituting gibes:
$1 = Total cost / 100 selfie stick
Total cost = $1 × 100 = $100
Total cost = $100
Revenue = Price per item × Number of items
Revenue = $25 × 100 = $2500
Profit = Revenue - Total cost
Profit = $2500 - $100 = $2400
Total cost = $2400