What do economists call

Assignment Help Business Economics
Reference no: EM131377255

What do economists call the difference between how much a consumer is willing and able to pay for a good or service and the dollar amount that he or she actually pays for it? a. sunk cost b. consumer surplus c. negative externality d. adverse selection

Reference no: EM131377255

Questions Cloud

About elasticity marginal revenue and total revenue : Which of these statements about production scale effects is false? Suppose the demand curve for a business firm is downward sloping. Which statement is true about elasticity (ED), marginal revenue (MR), and/or total revenue (TR)?
Total cost is function of output : Total cost is a function of output Q. TC = f (Q). The average total cost function can be found by dividing the total cost function by Q. What does the first derivative (dATC/dQ) of the ATC function show?
The general agreement on tariffs and trade : Discuss the following acts or legal principles and their application to companies doing business overseas. Give an example of a legal case(s) that analyze or whose decision discusses these laws/principles. what is the defination and history behind it..
Example of cost-plus pricing : Over the past half century, the Amalgamated Metals Company -- a big firm in an oligopolistic industry -- has changed its price schedule many times in response to pricing actions initiated by an even bigger firm. Which term best describes the Amalgama..
What do economists call : What do economists call the difference between how much a consumer is willing and able to pay for a good or service and the dollar amount that he or she actually pays for it?
Compute the equilibrium values for federal funds rate : Where Qd denoted the quantity of reserves demanded, as function of the federal funds rate if f ; and Qs denotes the quantity of reserves supplied. Draw a graph displaying both supply and demand, and identify the equilibrium point. Using the specific ..
Performed the bulk of the agricultural labor : What populations have performed the bulk of the agricultural labor in the U.S. since the beginning of the 19th century? Do you think getting paid for "piece work" (e.g., paid per unit picked) rather than an hourly wage is a fair and equitable system ..
What populations have performed bulk of agricultural labor : What populations have performed the bulk of the agricultural labor in the U.S. since the beginning of the 19th century? Do you think getting paid for "piece work" (e.g., paid per unit picked) rather than an hourly wage is a fair and equitable system ..
What effect does expansionary fiscal policy : What effect does expansionary fiscal policy (under flexible exchange rate) have on the supply and demand for dollar in the FX market? What happen to the nominal price of the dollar, export, import and aggregate demand?

Reviews

Write a Review

Business Economics Questions & Answers

  Cross-price elasticity of demand between goods

Suppose the own price elasticity of demand for good X is -4, its income elasticity is 3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is 4. Determine how much the consumption of this good will change..

  When the economy is in equilibrium

What is the value of the total withdrawal (Savings + Taxes + Imports) when the economy is in equilibrium? Where I don't know the vaule for S (Savings).

  Evaluate the institutionalist economists

Evaluate the institutionalist economists. Determine which economist you feel made the most significant contribution to economic theory. Justify your selection.

  Get her average cost per day and marginal cost per day

Alice runs a restaurant and it is only open on Wednesdays and Saturdays. Her total cost is TC=10+q2 where q is number of meals served per day. Her restaurant is a price taker. A meal is sold at $12 on Wednesday and $20 on Saturday.  Get her average c..

  What effect would the change have on the average wages

what effect would this change have on the wages in the two markets you illustrated in part (a)? what effect would the change have on the average wages of men and women?

  Differentiate between the common flow chart symbols

Differentiate between the following common flow chart symbols (square, diamond, inverted triangle circle, and arrow) and give an example of each.

  Should the other physicians be found guilty of malpractice

Brice just finished a residence in internal medicine and wants to go into practice with Horace and Joyce. Brice tells you that while he needs to practice with other physicians for call coverage and for other reasons, he does not want to be personally..

  Consider the case of asymmetric information

Consider the case of asymmetric information discussed in section 3.5, in which a seller may know that her product is high in quality but a buyer may not know it. describe two different steps the seller might take to avoid the adverse selection proble..

  Behavior among oligopolistic firms

Using a market or industry as an example, explain how the Prisoners' Dilemma game helps explain observed (real-world) behavior among oligopolistic firms.

  Construct a cash flow diagram to find the present worth

Determine the present worth of a geometric gradient series with a cash flow - List the essential elements involved in decision making in engineering economic analysis.

  An economy has cobb-douglas production function

An economy has a Cobb-Douglas production function: At what rates do total output, output per worker, and output per effective worker grow? Solve for capital per effective worker, output per effective worker, and the marginal product of capital.

  How labor and capital are used in its production process

According to The Wall Street Journal, Mitsubishi Motors recently announced a major restructuring plan in an attempt to reverse declining global sales. Suppose that as part of the restructuring plan Mitsubishi conducts an analysis of how labor and cap..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd