# Economics Homework Help

### Showing All Questions Answered Popular Recommended Unanswered Editor's Choice in Economics

• Economics
A two-period economic model assumes a lifetime of today and tomorrow with income expressed as y: y today and y' tomorrow. Savings may be made only in period 1, or today, and must be carried over to...

Asked by rooksss on via web

• Economics
Erin spends money on two products: food (X) and clothing (Y). The price of one unit of food is \$10 and the price of one unit of clothing is \$20. Her utility function is given by U(X, Y) =...

Asked by princess30 on via web

• Economics
a) Classical economic theory assumes that prices and wages are highly flexible. Thus a tax rebate sent out to every citizen would increase the price of goods (including that plasma TV that Mary...

Asked by owenst42 on via web

• Economics
First of all, I am certain that your equations are not quite right. You have the equation for demand, for example, as Q = 63 - 5Q. Supply and demand equations are typically given with both price...

Asked by nikkihmwk on via web

• Economics
One of the most common feature between both European feudalism and capitalism is the structure of power. In both settings, there is a clear delineation of who holds power over others. European...

Asked by hb1404 on via web

• Economics
Until about 2006, the European Union guaranteed a price of sugar for its farmers that was roughly double the world level. Using a well-labeled diagram of the market for sugar within the EU, show...

Asked by stephguillenn on via web

• Economics
Since I cannot actually make diagrams for you, I will describe how to make the diagrams for each market mentioned in this question. I assume that you are familiar with basic supply and demand...

Asked by stephguillenn on via web

• Economics
In order to answer these questions, we must do a bit of simple algebra. First, we will find the equilibrium price and quantity using the equations given. The demand curve’s equation was Q = 100...

Asked by shannon10 on via web

• Economics
Koshihikari is a variety of short grain rice that is used in Japanese cuisine. The rise in popularity of Japanese cuisine increases the consumption of rice appropriate for Japanese food dishes. An...

Asked by user6246567 on via web

• Economics
In this answer, I will help you understand how to answer these questions, but we cannot simply write answers for you on this site. The main issue with the Becker article is how to depict his ideas...

Asked by user8713887 on via web

• Economics
The market diagram of a product is a graphical way of representing the price of the product as a function of the quantity demanded. In the graph, points on the y-axis represent the price and the...

Asked by cl3ssic on via web

• Economics
We tend to use these words interchangeably, and indeed their meanings are extremely close to one another. Nevertheless they are distinct. An approximate definition would be; Money is a way of...

Asked by dfd999 on via web

• Economics
First, we have to realize that we really do not know for certain what sorts of policies are likely to help countries develop economically. If we knew for certain, there would most likely be fewer...

Asked by b_rogers1101 on via web

• Economics
The economic impacts of lasers are generally positive. There only very few negative impacts of this technology. Lasers have opened up many new sorts of economic activities. They have made it...

Asked by danielb77 on via web

• Economics
Let me start by talking a little bit about typical answers to this question. I will then move on to address your specific suggestions. The most typical answer to a question like this would simply...

Asked by ngod8188 on via web

• Economics
Quality of capital per worker is an important factor in creating economic growth. As the quality of capital per worker increases, productivity increases and economic growth occurs. To understand...

Asked by angelwoman on via web

There are at least three reasons why the companies that benefit from trade barriers are more influential than the consumers who benefit from trade. Let us examine them. The first reason has to do...

Asked by cathy-cobb on via web

• Economics
If there were to be a reduction in the availability of credit and debit cards, it would lead to an increase in the demand for money. It is likely that the increase would not be very big, however....

Asked by Vtress on via web

• Economics
I will not use the terms “liberal” and “conservative” in this answer because I do not think that attitudes on free trade divide very well into liberal and conservative points of view. For...

Asked by cathy-cobb on via web

• Economics
Trade restrictions (also called trade barriers) are relatively popular among governments because the costs that they impose are relatively invisible while the benefits they provide are much more...

Asked by conniestevens30 on via web

• Economics
In perfect market conditions (also called perfect competition) a firm is a price taker because other firms can enter the market easily and produce a product that is indistinguishable from every...

Asked by samuel on via web

• Economics
To be precise, what we are talking about here is price elasticity of demand. There are other kinds of elasticity, but price elasticity is what you are referring to in this question. The law of...

Asked by yaya1313 on via web

• Economics
The difference between an economic profit and an accounting profit is that one takes opportunity cost into account while the other does not. In perfect competition, economic profit is not possible...

Asked by yaya1313 on via web

• Economics
What this means is that there is a certain number of units of a product that a firm should make in order to make the maximum possible profit. That number is always the number where the marginal...

Asked by yaya1313 on via web

• Economics
Both of these things have to do with what people want and how much of it they want. The law of diminishing marginal utility tells us that we will be willing to pay a lot for the first unit of...

Asked by yaya1313 on via web

Since the mid-1990s, the Heritage Foundation, working collaboratively with the Wall Street Journal, has compiled voluminous data on the economic condition of every country in the world, ranking...

Asked by rainbow224 on via web

• Economics
While urban development projects do harm some people by doing things like causing the destruction of their homes, they can, ideally, be of benefit to many more people. Let us look at some of the...

Asked by user18930 on via web

• Economics
Economic growth is almost always desirable as being in the best interest of the most people. Economic stagnation or negative growth – in other words, the economy actually contracts – create...

Asked by olevelcandidate on via web

• Economics
The industry in the United States that would benefit most from the imposition of a tariff on all Japanese auto imports would be the auto industry. Many parts of the auto industry would benefit....

Asked by p1c2niki19 on via web

• Economics
There are two main reasons why a tariff on Toyotas would lead to a decrease in the supply of that brand of car. To see what those reasons are, let us first look at what can cause supply to change....

Asked by p1c2niki19 on via web

• Economics
If you are talking about “demand for money” as a technical economic term, this statement is not true. The demand for money, as an economic concept, is very different than demand for wealth....

Asked by p3pj812 on via web

• Economics
All of the things that you are asking about here are caused mainly by societal and cultural norms. They are caused by what society thinks is right for men and women to do and by changes in those...

Asked by cathy-cobb on via web

• Economics
First, we should note that any action that increases GDP is likely to increase the level of employment. Actions that raise GDP can also, if they go too far, cause an increase in inflation rates....

Asked by cathy-cobb on via web

• Economics
Macroeconomics is the “forest” because it is concerned with the big picture. Microeconomics is “in the trees” because it is concerned with the details that make up the “forest.”...

Asked by cathy-cobb on via web

• Economics
To be precise, a good itself cannot be elastic in economic terms. Instead, it is proper to say that demand for the good is elastic. When we say that demand for a good is elastic, we mean that,...

• Economics
The equilibrium price and quantity for a good or service are determined (in a free market) by supply and demand. When supply or demand changes, the equilibrium price and quantity will change as...

Asked by student11697 on via web

• Economics
Monetary costs are the costs that are involved in a job that can be expressed in terms of dollars and cents. There are not very many such costs for either of these jobs. The monetary costs...

Asked by bmullins25 on via web

• Economics
In the United States, redistribution, to the extent that it exists, is accomplished through fiscal policy. Much of the redistribution is through entitlement programs. Fiscal policy is policy that...

Asked by cathy-cobb on via web

• Economics
The best answer to question #1 is Option B. All of statements I, II, III and IV are correct. John Maynard Keynes was a very important economist who was most famous for his attacks on classical...

Asked by kennalbrown11 on via web

• Economics
In answering this, we must first recognize that not everyone will agree on the answer to this question. Conservatives will tend to argue that there are few or no benefits to government...

Asked by kostasz on via web

• Economics
No, there can never be zero opportunity cost for anything that we human beings do in this life. In order to see why this is so, let us first look at the definition of opportunity cost. Our...

Asked by stevego on via web

• Economics
There are generally said to be three main factors that determine whether the demand for a good will be elastic or inelastic. These factors are: The availability of substitutes. If there are...

• Economics
Central banks and commercial banks are very different entities. They have very different missions and deal with very different customers. A commercial bank is the sort of bank that we think of...

Asked by user3120320 on via web

• Economics
First, it is important to note that this question, as the lawyers say, “assumes a fact not in evidence.” It seems to imply that laissez faire policies in the past have resulted in short...

Asked by kisstopher603 on via web

• Social Sciences
Price elasticity of demand is only a disadvantage to a business if the business does not know how to determine how elastic the demand for its products is. Otherwise, elasticity of demand is simply...

Asked by fahmeti on via iOS

• Economics
This statement is true. This is one of the factors that cause the aggregate demand curve to slope downwards. Economists often call this the “net exports effect.” However, the statement that...

• Social Sciences
There are many situations in which it is possible to imagine a politician advocating for a tax increase. The proposals may be popular or unpopular with different groups. The specific nature of...

Asked by barbiedot on via web

• Social Sciences
If the market for water is free, a drought will cause the price of water to go up. It is possible that drought will not cause the price of water to go up because governments will not allow this to...

Asked by sj83 on via web

• Math
Cost function for a certain product C(x) = 60x + 7200 Demand function p=300 – 2x a. The total revenue function R(x)=x*p =x(300-2x) =-2x^2+300x b. Marginal revenue is the derivative of the revenue...

Asked by davene25 on via web

• Economics
When we get more income, we have two main options for what to do with the money. First, we can spend it. Of course, we can spend it on a variety of things. We can spend it on something that is...

Asked by barbiedot on via web