Economics Questions and Answers

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...

Latest answer posted June 22, 2014 5:32 am UTC

1 educator answer

Economics

It isn't possible to explain with diagrams here. I hope you are able to draw them yourself based on my explanation. Price elasticity is the change in the number of products sold for a unit change...

Latest answer posted January 7, 2011 8:56 pm UTC

1 educator answer

Economics

In writing such a letter, you should do two things. First, you should explain why this inflation is a problem in your opinion. Next, you should say what you think should be done about it. For the...

Latest answer posted January 29, 2012 10:17 pm UTC

1 educator answer

Economics

While there are a number of economic concepts involved in the scenario you have given here, the most likely answer here is economies of scale. Economies of scale occur when the average costs of...

Latest answer posted August 14, 2012 5:26 am UTC

1 educator answer

Economics

The National Income is one of the ways by which economists measure the economic activity in a nation. This allows, among many other objectives, governments to analyze how the economy is doing and...

Latest answer posted January 7, 2011 9:40 pm UTC

1 educator answer

Economics

In economics, a consumer surplus represents the difference between what a customer is willing to pay for a product and the actual price of the product itself. Consumer surplus is based on what is...

Latest answer posted November 8, 2016 8:31 pm UTC

1 educator answer

Economics

In economic terms, the market for allotments is in disequilibrium because the government has effectively set a price floor for the allotments. In recent years, the demand for allotments has gone...

Latest answer posted November 3, 2012 6:55 pm UTC

1 educator answer

Economics

Changing interest rates affect consumers most directly by changing the price that consumers must pay when they borrow money. Consumers in countries like the United States typically take out loans...

Latest answer posted January 11, 2012 1:54 am UTC

1 educator answer

Economics

MPC, or marginal propensity to consume, refers to the willingness to spend money. For instance, if a person were given $100 and they only spend $80 of that, the marginal propensity to consume would...

Latest answer posted November 20, 2020 9:14 am UTC

1 educator answer

Economics

Using the income brackets and the marginal rates for each of them mentioned here, Eddie's income of $42,487 can be divided as follows: $42,487 = $ 8,375 + ($34000 - $8375) + ($42487 - $34000) =>...

Latest answer posted April 9, 2011 1:35 pm UTC

1 educator answer

Economics

Of these answers, D is the one that is the best answer. Most economists believe that tax cuts are better than government spending. They will be spent more quickly because the money will be in the...

Latest answer posted April 25, 2012 2:59 pm UTC

1 educator answer

Economics

Accounting profits simply take a firm’s total revenues and subtract from that all of the costs that it actually pays out to people. These costs are called explicit costs. In the example above,...

Latest answer posted November 2, 2012 4:24 am UTC

1 educator answer

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