The demand for education in the market is given by D(p) = 100,000 - p where D (p) is the number of degrees. (a) (2 marks) If the market is competitive where the cost to each provider of a degree is $10,000, then what is the equilibrium number of degrees and the equilibrium price? (b) (2 marks) Suppose that there is external benefit of $10,000 per degree. What is the efficient number of degrees? (c) (2 marks) Draw a diagram with relevant marginal values and marginal costs showing the competitive outcome, the efficient outcome, and the lost surplus from a competitive market. Label the relevant curves and the relevant outcomes.
Answers
(a) Equilibrium number of degrees: 10,000. Equilibrium price: $90,000.
(b) Efficient number of degrees: 0.
(c) Diagram shows competitive outcome (point B), efficient outcome (point A), and deadweight loss from competitive market.
(a) In a competitive market, the equilibrium is achieved when the quantity supplied equals the quantity demanded.
The quantity demanded is given by D(p) = 100,000 - p, where p is the price of a degree.
The quantity supplied is determined by the cost to each provider of a degree, which is $10,000.
Setting the quantity demanded equal to the quantity supplied, we have:
100,000 - p = 10,000
p = 90,000
Therefore, the equilibrium price of a degree is $90,000.
To find the equilibrium number of degrees, we substitute the equilibrium price back into the demand function:
D(p) = 100,000 - 90,000 = 10,000
Hence, the equilibrium number of degrees is 10,000.
(b) If there is an external benefit of $10,000 per degree, the efficient number of degrees will take into account both the private benefit and the external benefit.
The efficient number of degrees will be where the marginal social benefit (MSB) equals the marginal social cost (MSC).
The marginal social benefit (MSB) is the sum of the private benefit (demand) and the external benefit:
MSB = D(p) + External Benefit = 100,000 - p + 10,000 = 110,000 - p
The marginal social cost (MSC) is the cost to each provider of a degree:
MSC = $10,000
Setting MSB equal to MSC:
110,000 - p = 10,000
p = 100,000
Therefore, the efficient price of a degree is $100,000.
To find the efficient number of degrees, we substitute the efficient price back into the demand function:
D(p) = 100,000 - 100,000
D(p) = 0
Hence, the efficient number of degrees is zero.
(c) The diagram(below image) illustrates the competitive outcome (point B), the efficient outcome (point A), and the lost surplus or deadweight loss from the competitive market. The MSB and MSC curves are labeled, representing the marginal social benefit and marginal social cost, respectively. The triangle shaded in the diagram represents the welfare loss or inefficiency caused by the competitive market, compared to the efficient outcome.
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Related Questions
Which strategy best helps a famous brand company reach consumers?
selling at trade shows
sending out mailings in small towns
advertising nationally
marketing selectively
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Answer:
C.) advertising nationally
Explanation:
This is the correct answer. The person above may only have a 3-star rating, but they are correct.
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Jayci
Sontext section for
According to O*NET, what are common work contexts
for Chefs and Head Cooks? Check all that apply.
toward the top, and
-d the bottom.
o spend time keeping or regaining balance
importance of being exact or accurate
exposed to high places
o spend time standing
responsibility for outcomes and results
responsible for others' health and safety
Answers
Answer:
● Check the freshness of food and ingredients.
● Supervise and coordinate activities of cooks and other
food preparation workers.
● Develop recipes and determine how to present dishes.
● Plan menus and ensure the quality of meals.
Explanation:
summer camps, fitness and recreational sports centers, nursing care facilities, nature parks, and other settings.
Answer:
According to O*NET, what are common work contexts for Chefs and Head Cooks? Check all that apply.
-importance of being exact or accurate
-spend time standing
-responsibility for outcomes and results
-responsible for others’ health and safety
Explanation:
A pure market economy is sometimes called pure
command economy.
socialism.
communism.
capitalism
Answers
Answer:
capitalism.
Explanation:
An economy is a function of how money, means of production and resources (raw materials) are carefully used to facilitate the demands and supply of goods and services to meet the unending needs or requirements of the consumers.
Basically, there are four (4) main types of economy and these are;
I. Mixed economy.
II. Command economy.
III. Traditional economy.
IV. Pure capitalism economy.
Pure capitalism also referred to as free-enterprise system or free market can be defined as a type of economy in which prices, products and services are being determined by the market rather than the government. Thus, a pure capitalism is devoid (free) of government regulations, interference or control because the market (enterprises) are the ones who are saddled with the responsibility of determining the market forces.
Simply stated, a pure capitalism is a type of economy that is completely driven by demand and supply of goods and services.
Some of the characteristics of a pure capitalism are;
I. Citizens have rights to the ownership and use of private property.
II. The consumers are free to make their economic choices or decisions such as deciding on which product to buy, which goods interest them, where to shop for goods, etc.
III. The producers are free to make their economic choices or decisions such as deciding on how much is to be charged on a product.
Hence, a pure market economy is sometimes called pure capitalism.
In conclusion, businesses operating in a pure capitalism economy have the freedom to operate for a profit with little or no government intervention.
Answer:
capitalism.
Explanation:
A pure market economy is sometimes called pure capitalism.
According to the video, which qualities do Police Patrol Officers need? Select all that apply.
creativity
physical fitness
independence
patience
a loud voice
a gun license
Answers
Answer:
Please can you post the video
Answer:
b-physical fitness d-patience f-a gun license
Explanation:
hope this helps
When a country exports more than it imports, this is known as a trade _________.
Answers
Answer:
trade deficit hope it helps
Hope it is useful
Please help............
Answers
Which of the following is NOT Considered personal information?
O a) Social Security number
Ob) Date of Bith
Oc) Place of employment
O d) Credit card number
Answers
Answer: NOne of the above. Or C Place of employement
Explanation:
The personal information that does not consider is the place of employment.
The following things should be considered for personal information:
The number of social security.The date of birth.The credit card number.Personal information refers to the information that does not share with anyone as it is safe and secure data that should be kept with the person only.
Therefore we can conclude that the personal information that does not consider is the place of employment.
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HI I really want a bichon poodle dog but first I need to convince my parents. So far I've been working on earning 1000 dollars to pay for it and I wrote a 50 page essay but I'm not sure that will cut it what is the best tactic to get my dog??? what is the best business tactic to get this item.
Answers
Answer:
A lemonade stand maybe
Let's say that the economy consists of 100 people. Each person is to divide 1 unit of time between work and leisure given the wage rate w (paid on the labor market). Each person also receives dividends of T. The final total profit of this firm is n. The person's utility function depends on consumption c and leisure I and it is assumed to satisfy u(c, l) = 0 ln(c) + (1 - 0) ln(l), where 0 € (0, 1). On the flip side of the market, there are firms who hire workers and produce output. The representative firm operates with a Cobb-Douglas production technology Y = 2K ¹N ², Z = total factory productivity K = fixed amount of capital. Each of these firm's employees receive a wage of w (total labor cost of the firm is equal to wN). The profit is then given back equally to the shareholder as dividend income. G=0 0=3,2=1, K = 1600. Let's say initially 1. Write the equation that will show relation between each person's dividend income and firms total profit П. 2. Write the consumers budge constraint and maximization problem. Plot these 3. Write down the maximization problem of the firm. 4. Write down the government budget constraint. 5. Find the equilibrium price w, allocations c, N
Answers
The equation T = П / 100 relates each person's dividend income (T) to the firm's total profit (П), distributing profit equally among the 100 individuals.
The consumer's budget constraint, c + w - T = 1, constrains consumption (c), wage income (w), and dividend income (T), while the maximization problem aims to optimize utility subject to the budget constraint. Firm maximization problem and equilibrium price w are not provided.
The equation T = П / 100 represents the relationship between each person's dividend income (T) and the firm's total profit (П). Since there are 100 people in the economy, the total profit is divided equally among them, resulting in each person's dividend income being equal to the total profit divided by 100.
The consumer's budget constraint, c + w - T = 1, defines the limitations on the individual's consumption (c), wage income (w), and dividend income (T). It states that the sum of consumption, wage income, and dividend income should equal 1 unit of time available to each individual, indicating that all income must be allocated between consumption, leisure, and other expenses.
The consumer's maximization problem involves maximizing the utility function u(c, l) = 0 ln(c) + (1 - 0) ln(l), where c represents consumption and l represents leisure. The objective is to find the combination of consumption and leisure that maximizes the individual's utility, subject to the budget constraint. By solving this problem, the optimal levels of consumption and leisure can be determined.
The information provided does not include the maximization problem of the firm, which would involve determining the optimal combination of inputs (capital and labor) to maximize output or profit based on the Cobb-Douglas production technology given.
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What questions of financial responsibility should she ask herself before she makes the purchase select three options?
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The new automobile wants to purchase. Before making the purchase, she should consider her financial responsibilities by determining if her current automobile is still in good working order.
Whether the car she has in mind will be dependable, and whether the cost would have an impact on her funds for a down payment on a home.
Living within our means is fundamentally what it means to be financially responsible. In other words, one's expenses must be lower than their income. When using a credit card, it is preferable to pay the entire debt each month rather than just the minimum amount due.
Budgeting and saving practices are also a part of sound money management. Therefore carefully assess the necessity of getting a new automobile at this time.
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Note the correct question would be as bellow,
Amanda wants to buy a new car. what questions of financial responsibility should she ask herself before she makes the purchase? select three options. do i need this car or should i walk, bike, and take the bus to save money?
You plan to make a series of deposits in an interest-bearing account. You deposit $100 in one year, $200 in two years and $300 in three years. If you withdraw $50 in two years, and $100 in four years, how much will you have in five years?
Answers
Calculating the interest earned on each deposit and considering the withdrawals, we find that the total amount in the account after five years is $650.
To calculate the total amount in the account after five years, we need to consider the deposits and withdrawals made at different times.
In the first year, you deposit $100 into the account. This amount will earn interest for five years.
In the second year, you deposit $200 into the account. This amount will earn interest for four years.
In the third year, you deposit $300 into the account. This amount will earn interest for three years.
In the second year, you also withdraw $50 from the account. This withdrawal reduces the overall balance.
In the fourth year, you withdraw another $100 from the account.
After calculating the interest earned on each deposit and considering the withdrawals, we find that the total amount in the account after five years is $650.
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All of the following can be considered a direct or indirect competitor of Amazon except: A) eBay. B) Apple's iTunes Store. C) Walmart. D) Starbucks.
Answers
All of the following can be considered a direct or indirect competitor of A except SB. Option (D) is correct.
An e-commerce website serves as your online storefront. It makes the deal between a buyer and a seller easier. It is the online area where you display your products and online shoppers make their selections. The product racks, salespeople, and cashier of your online commerce channel are represented by your website.
Businesses may develop their own e-commerce website on a dedicated domain, create a branded store experience on a website like Amazon, or do it all for a multi-channel strategy.
A firm that makes money through the online sale of goods or services is known as an ecommerce business. An e-commerce business might, for instance, offer services for web design, software, clothing, or home goods.
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In order for you to be indifferent between the after-tax returns on a corporate bond paying 9% and a tax-exempt municipal bond paying 7%, what would your tax bracket need to be?
A. 17.6%
B. 27%
C. 22.2%
D. 19.8%
E. Cannot tell from the information given
Answers
The correct answer is C. 22.2%.
To determine the tax bracket at which an investor would be indifferent between the after-tax returns on a corporate bond paying 9% and a tax-exempt municipal bond paying 7%, we can compare the after-tax yields of both bonds.
Let's assume the investor's tax bracket is represented by "T."
For the corporate bond, the after-tax yield would be (1 - T) multiplied by the coupon rate of 9%:
After-tax yield on corporate bond = 9% * (1 - T)
For the tax-exempt municipal bond, there are no taxes on the interest earned, so the after-tax yield is simply the coupon rate of 7%:
The after-tax yield on municipal bonds = 7%
To find the tax bracket at which the investor is indifferent between the two bonds, we need to equate the after-tax yields:
9% * (1 - T) = 7%
Solving this equation for T, we get:
(1 - T) = 7% / 9%
1 - T = 0.7778
T = 1 - 0.7778
T = 0.2222
Therefore, the tax bracket at which the investor would be indifferent between the after-tax returns on the corporate bond and the tax-exempt municipal bond is approximately 22.2%.
The correct answer is C. 22.2%.
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What does setting a personnel policy before hiring employees allow you to do?
A. Provide employee salary information
B. Establish length of employment for each company department
C. Set expectations for employee behavior
D. Establish records of employee work behavior
Answers
Answer:
D
As it helps in appraising the employees weekly, monthly, or yearly work behavior.
The automatic storage water heater was invented by ____, an employee of George Westinghouse, founder of the Westinghouse Corp.
Answers
The person who worked for George Westinghouse and invested the automatic storage water heater was Edwin Rudd.
Who was Edwin Rudd?Edwin Rudd was an employee of George Westinghouse when he worked at the Fuel Gas and Manufacturing company.
It was here that he invented the automatic storage water heater in 1889 and then spent as much as 8 years to improve on it.
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which one of the following accounts is included in stockholders' equity? group of answer choices long-term debt plant and equipment accumulated retained earnings deferred taxes dividends paid
Answers
Accumulated retained earnings are the added-up earnings over a period of time and they are included in the stockholders' equity.
Reported withinside the stockholders' (owners') fairness segment of the company stability sheet, stockholders' fairness is composed of capital stock, extra paid-in capital, and retained income. Retained income is a part of shareholder fairness and is the share of internet income now no longer paid to shareholders as dividends. Shareholder fairness offers analysts and buyers a clean photograph of the economic fitness of a company.
Four additives which might be covered withinside the shareholders' fairness calculation are fantastic shares, extra paid-in capital, retained income, and treasury stock taxes dividends paid.
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Do a minor research on at least 5 inventory optimization software providers.Analyze and compare the main services, features and technologies that powers these software's.
Answers
Some options for inventory optimization software providers along with their main services, features, and technologies:
Fishbowl Inventory, Oracle, SAP, MDA software and Epicor.
Inventory optimization software providersHere are some options for inventory optimization software providers along with their main services, features, and technologies:
1. Fishbowl Inventory:Fishbowl Inventory provides software that enables companies to manage their inventory, create invoices, and generate reports. The software features a barcode scanner and supports real-time updates. Additionally, Fishbowl Inventory integrates with QuickBooks and supports a variety of manufacturing and order fulfillment features.
2. Oracle:Oracle provides a suite of software that includes inventory optimization features. Their software can be used to manage demand, create sales forecasts, and balance inventory levels. Additionally, Oracle's software can help companies optimize their supply chains and create more efficient purchasing and production processes.
3. SAP:SAP provides software for a wide range of business needs, including inventory optimization. Their software supports real-time updates and includes advanced analytics features. Additionally, SAP's software can help companies optimize their supply chains, reduce costs, and improve their overall efficiency.
4. JDA Software:JDA Software provides software for supply chain optimization, including inventory management features. Their software can be used to create demand forecasts, manage inventory levels, and optimize production processes. Additionally, JDA's software supports advanced analytics and can help companies reduce costs and improve their overall efficiency.
5. Epicor:Epicor provides software for inventory management, order fulfillment, and warehouse management. Their software supports real-time updates and includes advanced analytics features. Additionally, Epicor's software can help companies optimize their supply chains and improve their overall efficiency.
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Year 0 Year 1 Year 2 Year 3 Expected cash flow Cumulative cash flow -6,000,000 $2,400,000 $5,100,000 $2,100,000 Conventional payback period: The ...
Answers
The conventional payback period for the given cash flows is three years.
The conventional payback period is a simple capital budgeting technique that calculates the time required to recover the initial investment. It represents the number of years it takes for the cumulative cash flows to equal or exceed the initial investment.
In this case, the initial investment is -$6,000,000. Looking at the cash flows, we can see that at the end of Year 1, the cumulative cash flow is $2,400,000. By Year 2, the cumulative cash flow increases to $5,100,000. Finally, at the end of Year 3, the cumulative cash flow reaches $7,200,000.
Since the cumulative cash flow exceeds the initial investment of -$6,000,000 in Year 3, we can conclude that the conventional payback period is three years. This means that it will take three years for the project to recover the initial investment based on the expected cash flows provided.
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PLEASE HELP QUICKLY: (FIRST ANSWER GETS BRAINLIEST) PERSONAL & FAMILY FINANCE
Ivywood Country Club recently hired Spencer to find additional resources, make major decisions involving membership, and develop ideas for new swag to be sold in the pro shop. What unique skill did the club MOST likely need when they hired Spencer?
capital capacity
labor talent
entrepreneurial ability
Answers
Answer:
entrepreneurial ability
Explanation:
Entrepreneurial ability is the capacity to understand every aspect of a business. It entails combining a range of technical, management, and personal skills. Entrepreneurial ability incorporates creativity, ambition, determination, teamwork, risk management, and a sense of responsibility.
Spencer must have Entrepreneurial abilities; that's why the club hired him. The club believes that his creativity and determination will be useful in finding additional resources. Spencer can recognize, attract, and retain talent. Entrepreneurial abilities involve taking over a business that already exists and making it better.
The income earned by whoever has the right to import the good at the world price and sell it in the domestic market at the higher quota price is: Multiple choice question. quota rent. economic profit. trade rent. accounting profit.
Answers
Answer: quota rent
Explanation:
dealers in foreign exchange departments at large international banks act as market makers and maintain inventories of the securities in which they specialize.
Answers
It is true that dealers in foreign exchange departments at large international banks act as market makers and maintain inventories of the securities in which they specialize.
What is mean by foreign exchange department?Operations and transactions involving foreign exchange are carried out by a bank's foreign exchange department. A forex department's primary duties include managing foreign remittances coming in and going out, as well as purchasing and selling foreign currency.By permitting currency conversion, the foreign exchange market supports investments and trade on a global scale. For instance, it allows a company in the United States to import goods from countries that are part of the European Union, particularly those that are in the Eurozone, and pay in Euros even though the company receives its income in US dollars.There are several foreign exchange markets with unique features, including the spot market, swap market, forward market, options market, and futures market.Learn more about inventories here:
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Now you must decide who should be on the team. Kelly will be on the team as a matter of course, and you must choose three other GearUp employees to work with her.
Answers
Answer: The best choices would have been Deepak Menon, Ruby Coulbury, and Ethan Atkinson
Explanation:
Team work requires the best of those not only coming to the team with their talent and idea but those who'd be willing to put their everything to make sure the project being carried out is a success, failure to do so would just be having bunch of talented people with no passion but woould rather work for personal gain and fame. Choosing the best shouldn't just be what they can do but also how passionate are they. That's why the best choices would have been Deepak Menon, Ruby Coulbury, and Ethan Atkinson based on their passion accompanied with their talent.
New batteries are needed to power our electronic devices—our cell phones, tablets, and computers—and that market is exploding. Researchers are developing lithium-ion batteries that will be vital to clean-energy and automobile manufacturing and could open up huge new markets. Currently, the domestic production accounts for about 12 percent of the world's production. The country has a domestic supply of raw materials, but production is limited and prices remain high compared to imported batteries.
The government could invest in technology and research.
The government could purchase domestic batteries exclusively.
The government could impose heavy tariffs on all imported batteries.
The government could ban imported batteries.
Answers
Answer:
The government could impose heavy tariffs on all imported batteries.
Explanation:
Import tariffs are taxes imposed on imported commodities. Should the government impose heavy tariffs on the imported batteries, their prices in the domestic market will go up.
One of the objectives of a tariff is to protect locally produced goods from unfair competition by low-priced imports. The imposed tax become a cost to the imported batteries, which will make them more expensive. The locally produced batteries will compete favorably with the imports. The domestic industry will grow since it has raw materials and a market to sell its products.
Below is the income tax system for the country of Genovia.
For income from $0 to $100, no income tax.
For all income above $100 but less than $400, the tax rate is 20%.
For all income above $400, the tax rate is 40%.
Jane Doe’s income is $500. What is her AVERAGE tax rate?
Group of answer choices
40%
33%
50%
20%
25%
Answers
Answer:
24%
Explanation:
The computation of the average tax rate is shown below:
Given that
From income $0 to $100, no income tax is applicable
From income above $100 upto $400, the tax rate is 20%
The income above $400, the tax rate is 40%
So based on the above information
Since the Jane doe income is $500
So here the average tax rate is
= (400 × 0.20) + (100 × 0.40) ÷ $500
= ($80 + $40) ÷ ($500)
= ($120) ÷ ($500)
= 24%
This is the answer but the same is not provided in the given options
According to the text, during much of the Cold War period, most writing on the subject was dominated by the idea of __________, which was largely defined in __________ terms.
a. internal security . . . gendered
b. national security . . . militarized
c. state security . . . domestic political
d. international security . . . economic
Answers
Price ceilings are intended to address the problem of:.
Answers
Answer:
An attempt to keep prices low/from reaching equilibrium
Explanation:
A price ceiling does as the name suggests, sets a max price for a product. It is done in order to keep prices low. Effective price ceiling's will cause a shortage, as it prevents equilibrium.
Discount stores usually stock leftover goods, overruns, and irregular merchandise, sold at less than retail. Answers: True False
Answers
The statement "Discount stores usually stock leftover goods, overruns, and irregular merchandise, sold at less than retail" is generally true.
Discount stores are retail establishments that specialize in selling merchandise at lower prices than traditional retail stores. They often acquire their goods from manufacturers and distributors who have overproduced or have excess inventory, resulting in a surplus of unsold goods.
These goods are then sold to discount stores at a lower cost, allowing them to sell the merchandise at lower prices than traditional retailers.
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a(n) blank is a statement of principles to guide an organization as it works to achieve its vision and fulfill its mission. multiple choice question.
Answers
A A. Core Values Statement is a statement of principles to guide an organization as it works to achieve its vision and fulfill its mission.
What is a core values statement ?A Core Values Statement is a statement that outlines the fundamental beliefs and principles that guide an organization in its decision-making, behaviors, and actions.
.
It provides a clear and concise definition of the values that are considered to be most important to the organization, and serves as a guide for how the organization should behave and make decisions in order to achieve its vision and fulfill its mission.
Core values statements typically reflect the organization's cultural identity and provide a framework for how the organization will operate in terms of ethics, integrity, responsibility, and accountability.
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Options for this question are:
Core values statement Mission statement VisionKeri has already installed Microsoft Office Tools. When she opens Excel, the first step toward making the Analysis ToolPak available is to
open Advanced Filter under the Data tab.
open Microsoft Office Help.
go to the Formulas tab and click More Functions.
go to the Excel Options dialog box.
Answers
Answer:
Open Microsoft Office Help.
Go to the Formulas tab and click More Functions.
Explanation:
Select File → select Options → select Advanced → scroll to General → insert the location in the "At startup, open all files in" dialog box.
Answer:
open Microsoft Office Help
Explanation:
:)
An innovative business idea that no one has never had
Answers
An innovative business idea that no one has never had is Offering virtual assistance to other businesses.
What is innovative business idea ?innovative business idea can be described as an idea in business that cn be developed so that it can be a way to earn a living by providing the services or the goods to the consumer.
It should be noted that this innovation can be the one that no one has ever done or the modification of the one that has been in exisitence, however providing the virtual assistance serves as one of the innovation in business that can ring profit.
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Complete question:
State An innovative business idea that no one has never had