Question: Discuss about the Department of Social and Decision Sciences. Answer: Introduction: Currently, there is little clarity regarding the costs and benefits of climate change to the world economy. An economic analysis helps understand the impact of climate change on the economy of any country and to make decisions regarding sacrificing present economic growth for long-term benefits to the economy. This paper helps prov...Read More >>
Answer: Introductionl Market in economics describes a transaction relation between buyers and sellers of a particular good or service. In an unregulated market, the independent decision of buyer and seller lead to an efficient market outcome. Government intervention in market interrupts efficient functioning of market. Imposition of tax is one form of intervention that distorts market outcome resulting in an inefficiency in resource allocatio...Read More >>
Answer: 1.The welfare of a country and its resident population depends considerably on the performance of the economy of the concerned country and the development of the same with time. The performance and the overall health of the economy of a country, in turn depends significantly on the demand-supply dynamics in the markets operating in the economy and on the activities of the demand and the supply side participants in these markets (Holland ...Read More >>
Answer: 1. The long queues represent the high demand for the given restaurant’s foods and service. The people value the restaurant high and are willing to stand in the waiting lines. The people have high opportunity cost associated with the time spent in the line. On the other hand, the restaurant with empty chairs may have high prices which make their food and services unaffordable to a large number of customers. The owner can increas...Read More >>
Answer: 1: The Palo Alto has received huge demand for their foods within the market, while another restaurant, providing same kind of services with comparatively higher prices, cannot increase its demand. According to the demand law, increase in price of foods can lead the quantity demanded of those items in an opposite direction (Amir, Erickson and Jin 2017). In this context, other factors, like income, tastes and preferences of consumers al...Read More >>
Answer: Part a: A seller is faced with an upward sloping supply curve under the perfectly competitive market structure, this upwards sloping supply curve is represented by the rising portion of the marginal cost curve (Kirzner 2015, P.6). This positively sloped supply curve depicts the fact that if there is a rise in the price level the seller will supply more of the goods. As it has been outlined in the figure above the upward sloping suppl...Read More >>
Answer: Basing on the law of demand and supply, consumers will always demand goods of lower prices. As the price of food in the restaurant increase, the quantity demanded also reduces. This implies that, if the restaurant increases its price of food, there are high chances that some customers will leave the restaurant to find another restaurant that charges lower than the popular seafood restaurant. Furthermore, considering the law of demand a...Read More >>
Answer: In the past two decades, Information and Communication Technologies (ICT) have reached high new highs of sophistication and experienced consecutive cost reductions. Both factors have eased the adoption of these technologies by many firms, along with the general population, leading to increased access to internet structures. This technological progress has in turn catalyzed in the formation and growth of electronic commerce. In this set...Read More >>
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