I believe the answer is: b. It causes your money to have less value
Inflation is caused by the weakening of our national currency over another country''s currency.
Which mean, because of inflation, we could obtain less amount of product with similar amount of money (making our money have less value). Inflation most commonly handled by reducing the amount of money circulated in the market.
A major problem with inflation is that b. It causes your money to have less value.
Inflation refers to the general increase in the prices of goods and services in an economy.
When prices increase, this means that we have to spend more money to buy the same goods which makes our money less valuable.
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Qs = 700 + 175P,
where quantities are in millions of bushels and prices are in dollars per bushel.
(a) Calculate the equilibrium price and the equilibrium quantity.
(b) Calculate the consumer surplus at the equilibrium price and quantity.
(c) Calculate the price elasticity of demand (at the equilibrium values).
(d) Calculate the price elasticity of supply (at the equilibrium values).
(e) Calculate the arc elasticity of demand if the price of corn increases by 20% above the current equilibrium price.
(f) Calculate the arc elasticity of supply if the price of corn increases by 20% above the current equilibrium price.
(g) Assume that the government has introduced a price floor of $7 per bushel (i.e., the market price cannot go below $7 per bushel).
(i) What quantity of corn will consumers be willing to buy?
(ii) What quantity of corn will consumers be able to buy?
(iii) What quantity of corn will producers be willing to sell?
(iv) What quantity of corn will producers be able to sell?
(v) Will the market clear (i.e., will the quantity demanded equal the quantity supplied)? If not, will there be excess demand (shortage) or excess supply (surplus) of corn? How many bushels?
(a) We must set Qd equal to Qs in order to determine the equilibrium price and quantity:
2,200 - 125P = 700 + 175P
If we solve for P, we obtain:
300P = 1,500
$5 per bushel is P.
By adding P = $5 to either Qd or Qs, we may determine the equilibrium quantity as follows:
Q = 2,200 - 125(5) = 1,575 million bushels
The discrepancy between the highest price consumers are prepared to pay and the market price is known as consumer surplus (b). The quantity demanded at the equilibrium price of $5 per bushel is 1,575 million bushels, hence the highest price consumers would be prepared to pay is:
2,200 - 125(5) = $1,875 million
The consumer surplus is as a result:
$1,847.5 million is equal to (1/2) * (1,875 - 5) * 1,575.
(c) The following formula can be used to determine the price elasticity of demand at the equilibrium:
E is calculated as (% change in amount demanded) / (% change in price).
Qd = 1,575 million bushels and P = $5 per bushel are the values at equilibrium. The quantity requested will vary if the price increases by 1% in the following ways:
(125 / 2,200) * 100 = 5.68%
As a result, the equilibrium price elasticity of demand is:
E = 5.68 / 1 = 5.68
(d) The same formula can be used to get the price elasticity of supply at equilibrium.
E is equal to (% change in provided quantity) / (% change in price).
Qs = 1,575 million bushels and P = $5 per bushel are the values at equilibrium. The amount delivered will alter if the price changes by 1% in the following ways:
(175 / 2,200) * 100 = 7.95%
As a result, the equilibrium price elasticity of supply is:
E = 7.95 / 1 = 7.95
(e) We employ the following formula to get the arc elasticity of demand:
E = ((Q2 - Q1) / ((Q2 + Q1) / 2)) / ((P2 - P1) / ((P2 + P1) / 2))
The new price is: If the price rises by 20% above the $5 equilibrium price, the new price is:
Each bushel, $5 + 0.20 ($5) equals $6.
The newly desired quantity is:
1,450 million bushels - 2,200 - 125(6)
Applying the old and new equilibrium values, we get at:
E = ((1,450 - 1,575) / ((1,450 + 1,575) / 2)) / ((6 - 5) / ((6 + 5) / 2)) = -1.71
Demand is elastic, as indicated by the negative sign.
(f) We apply the same formula to determine the arc elasticity of supply:
E = ((Q2 - Q1) / ((Q2 + Q1) / 2)) / ((P2 - P1) / ((P2 + P1) / 2))
The new price is: If the price rises by 20% above the $5 equilibrium price, the new price is:
Each bushel, $5 + 0.20 ($5) equals $6.
The updated quantity given is:
700 plus 175 (6) equals 1,550 million bushels.
Applying the old and new equilibrium values, we get at:
E = ((1,550 - 1,575) / ((1,550 + 1,575) / 2)) / ((6 - 5) / ((6 + 5) / 2)) = -0.19
The negative sign denotes an inelastic supply.
(g) The new market circumstances when the government sets a price floor of $7 per bushel are:
Qd = 2,200 - 125P
Max Qs = (700 + 175P, 875)
where the maximum function assures that suppliers will only produce and sell at the $7 per bushel price floor level, making 875 million bushels the minimum amount that must be delivered.
I Because their demand function hasn't altered, consumers will be willing to make the same number of purchases as previously. As a result, they are prepared to purchase 1,575 million bushels.
(ii) At the price floor level of $7 per bushel, consumers will only be able to purchase the quantity offered, which is the minimum of the demand and supply functions:
1,525 million bushels are equal to Qd = 2,200 - 125(7).
875 million bushels equals Q.
Hence, only 875 million bushels will be available for purchase by consumers.
Given that their supply function hasn't changed, producers will be willing to sell the same volume as previously. As a result, they are prepared to sell 1,575 million bushels.
(iv) At the price floor level of $7 per bushel, producers will only be able to sell the quantity demanded, which is the minimum of the demand and supply functions:
Qd equals 1,525 million bushels.
Qs equals 700 plus 175 plus 7 to 1,225 million bushels.
Hence, the total number of bushels that farmers can sell is 1,225 million.
(v) There will be an excess of demand (a shortage) of the following since the quantity demanded (1,525 million bushels) exceeds the supply curve (875 million bushels):
875 minus 1,525 equals 650 million bushels.
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b. intimate talk; expressive talk
c. social talk; personal talk
d. instrumental talk; expressive talk
Answer:
d. instrumental talk; expressive talk
Explanation:
Instrumental talk refers to the type of 'talk' that is aimed to solve a certain problem. Expressive talk on the other hand refers to the type of 'talk' that is aimed to form a close relationship with other people.
Most culture tend to have a certain expectation of people with different genders. Women tend to be expected to play an attentive/caring role such as taking care of children, which is why reseatrchers believe that they are taught to do expressive talk since they're little. Men on the other hands were expected to be in leadership roles, which is why instrumental talk is taught to men since early age.
Answer:
c I believe
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b. raising an American army
c. establishing a strong central government
d. passing the Intolerable Acts
Answer:
B. Raising an American army
Explanation:
In the summers of 1775 in Philadelphia second continental congress convened shortly after the war broke out with the British.
It was held after the "First continental congress" which was held in September 1775.
The second continental congress appoints General "George Washington" as their commander of the continental army.
The congress urges the George Washington to raise the continental army through conscription and patriotism and rage war against the British.
The second continental congress also started printing paper currency.
Answer:
because t create awareness for human life through cutting down of trees wildlife feel threaten to live
B. the elements simultaneously influence and are influenced by the others
C. there must be at least two people involved in the process
D. the steps of the communication process occur in the same order
Answer:
A
Explanation:
the elements of the process occur in a linear fashion
The transmission model of communication describes communication as a linear, one-way process in which a sender is on purpose transmitting a message to a receiver.
Example
Think of how a radio message is sent from a person in the radio studio to you listening in your car. The sender is the radio announcer sends a message that is transmitted by a radio tower through electromagnetic waves (the channel). The radio announcer doesn’t really know if the message is received or not, but if the equipment is working, then there is a good chance that the message was successfully received. This occurs in a linear fashion