Let P_x = $10 per unit, P_y = $25 per unit and B = $200. Draw the budget line using these data. Explain the concepts of total utility, marginal utility and the Law of Diminishing Marginal Utility.

Between HALYs, QALYs and DALYs, which is the most preferable in measuring health outcomes and its economic benefits to the society?

Please read the Bloomberg article below, and use the information in the article to answer this question.

U.S. Gasoline Use Rising to Record This Summer on Low Prices
by Mark Shenk

U.S. Gasoline Use Rising to Record This Summer on Low Prices

by
Mark Shenk

June 7, 2016, 12:23 PM EDTJune 8, 2016, 12:01 AM EDT

• Gasoline consumption to average 9.5 million barrels a day: EIA
• WTI crude seen averaging $42.83/bbl in 2016, $51.82 in 2017

Oil Producers Respond to Meet Demand on Prices Gain

U.S. gasoline consumption is set to climb to a record this summer as the lowest pump prices in more than a decade encourage Americans to take to the roads.

Demand, which typically peaks between the Memorial Day holiday in late May and Labor Day in early September, will average a record 9.5 million barrels during the second and third quarters, up from 9.48 million forecast in May, the Energy Information Administration said in its monthly Short-Term Energy Outlook released Tuesday.

The average retail price for regular-grade gasoline this summer is forecast at $2.27 per gallon, more than the $2.21 estimated in May but down from $2.63 during the 2015 summer driving season.

"Even with higher crude oil prices passed on to consumers at the pump, summer retail gasoline prices are still expected to be the lowest in 12 years," EIA Administrator Adam Sieminski said in an e-mailed statement. "Despite the recent rise in gasoline prices, summer gasoline demand is forecast to reach a record 9.5 million barrels per day."

While crude prices in New York have jumped 90 percent from a 12-year low earlier this year as traders estimate the market is coming into balance, the commodity is still worth less than half its peak in mid-2014. The EIA raised its crude price forecasts as falling U.S. output and unplanned disruptions elsewhere limit supply while demand grows.

Production Decline

"Low oil prices continue to cut into domestic oil production, with U.S. monthly oil output not expected to start steadily increasing until the end of 2017,” Sieminski said. "The decline in U.S. May oil production is expected to be the largest drop in monthly output since Hurricane Ike knocked out a big chunk of offshore oil production in September 2008."

U.S. production is expected to drop from 9.43 million barrels a day in 2015 to 8.6 million this year and 8.19 million in 2017, the agency said. U.S. production estimates were unchanged from last month’s report.

Global oil demand will be 95.26 million barrels a day this year, compared to 95.24 million in May’s outlook. World consumption will be up 1.5 percent from 93.81 million barrels in 2015.

West Texas Intermediate crude, the U.S. benchmark, will average $42.83 a barrel in 2016 versus the May projection of $40.32, according to the report. Prices will average $51.82 next year, up from the previous forecast of $50.65. WTI touched $26.05 a barrel on Feb. 11, the lowest since 2003, and is now hovering around $50.

Brent crude, the benchmark for more than half the world’s oil, is projected to average $43.03 this year, up from the prior estimate of $40.52. Prices will average $51.82 in 2017, up from the May estimate of $50.65, the agency said.

1. In the U.S. market for oil, the price of West Texas Intermediate (WTI) crude oil can be considered the equilibrium price of crude oil in the United States. The price of WTI will average $42.83 in 2016, while the price in 2017 will average $ ______ the article considers 2017 to be "next year"). Give your answer to two decimals.

The article mentions that U.S. oil production is 8.6 million barrels a day in 2016 (2016 is considered to be "this year" in the article) and will change to _________    million barrels a day in 2017. Give your answer to two decimals.

2. Assume that these prices and quantities represent the equilibrium outcomes of the U.S. oil market when the demand curve and the supply curve in this industry intersect. Given the change from 2016 to 2017 in the price of oil and the change in the quantity of oil sold, identify what caused these changes. To do this, suppose that as we move from 2016 to 2017, only one curve shifted—either the demand curve or the supply curve.

Which one of the following shifts explains the changes in the equilibrium price and quantity of oil sold as we move from 2016 to 2017?

Choose one:

A. a leftward shift in supply

B. a rightward shift in demand

C. a leftward shift in demand

D. a rightward shift in supply

Please in the blank for the paragraph and question 2, please find the correct answer?

thank you.

1. How do you interpret the teaching of the Bhagavad-Gita? What is the quintessential message of the Gita?

Using a market graph similar to what is was presented in the course materials, draw a graph showing how a tariff on clothing produces the following results (Hint: draw the graph large enough to incorporate labels for free trade and the impact of the tariff):

• the domestic price of clothing increases
• clothing imports are reduced
• the domestic producer surplus increases
• the consumer surplus is reduced
• the total surplus is reduced

-Draw your own graph on a piece of paper

How technology has impacted healthcare services, healthcare providers cost and productivity.

1. Markets and government regulations are both needed to provide healthcare goods and services efficiently and effectively.

Since Covid-19 some interesting and unusual things have been happening with Canada's inflation rate. What is indicated by CPI? What is indicated by GDP deflator?

1. Please name and discuss a product or a service or an activity that is currently LEGAL that you would like to make ILLEGAL. Why did you choose THIS activity over all other possible choices? 2. Please name and discuss a product or a service or an activity that is currently ILLEGAL that you would like to make LEGAL. Why did you choose THIS activity over all other possible choices? 3. Please name and discuss an activity that is CURRENTLY ILLEGAL, that you would like to remain ILLEGAL, but you would like to see the law or laws against this activity enforced more vigorously. Why did you choose this activity over all other possible choices? 4. Should the production, distribution, and sale of marijuana (pot) be legal? Or illegal? Why? How about cocaine? Heroin? Cigarettes? Vaping products? Certain types of automatic weapons? Alcohol? In each case, why?

in the united state economy what needs to do in order to stay competitive in the world market.

Industry 4.0 is driven by advanced automation technologies such as robots, artificial intelligence, Internet of Things, cloud computing, and 3D printing. Discuss on how the Industry 4.0 is able to sustain the economic activities for services sector during the period of the movement of control order (MCO) imposed by the Malaysian government resulted from the Covid-19 outbreak?

The production cost of x units of a product during a month is x ^ 2 dollars. If you want to produce at least 80 units over the next three months, formulate and solve a nonlinear programming model to determine the most economical way to produce.

To the extent that all market participants have better information, economic efficiency is improved and prices are closer to costs for the products and services bought by consumers and for the supplies and equipment bought by firms. Thus innovations that improve information to patients and/or providers, such as by making price and quality information easily available, have an economic value to consumers. Use of the Internet benefits consumers in a variety of ways. What are the different ways the Internet can increase value to consumers and to health care providers and health plans? The Internet/e-commerce can increase efficiency for both providers and health plans in several ways. What are the likely effects of the Internet on health care competition?

1.

The inverse demand curve for sprokets is P = 4,000 - 2(q₁ + q₂), where the market output Q is the sum of each firm's output of sprokets, q₁ + q₂ and P is the market price. Spokets can be produced at a constant MC = ATC = 1,000 and all sprokets produced are identical.

Suppose there is a duopoly in the production of sprokets and the firms engage in Stackelberg competition. Firm 1 is the Stackelberg leader. What is Firm 1's profit level?

2.

The inverse demand curve for sprokets is P = 4,000 - 2(q₁ + q₂), where the market output Q is the sum of each firm's output of sprokets, q₁ + q₂ and P is the market price. Spokets can be produced at a constant MC = ATC = 1,000 and all sprokets produced are identical.

Suppose there is a duopoly in the production of sprokets and the firms engage in Stackelberg competition. Firm 1 is the Stackelberg leader. What is Firm 2's profit level?

3.

The inverse demand curve for sprokets is P = 4,000 - 2(q₁ + q₂), where the market output Q is the sum of each firm's output of sprokets, q₁ + q₂ and P is the market price. Spokets can be produced at a constant MC = ATC = 1,000 and all sprokets produced are identical.

Suppose there is a duopoly in the production of sprokets and the firms engage in Cournot competition. What is the market output level, Q = ?

4.

The inverse demand curve for sprokets is P = 4,000 - 2(q₁ + q₂), where the market output Q is the sum of each firm's output of sprokets, q₁ + q₂ and P is the market price. Spokets can be produced at a constant MC = ATC = 1,000 and all sprokets produced are identical.

Suppose there is a duopoly in the production of sprokets and the firms engage in Cournot competition. What is the market price, P = ?

5.

The inverse demand curve for sprokets is P = 4,000 - 2Q, where Q is the quantity of sprokets and P is the market price. Spokets can be produced at a constant MC = ATC = 1,000 and all sprokets produced are identical.

Suppose there is a duopoly in the production of sprokets and the firms engage in Bertrand competition. What is the market output level, Q = ?

Discuss two reasons for anti-immigrant sentiment among some Americans about the Trump administration family separation policy.