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Question 1
A) Elasticity, explain the distinction between price, income and cross price elasticity of demand illustrate your answer with appropriate formulas. identify and defend the expected signs associated with each form of elasticity.
B) Explain at least five tools available for government intervention to deal with market failure with suitable examples.
An energy manager expects a need for a boiler that costs $150,000 in about seven years. How much money should the manager save each year to have enough money for the purchase in seven years time if the interest rate is (a) 10% and (b) 3%.
Determine the minimum average cost of the firm with these different order sizes.
How, according to Dasgupta, should people in well-developed, functioning economic systems relate to people living in impoverished, dysfunctional economies? People in well-developed economies shouldn’t impose trade restrictions, etc., that create road..
Why is market demand the result of summing individual demand curves horizontally as oposed to summing them vertically?
A firm plans to begin production of a new small appliance. The manager must decide whether to purchase the motors for the appliance from a vendor at $7 each or to produce them in-house. Determine the range of annual volume for which each of the alter..
Why would consumers demand 0 minutes in the long run if the price was $.30 every minute.
If Ann's marginal rate of substitute of X for Y is 5 - that is, MUx / MUy = 5 - the price of X is $9 and the price of Y is $2 she is spending too much of her income on Y. Do you agree or disagree?
In 2016, economists forecast the U.S. MPS will be 0.15 and the MPM will be 0.10. Estimate the maximum overall total effect on national income of the following two changes in fiscal policy: A decrease in govt spending of $100 billion and a decrease in..
Suppose that the monthly demand for AIDS treatment is Pn = 100 − Qn in North America and Ps = 60 − Qs in Sub-Saharan Africa due to lower income. The marginal and average variable cost of producing a month’s treatment is $20. Calculate the implied pro..
Suppose the marginal revenue (MR) function of a monopolist is 5000-0.25Q, what is the profit maximizing price and quantity? Show or identify the demand, marginal revenue and total revenue curves. State the maximum amount of total revenue—in US dollar..
What is the minimum price at which the firm would be willing to supply a positive amount of output in the short run? Label this on your graph.
Starting with a positive output gap where aggregate demand is at a level less than full employment, assume that the annual Real GDP growth rate is equal to 2.5% and the annual supply side growth rate is equal to 2.5%. As a result:
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