Reference no: EM133711757
Economics for Managers
REQUIREMENTS:
Read the provided case study and then answer the questions below
Case - TYPHOON HAIYAN'S DEADLY IMPACT ON THE PHILIPPINES
Overview: Philippine rice losses from typhoon exceed forecasts - reporting by Enrico dela Cruz; editing by Richard Pullin and Tom Hogue
MORE RICE, CORN IMPORTS LIKELY
Question 1
i. Assume you owned a large rice store in the Philippines when Typhoon Haiyan affected the country. Examine the factors that affected demand for rice in the Philippines.
Explain what you understand by the term price ceiling as a measure introduced by the Philippines government to enable people to buy rice and other essential commodies.
ii. Explain the consequenses after introduction of price ceiling on essential commodies in the Philippines.
Question 2
Discuss the interaction of the Law of Demand and the Law of Diminishing Marginal Utility when a consumer makes a decision to purchase a product or service.
Question 3
Assume the table below shows the inflation and population conditions in the Philippines after Typhoon Haiyan. Answer the questions that follow.
i. With reference to the table, calculate the unemployment rate in 2020 and 2021.
Show all working calculations.
ii. Calculate the inflation rate in the Philippines in 2021.
iii. Examine the two major types of inflation that affected the Philippines immediately after the Typhoon Haiyan devastation.
Question 4 Use the data in the table below to complete the tasks for this question.a) Calculate Nominal GDP for the years 2020 and 2021. Show your workings.
b) Calculate Real GDP for the years 2020 and 2021. Show your workings.
c) Calculate the GDP Deflator 2021. Show your workings.d) State and explain the limitations of GDP as a measure of economic wellbeing.
Question 5
(i) Choose a product in the Philippines during the time when Typhhon Haiyan affected the country.
Required:
a. Describe the elasticity of demand for your product.
b. Identify the factors that influences the elasticity of demand for that product.
(ii) Explain two types of Expansionary Fiscal Policy used by the Philippines after Typoon Haiyan.
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