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Assignment:
1. During 2021, Indonesia was hit by the Covid-19 pandemic. This causes the demand for housing to decline, but the decline in housing demand is not followed by an increase in house prices. Thus, mention 3 factors that affect the decline in the demand for houses.
2. The elasticity of demand for income is a useful quantity to show the responsiveness of consumption of an item to changes in income. Which of the following statements are luxury goods, normal goods and inferior goods:
a. The coefficient of elasticity of demand for income is -2, where the change in income increases, but the demand for goods decreases. (Weight 10)
b. The coef?cient of elasticity of demand for income is 1, where changes in income and demand for goods increase proportionally.
c. The coef?cient of elasticity of demand for income is 3, where the change in income that decreases is smaller than the demand for goods that decreases as well.
Using a graph show (and discuss) that the presence of external economies creates a natural entry barrier for new entrants when there is an incumbent industry,
Wanda's is a fish store that hires students to pack the fish. Students can pack the following amounts of fish.
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Suppose in Singapore the velocity of money is constant, real GDP grows by 7% per year, the stock on money grows by 10% per year, and the nominal interest rate.
On a lobster boat, the more hands working, the more traps that can be checked per day, and the more lobsters landed.The relationship between workers per day and total product for a typical boat are as shown in the table. Find the marginal revenue ..
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