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Question 1
(a) Consider the following information for a product X and a related product Y:
Quantity of X traded
Price of X
Income of Consumers
Price of Y
12,000
$1.00
$10,000
16,000
$0.80
$9,000
$1.20
Classify X in terms of its price and income elasticities of demand and establish the relationship between product X and product Y. How does knowledge on the price elasticity of demand, the income elasticity of demand and the cross-price elasticity of demand helps a firm in making business decisions. Explain with suitable examples.
(b) The demand and supply functions of rice is given as P = 200 - 0.5Q and P = 100 + 0.5Q, respectively. Solve for the equilibrium price and quantity in the rice market. If the government implements a price floor of $180 per unit of rice, appraise the efficiency of the rice market by computing the consumer surplus, the producer surplus and the deadweight loss (if any) in the rice market. Support your answers with a suitable rice market diagram and comment on the winner and loser under this policy.
Suppose that the governmental authorities wished to decrease use of a pesticide that is leaching into groundwater supplies in a watershed by 60% from current use levels.
Using MPC = 0.4, what is the multiplier (the actual numerical value please): What was the total change in spending as a result of the stimulus package?
Evaluate current global economic conditions and their effects on macroeconomic indicators in your selected country. Provide forecasts for population growth.
write an essay evaluating the role of governments in assuring that developing countries obtain a fair and adequate
Illustarte what are the main costs of production for the good or service your organization supplies. Breakdown the costs from the largest to the smallest.
Provide a general ranking of countries and avoid journalism and overly lengthy surveys of each nation. You should be explicit in how you have combine the data to arrive at your final ranking.
What is the role of the government in the economy? Is it a free market economy? Is there legislative body that makes fiscal policy?
Assume the price of output is p = 10 dollars, the marginal product of labor is given by the equation MPL = 20 - (1/2)L, and the price of labor is wL = 100 dollars. Then, the optimal quantity of labor is
MAC 202 Macroeconomics Assignment Help and Solution, Khawarizmi International College - Assessment Writing Service - Describe and compare both countries
a. Aprroximately what percentage of the company's accounts receivable have balances below $30 b. Approximately how many of the 10000 accounts have balances excedding $98 Account Balance Frequency $ 0 to under 50 10 50 to under 100 15 100 to under 150..
For each market (a. & b.) would it be to the producer's advantage (i.e. would TR increase) to raise or lower price? If P0 = $10.00 and Q0 = 100 units, justify your answers by applying the interpretations of those price-elasticities of demand on t..
A country has the per-worker production function, y=5k^1/2, where y is the output per worker and k is the capital- labor ratio. The depreciation rate is 0.15 and the population growth rate is 0.05. The saving function s=0.2Y wh..
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