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(a) What is the basic economic problem? What is an example of a scarce item for a household, a firm and a society?
(b) What are the four factors of productions? Please also mention their rewards.
(c) Use a demand and supply diagram to illustrate how each of the following events affects the equilibrium price and quantity of pizza.
(i) The price of mozzarella cheese rises.
(ii) The health hazards of hamburgers are widely publicized.
(iii) The price of tomato sauce falls, but at the same time the incomes of consumers rise and pizza is an inferior good.
(d) Electric car manufacturers are increasing their use of robotics, which has the potential to increase manufacturing production. Does this cause an increase in supply or an increase in the quantity supplied of electric cars? Also, does this cause an increase in demand or an increase in the quantity demanded of electric cars? Explain.
What will happen in the gasoline market now if buyers expect higher gasoline prices in the near future?
They estimate your share of the gas, motel, lift tickets, and other expenses to be around $50. What is your total economic cost of taking the ski trip?
The graph also shows the marginal revenue curve faced by this firm. Elucidate how much profit does the monopolist earn.
Determine whether GDP will be underestimated or overestimated in each of the following:
What is the firms profit? What is Conigan's profit maximizing quantity?
A 10-year, 9% bond, issued by Cheap Motors Manufacturing on January 1, 2000, matures on December 31, 2009. If investors require a 12% return
Sony, Inc. estimated the demand for its personal computers and computed these point elasticities: own price elasticity=5(in absolute value), cross price elasticity with software= -4, income elasticity 2.5, cross price elasticity with Toshiba laptops=..
1. (a) Name two of the government's fiscal policy options for ending a severe recession?
Which factors of globalization is involving quality. How might globalization involve your product or service also organization as it tries to achieve quality.
Suppose a consumer's level of satisfaction is given by AB2 and he/she has a total of $10 to spend on goods A and B. If the price of A is $1 and the price of B is $2, and assuming you can only purchase whole units (not fractional) of A and B, how many..
A monopoly's demand curve is P = 200 – 3Q and its MC = $20. How many customers should this company serve? What is the price paid by each customer? What will be the company’s gross revenue in this venture?
Smart Bank buys a R5 million at-the-money notional call option on the credit spread between the ten-year bond of Max Ltd and that of the government.
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