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Question 1: Suppose demand for good A is given by QA = 500-10PA+2PB +0.7I where PA is the price of good A, PB is the price of some other good B, and I is income. Assume PB is $5, and I is $100. Assume PA is currently $10, what is the elasticity of demand for good A at the current situation?
Question 2: The aggregate demand for good X is Q = 20 - P. If the price rises from P = $4 to P = $5, what is the change in consumer surplus?
Question 3: An individual consumes products X and Y and spends $25 per time period. The prices of the two goods are $3 per unit for X and $2 per unit for Y. The consumer in this case has a utility function expressed as: U(X,Y) = 0.5XY How much X should this individual consume, given that he is maximizing the utility?
Supply curve in the market for widgets is given by P = 10 + q and the demand function is given by P = 70 - 2q. If the government promises to buy the widgets.
A plant operation has fixed costs of $2,000,000 per year, and its output capacity is 100,000 electrical appliances per year.
The city of X plans to build a new bridge across the river separating the two halves of the city for use by its residents.
Consider a Dutch investor with 1,000 euros to place in a bank deposit in either the Netherlands or Great Britain. The (one-year) interest rate on bank deposits.
What is the difference between the output level where the total profit is maximized and the output level where the total revenue (TR) is maximized? What is the significance of these two values in the decision-making process
How is unemployment measured and reported? What economic policies should be used to deal with these types of unemployment?
give a numerical example to show that a monopolists marinal revenue can be upward-slping over prt of its range. hint
Perform an economic analysis of this phenomenon and its welfare implications. Include in your answer scope of government intervention in tackling this issue.
Describe how the marginal product for a resource can change. Conclude with an explanation for what can change the demand for a resource.
To what extent has the Malthusian prediction that food production cannot keep up with population growth been validated in the course of the twentieth century?
Predict the economic opportunities of your recommendations. Speculate on the main potential risks inherent in relocating to the countries that you are considering.
What is the Consumer Price Index (CPI)? How has the CPI behaved since the year 2000? What have been the causes of these changes?
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