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Question 1 (9 marks)
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of prices and quantities.
(a) Computers (3 marks)
(b) Computer software (3 marks)
(c) Typewriters (3 marks)
Question 2 (6 marks)
After an economics lecture one day, your friend suggests that taxing food would be a good way to raise revenue because the demand for food is quite inelastic.
(a) In what sense is taxing food is a ‘good’ way to raise revenue? (3 Marks)
(b) In what sense is it not a ‘good’ way to raise revenue? (3 Marks)
Question 3 (5 marks)
Most studies of firms’ long run costs have found that average costs decline as firms produce increasingly larger output levels (economies of scale), such as for automobile firms. However, trucking (haulage) firms appear not to experience falling average costs associated with large-scale operations. Why might this be the case?
Suppose that Congress increases the minimum wage to $10 an hour. a. Use a supply and demand model for unskilled labor to show the effect on the number of unskilled workers employed
TRENDS OF NATIONAL INCOME: Estimates relating to India's national income and per capita income are available to us for each of the years beginning 1950-51. These estimates are
Concepts of Income and Substitution Effects: Change in demand for a good due to one unit change in price of that good for given prices and money income is known as own price
Nile.com, the online bookstore, wants to increase it''s total revenue. One strategy is to offer a 10% discount on every book that sells. Nile.com knows it''s customers can be divid
1. Clorox lowers the price of its GreenWorks TM bathroom cleaner. All other things remaining the same, choose how you think this will impact the market price of Pine-Sol. (Circl
Estimating Labour Productivity by Economic Sector for Target Year and its Change between Base and Target Year Contribution of each sector to GDP is known. The contribution of
wHEN WAGE IS $6.05, HOW MANY HOURS ARE WORKED A WEEK?
which is more dense-Rubidium or Rubidium Hydride?
"In U.S., there is a culture of greeting people of the same sex. It's not common that people give attention to the people of the opposite sex. However, in the middle class, it's a
An individual derives utility from consuming goods X and Y according to the following estimated utility function U = 12X 2/3 Y ¼ X and Y are quantities (units) of
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