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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?
The reason that an entrepreneur supposes the risk of starting a business is to earn profits. The fundamental assumption in the theory of production is that a rational owner of a b
Ask question #Minim1. what items should be put on the agenda of a new round of trade talks (and who wants these on the agenda), 2. why, and 3. the problems likely to be met in the
The sales of a company are the part of the total sales of industry. If the conditions of industry changes then the sales of each of the firm in the industry is affected. All teh ti
a more simple explanation of the group equilibrium in the short and long run
THEORY OF CONSUMER SURPLUS: We discuss the basic concept of consumer surplus and its derivation. A consumer normally pays less for a commodity than the maximum amount that she
explain how macro and micro issues may be represented using production possibility curve
Lab Exercise 1. Taco Del Mar has completed a study of weekly demand for its tacos in Washington State's regional markets. The study developed the following demand function: Q =
You have just been hired by your city’s department of health. Your first task is to use cost-benefit analysis to evaluate a smocking awareness program that the department has been
The demand for soft drinks has been estimated asQx 20PX 0.25PY0.45M 2 Determine the own, cross and income price elasticities of demand. Interpret your results.
In relation to solvency margins in the insurance industry, the solvency margin is the amount of regulatory capital an insurance undertaking is obliged to hold against unforeseen ev
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