Economics of Enterprise Answers

Because of health awareness many people reduce their consumption of animal oil and increase their consumption of vegetable oil to reduce cholesterol problems. What will happen to demand curve of both products?

Explain, using diagrams, what happens to a perfectly competitive firm in the short run when the demand for its product suddenly increases

Why is it not possible for a perfectly competitive firm to make supernormal profits in the long run?

Petrol and diesel prices have collapsed amid the coronavirus outbreak. According to figures released by Bloomberg, the cost of a barrel of fuel has fallen dramatically in the past months. A barrel of Brent Crude oil has now fallen from slightly under $65 in mid-January to currently trending in the mid to high $20s. The figure above indicates that oil price is at USD33.15 per barrel as of 6th April, 2020, obvious scenario of down trending.



Using the theory of Supply & Demand, analyse the factors that contributed to the downfall of global petrol price and evaluate the impact on socio-economy in your home country, Malaysia.

The United States economy has a GDP of $15 trillion, investment is $2 trillion, government purchases $3 trillion, and net exports is -$1 trillion. What part of the expenditure method of calculating GDP is missing? What dollar amount of GDP is the missing category?

Retail price of fuel is uniformly distributed between $2.00 and $3.50

A) Calculate the retail average price of fuel?

B) what is the probability that the price of fuel is less than $3.00

C) what is the probability that price of fuel is less than $2.00

The income elasticity of restaurant meals is 0.6. If customers income becomes 300,000 LBP instead of 200,000 LBP , the quantity demanded will

A person who is now 35 years old is planning for his retired life. He plans to invest an equal sum of Rs. 10,000 at the end of every year for the next 25 years starting from the end of the next year. The bank gives 20%interest rate, compounded annually. Find the maturity value of his account when he is 60 years old. ii)Explain Single payment present worth factor in detail

As the number of substitutes for by a particular good decreases, demand for the good will

When the price of pens is 4,000LBP, Nour buys 20 pens. As the price decreases to 1000, Nour buys 80 pens. In absolute value