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Let E denote the new equilibrium point, corresponding to the intersection of new curves FG and XX, characterized by higher domestic prices. Suppose that the government would like to bring the economy back to its initial equilibrium position (before the increase in foreign output), point E. corresponding to the intersection of the initial curves FG and XX
Differenciate between Point voting and Vote trading(Logrolling).
As announced in the 2021-2022 National Budget, the Fijian Government is supporting formal and informal sector employees on Viti Levu who are affected by the pandemic through monthly payments of $120 for a period of six months (August 2021 – January 2022). The Fiji Sun dated 23rd August, 2021 reports “Attorney-General and Minister for Economy yesterday tweeted that: “Days ahead of schedule, we have met the once-in-a-century COVID-19 crisis with one of the largest assistance payouts in history. $72m was paid in unemployment benefits to 200,000 Fijians. In the coming days, we’ll reach 60,000 more bringing the total payout to around $94m.”
As an economist you are trying to assess this COVID-19 benefit scheme. In the essay critically evaluate the above COVID-19 Unemployment Assistance from the Fijian Government. Follow the rubric below – have an introduction, body and conclusion.
Vigayo -0......Maize(1000's Gallons/year) - 600
Vigayo -1..... Maize(1000's Gallons/year) - 500
Vigayo - 2..... Maize(1000's Gallons/year) - 300
Vigayo - 3..... Maize(1000's Gallons/year) - 0
a) Graph the production possibility frontier of the Syejumba Economy
b) What is the direction of the slope of the production possibility frontier of the Syejumba Economy? Explain the intuition behind that fact.
c) What is the shape of the production possibility frontier of the Syejumba Economy? Explain the intuition behind that fact.
d) Suppose the Syejumba Economy is currently producing 2,000 Vigayo and 30,000 gallons of Maize. What is the opportunity cost of producing additional 20,000 gallons of Maize?
#339914 on Dec 2023