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a) Planning is said to be more than just the formulation of quantitative economic targets. It is often described as a process. What is meant by the planning process, and what are some of its basic characteristics? In your discussion, be sure to explain and comment on some of the major arguments or rationales, both economic and noneconomic, for planning in developing economies. b) Economic growth is said to be a necessary but not sufficient condition to eradicate absolute poverty and reduce inequality. What is the reasoning behind this argument? c) Discuss the Solow neoclassical model of economic growth in details and show its importance to the study of economics of development.
‘The growth of transnational corporations has had a major impact on the economic and social geography of a number of countries around the world.’ Discuss this statement with reference to the More Economically Developed Countries (MEDCs), the Less Economically Developed Countries (LEDCs) and the Newly Industrialized Countries (NICs). In your answer you should include the following: • a definition of a transnational corporation (TNC), illustrated by an example; • an explanation of the reasons for the growth in the number of such companies; • a discussion of their economic and social impact in named countries; • an examination of the attitudes of individuals and groups to their expansion.
Youarethemanagerofamonopoly.Atypicalconsumer’sinversedemandfunctionfor your firm’s product is 𝑃 = 250 − 4𝑄 and your cost function is 𝐶(𝑄) = 10𝑄
Demand for Kristal blanket is given by D_P = 42 − 2p , the supply function is
given by S_P = 5p;
What is the equilibrium price, output, consumer and producer surplus in the market for Kristal blankets?
Neha and Sonam consume only Coke and Pepsi in a two person and two goods exchange economy. Nehaconsumes these two goods in fixed proportions such that she consumes 2 bottles of coke with 1 bottle of Pepsi.Sonam's utility function is given by U = 4P + 3C . In the economy, there is a total of 100 bottles of Pepsi and 200bottles of Coke. If Neha initially had 60 bottles of Pepsi and 80 bottles of coke, then in the equilibrium position,Sonam will consume:
Shalimar Foods sells Vegetarian Corn Samosa plates for INR 30 each, and serves an average of 625
customers per week. During a recent promotion on the eve of India’s Independence Day
, Shalimarcut its price to INR 25 each and observed an increase in sales to 750 plates per week.a.
Calculate Shalimar’s price elasticity of Demand
b.
Shalimar is considering permanently lowering its price to INR 28 to increase revenue. Explainc.
How many plates should Shalimar expect to sell at the new price?d.
Does the move make sense in the light of Shalimar’s intent to increase revenue?
Good X is a normal good if an increase in income leads to
a. an increase in the demand for good X.
b. a decrease in the supply for good X.
c. an increase in the supply for good X.
d. a decrease in the demand for good X.
The own-price elasticity of demand for apples is −1.2. If the price of apples falls by 5 per cent, what will happen to the quantity of apples demanded?
a. It will increase 6 per cent.
b.It will increase 4.2 per cent.
c.It will increase 5 per cent.
d.It will fall 3.8 per cent.
In December, the price of Christmas trees rises and the quantity of trees sold also rises. Is this a violation of the law of demand? Why or why not?
Answer with the help of graph
Beef supplies are sharply reduced because of drought in the beef-raising states, and consumers turn to chicken as a substitute for beef. How would you illustrate this change in the beef-market in supply-and-demand terms?
represent by draw the graph
