Microeconomics Answers

Consider the following productivities in Table 1: TABLE 1: ZAMBIA- MALAWI TRADE PATTERNS

Services Manufacturing

Zambia 2 Units/hr. 6 Units/hr.

Malawi 6 Units/hr. 3 Units/hr.

7. What is the basic economic problem and what its implication on the life of its individual especially this time of pandemic?

8. How might a person get the skill needed for the opportunity to their occupational level and earn a higher income when there is a significant decrease in the economy due to covid-19 pandemic resulting to higher rate of unemployment?

9. During this covid-19 pandemic the world suffer scarcity resources. As a citizen of the philippines how would you use this scarcity to uplift our present status explain?

10. How do the basic factors of production influence the choices made by producers to satisfy individual needs?

11. What effects do insufficient natural resources have on the choices made by individual consumer justify by citing an example?

12. Explain how does scarcity force people to make economic choices?

Note: Each item consist of 200 words thnks a lot

1. How are the four factors production used in satisfying wants and needs of an individual with unstable economy and high rate of unemployment? Explain by citing an example.

2. How does scarcity affect the production of goods and services in relation to the factors of production? Justify your answer.

3. Explain the concept of production possibilities curve and understand the implication of its downward slope and bowed out shape?

4. Explain what is meant by a production possibility curve and how you use it to explain the concept of scarcity, choice, and opportunity cost?Justify your answer.

5. What is scarcity in how does it relate to the definition of economics?

6. Explain the view that an understanding of the principles of scientific decision-making is fundamental to the success of modern economy during this time of pandemic?

Note: Each item consist of 200 words thnks a lot....

How equilibrium price and quantity or determine the market using the demand and supply concepts explain?

Illustrate and carefully explain the impact of an increase in the income tax rate from 25 percent to 35 percent on the demand for labour, supply of labour, equilibrium wage and level of employment. 

Suppose that 20,000 of the employed switches to jobs in the underground economy. When interviewed by STATIN, 50% of these switchers report that they are not working and not seeking work, while the other 50% report that they are not working but seeking work. Explain what happens to the official unemployment rate and the “true” unemployment rate. 

a) If the government imposes a $20 floor price for this good or service, would a surplus or deficit situation ensue on this market? If yes, what is the dollar value of this surplus or deficit? 

b) If the government substitutes a $2 subsidy for the $20 floor price in b), explain how that would affect the demand and/or supply and determine the new equilibrium price and quantity. 

suppose your income is $3000 pizza cost $3 per box and juice cost $6 per box if your income increases from $3000 to $4000 show that what will happen if both pizza and juice are normal good

Project A has a net present value of zero when the discounting factor of 20% is used. How much returns is the project earning?

The total product of the 10 employees of ABC is 10,000 bags . the firm is considering employing a Chinese worker whose marginal product is 900 bags .each bags is sold at K10 and all the workers are paid a flat wage of K8,900

A. What is the average product before and after this workers is employed?

B. Should ABC employ the new Chinese worker?

C. What is the minimum marginal product that ABC can accept for any additional worker under the prevailing price and wage rate?