Microeconomics Answers

The following data relates to the economy of a country over a one-year period.

K’B

Subsidies ………………………………………… 1 000

Gross domestic fixed capital formation……………. 2 400

Exports of goods and services ……………………. 2 000

Government final consumption ……………………. 3 000

Property income from abroad …………………… 300

Imports of goods and services ……………………. 2 500

Value of physical decrease in stocks …………… 10

Consumer’s expenditure ……………………. 8 000

Capital consumption/Depreciation ………………… 1 500

Taxes on expenditure……………………………... 1 750

Property income paid abroad ……………………. 500

Required

Calculate the following from the above data:

(a) Gross domestic product at market prices (5 marks)

(b) Gross domestic product at factor cost (5 marks)

(c) Gross national product at factor cost (5 marks)

(d) Net national product at factor cost (5 marks)

a circular flow diagram selena pays a storekeeper for a quart of milk

2. Calcule la elasticidad precio a precios constantes en los siguientes ejemplos. Si tu no tienesn suficiente información, dígalo.

1. La curva de demanda de la empresa es Q = 2000 - 5P y la producción de la empresa es 500.

. Dados los siguientes datos: WIDGETS P = 80 - Q (demanda) P = 20 + 2Q (oferta) Vimos en la última pregunta que la cantidad de equilibrio ahora será 18 (en lugar de 20) y el precio de equilibrio ahora es 62 (en lugar de 20). Cuál de las siguientes afirmaciones es verdadera:

In a competitive market, firms sell output at a price of ₵ 20. Marginal productivity per hour of the workers is described by the equation MPL = 40 - L. What is the firm’s demand curve for Labour? If the firm can hire Labour from a competitive Labour market at a wage of ₵5 per hour, how many workers should the firm hire?

conclusion of Demographic transition theory and Malthusian theory