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Ketchup is a complement for hot dogs . If the price of hotdogs rises what happens to the demand for ketchup? For tomatoes ? For tomato juice ? For orange juice ?
Suppose that the short-run world demand and supply elasticities for crude oil are -0.076 and 0.088, respectively. The current price per barrel is $30 and the short-run equilibrium quantity is 23.84 billion barrels per year. Derive the linear demand and supply equations. Also verify your answer
1 Make up an example of a monthly demand schedule for burgers and
graph the implied demand curve.
Give an example of something that would shift
this demand curve, and briefly explain your reasoning.
Would a change in the price
of burger shift this demand curve?
QUE: Identify a set of concepts in Managerial Economics that you found most interesting and useful. Show why these sets of concepts impressed you with a case study
NOTE: Your case study has to identify WHY you liked the set of concepts; AND then compare it with other related concepts.
Identify a set of concepts in Managerial Economics that you found most interesting and useful. Show why these sets of concepts impressed you with a case study?
NOTE: Your case study has to identify WHY you liked the set of concepts; AND then compare it with other related concepts.
Given the national income model Y=C+I+G. C=400+0.72Y; I=100 and G=90
a. b. c. d. e.
8. a. b.
Obtain the equilibrium level of output
What is the size of multiplier?
By how much will output increase when investment spending increases by 50%? Graphically demonstrate your answer in 7 (a)
How will your answers in 7 (a)–(d) change if the consumption function is now given as C = 400 + 0.72Yd where Yd = Y – T and the tax function is given as T = 40 + 0.15Y?
A) Prove and specify whether the following utility functions are convex or not (whether they
have a diminishing marginal rate of substitution or not).
i) U(x,y) = 3x + xy + 4y [2 Marks]
ii) U(x,y) = x2 + y2
[2 Marks]
iii) U(x,y) = (x2 + y2)0.5
[2 Marks]
iv) U(x,y) = xα yβ where α&β>0[2Marks]
v) U(x.y) = √𝒙. 𝒚 [2 Marks]
Write an essay on the following:
Finally,in light of the unique socioeconomic challenges facing the country, provide a few recommendations on how the South African government can best manage the push towards the Fourth Industrial Revolution,so as to improve the employment of labour in the economy whilst subsequently providing a more inclusive and equitable economic structure.
Assume an individual’s preference for Fanta (Good x) and Fritters (Good y) are given by
the following utility function: U(x,y)=130= 3𝑥2 + 3𝑥𝑦 + 9𝑦
REQUIRED:
i) Derive the equation for the indifference curve for this utility function
Suppose that the short-run world demand and supply elasticities for crude oil are -0.076 and 0.088, respectively. The current price per barrel is $30 and the short-run equilibrium quantity is 23.84 billion barrels per year. Derive the linear demand and supply equations. Also verify your answers.
