Search & Filtering
Imagine you are an economist, why will you do comparative statics analysis? What role do endogenous variables and exogenous variables play in comparative statics analysis?
Monthly demand and supply schedule for t-shirts are given by:
Price
8
7
6
5
4
3
2
1
Quantity Demanded
6
8
10
12
14
16
18
20
Quantity Supplied
18
16
14
12
10
8
6
4
Income
100
150
200
250
300
350
400
450
a) What is the Price Elasticity of Demand for a price change from $7 to $5? Is it elastic or inelastic? (Use the Arc Elasticity Formula)
b) What is the Price Elasticity of Supply for a price change from $7 to $5? Is it elastic or inelastic? (Use the Arc Elasticity Formula)
c) Using Total Revenue, is demand elastic or inelastic for a price change from $4 to $3?
d) What is the Income Elasticity of Demand for t-shirts when income decreases from $300 to $250? (Use the Arc Elasticity Formula)
40LK-10L2-5K2
In the course of working my way through school, I have taken many jobs
I would rather forget. I have spent nine hours a day lifting heavy
automobile and truck batteries off the end of an assembly belt. I have
risked the loss of eyes and fingers working a punch press in a textile
factory. I have served as a ward aide in a mental hospital, helping care
for brain-damaged men who would break into violent fits at unexpected
moments. But none of these jobs was as dreadful as my job in an apple
plant. The work was physically hard; the pay was poor; and, most of all,
the working conditions were dismal.
day of marketing in 2020, in August 2020, the demand for peach is now given
as QD = 200 -3P. From the statement above tell in one sentence the change in
demand; what did you consider as the indicator? Write down any five factors
responsible for the change in demand. Support your answers by sketching the
equations above on the same graph. CR,10 Marks
b)
Describe the equilibrium condition of a consumer who consumes Kenkey
and fish when faced with a given income and relative prices of the goods.
Starting from equilibrium, how would the consumer respond to:
i. A rise in the price of kenkey?
ii. A fall in the price of fish?
Explain the Law of diminishing return and why is it applicable especially in agriculture sector? with the help of graph
- In a perfectly competitive market, A. there can be few or many buyers and sellers.
- B. government intervention is needed to ensure that prices are fair for consumers.
- C. the price can be driven upward by suppliers holding back on goods and services.
- D. each participant is too small to affect the market price.
- Which one of the following statements is incorrect? Under perfect competition A. average revenue is always equal to marginal revenue.
- B. marginal revenue is always equal to the price of the product.
- C. average revenue is always equal to the price of the product.
- D. marginal revenue is always equal to marginal cost.
#339914 on Dec 2023