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If peas and beans are substitutes of each other an increase in the price of peas will:
A:increase the quantity of beans demanded
B:Increase the price of beans and quantity sold
C:Decrease the quantity of peas sold
D:All of the above
Government price controls can short-circuit the market’s information transmission function. Discuss using appropriate figures.
b. Using appropriate figures and charts, explain why earning zero economic profit is different from earning zero accounting profit. What are the implications of these profits to a perfectly competitive firm?
Scarcity of economic resources force us to choose, to choose is to lose. Discuss this statement providing at least three economic examples.
You are trying to decide whether to take a vacation. Most of the costs of the vacation (airfare, hotel, and forgone wages) are measured in rupees, but the benefits of the vacation are psychological. How can you calculate the benefits to the costs?
if your father has a savings of Rs 2,000,000/- you have a choice between spending the money now or putting it in a bank account for 5 years that pays you 5% per annum compound interest.Calculate the opportunity cost of spending money now?
If you become the finance minister of Pakistan how would you use your economic advisors positive views or normative views and which views would be more important for your economic decision making
Let Z = f(x,y) = 3x3-5y2-225x + 70y + 23.
(i)
Find the stationary points of z.
(ii)
Determine if at these points the function is at a relative maximum, relative
minimum, infixion point, or saddle point.
How long will it take a given sum of money (Say in Rupees) to increase 4 times its present
value when compounded half yearly at 7% rate of interest?
If the demand function for a good is Q=140 – 5P, what is the price elasticity of demand at P =
15 rupees?
What is a point of inflexion ? Does f(x) = x3
have a point of inflexion at x = 0?
