Search & Filtering
World demand and supply = 23 billion barrels per year
Calculate the slope, intercept and equation for the demand and supply curves in the short run and long run
Ed in the short run = -0.05 long-run = -0.04
Es in the short-run = 0.10 long-run = 0.40
a. Calculate the retail average price of fuel in Fiji. (1 mark)
b. What is the probability that the price of fuel will be less than $3. Show working. (2 marks)
c. What is the probability that the price of fuel will less than $2. Show working. (2 marks)
Suppose that a change in the price of bread from R10 to R12.50 leads to a change in the quantity demanded of bread from 65 units to 90 .use the arc elasticity method to calculate and interpret the cross price elasticity of demand for the bread
QUESTION 1
Is the problem of coordination common to all economies? Explain how the problem is met in a market economy and how coordination was dealt with in a command economy.
QUESTION 2
With using circular flow model briefly explain the movement of factor of production and good and service in a market.
QUESTION 3
Imagine a society that produces military goods and consumer goods, which we’ll call “guns” and “butter”. Draw a production possibilities frontier for guns and butter. Explain the concepts of scarcity, choice, opportunity cost.
Melissa buys an iPhone for $240 and gets consumer surplus of $160.
a. What is her willingness to pay?
b. If she had bought the iPhone on sale for $180, what would her consumer surplus have been?
c. If the price of an iPhone were $500, what would her consumer surplus have been?
#339914 on Dec 2023