Microeconomics Answers

Explain micro comparative static point.

What is economic welfare ?

Explain relation between rent and price.

Explain main components of national income.

What is elasticity of substitution ?

Consider the following data (in million dinars) for a country in 2015:

Personal consumption expenditure 1380
Compensation of employees (wages) 1400
Corporation Profits 300
Net interest 100
Government purchases of goods and services 590
GDP 2435
Gross private domestic investment 415
Net taxes 700
Rental income 150
Depreciation 90
Proprietor's income 220
GNP 2359
a. What was the country's net domestic product (NDP)
b. What was the country's net export (NX)?
c. The country is a: borrower or lender?
d. What was the country's net domestic income (NDI)?
e. How much were households and businesses saving
f. How much were the national saving?
g. What is the country's net factor income (NFI)?

h. What is the country's net indirect tax?



PLEASE HELP ME WITH THIS T.T THANK YOU SO MUCH

Suppose that each country completely specializes in the production of the good in which it has a comparative advantage, producing only that good. In this case, the country that produces corn will produce
million bushels per week, and the country that produces jeans will produce
million pairs per week.

There are two goods X and Y. Tabithas Utilities are given by U = 1/3X2 + 2 Y1/2. If the price of X is $2 and the Price of Y is $0.75 What is Tabithas optimum bundle?

An increase in equilibrium quantity is always caused by an increase in demand Is this true or false

If the members of an oligopoly could agree on a total quantity to produce, what quantity would they choose?