Microeconomics Answers

Define economics as suggested by Adam Smith Robbins and Marshall also give their criticism

Assume you work as an economist at Ministry of Housing. Assume that following supply-side disruptions
due to COVID-19 pandemic, construction materials (for example, steel and timber) prices go up around the
world (including in Fiji). The Director Housing has asked you to prepare a short essay report that explains
the various repercussions of higher construction materials prices. In your essay:
a) Use a relevant diagram to show and discuss the impact of rising construction materials prices
with the context of domestic property market.
b) Examine the impact on:
 housing affordability;
 profitability of real estate companies;
 sales commissions earned by real estate agents.
c) Discuss briefly two policy options to address some of the undesirable implications of higher
construction materials price

Discuss the item you would include to figure out the opportunity cost of a vacation to a northern pakistan ?

b. Discuss the items you would include to figure out the opportunity cost of a vacation to Northern Pakistan

Discuss the supply of internet data in south Africa using the supply and demand module

Minimize Q=1159+2L^0.5+5K^0.5 using Lagrangian method and constraint 1200=20L+30K

Price per Ice-cream (Rs.) Demand for Ice cream (Qd) Supply for Ice cream (Qs)
140 500 1500
120 750 1200
100 1000 1000
80 1250 750
60 1500 600
40 1750 300
(i) Draw the market equilibrium for Ice cream.
(ii) Find out equilibrium price and quantity.
(iii) Is there surplus or shortage in the market at price Rs.40? At price Rs.120?
(iv) What is the maximum price that consumer is willing to pay for 1500 bottles?

(v) What is the minimum price that producer is willing to accept for 1500 bottles?

Let a production function be: f (K,L) = L/2 +√K, Where L is the amount of labor used and K is the amount of capital used.

1) Show that returns to scale are decreasing.
2) Derive the marginal product of labor and the marginal product of capital. (2.5 marks)
3). Show the returns to scale of the above production function. (5 marks)
4). In the short run, capital is fixed at 4 units and labor is variable. Derive the marginal product of labor and the average product of labor. (2.5 marks)
d. What is the short-run maximizing profit amount of labor if the cost of labor is wL=1 and the output price is S$1 per unit?

China is also an emerging economy like India, however, it keeps on inventing new and further advanced technologies. Do you agree that if they keep on doing so, one day will come, when there will be no central problems in China? *