Microeconomics Answers

Is product X a normal or an inferior good?

Discuss whether GDP is a reliable measure of the difference in living standards between developed and developing countries?

Too much Labour but not enough capital. Is this the most significant difference between a developing and a developed economy?

The profitability of firms is a measure of their efficiency. The higher the profit, the greater the efficiency. High profits should, therefore, be encouraged. Do you support this argument?

Plss ans me about this question and plss tell me explanation. Q .If following are the demand and supply functions:Qd=200_50P,
Q's=40+30P
1)Find the equilibrium price and quantities
2)What will be the effect on equilibrium price and quantity if 5%tax is imposed on consumers and firms?

The demand function for product X is: Qd = 600 – 20Px + 0.02Y – 5Pr The supply function is: Qs = –300 + 10Px
Where:
Qd = the quantity of X demanded Qs = the quantity of X supplied Px = the price of product X Y = the average consumer income Pr = the price of the related product

6. Pure monoplist is when the monopolist has ------ in the industry.
a.Economies of scale
b.large economies of scale
c.Capital
d.no competitor

7.In a ----- economy, the economic decision are made based on -----, ----- and ----- of that society.
a.traditional; believes, norms, religion and customs
b.transnational; believes, norms, and customs
c.national; disbelieves, norms, irreligion and customs
d.traditional; believes, normal, irreligion and customs

8.The demand curve facing the monoplist is -------
a.upward
b.slanting
c.curved
d.downward

9.Goods and services usually referred to as ------ are produced by firms while household individuals are the ----- of the commodities.
a.‘Commondities' , costoms
b.‘Commodities' , consumers
c.‘Goodies' , producers
d.‘Commondities' , producers

10.The tabular representation quantity demanded of particular commodities at different prices ----------
a.supply function
b.demand Schedule
c.demand curve
d.supply schedule

assuming monopoly in the commodity market and perfect competition in the factor market derive the demand curve for a variable factor when there are several variable factors.

Is there any common denominator that we can use to study the market such as market for wheat, market for public utilities, market for jewelry, and market for crude oil?

Critically discuss elastic,inelastic and unnitary condition/ forms of price elasticity of demand through the use of pratical examples and graphs