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Microeconomics
1. Calculate labor force participation rate in an economy with an adult population of 100, 50 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired.
2. Calculate a) labor force, b) labor force participation rate, and c) unemployment rate if the population of a country is 380 million people out which 92 million are under the age of 16, 58 million don't want to work and 20 million are looking for work.
3. Calculate the inflation rate in 2005 if the index number in 2005 was 120 and the index number in 2004 was 135.
2. Calculate a) labor force, b) labor force participation rate, and c) unemployment rate if the population of a country is 380 million people out which 92 million are under the age of 16, 58 million don't want to work and 20 million are looking for work.
3. Calculate the inflation rate in 2005 if the index number in 2005 was 120 and the index number in 2004 was 135.
Microeconomics
Why and how do monopolistically competitive firms fail to achieve allocative efficiency? Illustrate and explain using a diagram.
Microeconomics
Why is production possibilities curve is concave explain
Microeconomics
In which stage does marginal physical product become negative and rising?
Microeconomics
Government is working on a policy to reduce greenhouse gas emissions (GHG) from two
coal fired generation plants. Generation technology differs between the two plants
resulting in the marginal abatement cost functions (reducing GHG) that differ.
MC1 = q1
MC2 = 2q2
Assume that the government wants to reduce GHG emissions by 30.
a. If the emission reduction target is 15 units for each plant; is the target achieved? Is
the total cost of emission reduction minimised?
b. Now assume that government considers a polluter pays tax of $15 on every unit of
GHG emitted. Will the $15 tax achieve the target of 30 units reduction?
c. What is the cost minimising level of emissions reduction for each plant that
achieves the target reduction of 30 units?
d. Illustrate the above results in a suitably labelled graph.
coal fired generation plants. Generation technology differs between the two plants
resulting in the marginal abatement cost functions (reducing GHG) that differ.
MC1 = q1
MC2 = 2q2
Assume that the government wants to reduce GHG emissions by 30.
a. If the emission reduction target is 15 units for each plant; is the target achieved? Is
the total cost of emission reduction minimised?
b. Now assume that government considers a polluter pays tax of $15 on every unit of
GHG emitted. Will the $15 tax achieve the target of 30 units reduction?
c. What is the cost minimising level of emissions reduction for each plant that
achieves the target reduction of 30 units?
d. Illustrate the above results in a suitably labelled graph.
Microeconomics
Perfect competition is
Microeconomics
when economics profit exists for a firm, it is very feeble because
Microeconomics
A purely competitive wheat farmer can sell any wheat he grow diminishing returns, because some are better suited for wheat production than other. The first acre can produce 1000 bushels of wheat, the second acre 900, the third 800 and so on. How many bushels will each of the farmer's five acres produce? How much revenue will each acre generate? What are the TR and MR for each acre? If the marginal cost of planting and harvesting an acre is $17500 per acre for each of the five acres, how many acres should the farmer plant and harvest ?
Microeconomics
Suppose the demand for Frisbees is given by (05+05+10)
Q= 100-2P
And the supply by
Q= 20-6P
a) What will be the equilibrium price and quantities for Frisbees?
b) Suppose the government levies a tax of Rs: 4 per freebies. Now what will the equilibrium quantity, the price consumers will pay, and the price firms will receive?
c) How would your answers to parts (a) and (b) change if the supply were instead Q= 70+ P
Q= 100-2P
And the supply by
Q= 20-6P
a) What will be the equilibrium price and quantities for Frisbees?
b) Suppose the government levies a tax of Rs: 4 per freebies. Now what will the equilibrium quantity, the price consumers will pay, and the price firms will receive?
c) How would your answers to parts (a) and (b) change if the supply were instead Q= 70+ P
Microeconomics
A researcher estimated that PED for motor vehicles in a country is -1.2 while income elasticity is 3.0. Next year the automobile makers intend to increase average price of motor vehicles by 5% and expect consumer income to increase by 3%
a. If sales of the vehicles are 10million this year. How many do you expect the automaker to sell next year?
b. By how much should the automakers increase the price of motor vehicles if they wish to increase sales by 5% next year?
a. If sales of the vehicles are 10million this year. How many do you expect the automaker to sell next year?
b. By how much should the automakers increase the price of motor vehicles if they wish to increase sales by 5% next year?
