Other Economics Answers

1.     For each of the following cases, what is the expected impact on total revenue of the firm? Explain your reasoning. 12 marks

a.Price elasticity of demand is known to be -0.5, and the firm raises prices by 10 percent.

b.Price elasticity of demand is known to be -2.5, and the firm lowers price by 5 percent.

c.Price elasticity of demand is known to be -1.0, and the firm raises price by 1 percent.

d. Price elasticity of demand is known to be 0, and the firm raises price by the 50 percent

explain whether the following statements are true or false

vi. Environmental degradation imposes some economic costs on the whole economic system.

vii  Environmental Economics is a subfield of economics that applies economic theories to analyze the generality of many economic problems.

viii.  There is no difference between Ecological Economics and Environmental Economics.

ix. Pareto efficiency assists in evaluating the welfare impacts of implementing an environmental policy in a society with a view of adopting any policy interventions that produce the highest net social welfare irrespective of whether individuals are better off or worse off.

x. Externality results from some progressive market failures in society. 

Explain whether the following statements are true or false.                                                         [15]

i.   Economics is the study of how scarce resources are allocated among competing uses.

ii.  Economics is not related to the value systems of a society.

iii. Land economics as a concept is often intersected with environmental economics

iv. A choice from among competing options is said to be economically rational when it yields anticipated net benefits that is lower than the opportunity cost.

v. In Economics, the environment is a composite asset which can easily depreciate if not used with some sense of sustainability..

Let A = Z and B = [−5, 5). Let f : A → R be defined by f(z) = p |z| and g : B → R by g(y) = −|5y|. Find the domain of f + g and f · g and determine (f + g)(x) and (f · g)(x) for all x in this domain

The British Columbia government recently increased the minimum wage from $14.60 per hour to $15.20 per hour. The new minimum wage was implemented as of June 1, 2021. Drawing from what you have learnt on the topic “labour demand” and from related literature, what do you think might be the implications on employment and wages in the Province?

word limit: 50

The British Columbia government recently increased the minimum wage from $14.60 per hour to $15.20 per hour. The new minimum wage was implemented as of June 1, 2021. Drawing from what you have learnt on the topic “labour demand” and from related literature, what do you think might be the implications on employment and wages in the Province?

word limit: 120 words

what are the factors to be considered in analysing the fucntional composition of expenditure