Other Economics Answers

A partnership firm doesn’t have the legal existence as a separate legal entity. Explain the statement with a comparative analysis with LLP firms.

Suraj purchased a mobile phone from an authorized showroom of a specific brand, after taking the mobile at home, he found that there is a crack in the screen. He went back to the showroom, but the showroom owner, was not ready to accept and blamed him that the phone was handled by Suraj carelessly and hence the screen got broken. In your view, what Suraj should do and get this repaired

Entities engaged in International Business often face more difficulties then the entities which conduct Domestic Business.” – Critically evaluate the statement.

Choose which Principle of Economic Thinking in present in this scenario: 

You are out shopping for new clothes. There is a sweater you really like for $20. You only needed the one sweater, but you see that there is a buy-one-get-one 50% off sale. Knowing that you could get an additional sweater for only $10, even though you don't need it, causes you to get another sweater. 

Choose which Principle of Economic Thinking in present in this scenario: 

What do you want for dinner? McDonald's sounds pretty good and fast, but you wanted to start eating healthier. You have food at home, its healthier, but it would take about an hour to make and you really want to play some video games before you have to go to bed. Which do you choose? 

Choose which Principle of Economic Thinking in present in this scenario: 

You are coming home from practice. It is late and you are tired. You see you need to get gas for your car, but you really just want to go home. "I'll just get gas on my way to school tomorrow" you think. The next day, you forget you needed gas until you got in your car, and now you will be late to school. 

Choose which Principle of Economic Thinking in present in this scenario: 

You are going out shopping. You need some vegetable, new clothes for school, and some windshield wiper fluid for your car. You don't want to have to go to a farmers market, a department store, and a car shop to get each thing. Luckily, Meijer sells all of those in one place so you decide to go there. 

Income Tax Law ( India )

Mr. X owns a flour mill and some agricultural land. During the previous year 2017-18 he has shown a profit of 26 lacs from the business of flour mill. On scrutiny of accounts it was found that he has used 4,000 quintals of wheat produced in his own farms and cost of this wheat has not been debited to P & L account. The market price of the wheat during the season was 500 per quintal. Find out his agricultural and business income

Question 3 (20)

Capital (k) MPK (Marginal Product of

Labour (L)

(6) (4)

  MPL (Marginal Product of Labour)

1 24 1 11 2 21 2 9

3 18 3 8

4 15 4 7 5956 6664 7371

8 1 8 0.5

Hint: MP = ∆TPP/∆Q

Least cost combination:

Profit maximising combination:

Capital) 0-0-

MRP =∆TR/∆Q = MRP*P

Use the information from the Table above. In a perfectly competitive market, capital costs N$3 per unit and labour costs N$1 per unit. Product price is N$1.

a) What is the least cost combination of labour and capital the firm should use for producing 80 units of output?

b) What is the profit-maximizing combination of labour and capital?

c) What is the level of output?

d) What is the economic profit?

e) Is this the least costly way to produce the profit maximizing output? (product price is N$1) 

A major farming company is planning to purchase new tractors. It wants to borrow $650 million by issuing bonds. The bonds are for a 12-year period with simple interest computed quarterly at a rate of 10 percent per year. Interest is to be paid each quarter to bondholders. How much will the airline have to pay it. quarterly interest? How much interest will it pay in the 12-year period?