Other Economics Answers

You have just been given $2.00 of foreign aid. How much of this aid would you give to each person below the poverty line if your goal is to reduce the following measures as much as possible? (Assume for this problem that a person with an income of $3.49 is considered poor, but a person with $3.50 is not.) [6] 

(i) Headcount: 

$0.50 to person 3 and 1.50 to person 2. 

(ii) FGT0: 

$0.50 to person 3 and 1.50 to person 2. 

(iii)FGT2: 

$1.50 to person 1 and 0.50 to person 2.

From the given table calculate TR, MR and AR and highlight the relationship between total revenue (TR) and marginal revenue (MR)

Quantity       Price

50              200

60              150

70              100

80              50

90              10

A drop in the price of lemons from Rs 100 per kg to Rs 60 Per Kg increases the quantity demanded from 1.75 to 7 kg per week. Calculate the price elasticity of demand.

The disposable income of Mehta family increases from Rs 5000 to Rs 15,000. As a result, the family‘s demand for milk and milk goods has increased from 30 liters to 60 liters per month. Calculate the income elasticity of demand.

“Demand forecasting is an important tool for predicting the demand for an organization’s products or services in a specified time period in the future” Enumerate any three needs for demand forecasting and discuss the steps involved in demand forecasting.

Describe the three types of returns to scale as used in producer theory

1.List the activities of the GOIL Foundation.

2. Identify the stakeholders affected by the Corporate Social Responsibility of GOIL.

3. How have these stakeholders been affected?

1. If you draw a random sample of size 80 from an infinitely large population with a variance of 6, what is the standard error of the mean? 2. Now suppose the population from question 1 is of size 150, what is the standard error of the mean?

Because it is longitudinal, the KIDS data set permits us to see whether or not poverty is characterized by a lot of churning (i.e., initially poor people tend to escape poverty while their places are taken by initially non-poor people who fall temporarily into poverty), or whether a large element of poverty is chronic (i.e., the same people are poor period after period).

(a)  Calculate the fraction of households that were chronically poor (i.e., poor in all three periods) and transitory poor (i.e., poor in only one period).

(b)  What do you conclude about the level and trends of poverty in South Africa? Did poverty improve or worsen between 1993 and 1998? What about between 1998 and 2004? What about between 1993 and 2004?