Other Economics Answers

1) Given the demand curve for a commodity as Q = 60 - 3P where Q is the quantity demanded and P the price per unit, determine the price elasticity of demand at P = 10.

2) The demand curve for a commodity X is given by Q_X=16 P_X^(-4) where Q_X is the quantity demanded and P_X is the price. What is the price elasticity of demand at P_X = 2 and Q_X = 1.

3) Derive an equation to calculate the income elasticity of demand at any point on the following function: Q = 40 -〖 Y〗^(-3/2) where Q is the quantity demanded and Y is the consumer’s income in Gh₵ ‘000.

4) The demand equation for a consumer is given by Q = 1/P^α . Show that price elasticity of demand is α

Paul Krugman argued that Asian growth would not be sustainable because:

1. Growth was mainly due to capital accumulation
2. Growth was mainly due to human capital
3. Growth was mainly due to labor productivity growth
4. Growth was mainly due to total factor productivity growth

please answer correctly with the explanation. thank you;

Below I have presented results for a regression between expenditure and education:

hhexp1=​Annual household expenditure per capita for household i (in USD)

hheduc=​Years of education for adults in household i

Here is the output:

3.1. These estimators are derived by applying the OLS Principle to the two-variable linear regression model. What is the OLS Principle? What is the underlying intuition? (2)

3.2. State in plain but precise language (involving numbers and units of measurement) what the estimate of the slope coefficient tells us about what happens on average to household expenditures when the adults in the household get an additional year of education. (Note that you need the precise definitions and units of measurement of each variable)

A market authority charges fees for parking according to the following schedule; N5 for bicycles; N10 for motor cycles and N20 for cars. For three days, the records show the following parked:

Bicycles Motor cycles Cars

Monday   150   180 500

Tuesday   90   105 400

Wednesday   102   130 450

Required: Arrange this information in matrix form and calculate the collections made for bicycles, motorcycles and cars, hence the total revenue collected for three days.

If the demand fun

tion is

P = Q

2 − 7Q − 8,

where P and Q are the pri

e and quantity respe

tively, determine the point pri

e elasti

ity of demand

(rounded to three de

imal pla

es) if P = 51. Is demand elasti

 or inelasti

 at this pri

e?

[1℄ ed = −0.075; inelasti

[2℄ ed = −0.530; elasti

[3℄ ed = 1.300; elasti

[4℄ ed = −0.255; inelasti

This question is based on the following diagram of the market for ground beef.

Consider the market for ground beef is initially in equilibrium at Point J. Assume that ground beef is an inferior good. Which of the following could explain a movement to a new equilibrium at Point M?

A. a change in tastes away from hamburgers combined with an increase in the price for cattle feed

B. an increase in buyers' incomes combined with a cost-saving technological improvement

C. a decrease in the price of hotdogs combined with an increase in the price for labour

D. a decrease in buyers' incomes combined with a decrease in the number of acres owned by cattle ranches

Reset Selection

The market for pencils is in equilibrium. If the price of pens (a substitute for pencils) increases the impact on the market for pencils will be ___________ in equilibrium price and __________ in equilibrium quantity.

•  A. an increase; a decrease
•  B. an increase; an increase
•  C. a decrease; an increase
•  D. a decrease; a decrease

A technological advancement for Good A will shift the _________ curve of Good A to the _________, leading to a(n) ___________in the equilibrium price.

•  A. supply; right; decrease
•  B. supply; left; increase
•  C. demand; left; decrease
•  D. demand; right; increase

What is the effect on the market when suppliers under invest in their businesses?

Money is an imperfect store of value when

a. the rate of inflation is high.

b. the unemployment rate is high.

c. gold prices are falling.

d. businesses are failing due to bankruptcy