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1. A laptop manufacturer produces ‘𝑥’ sets per week at total cost of
𝑅𝑠. (2𝑥/25+ 3𝑥 + 100). He is a monopolist and the demand for his product
is: 𝑥 = 75 − 3𝑝, where 𝑝 is the price in rupees per set. Shoe that the
maximum revenue is obtained when about 30 sets are produced per week.
What is the monopoly price?
1. The Canadian government is considering whether to spend 200 million dollars on new hospitals or new highways. 4 Marks Total
a. Is the government faced with a trade-off? Explain. 2 Marks
Yes it’s a trade off because a trade off is a
Yes the government is faced with a trade off because
b. If the government uses the funds to build highways, what did they give-up? What is the opportunity costs for the new highways? 2 Marks
1. Alicia has $60. She can choose to buy a new pair of jeans for $60, or a new pair of boots for $60. 10 Marks Total
a. Which of the 10 economic concepts is Alicia dealing with? Explain. 2 Marks
Alicia is dealing with the concept of people facing trade-offs.
b. If she chose to buy the boots because that would make her happy, is she being purposeful in her behaviour? Explain. 2 Marks
c. What is her money cost for the boots? 2 Marks
d. According to the textbook, what is “opportunity costs”? 2 Marks
e. What is Alicia’s opportunity cost in getting the boots? 2 Marks
A company is not happy with its results from last year and is struggling to pay its bills. They want to improve their results for next year.
Give the company tips on how to do this. Answer the question in a detailed and nuanced way, using economic concepts.
Opportunity cost is about making choices and how you adequately and effectively manage it.what do you understand by the concepts of intra and inter temporal choice models in managerial economics, further as a fresh graduate of Msc in managerial economics, clearly demonstrate how intra and inter temporal choice models make society incur an opportunity cost if not managed adequately and effectively?
Match the terms in column B with a statement in column A A B
1. In equation 7x + 2y − 4 = 45,4 is the a. Base
2. The number in front of a variable b. Product
3. When 2 numbers are multiplied the answer is the c. Coefficient
4. In equation 53 = 125,5 is the d. Constant
[1] 1-d 2-b 3-a 4-c
[2] 1-d 2-c 3-b 4-a
[3] 1-a 2-c 3-b 4-d
[4] 1-c 2-b 3-d 4-a
After a promotion, Gwen's annual salary was increased by 7.8% to R450000. Determine his monthly salary and the monthly increas he will be getting
Calculate the income elasticity of commodity A if income of the consumer changes from $1500 to $3400 and the quantity also changes from 150 to 405
Johannes sells his 2 bedrooms apartment for R920000. The total commission is 8,4% of the selling price of which the sales agent receives 3 quarters and the rest will be used to pay the transfer fee. The sales agent receives:
(1) R52 142.86
(2) R57 960
(3) R19 320
(4) R77 280
A lottery ticket pays off 300,000,000 pesos is made available for 10,000,000 tickets. Each ticket costs 50 pesos. Supposed the variable X gives the net winnings from playing the lottery. What is the expected gain for joining the lottery with only one ticket?
