Other Economics Answers

If a certain number x is subtracted from 8, it will be equal to two less than four times the same number. The correct equation for the above sentence is: [1] x − 8 = 4x − 2 [2] 8 − x = 4 − 2x [3] 8 − x = 4x − 2 [4] x − 8 = 2x − 4

why will demand for cars increase in the future? why demand for cars will decrease in the future?

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