Other Economics Answers

Explain the extent of competition among different market structures.

Cite two forms of a market and distinguish between them.

Describe a market using an example.

Reflection paper about "How the economic machine works" by Ray Dalio

• 1.     A consumer has 280 to spend on two commodities, the first of which costs 2 per unit and the second 5 per unit. Suppose that the utility derived by the consumer from x units of the first commodity and y units of the second commodity is given by the  Cobb-Douglas utility functions as:

a)   How many units of each commodity should the consumer buy to maximize utility?

b)   Compute the Lagrange multiplier and interpret in economic terms?

1.     A consumer has 280 to spend on two commodities, the first of which costs 2 per unit and the second 5 per unit. Suppose that the utility derived by the consumer from x units of the first commodity and y units of the second commodity is given by the  Cobb-Douglas utility functions as:

a)   How many units of each commodity should the consumer buy to maximize utility?

b)   Compute the Lagrange multiplier and interpret in economic terms?

Discuss the trends in India’s demographic transition. What are the factors 

that led to this transition? Also discuss future issues and challenges in this 

area?

Have you ever thought of starting your own small business? Think of a good or service you might like to provide to your community. Then, describe how you would supply the good or service. How would you go about estimating demand for your good or service? Evaluate whether there would be enough demand for there to be a “market” for your good or service.

Describe the Circular Flow. Describe how the good moves in relation to:

• Households
• Suppliers of goods and services
• Money

Consider a government spending program you have read about in the news or research one online. In a well-composed post, explain the opportunity cost of that government decision. What was the next best alternative in your opinion? Describe how “scarcity” factors into the decision process. (Remember that all things are scarce.)