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Economics
State in details the services marketing mix.
Question 2
(a) Assess the following statement: “If economists just had enough data, they could solve all policy questions in a way that maximizes social good. There would be no need for divisive policy debates, such as whether the government should continue to provide petroleum subsidy for all Nigerians.
(b) Of recent, the corona virus pandemic, the lock down and the #Endsars movement has caused major micro-economic disruption, has been biting; people are having a hard time and are finding it difficult to make ends meet. Many states in Nigeria including Bayelsa are owing workers salaries. Consumers are faced with making numerous economic adjustments to deal with the difficult situation. Discuss three examples of economic adjustments made by households, kindly use economic theory in explaining your answers.
(a) Assess the following statement: “If economists just had enough data, they could solve all policy questions in a way that maximizes social good. There would be no need for divisive policy debates, such as whether the government should continue to provide petroleum subsidy for all Nigerians.
(b) Of recent, the corona virus pandemic, the lock down and the #Endsars movement has caused major micro-economic disruption, has been biting; people are having a hard time and are finding it difficult to make ends meet. Many states in Nigeria including Bayelsa are owing workers salaries. Consumers are faced with making numerous economic adjustments to deal with the difficult situation. Discuss three examples of economic adjustments made by households, kindly use economic theory in explaining your answers.
Question 1
(a)The law of demand is an empty box devoid of real world applications, discuss.
(b) Are there instances when the law of demand and supply suspended, in those situations, the consumer is likely to buy more as price rises and the producer sells more when price falls, discuss.
(c) Given the following demand model:
Qd = 50 – 5P; Qs = -30 + 10P;
Qd = Qs.
Solve for the equilibrium price and quantity demanded.
Given the following information about an open economy with government draw the AD function and find the equilibrium level of income?
C=100+0.7YD, I=200, G =150, t=A0.2, X=100, Z=0.2
C=100+0.7YD, I=200, G =150, t=A0.2, X=100, Z=0.2
Given α is non-income tax, β is income tax, δ is marginal propensity to consume, γ is autonomous consumption, T (tax), Y (national income), I0 (investment) and G0 (government expenditure).
a) Formulate the equations needed to find the reduced form of equilibrium income (Ye).
a) Formulate the equations needed to find the reduced form of equilibrium income (Ye).
Suppose the firms in a competitive industry face pandemic safety costs that take the form of $S per period. In the short run this leads to an increase in market prices in this industry.
T or F If a household supplies same amount of labour before and after an increase in wage rate, the household considers leisure to be a normal good.
What’s the unemployment rate if the gdp gap is 13.5%
You are given the following information about an economy. C=100+0.7Yd, I=100, G=500 and tax rate is 20%.
(i)Find the equilibrium level of income.
(ii) How much increase in income will take place if government expenditure on goods and services increased by k70?
(iii) Suppose the marginal propensity to save is 0.6, the marginal tax rate is 0.5 and the marginal propensity to import is 0.8. What will be the size of multiplier?
(i)Find the equilibrium level of income.
(ii) How much increase in income will take place if government expenditure on goods and services increased by k70?
(iii) Suppose the marginal propensity to save is 0.6, the marginal tax rate is 0.5 and the marginal propensity to import is 0.8. What will be the size of multiplier?
Hypothetical economy is given by the following identities, C=2500+0.5Yd, I=1500, G=200, T=0.2Y, X=600, Z=5000+0.2Y.
(i)What is the value of total autonomous expenditure?
(ii) What is the value of the multiplier for this economy?
(iii)What is the value of induced consumption expenditure?
(i)What is the value of total autonomous expenditure?
(ii) What is the value of the multiplier for this economy?
(iii)What is the value of induced consumption expenditure?
