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Explain how aggregate demand is determined within the classical model. What would be
the effects on output and the price level of a drop in money supply?
“A market research agency reported that the price for new automobile is likely to increase between March 2012 and December 2012 in a city of Budapest due to expected increase in population. Responding to this study most of the automobile dealers increased their order from the manufacturers. But despite the increase in both demand and supply the price of cars decreased in the market over time.” -Use a market equilibrium graph over time to analyze the situation. Explain.
Assume that the market for fresh chicken is in equilibrium. Using suitable graphs indicate what will be the change in equilibrium price and quantity in response to the following determinants in the short run.
a) The price of chicken feed increases.
b) The consumers’ income increase and fresh chicken is normal good.
c) The price of frozen chicken decreases and it is a substitute in use for fresh chicken.
d) More farms start growing fresh chicken farms.
a) The price of chicken feed increases.
b) The consumers’ income increase and fresh chicken is normal good.
c) The price of frozen chicken decreases and it is a substitute in use for fresh chicken.
d) More farms start growing fresh chicken farms.
Economics
Suppose a firm employs only capital and labour (k&l) and if production function isq=2kl.if the quantities of labour and capital are fixed at k=10 and capital are fixed at l=25,then
a.total output cannot exceed 125
b.average product is equal to zero
c.marginal product of labour is 10
d.marginal product of capital is 50
e.marginal product is minimized
a.total output cannot exceed 125
b.average product is equal to zero
c.marginal product of labour is 10
d.marginal product of capital is 50
e.marginal product is minimized
- Which one of the following statements is correct? Although the economy’s output is at its maximum capacity, are there still structural and frictional unemployment. A. “Steady-state”.
- B. Unrealistic unemployment rate.
- C. Natural unemployment rate.
- D. Cost-push unemployment.
How the following changes in price will affect the total revenue ? (i.e, would total revenue increased, decrease or remain unchanged). Draw graph by considering some examples from your daily life for each case and give an explanation in your own words.
i) Price falls and demand is inelastic
ii) ) Price rises and demand is elastic
iii) Price rises and demand is inelastic
iv) Price falls and demand is elastic
v) Price falls and demand is unit elastic
In a closed economy with no government, the consumption function is modeled by
C = 500 + 0.65Y. If investment falls by $200m, what is the change in national Y.
C = 500 + 0.65Y. If investment falls by $200m, what is the change in national Y.
Economy zee produces only two goods milk and bananas : bananas on (x-axis)
Explain scarcity, choice and opportunity cost with regard economy zee.
Explain scarcity, choice and opportunity cost with regard economy zee.
Construct a production possibilities curve for economy zee for milk and bananas :bananas (x-axis) and demonstrate economic growth on the ppc for economy zee
Explain how money helps specialisation and trade to occur
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#340153 on Dec 2023
#340153 on Dec 2023