Economics Answers

It has just been reported that eating red meat is bad for yourhealth. Using supply and demand curves, demonstrate thereport’s likely effect on the equilibrium price and quantityof steak soldin the market.

Billy is a star player for the Los Angeles Lakers basketball team. He is close to breaking the major league record during one season, and it is widely anticipated that in the next game he will break that record. As a result, tickets for the team’s next game have been a hot commodity. But today it is announced that, due to a knee injury, he will not in fact play in the team’s next game. Assume that season ticket-holders are able to resell their tickets if they wish.

Use supply and demand diagrams to explain the following
a) Show the case in which this announcement results in a lower equilibrium price and a lower equilibrium quantity than before the announcement.
b) Show the case in which this announcement results in a lower equilibrium price and a higher equilibrium quantity than before the announcement.
c) What accounts for whether case (a) or case (b) occurs?

Q1. what kind of business practices can be considering as anti-competitive? what type of such activities Google was accused of in matrimony search controversy in india?
Q2. what kind of regulations can be used by the government for the google and microsoft? please explain with the help of diagram, the impact of heavy regulations on these companies?
Q3. As a manager of Google, you are required to prepare a response of allegation made against the company. what factors would you consider for the answer that you will be required to present in front of regulators?
Q4. using principles of economics, explain the following statements:
a. to help the public, government places the rent controls on apartments in islamabad restricting rent to PKR 30,000 per month.
b. according to opposition, government should guarantee the best healthcare options to people especially during this pandemic ( hint: equality and efficiency)

1.1- Identify any five examples of industries operating under conditions of monopolistic
competition and outline any of their salient features to justify your selection.
1.2- Explain, with the aid of a graph, the short run equilibrium position of a firm
operating in the monopolistic competitive market structure”.

distinguish between a plant,firm and an industry.

You are the manager of a firm that produce and markets a generic type of soft drink in a competitive market . in addition to the large number of generic products in your market you also compete against major brands such as coca-cola and pepsi suppose that due to the successful lobbying efforts of sugar producers in the united states Congress is going to levy a $0.50 per pound in addition coke and pepsi plan to launch an aggressive advertising campaign designed to persuade consumers that their branded products are superior to generic soft drinks how will those events impact the equilibrium price and quantity of generic sof drinks ?

According to CISG, a contract can be established when ( )
A. an acceptance arrives at the offeror
B. both seller and buyer sign on a written contract
C. the contract is approved by authorities
D. an offer reaches the offeree

Billy is a star player for the Los Angeles Lakers basketball team. He is close to breaking the major league record during one season, and it is widely anticipated that in the next game he will break that record. As a result, tickets for the team’s next game have been a hot commodity. But today it is announced that, due to a knee injury, he will not in fact play in the team’s next game. Assume that season ticket-holders are able to resell their tickets if they wish.

c) What accounts for whether case (a) or case (b) occurs?
d) Suppose that a scalper (a person who resells tickets at a large or quick profit) had secretly learned before the announcement that Billy would not play in the next game. What actions do you think he would take?

c) The following data relates to the market value of economic transactions for the three main sectors of your country’s economy.

SECTOR
VALUE OF OUTPUT
PURCHASES FROM OTHER FIRMS
Agriculture
300
160
Manufacturing
200
150
Services
150
120

Required:

(i) Compute the gross domestic product (GDP) and explain the method used and why. (2 Marks)



(ii) Given that: depreciation = 90, indirect taxes = 70, subsidies = 30, payments to factors of production from abroad = 20, payments to foreign factors = 40.

Compute:


1) Gross national product (GNP) at market prices. (1 Mark)


2) Net national product (NNP) at market prices. (1 Mark)




3) Net national product (NNP) at factor cost. (1 Mark)


4) Net domestic product (NDP) at factor cost . (1 Mark)