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2. The following is a demand schedule for cheeseburgers for an individual.
PRICE OF
CHEESEBURGERS QUANTITY DEMANDED
5.00 0
4.50 1
4.00 2
3.50 3
3.00 4
2.50 5
2.00 6
1.50 7
1.00 8
0.50 9
a. Plot the demand curve for cheeseburgers, with price on the Y-axis, and quantity
demanded per week on the X-axis.
b. Assume the individual has a fixed budget of £24 per week to spend on burgers,
and the current price of cheeseburgers and chicken burgers is £3.00, and that a
consumer buys 4 of each type of burger. Now assume that the price of
cheeseburgers falls to £2. Using the concept of the ‘income’ and ‘substitution’
effect, explain why the demand for cheeseburgers rises to 6.
c. Assuming chicken and cheeseburgers are perfect substitutes, and income is fixed
at £24, what is likely to happen to the demand for chicken burgers (to the
nearest burger) if the price of cheeseburgers rises to £4.00?
PRICE OF
CHEESEBURGERS QUANTITY DEMANDED
5.00 0
4.50 1
4.00 2
3.50 3
3.00 4
2.50 5
2.00 6
1.50 7
1.00 8
0.50 9
a. Plot the demand curve for cheeseburgers, with price on the Y-axis, and quantity
demanded per week on the X-axis.
b. Assume the individual has a fixed budget of £24 per week to spend on burgers,
and the current price of cheeseburgers and chicken burgers is £3.00, and that a
consumer buys 4 of each type of burger. Now assume that the price of
cheeseburgers falls to £2. Using the concept of the ‘income’ and ‘substitution’
effect, explain why the demand for cheeseburgers rises to 6.
c. Assuming chicken and cheeseburgers are perfect substitutes, and income is fixed
at £24, what is likely to happen to the demand for chicken burgers (to the
nearest burger) if the price of cheeseburgers rises to £4.00?
. Mr. Ali has Rs. 35000 income per month, the expenditure on pulses is 2000, when income
rises to 40000, the expenditure on pulses reduces to 1500 rupees, categorize the pulses as
inferior, superior or normal good.
rises to 40000, the expenditure on pulses reduces to 1500 rupees, categorize the pulses as
inferior, superior or normal good.
Farm Fresh Sdn Bhd supplies fresh chicken meat to retailers located throughout Petaling Jaya. The market or fresh chicken meat is perfectly competitive and the company estimated its total cost to be as follow:
〖TC=125+2Q+0.002Q〗^2
Calculate Farm Fresh Sdn Bhd’s optimal output and profit if fresh chicken meat prices are stable at RM4 a kilogram.
Calculate the industry price necessary for the firm to supply 1000 kilograms of fresh chicken meat.
〖TC=125+2Q+0.002Q〗^2
Calculate Farm Fresh Sdn Bhd’s optimal output and profit if fresh chicken meat prices are stable at RM4 a kilogram.
Calculate the industry price necessary for the firm to supply 1000 kilograms of fresh chicken meat.
When a consumer’s income increased from $54000 to $66000, they ate at a certain restaurant 36 times instead of 28. What is the income elasticity of demand in this case? Based on this calculated elasticity, what type of good is eating at this restaurant as far as this consumer is concerned?
Economics
Discuss the relative merits of import substitution versus export promotion in developing countries
Economics
Identify four (4) main market failures in the agricultural credit market that make agricultural financing a challenge in developing countries. Explain how these market failures can be solved.
Economics
With the aid of either Todaro or Harris-Todaro migration model, explain the continued process of rural-urban migration despite growing unemployment in urban areas
Find the equivalent compound interest rate for a flat rate loan charged at 9.5% p.a., where repayments are to be made quarterly over 2 years.
Economics
Explain law of variable proportion with suitable table and diagram ?
Where do you enter employee paychecks?
A. The Write Checks window
B. The Salary window
C. The Liabilities window
Explain why the answer is correct.
A. The Write Checks window
B. The Salary window
C. The Liabilities window
Explain why the answer is correct.
