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Economics
The table below shows the marginal utility for oranges and apples. The price of orange is ksh.10 and the price of apple is ksh.4. The individual income is ksh.800
Quantity MU of oranges MU of apples
10 110 190
20 100 170
30 90 150
40 80 130
50 70 120
60 60 100
70 80 80
what is the total amount of utility received by the individual when he/she is in equilbrium
Quantity MU of oranges MU of apples
10 110 190
20 100 170
30 90 150
40 80 130
50 70 120
60 60 100
70 80 80
what is the total amount of utility received by the individual when he/she is in equilbrium
Many governments attempt to help farmers by reducing their production. How could this be in the interests of farmers?
When is marginal cost at its minimum
George has been selling 5,000 T-shirts per month for $8.50. When he increased the price to $9.50, he sold only 4,000 T-shirts. What is the demand elasticity? If his marginal cost is $4 per shirt, what is his desired markup and what is his initial actual markup? Was raising the price profitable?
George’s T-Shirt Shop produces 5,000 custom printed T-shirts per month. George’s fixed costs are $15,000 per month. The marginal cost per T-shirt is a constant $4. What is his break-even price? What would be George’s break-even price if he were to sell 50% more shirts?
Suppose the equilibrium price for an average hospital stay in the absence of insurance is $10,000. At that price, 1000 people are hospitalized each year. Now suppose an insurer offers a policy to lower the out of pocket price of a stay to $100, and at that price, 1200 people are hospitalized.
Is the demand for hospital care elastic or inelastic?
How much moral hazard results from this type of insurance IF the supply curve is flat, that is, if horizontal at P = $10,000 per stay, regardless of how many?
. The United Kingdom (UK) held a national referendum (vote) on whether the UK should remain in the European Union (EU), or should exit the EU. Exiting the EU is likely to have several consequences: (1) increased barriers to trade between the UK and the remaining EU countries; (2) Reduced refugee flows.
Use the AS/AD model to describe the short run and long run effect of the UK exit from the EU
Use the AS/AD model to describe the short run and long run effect of the UK exit from the EU
The arc elasticity is 1.5 as advertising expenditure increases from $10 to $12 million. If demand is 50 at an advertising expenditure of $12 million, what will demand be at an advertising expenditure of $10 million?
The price of oil is $30 per barrel and the price elasticity is constant and equal to -0.5. An oil embargo reduces the quantity available by 20 percent. Use the arc elasticity formula to calculate the percentage increase in the price of oil.
Peter harry plc is in need of funds from the capital market. Outline and discuss the different methods of raising funds from the capital market
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#340153 on Dec 2023
#340153 on Dec 2023