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1. Draw a circular-flow diagram showing households and firms for the inhabitants of the fictional
economy of Winterfell. Winterfell is a small, isolated island in the South Atlantic. At Winterfell, firms
produce potatoes and fish, and households buy potatoes and fish. Households also provide the land and
labor to firms. Identify where in the flows of money or physical things (goods and services, or resources)
each of the following impacts would occur. Describe how this impact spreads around the circle.
a) A devastating hurricane floods many of the potato fields.
b) A very large number of fish caught due to a very productive fishing season yields
c) The inhabitants of Winterfell discover a great dancer and spend several days a month at dancing
festivals.
economy of Winterfell. Winterfell is a small, isolated island in the South Atlantic. At Winterfell, firms
produce potatoes and fish, and households buy potatoes and fish. Households also provide the land and
labor to firms. Identify where in the flows of money or physical things (goods and services, or resources)
each of the following impacts would occur. Describe how this impact spreads around the circle.
a) A devastating hurricane floods many of the potato fields.
b) A very large number of fish caught due to a very productive fishing season yields
c) The inhabitants of Winterfell discover a great dancer and spend several days a month at dancing
festivals.
1. A competitive firm faces a price of 136 and a total cost function of TC=7 + q2 + 6q +5
What is this firm's marginal cost function? MC(q)= 14*q+6
2. What quantity should this firm produce? Leave your answer in fraction form (if necessary).
What is this firm's marginal cost function? MC(q)= 14*q+6
2. What quantity should this firm produce? Leave your answer in fraction form (if necessary).
Economics
What is economic
Economics
what is normality test ?
why it is important to test error for normality?
why it is important to test error for normality?
Qd=17.5-(1/6)P, Qs=(1/3)P-2.
What is the equilibrium price of a ton of blueberries? How many tons will be provided?How much consumer surplus and producer surplus does this market provide? What are the total gains from trade?
Suppose the government decides that for the good of the country, no one should be allowed to sell mushrooms at a price higher than $33. How many tons of blueberries will be traded? What is the new consumer surplus, the new producer surplus and the new total gains from trade?
What was the “waste” caused by this government policy?
What is the equilibrium price of a ton of blueberries? How many tons will be provided?How much consumer surplus and producer surplus does this market provide? What are the total gains from trade?
Suppose the government decides that for the good of the country, no one should be allowed to sell mushrooms at a price higher than $33. How many tons of blueberries will be traded? What is the new consumer surplus, the new producer surplus and the new total gains from trade?
What was the “waste” caused by this government policy?
For the case of a more developed economy in Africa (e.g. South Africa), with relevant economic data on current trends, discuss the possible implications or impacts post 2020 of the ACFTA on the following variables: a) National consumption within South Africa
b) Investment by local stakeholders into the continent
c) Net exports
d) Government trade revenues
e) Potential employment effects within the country and on the continent
b) Investment by local stakeholders into the continent
c) Net exports
d) Government trade revenues
e) Potential employment effects within the country and on the continent
If a carton containing a dozen mirrors is dropped,which of the following cannot be the ratio of broken mirrors to unbroken mirrors?
What is optimum output for
TC= 200+5Q+2Q^2
TC= 200+5Q+2Q^2
In balance of payments debit means inflow and credit means outflow then why debit which is inflow is symbolized with -negative and credit as +positive please let me know with suitable examples
Consider an economy that is represented by: C= 8,000+0.75Yd I= 4,000-400i G= 6,000 T=0.2Y L=0.2Y-100i M=60000 P=20, Compute for the values of equilibrium levels of output and interest rate
