Economics Answers

the HPV vaccine is recommended for all adults in the USA because it reduces the risk of cancer by 88%. If the HPV vaccine was given to all adults 925 000 cases of cancer would be prevented. However only 18.3%of adults were vaccinated between 2011 and 2014 preventing 170 000 cases of cancer. evaluate why only 18.3% of adults were vaccinated

What will happen if Eskom monopoly is broken

Question 5 (Marks: 30)

Describe a scenario (real-life or fictitious) that reflects each of the following cases (Q.5.1-Q.5.3).
Thereafter, graphically illustrate and explain each scenario in each case clearly showing the impact
of the change on the equilibrium price and the equilibrium quantity of your chosen good.
(In cases where you simultaneously change demand and supply, assume that they change by the
same magnitude).
Note: Knowledge and understanding of the determinants of demand and supply are critical in
answering these questions.

Q.5.1 An increase in demand (while supply remains constant).
(Two marks will be awarded for your scenario, four marks for your graph and
four marks for your explanation).
(10)

Consider the following equations: Qd = 31 - 3P and Qs = 6 + 2P, where Qd = quantity demanded and Qs = quantity supplied, P = price
Demand Schedule
Price Quantity demanded
$250 1500
$200 2100
$150 2700

If the own-price elasticity of demand for a good is -0.6 and quantity demanded decreases by 30%, price must have"?

Consider the following equations: Qd = 31 - 3P and Qs = 6 + 2P, where Qd = quantity demanded and Qs = quantity supplied, P = price
Demand Schedule
Price Quantity demanded
$250 1500
$200 2100
$150 2700
If price falls from $250 to $200, what is the elasticity of demand over this range?"

A multiple choice test awards 1 point for a correct answers and penalizes 0.25 points for an incorrect answer. If you have to make a random guess and there are five possible answers, what is the expected value of guessing?

Calculate price elasticity of demand using point elasticity method when the company is in equilibrium and interpret the result.

A reduction in government spending will not cause which of the following?
A. An increase in investment
B. A reduction in transactions and a reduction in money demand
C. An increase in the size of the multiplier
D. A reduction in the interest rate

Which of the following should entail the greater opportunity cost: allocating a square block in the heart of NYC for a surface parking lot or allocating a square block at the edge of a typical suburb for such a lot? Explain

Question 3
A bank has an average random arrival rate of 3.2 customers’ every 4 minutes. What is the probability of getting exactly 10 customers during an 8 minute interval? (3 marks)