Economics Answers

The demand function for product X is: Qd = 600 – 20Px + 0.02Y – 5Pr
The supply function is: Qs = –300 + 10Px
Where:
Qd = the quantity of X demanded
Qs = the quantity of X supplied
Px = the price of product X
Y = the average consumer income
Pr = the price of the related product R

If Y = R35 000 and Pr = R20, draw the precise demand curve for
product X

Minnie’s Mineral Springs is a single-price monopoly. Columns 1 and 2 of the table set out the market demand schedule for Minnie’s water and columns 2 and 3 set out Minnie’s total cost schedule.
1. Calculate Minnie’s marginal revenue schedule and draw a graph of the market demand curve and Minnie’s marginal revenue curve. Explain why Minnie’s marginal revenue is less than the price.

Price
(dollars per bottle) Quantity demanded
(bottles per hour)
Total cost
(dollars per hour)
10 0 1
8 1 3
6 2 7
4 3 13
2 4 21
0 5 31
2. At what price is Minnie’s total revenue maximized and over what range of prices is the demand for water elastic? Why will Minnie not produce a quantity at which the market demand is inelastic?
3. Calculate Minnie’s profit-maximizing output and price and economic profit.

Why are fish in the ocean an example of a resource that suffers from the tragedy of the commons but cattle grazing in a farmer's pasture do not suffer from the tragedy of the commons?

Suppose the minimum wage is above the equilibrium wage in the market for unskilled labour. Using relevant diagrams and hypothetical numbers of the unskilled labour market show the potential impact on the labour market

Which of the following is an example of voluntary unemployment
A. Housewife
B student
C a subsistence farmer
D pensioner
E all of above

The demand for ice cream cones is P=1600 and Qd is 2 The supply of ice cream cones is P =400 and Qs is 1. The price of a cone is expressed in cents, and the quantities are expressed in cones per day. To find the equilibrium price (P*) and the equilibrium quantity (Q*), substitute Q* for QD and QS and P* for P.

John scott has R200 per week available to spend on beer and cigarettes.beer cost R10 per bottle and cigarettes cost R40 per packet .suppose john buys 8 bottles of beer and 3 packets of cigarettes and that his marginal utility from beer is then 20 utils and that from cigarettes 35 utils .is he in equilibrium ?if not,should he buy more beer or more cigarettes ?cigarettes

Given the below info, about an OPEN economy, calculate the equilibrium level of income?

Consumption function =100+0.7YD. Investment = 200. Govt spending =15. Tax = 0.2 Exports 100. Imports 100

Answer is 859
But can you help explain how they get to 859

Paul mabaso's average utility from the consumption of 8 chocolate s is 25 utils per slab.if the marginal utility of the 9 slabs ?explain.what will happen to his total utility

Analysts have determine d that the price elasticity of 1,4 is aweighted average figure.during peak hours in the morning and evening the price elasticity of demand is 0,8 and during the rest of the day it is 2,6 .how would this information affect pricing strategy?