Economics Answers

There are seven producers in a small closed economy: producers of steel, machinery, rubber, tires, glass and cars and car dealers. Manufacturer of steel sells the steel to the producer of machines for 2 000 $ and to the carmaker for 3 000 $. The machine manufacturer sells its products to the producers of: cars (for 4 000 $), tires (for 2 000 $) and glass (for 1 000$). To produce cars, apart from steel, the producer of cars buys: tires (2 000$), glass (1 000$). It sells the cars to the car dealers for 12 000 $. The tire manufacturer buys gum for 1000 $. Car dealer sells the cars to consumers for 16 000$.

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What are the equilibrium price and quantity?

You are still the CEO of Metrorail . Analysts have determined that the price elasticity of 1,4 is a weighted 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 your pricing strategy ?

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 expected 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.
(For QD, P=a-bQd and for QS, P=c+dQs)

9. Are the following statements true or false? Explain in each case.
a. “Two countries can achieve gains from trade even if one of the countries has an absolute advantage in the production of all goods.”
b. “Certain very talented people have a comparative advantage in everything they do.”
c. “If a certain trade is good for one person, it can’t be good for the other one.”
d. “If a certain trade is good for one person, it is always good for the other one.”
e. “If trade is good for a country, it must be good for everyone in the country.”

ENT 101 - (INTRODUCTION TO ENTREPRENEURSHIP.)

The assumption that entrepreneurs are people from the big moon is know as :


a: special myth
b: Made myth
c: Born Made,
d:Gamblers myth

to what extent are oligopolistic market structure undesirable in relation to economic efficiency?
(2 reasons for why its undesirable, and 2 reasons for why its desirable)

Given assets as #100000 and liabilities as #40000 ,determined the owner capital

Being a student of Professor Hayes’ Econ course, you suggest that using tradeable permits can achieve the same goal at a lower cost. How many permits should be issued to each firm to reduce pollution by 60 tons?

Mr. Thomas invested an amount of Rs. 13,900 divided in two different schemes A and B at the simple interest rate of 14% p.a. and 11% p.a. respectively. If the total amount of simple interest earned in 2 years be Rs. 3508, what was the amount invested in Scheme B?