Economics Answers

An article in the Wall Street Journal described the production of cocoa beans used to make chocolate in African countries such as Ghana and Ivory Coast. The article explained that when prices of cocoa beans rise, it can take two to four years for new trees to produce the pods in which the beans are grown. If the demand for chocolate were to increase, all else equal, would you expect the price of chocolate to be greater after one year or after four years? Use a graph to illustrate your answer.

Why does a free market economy result in the availability of a wide variety of goods and services

How does market competition ensure that a firm is making the products that consumers value the most?

Why all types of economic system benefit from the existence and the use of money?

with regards to the coal shortages and municipal debts, what forms of interventions do you think eskom can put in place in order to cover up for all the debts and continue operating

What is the difference between descriptive economics and analytical economics?

From the data shown below in the table about supply of alarm clocks, calculate the price elasticity from different points. Classify the elasticity of each point as elastic, inelastic and unit elastic.
Point Price Quantity Supplied Elasticity
A $8 50
B 9 70
C 10 80
D 11 88
C 12 95
E 13 100

What goods and services count towards GDP

How would you adjust the price of the 1962 TV to allow for the difference in quality from the 2012 model? Was it half good? A tenth as good? Is something you can even start to put a number on?

one day, ben the barber collects ghc 400 for haircuts. over this day, his equipment depreciates in value of ghc50. of the remaining ghc350, ben sends ghc30 to the government in sales taxes, takes home ghc220 in wages, and retains ghc100 in his business to add new quipment in the future. from the ghc220 that ben takes home, he pays ghc70 in income taxes. base on this information, compute bens contribution to the following measures of income: national income