Economics Answers

If the supply equation is given as
Qs=-200+10P, the price elasticity of supply between
R25 and R35, calculated using the arc elasticity of demand, is …
1. 0.6
2. 1.8
3. 0.53
4. 3.0

The sum of consumer and producer surplus is a measure of the economic well-being of a society.
1)True
2)False

An increase in supply tends to increase the equilibrium price and quantity
1) True
2) False

If American Express, in their investor relations report describe their worldwide transaction volume as $1.1 trillion, and say their average discount rate is 2.43%, how do they arrive at a discount revenue of around $19 billion, as opposed to around $27 billion (i.e. 2.43% of 1.1 trillion)?

Pham can work as many or as few hours as she wants at the college bookstore for $11 per hour. But due to her hectic schedule, she has just 17 hours per week that she can spend working at either the bookstore or at other potential jobs. One potential job, at a café, will pay her $12 per hour for up to 6 hours per week. She has another job offer at a garage that will pay her $10 an hour for up to 5 hours per week. And she has a potential job at a daycare center that will pay her $8.50 per hour for as many hours as she can work.
If her goal is to maximize the amount of money she can make each week, how many hours will she work at the bookstore?
hour(s).

in desired agreegate expenditure. in the consumption section. is wealth induced or autonomous. for instance say there is 300+0.5Y+0.05W. where does wealth go?

Qx=40-2y+2w-3x+80 I where x, y and w are commodities; Qx is quantity demand of good commodity x and I is income.
(a). What is the relationship between commodity x, y and w? (show your illustrations)

Describe the different types of financial options that are available for different clients related to the provision of business performance information

With the following information, calculate the price index for year 4. Year 2 has been chosen to be the base year. The basket of goods for this price index includes 53 units of good X and 65 units of good Y.
PRODUCT YEAR 1 YEAR 2 YEAR 3 YEAR 4
Good X 5.5 6.7 14.9 18.2
Good Y 1.1 7.0 3.5 16.4

discuss whether government should subsidise food prices