Economics Answers

Using a properly labelled diagram, explain the law of dimishing returns.

Define the law of supply

with the aid of a fully labelled diagram, explain what would happen in the market for sugars if the price of Rooibos tea increase ceteris paribus

Define Gross Domestic Product (GDP) and discuss the problems associated with GDP as a measure of an economy`s total production.

using the profit function; π=P²/√wr, show that the profit function is positively and linearly homogeneous in both and output prices

Until recently, Marco's Pizza sold a large pizza for $20 and they sell 250 large pizzas per week. They just raised the price to $28 and as a result, they only sell 150 pizzas per week. Using the midpoint rule, find the price elasticity of demand for Marco's Pizza's large pizzas. Is the demand for Marco's elastic or inelastic? Did their total revenue increase or decrease with the change in price?

Unit costs that decrease when total volume of production increase are:
a) avoidable costs
b) indirect costs
c) sunk costs
d) fixed costs
e) none of the above

American and Japanese workers can each produce 4 cars a year. An American worker can produce 10 tons of grain a year, whereas a Japanese worker can produce 5 tons of grain a year. To keep things simple, assume that each country has 100 million workers. construct a table

if p=12-3x is the demand function and A=2x is the average cost function of monopolist ,find the equilibrium output and price.find the maximum profit also

You are the new hired Business Development Manager for Company XYZ. The company wants to launch a new service product for diabetic management in the Manila market. You have the total budget as of $100,000 for this operation. Average price on market for the same product is $42 per member per month (revenue).
Operational expense cost project to be at 55%.
Calculate for ROI for 12 months with break even point