Economics Answers

Discuss in detail how economics as a social science addresses the phenomena of scarcity,opportunity cost and decision on what how and for whom to produce

This term means the production, distribution, use of income and wealth

The demand equation for a product is given by
P = 30 - 0.1q^2 .
(a)At what point price is demand inelastic?
(b)at what price is demand unitary elastic

Q: Given the demand equation,
Q = 12,000 - 10P^2
a. For this equation, write the expression for the point price elasticity of demand as a function of P
b. over what range of prices is the demand inelastic ?

Unique foods operates three plants in the world. Summary data for each is shown below
Plant
UK USA Canada
Total Fixed Cost(TFC) 1,00,000 2,00,000 4,00,000
Variable Cost Per Unit (AVC) 10 8 5
Output price per unit (P) 20 22 18
Capital / Labor Ratio (K/L) 2:1 3:1 4:1
Output rate (Q) 22,000 16,000 33,000
Determine the profit elasticity for each plant

A company manufactures two models of cars, a luxury model and an economy model; the resources requirements for both cars are given below:
Luxury Model Economy Model Total Availability resources
Resources I 10 3 100
Resources II 5 5 60
The unit profit per luxury model is $200 and $150 dollar per economy model
(a) How many luxury and economy models should the company manufacture in order to maximize the profit ?
(b) Discuss the usefulness of linear programming to manager.

Koonj manufacturing has collected the following data on quantity sold and price
Period 1 2 3 4 5 6 7 8 9 10
Quantity 2800 3300 2400 3300 3600 2600 2000 3000 3800 3200
Price 100 80 140 60 80 140 180 80 60 100
(a) use the least squares regression technique to estimate the linear relationship between quantity and price.
(b) Evaluate the strength of the relationship between quantity and price by computing the t-statistics and R^2

An exploration into the demand of Mobile sets in the following urban towns has supplied the following data
Towns A B C D E F G H
Population (000) 12 15 15 18 18 22 26 30
Demand for Mobile Sets 16 18 18 31 35 39 47 50
Estimate the number of T.V sets demanded in H Town with a population of 35 thousands.
Show it on the graph also

Given the following demand equation for economics books
Qx = 5000 - 500Px + 0.011 + 250Pz
(a) Assuming I = $ 20,000 and Pz = $20 What is the price elasticity of x at Px = $16 ?
(b) Assuming Px = $20 and Pz = $20 what is the income elasticity at I = $20,000 ?
(c) Assuming Px = $22 and I = $20,000 Calculate the cross elasticity at Pz = $20 ?

What is neoclassical economics