Economics Answers

Explain how both demand and supply factors are likely to the affect the price of rail tickets in the UK?

''What is meant by the “natural rate of unemployment”? Using diagrams show what happens to the natural rate of unemployment if there is an increase in firms’ price mark up. What is the effect on the supply function?''
can anyone please show me how to draw the diagram because i'm really confused on what should i draw

Explain how both demand and supply factors are likely to affect the price of rail tickets in the UK? Also are the answers below correct?


Population in the UK is increasing, which shifts the demand curve to the right. This means that there is an increase in demand which means people will purchase the rail tickets at any given price
If rail ticket prices increase, the demand will fall as people will go look for alternatives such as public transport or using a bicycle which would be cheaper

how would each of the following likely affect the natural
unemployment rate?
11 A new law prohibits people from seeking employment
before age eighteen
b A new Internet service, Findwork com, makes it
easy for people to check on the availability of jobs
al'Ound the country
c The length of time that unemployed workers can
receive government benefits increases from six
months to one year
d A shift in the public's buying habits greatly expands
the demand for sophisticated consumer electronics
while reducing the demand for tladitional consumer
goods and services, such as clothing and
restaurant meals
e Tight monetary policy, introduced to gel the inflation
rate down, drives the economy into a recession

Draw a diagram to show the long run average total cost of a firm. explain the relationship between output level and LRATC in different phases of expansion of the firm

Ghana brewery limited produces two brands of products, product A and B. Their demand functions are, i. Q1=14-0.25p1 ii.Q2=24-0.5p2 respectively. Their joint cost function = TC=Q1^2 +5Q1.Q2^2+Q2^2. Estimate price and output level that will maximize profit for the company? (Where ^ represents exponent. For example Q1^2, meaning Q1 exponent 2.)

Explain th economic impact of narrowing yield gap - he difference between the 90 day Bill rate and the 10yr bond rate

A firm employing 100 workers has an average absenteeism rate of 4%. On a given day, what is the probability of no workers being absent?

Super Strength Inc. has found that the relationship between their sales and their net profit can be described by a polynomial function G(x) in which x is their sales (in thousands of dollars) and G(x) is their net profit (in thousands of dollars). What would be an appropriate domain for this function?

If the value of the price elasticity of demand is 0.6 demand is said to be