Economics Answers

Albin has quasi linear preferences and he loves pretzels. His inverse demand function for pretzels is p(x) = 49 − 6x, where x is the number of pretzels that he consumes. He is currently consuming 8 pretzels at a price of £1 per pretzel. What is the change in Albin’s consumer surplus if the price of pretzels rises to £7 per pretzel?

does economics resources always have a zero price

Suppose a monopoly can produce any level of output it wishes at a constant marginal and average cost of $5 per unit. Assume the monopoly sells its good in two separate markets. The demand curve of the first market is q1= 55-p1 and the demand curve of the second market is q2= 70-2p2

consider a Technician at KT Spares and workshop. The worker is required o disassemble the wheel from the wheel assembly, remove the old Tyre and store it permanently, replace it with the new Tyre after inspection and reassemble it to the wheel assembly and inspect. the technician spends minutes to remove wheel, 5 minutes to replace the Tyre, 4 minutes to fit the new Tyre and 6 Minutes to assemble the wheel. the company operates on one day shift per weekday except weekends for four weeks in a month. The Technician is paid a gross of $5000/ month at the current demand of one Tyre replacement every 15 minutes.

Requiresments:

a) Calculate the labor productivity in units per month
b) Determine the number of vehicles queued at the end of the day and month
c) Is this business profitable if the tyre replacement is priced at $60/tyre and $45/tyre on overheads

Consider the continuous decline in oil price that has hit most of the oil producing economy across the globe, and members of Organization of Petroleum Exporting Countries (OPEC) will be having their meeting by 15th December 2016. As an economic expert, kindly advice OPEC on what needs to be done in order to reverse the continuous decrease in oil price (Note: Support your answer with the required graph)?

Why should transactions be entered promptly and correctly in accordance with organisation requirements?

A certain market for commodity x contains 1,000 identical consumers, each having a demand function given as: Qdx=12-2px
The market contains 100 identical producers of commodity x, each with a supply function given by Qsx=20px
Qdx is the quantity demanded of x
Qsx is the quantity supplied of x
Px is the price of x

Required:
1. the market demand and market supply functions of commodity x

A monopoly price discriminates between two markets:
Market 1 P1 = 500 - Q1
Market 2 P2 = 300 - Q2
Total Cost = 15000 + 100Q where Q = Q1 + Q2
Required: Determine the quantity and price of each market and the total profit.

Consider the continuous decline in oil price that has hit most of the oil producing economy across the globe, and members of Organization of Petroleum Exporting Countries (OPEC) will be having their meeting by 15th December 2016. As an economic expert, kindly advice OPEC on what needs to be done in order to reverse the continuous decrease in oil price (Note: Support your answer with the required graph)?

Consider the continuous decline in oil price that has hit most of the oil producing economy across the globe, and members of Organization of Petroleum Exporting Countries (OPEC) will be having their meeting by 15th December 2016. As an economic expert, kindly advice OPEC on what needs to be done in order to reverse the continuous decrease in oil price (Note: Support your answer with the required graph)?