Economics Answers

ELASTICITY

1. Research the price elasticity of demand for a good or service on retail.and answer the following:
a. What is the good or service and its elasticity coefficient? If you are not able to find this number, take an educated guess. Explain the meaning of his number.
b. What is the main factor affecting the price elasticity of demand for your case study good or service? Explain.
CONSUMER CHOICE

2. Think of a recent purchase you made or are about to make.

Use the following 5 terms in proper context in a paragraph of no more than 150 words to explain your purchasing decision: the law of diminishing marginal utility, income effect, indifference, marginal rate of substitution, consumer optimum.

Please Underline or highlight each of the terms

Finance question: Machine A has a value of 26 and will produce 30 in prosperity and can be abandoned for 19. Machine B has a value of 24 and will produce 30 in prosperity and 15 in a bad economy. Is Machine A worth 2 more? Please use a discount rate of 8%.

Why Gold Standard is considered to be fixed
exchange rate regime?

What are the current issues concerning India in WTO? Are multilateralism and
regionalism compatible?

“At present stage of economic development, India’s
work force holds the key to launch a
sustained attack on poverty” – Explain

Illustrate a shift in the demand curve for bordeaux wine and explain the likely shift factors for the wine,Assume the supply of Bordeaux remains unchanged.Illustrate the impact of a shift in demand for bordeaux wine on its price.

The comparison of Gross Domestic Product (GDP)between India and Japan,and its reasons.
15marks

For assignment

in case of an inferior goods the income elasticity of demand is

Indian economy is a developing economy. Justify this statement on the basis of changes that an economy experience with economic development.

If the market price is $34, then in the short run the firm will