Economics Answers

b) With the help of well-labeled diagrams, compare the short run equilibrium of a firm under a

perfectly competitive market structure and a monopoly market structure. (14 marks)

why the market demand curve is the horizontal rather than the vertical summation of individual of individual demand curve?

Explain each of the following statements using supply-and-demand diagrams.

a) “When a cold snap hits Florida, the price of orange juice rises in supermarkets throughout the

country.” (2.5 Marks)

b) “When the weather turns warm in New England every summer, the price of hotel rooms in

Caribbean resorts plummets.” (2.5 Marks)

c) “A strike by steelworkers raises steel prices.” (2.5 Marks)

d) “The price of station wagons rises.”

The market for wheat has the following demand and supply schedules:

PRICE (kwacha) QUANTITY DEMANDED QUANTITY SUPPIED

4 10,000 8,000

8 8,000 8,000

12 6,000 8,000

16 4,000 8,000

20 2,000 8,000

a) Graph the demand and supply curves. What is the equilibrium price and quantity in this

market? (5 Marks) What is unusual about this supply curve?[1] Why might this be true?[1]

b) If the actual price in this market were above the equilibrium price, what would drive the

market toward the equilibrium? (1 Marks)

c) If the actual price in this market were below the equilibrium price, what would drive the

market toward the equilibrium? (1 Marks)

d) Differentiate inferior good from Normal good [1 mark]

The people on coral Island by only juicing cloth. The CPO basket contains a quantities bought in 2013. The average household spent $34 on juice and $40 on cloth and 2013 when the price of juice was two dollars a bottle and the price of cloth was four dollars a yard. in 2014 juices four dollars a bottle and cloth is seven dollars a yard. Calculate the CPI basket and the percentage of the households for budget spent on juice in 2013

Find the price for good Z and the quantity supply for good X (show all the calculations) if:

(i) The elasticity of supply is equal to 1 and the price increases from $40 to $50.

(ii) If the elasticity of demand is 0.5 and the quantity demanded decreases from 95.000 to 85.000.

(iii) Draw the graph and indicate the equilibrium price and quantity.

Price Per Tonne ($) Quantity Demanded Quantity Supplied

40 150 80

50 120 X

60 110 110

80 95 115

Z 85 120

110 80 140

Explain each breakdown please and watch out as some of the numbers have decimals. Thank you for the help in advance

A company imports a product from China at a cost of $50 per unit. The product is imported with an import tariff of 20% and it is sold for $100 per unit. The total sales revenues for the company were 85.000. If the government increases the import tariff per unit of the product to 30% and the elasticity of demand is 3 find the following:

(i) How many units of this product the company will sale if the price rises the same amount with the import tariff (20 Marks)

(ii) Calculate if the revenues of the company will increase or decrease with the increase of import tariff (20 Marks)

Explain each breakdown, please the total revenues that have 85.000 there is a decimal.

Find the price for good Z and the quantity supply for good X (show all the calculations) if: (i) The elasticity of supply is equal to 1 and the price increases from $40 to $50.

(ii) If the elasticity of demand is 0.5 and the quantity demanded decreases from 95.000 to 85.000.

(iii) Draw the graph and indicate the equilibrium price and quantity.

Price per Tonne ($) Quantity Demanded Quantity Supplied

40 150 80

50 120 X

60 110 110

80 95 115

Z 85 120

Consider a business whose payroll processing functions are poorly organized, poorly performed, and perpetually late. Management suggests that the company chooses to employ RPA in payroll processing to increase efficiency and reduce human errors. In view of the analytics mindset, indicate the questions you would ask, the data you would collect, and the analysis you would perform to determine the appropriateness of implementing management’s suggestion. Write a paragraph response.

Find four examples of data visualizations used in news stories or blogs. two examples should be a positive example of the design principles; the other two examples should be a poor demonstration of the design principles. Provide the link to each example and discuss the principles utilized or violated for each visualization.