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There are many alternatives entertainment methods which has resulted in a huge decrease in theme park visitors. The government is considering imposing a price floor or providing a subsidy to theme park visitors. Appraise the welfare effects of the two policies with suitable theme park market diagrams.Your diagrams should take into consideration the price elasticity of supply and demand of theme park in general.
. You are trying to decide whether to take a vacation. Most of the costs of the vacation (airfare, hotel, and forgone wages) are measured in dollars, but the benefits of the vacation are psychological. How can you compare the benefits to the costs?
1 On Feb 1, 2022, the yield (nominal interest rate) on the Canadian government issued 10-year bond was 1.77% (that part is true). Given that yield, it is impossible for the real interest rate on this bond to be negative.
2 Suppose the table below shows the prices and quantities of the average household consumption basket (bundle) in a country over two years. Since the price of good A decreased by 5% and the price of good B increased by 5%, then (using year 1 is the base year), the inflation rate in the CPI equals 0%.
Good A
Good B
Price A Year 1 $10.00
Year 2 $9.50
Quantity A
200 240
Price B
$4.00 $4.20
Quantity B
2000 1000
3 Suppose a giant snowstorm leaves you snowed in. If your snowblower owning neighbour comes over to help you dig out, this is worse for economic wellbeing than if you had hired a snow removal company to do the same thing.
Which of the four database requirements would be violated if this data stream were placed in a table? If you have insufficient information to assess whether the requirement has been violated, discuss the additional data that you would need.
Which of the four database requirements would be violated if this data stream were placed in a table? If you have insufficient information to assess whether the requirement has been violated, discuss the additional data that you would need.
You are presented with a data stream that has the following elements and values: SaleDate: 04/07/X5, SaleID: 324581, CustID: A543, Terms: Net 30, ProductID: (002743, 000378, 000732, 000762), Sold Quantity: (1, 1, 4, 12). Which of the four database requirements listed in the text would be violated if this data stream were placed in a table? If you have insufficient information to assess whether the requirement has been violated, discuss the additional data that you would need.
The dawn reported (jan 17, 2022) that motorway ridership declined after a toll increases.
" There were nearly four million less riders in december 2021, the first full month after the price of a toll tax was increased 25% to Rs 125/10km, than in the previous month November 2021 in which nearly 40 million riders were recorded by the motorway Authority"
a) use these data to estimate the price elasticity of demand for motorway riders.
b) According to your estimate, what happens to the NHA's (National Highway Authority) revenue when the toll tax rises, graphically show the total revenue and give your opinion about authority decision?
c) do you think that your estimate of the elasticity is reliable?
A local TV repairs shop uses 36,000 units of a part each year (A maximum consumption of 100 units per working day). It costs Rs. 20 to place and receive an order. The shop orders in lots of 400 units. It cost Rs. 4 to carry one unit per year of inventory.
Requirements:
(1) Calculate total annual ordering cost
(2) Calculate total annual carrying cost
(3) Calculate total annual inventory cost
(4) Calculate the Economic Order Quantity
(5) Calculate the total annual cost inventory cost using EOQ inventory Policy
(6) How much save using EOQ
(7) Compute ordering point assuming the lead time is 3 days
State & explain two key questions about how resources are allocated.
Steve can bake either 4 loaves of bread or 12 dozen cookies a day. Sarah can bake either
4 loaves of bread or 8 dozen cookies a day.
a. Show the production possibilities frontiers for Steve and Sarah
b. Suppose trade is not allowed between Steve and Sarah and as a result, both Steve and
Sarah spent half a day (12 hours) baking bread and the other half a day baking cookie.
Show both the production and consumption bundles for Steve and Sarah on their
respective PPFs, when trade is not allowed between Steve and Sarah.
c. Show, using production possibility frontiers in (a), that Steve and Sarah would be
better off specializing in their baking activities and then trading, rather than baking
only for themselves. Be specific and state the production and consumption bundles
with trade.
