Economics Answers

1. There is a fruit seller who has 30 Kgs of apples to be sold and he wants to fix a price so that all the apples are sold. There are three customers in the market and their individual demand functions are given below:
D1=25-.05P
D2=20-.025P
D3=15-.075P
Where D is the demand and P is the price

1. There is a fruit seller who has 30 Kgs of apples to be sold and he wants to fix a price so that all the apples are sold. There are three customers in the market and their individual demand functions are given below:
D1=25-.05P
D2=20-.025P
D3=15-.075P
Where D is the demand and P is the price

You win \$100 in a basketball pool. You have a choice between spending the money now or putting it away for a year in a bank account that pays 5 percent
interest. What is the opportunity cost of spending the \$100 now?

If the present worth of costs exceeds that of the benefits, present worth for the project is?

a. positive
b. negative
c. equal to zero
d. always an integer

There are two choices for replacing a punch press. The basic model has a useful life of 8 years while the deluxe model has a useful life of 12 years. Whats the most appropriate analysis period for this problem?

a. 20 years
b. 96 years
c. 1.5 years
d. 24 years

Present a one-factor Ricardian model of two countries, A and B, trading two goods, X and Y, and discuss the gains of trade generated in this model.

Verbally and graphically present the benefits of trade from the perspective of the HO model. List and briefly explain two main implications of trade according to this model.

The wool industry in Hypothetica is highly competitive with the many woolgrowers seeing themselves as being price takers in an industry with no significant barriers to entry. In order to improve the incomes of woolgrowers, the government of Hypothetica is contemplating subsidising wool production in order to reduce woolgrowers’ costs and thus increase their profits. The government is also considering, as an alternative policy, the provision of funds for the wool industry to improve the marketing of its product and thus to increase the demand for wool.
Using diagrams, show the impact of each of these two policies on a typical firm (i.e. woolgrower) in the wool industry in the long run. (Assume constant costs and also assume that all firms in the industry are initially in long run equilibrium). Will the typical woolgrower be better off in the long run if either policy is implemented?

Phoebe is trying new diet. She gets 35 grams of fat a week to "spend" on her two favorite foods, French fries and Ice cream. A serving of French fries contains 3 grams of fat and a serving of Ice cream contains 2 gram of fat. Phoebe's MU ice cream is 25-I( where I is the number of serving of Ice cream she has consumed. Phoebe's MU French fries=30-4F( F= servings of fries she's consumed). To maximize her utility, how many servings of French fries and how many servings of ice cream should she consume?

You are working as a student assistant for an engineering firm and are paid by the hour. Every two weeks, you turn in a time sheet to your supervisor, and three workdays later, your paycheck is direct deposited into your checking account. List the different entities or objects, logical processes, data flows, and data stores that are involved, starting from the time you submit your time sheet.