Economics Answers

What is opportunity cost of spending the $100 now? Explain

You were planning to spend Saturday working at your part-time job, but a friend asks you to go for picnic. What is the true cost of going to picnic? Now suppose you had been planning to spend the day studying at the library. What is the cost of going to picnic in this case?

In recent years, the price of oil has fallen drastically. Explain if this is a result of:

a. A drastic reduction in the cost of production (i.e. shift in the supply curve)?

b. A fall in the demand for oil and oil products ( i.e. shift in the demand curve?

c. Other factors ?

(Hint: Search through the material on oil pricing in the global market) (10 marks)

What happned to the supply curve if the cost of production for oil decrease

Suppose you will incorporate the topic of Socioeconomic Factors to the current/future business in the Philippines, 

1. Assess the economic state of our country based on the information you can gather from various media.  What are the economic factors that will affect the operations of the business? How?  

2. How will you persuade the public to patronize the business? What strategies will you incorporate?  

3. How will you utilize the technologies that we have now to offer better products or services to the customers? 

Show, using the IS and LM curves why money has no effect on output in the classical supply

When the Botswana Meat Commission (BMC) increased beef price from P10 per Kg to

P16.50 per Kg, the supply of beef cattle to the BMC rose from six hundred per week to 900

per week. Use the midpoint formula to calculate the coefficient of elasticity of supply for

beef to the BMC and interpret the elasticity coefficient.

Base on the definition of perfectly competitive market, what is the industry that belongs to this category?

The Green Company produces chemicals in a perfectly competitive market.The current market price is 40, the firms total cost is C= 100+4Q+Q2

a. Complying with more stringent environmental regulations increases the firms fixed cost from 100 to 144.Would this affect the firms output? Its supply curve?

The Green Company produces chemicals in a perfectly competitive market.The current market price is 40, the firms total cost is C= 100+4Q+Q2.

a.Determine the firms profit maximizing output. More generally, write down the equation for the firms supply curve in terms of price P.