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Use well labeled diagrams to discuss the relationship between the price elasticity of demand and total
revenue.
Suppose that the price elasticity of demand for maple syrup has been estimated at -4. If quantity
demanded increased by 10 percent, price must have changed by
plot the supply and demand curve Qd= 3000-10P Qs=-10000 + 10P
plot the supply and demand curve Qd= 3000-10P Qs=-10000 + 10P
Economists assume that a consumer is expected to make rational decisions but not functional. As a consumer of Rice (Bundle A) and pizza food (Bundle B), *discuss* how you might apply economic reasoning in making your decisions rationally. What problems can arise when you make functional decision(s)?
A. A strike stops all public transportation in a large city.
Q 5: Suppose technological advances have reduced the cost of Hard drive. Explain its effect on the supply for computers? Also illustrate the effect of change in supply on the equilibrium price and quantity of computer?
Q 3: identify whether the demand curve will shift leftward or rightward.
a) An increase in income (the good under consideration is an inferior good)
b) A rise in the price of a complementary good
c) A fall in the price of a substitute good
d) A rise in the number of buyers
1. Institutions refer to any structure or mechanism of social order and corporation governing the behaviour of set of individuals within a given human community. Within the context of institutions, discuss the following concepts in the African scenario
a) Decentralization and development
b) Privatization and development
Economists assume that a consumer is expected to make rational decisions but not functional. As a consumer of Rice (Bundle A) and pizza food (Bundle B), *discuss* how you might apply economic reasoning in making your decisions rationally. What problems can arise when you make functional decision(s)?
