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The demand for boxes of nails is estimated to be Q = 185 – 10 p + 3 Y, where income is measured in thousands of dollars. If p = 5, and Y = 30,
a. What is the income elasticity? Interpret and explain your result. What type of good is this?
b. How would the income elasticity change if the price were increased to $9.50? Interpret and explain your result.
Many believe that the main objective of government economic policy should be to increase productivity and economic growth.”
Using the data above and your economic knowledge, critically evaluate this statement by providing THREE reasons for and THREE reasons against. Ensure that you provide a relevant real-world example from the given Caribbean economy to support EACH point.
Draw new supply curve assuming that quantity supplied at given period
(I)increased by 10 unit
(ii)increased by 50 unit
(iii)decreased by 5 unit
(iv)halved
What has been the impact of international financial organisations including programmes of the IMF and the World Bank Group on the growth and stability prospects of low- and middle-income countries?
Should exports of primary products such as agricultural commodities and ores be promoted, or should policy support export diversification?
How do many low- and middle-income countries get into serious foreign-debt problems, and what are the implications of debt problems for economic development? How do financial crises affect development
What is the impact of foreign aid from high-income countries? Should low-income countries continue to seek such aid, and if so, under what conditions? Should high-income countries continue to offer such aid, and if so, for what purposes?
Discuss the major problems of present-day Pakistan with special reference to Inflation, Unemployment and Poverty and describe their solutions. (Words limits 1000)
(f) With the aid of a well labelled diagram, carefully explain the impact on the
money market if there was a discovery of gold that fuels inflation. (5 marks
the cost to purchase a new air conditioner is #14000. the cost to repair an existing air conditioner is $350. what percent is the cost of the repair compared to buying a new air conditioner?
