Economics Answers

4.1     WRITE a brief report (1-2 pages) EXPLAINING how you tackled the assignments in this qualification. This component is compulsory and you will not be awarded any credits for this qualification if you do not complete this component.

STRUCTURE your report as follows:

4.1.1     How did you approach the assignments in this qualification?

4.1.2     Summarise the key concepts that you presented in this qualification (this can be as a bullet list or a mind map or a process flow, etc.)

4.1.3     What did you learn from doing the assignments? Specifically discuss:

4.1.3.1      When you first read the assignments, did you expect to be able to do them and

were your expectations met? How?

4.1.3.2      What was the most surprising concept/key idea that you discussed?

4.1.4     How can you use what you learnt while doing these assignments?

4.1.5     Where else in your life can you use any of the skills practiced in this qualification?

4.1.6     What gaps do you have in your learning that you would like to close?

Suppose Burger and Fries are complementary goods to a consumer. Now if the price of Burger increases (everything else stays the same) then what will happen to the equilibrium price and quantity of Fries. Explain using a diagram.

How is product capability matched to a client’s needs?

What are social rituals and how are the aligned to client orientation?

a) Suppose in winters demand of dry fruits increases. Further supply of dry fruit increases due to favorable environmental condition. Explain with the help of demand and supply curve, how price and quantity will respond

(b) Consider an economy can produce two goods butter and guns. Draw Production possibility frontier for butter and guns. Assume that scientific inventions have doubled the productivity of society's resources. Redraw the Production Possibility frontier

Based on the chili market conditions in the Sunday Market, the demand curve and the curve

Chili offers are as follows:

Chili Demand Curve Qd = 16 – P

Chili Supply Curve Qs =P + 2

Define:

a. Equilibrium price (Pe) and Equilibrium Quantity (Qe) of chili sold

b. Describe the condition of the chili market at Pasar Minggu based on the results of questions a)

c. If the government sets a maximum price of 4 (four) what is the excess demand? Describe the condition of the chili market in the Sunday market based on the results of questions from a) and b)

mr. green is a teacher that has a job at a school , he earns k560 per hour at this school and earns a k70 at his part time job per hour. the previous week mr eaned a k3500 in both after working for 20 hours. write down the simultanaous equation that represent the above information and how long did mr greeen work on his full time job and part time job respectively

In what ways might business be affected by large change in interest rates?

Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium (i.e., supply equals demand in each case). Assume further that a good harvest impacts the world’s sugar cane crop. Sugar cane is a principal ingredient in rum, but it is not an ingredient in whiskey. Rum and whiskey are substitutes in consumption.

(i) Discuss the impact of the good harvest on each of the three markets.  

(ii) Discuss the effect on the markets for each of the three products if the government implements a price restriction in the sugar cane market with the aim of protecting the farmers. How will this impact the revenues for sugar growers, rum producers and whiskey producers?

Why is capital important to banks