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1. Suppose a firm sells good X in a perfectly competitive market its per unit price is 11 birr and the total cost of producing good X is given by TC = 1/3Q3 – 3Q2 20Q + 100, then answer the following questions.
a) What is average variable cost when Q=5
b) What is the total fixed cost when Q=0
c) What is marginal cost when Q=6
friedmania is a country in which the quantity theory of money operates. the country has a constant population, capital stock and technology so real GDP does not change. in 2010, real GDP was $500 million, the price level, measured by the GDP deflator was 150 and the velocity of circulation of money was 10. (because the level is measured by the GDP deflator, it must be divided by 100 before it is used in the equation of exchange). in 2011, the quantity of money increased by 20 percent.
what was the quantity of money in 2010?
what was the velocity of circulation in 2011?
what was the price level in 2010?
collected from 15 different market stalls over a week period. Enter this data on an Excel file and
then use it to answer the following questions.
Beer (ml) 98 92 82 74 63 57 73 110 84 68 40 45 47 39 58
Price (cents) 24 22 23 26 27 24 25 28 21 26 31 33 35 37 29
1. What type of data are we dealing with? (2)
2. Compute a scatter plot that represents the price and quantity of beer (5)
3. Interpret the scatter plot by explaining the relationship that appears between price and quantity.
(3)
4. Use the under-mentioned formulae to calculate the correlation coefficient. Explain the intuitive
logic of this correlation coefficient. (10)
5. Interpret the correlation coefficient how strong is the degree of linear association between the
price and quantity of beer. Explain the coefficient sign of the correlation in (4)
Explain the three categories of returns to scale relating to the long-run average
cost curve
Suppose that market demand is given by the equation qd=121.00−p, and market supply is given by the equation qs=p−16.00. If the government imposes a price ceiling on this good at a price of $30.00, what would be the change in consumer's surplus relative to the market equilibrium? When making your calculation, assume that the consumers who value the good the most are the ones who purchase the good. Also, assume that these consumers purchase the good at the ceiling price. Round your answer to two decimal places.
Suppose that market demand is given by the equation qd=111.00−p, and market supply is given by the equation qs=p−15.00. If the government imposes a price ceiling on this good at a price of $25.00, what would be the change in producer's surplus relative to the market equilibrium?
Suppose that market demand is given by the equation 𝑞
𝑑
=111.00−𝑝
qd=111.00−p, and market supply is given by the equation 𝑞
𝑠
=𝑝−15.00
qs=p−15.00. If the government imposes a price ceiling on this good at a price of $25.00, what would be the change in producer's surplus relative to the market equilibrium?
iv. When price of corn is R200 and of textiles is R150. Calculate income for both countries
C=0.01Q^3+0.5Q^2+Q+1000
derive
Fixed cost
variable cost
average fixed cost
average variable cost
Suppose the economy is initially at its long run equilibrium. If the nominal money supply increases, which of the following is a correct statement regarding how the economy will respond in the short-run?
The natural rate of unemployment will fall and the economy will experience demand pull inflation.
The economy will experience cost push inflation since firms face a higher cost of borrowing.
The unemployment rate will rise above the natural rate and inflation will fall.
The unemployment rate will decline below the natural rate.
#340153 on Dec 2023