Economics Answers

In the summer of 2012, due to plentiful lobsters, the price of lobster in Maine fell to $1.25 a pound, which was 70% below normal and nearly a 30-year low. According to the Massachusetts Lobstermen's Association, "Anything under $4 a pound, lobstermen can't make any money. At least 30 boats announced that they would stay in port until the price rose. However, Canadian and other U.S. fishers continued to harvest lobsters. Why did some lobster boats stop fishing while others continued?

The statistics department of an appliance manufacturer has estimated that the demand function for their brand (brand X) automatic washer (number purchased annually) is as follows:

Q_X=197,000-100P_X+50P_Y+0.1Y+0.02A+10,000P_L

D. Determine the consumer and producer surplus given equilibrium condition. What is the most that consumers would be willing to pay for 100,000 of brand X automatic washer?

E. Suppose that the government imposes a price ceiling for this washer valued at $800.

How large is the shortage?

Deadweight loss to society?

Determine the full economic price consumers have to bear because of the price ceiling.

Determine the new consumer and producer surplus.

Explain the essential difference between perfect competition and monopolistic competition

Subtracting the sum of 4𝑥 − 𝑥 3 and −𝑥 + 5 from −6 − 4𝑥 3 + 3𝑥

[1] 6𝑥 3 − 11

[2] −3𝑥 3 − 11

[3] −3𝑥 3 + 7𝑥 − 1

[4] 6𝑥 3 + 7𝑥 − 11

The BNU1501 online class had 19 students that have joined online. The 4 students dropped out in the first hour of the class. The 9 students joined the class after 2hrs and 15 students dropped out after 2h30ms and 2 joined before the class ends. How many students were left by the time the class ends?

[1] 15

[2] 2

[3] 9

[4] 11

If 𝑥 is the number of pens you buy and 𝑦 is the price of each pen, write an equation expressing the total cost (𝑍) when buying pens.

[1] 𝑍 = (𝑥 + 𝑦)

[2] 𝑍 = 𝑥𝑦2

[3] 𝑍 = 𝑥𝑦

[4] 𝑍 = 𝑥 ÷ y

Which one of the following phrases represents the expression 5𝑛 − 4

[1] Four minus the product of five and a number. [2] Four less than five times a number. [3] The difference between four and five times a number. [4] The sum of five and a number decreased by four.

Discuss how you can apply the study of weather and climate in agriculture.

The quantity of coal supplied changes from 45 000 tons a month to 50 000 tons a month when the price changes from R1 500 to R1 600. Based on this information, which of the following statements are correct?

a.

The percentage change in the quantity of coal supplied is larger than the percentage change in the price of coal.

b.

The percentage change in the quantity of coal supplied is smaller than the percentage change in the price of coal.

c.

The supply of coal is price elastic.

d.

The supply of coal is not price elastic.

What is the consumer surplus and producer surplus for : Qd= 300-3p and Qs= 50+2p