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Q1. The demand for basic food stuffs like grains tends to be inelastic with respect to price. Use this factor to explain why highly fertile farmland will fetch a relatively high price at any point in time, but that rising farm productivity over time has negative overall influence in farmland prices.
Q2. What is marshal's law of demand? Explain how does it relate to the equal marginal rule , the law of diminishing marginal utility and consumers surplus?
Q3. What is the difference between a change in the quantity supplied and a shift in the supply curve?
Suppose production price is 20. The firm views that price as beyond its control.
Discuss the policies that Keynes as well as Hayek supported regarding how federal government ought to manage economy. What are differences between each school of thought.
Repeat these calculations for the third, fourth, and fifth years, assuming that the Government taxes at a rate each year and has noninterest expenditures annually.
Starting with the situation in part d, suppose the government starts taxing the population $30 each year without spending anything.
Suppose that the price of IPATH increases by 5%,at the same time the price of laptops falls by 3% and income elasticity increases by 2%.
Total hours worked, and average labor productivity all are procyclical. Which variable, output or total hours worked, increases by a larger percentage in expansions falls by a larger percentage in recessions.
The average consumer income is $20,000, and the price of the related good is $1.10. Compute the predicted quantity demanded of X at these prices and income.
Assume that we care about the average welfare of individuals in Indian villages, i.e., we put equal weight on each individual's utility.
Now? suppose? that? the ?first ?firm? has? a ?capacity ?of ?2 ?and? the? second? firm? has ?a ?capacity ?of ?4.
The firm's average variable costs and average fixed costs per month are R200-00 and R500-00, respectively.
Summarize in words the predictions and limitations of the theoretical framework developed for the first exam: that is the predictions for the effect of capital accumulation.
If at an interest rate of 7 percent, planned investment is $2 trillion, government spending is $3 trillion, net taxes are $2.8 trillion, and household saving is $2.2 trillion, what is the quantity of funds demanded at an interest rate of 7 percent..
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