Already have an account? Get multiple benefits of using own account!
Login in your account..!
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question 1: The price of the good X rises from $1.30 to $1.40. Calculate the price elasticity of demand by using the mid-point method.
Question 2: How do you explain the answer in question 1 in plain English to someone who is not an economics student?
Question 3: What are the factors that can make this demand less elastic?
Question 4: Calculate the price and quantity effects of this increase in price of X.
Question 5: Is it possible to raise more revenue by increasing the price of good X from $1.3/unit to $1.4/unit? Explain your answer by using the price and quantity effects.
Question 6: Assume that the price of good X is $1.3/unit. An increase in the price of good Y from $3 to $5 shifts the demand curve for the good X rightwards. With the price of good X constant at $1.3/unit, the quantity demanded for X increases from 7000units to 8000units. Calculate the cross price elasticity of demand between X and Y. What type of relationship do you find between goods X and Y?
Question 7: Assume that the price of good X is $1.3/unit. An increase in the price of good Z from $3 to $5 shifts the demand curve for good X leftwards. With the price of good X constant at $1.3/unit, the quantity demanded for good X declines from 7000units to 5000units. Calculate the cross price elasticity of demand between X and Z. What type of relationship do you find between goods X and Z?
Question 8: Assume that the price of good X is $1.3/unit. An increase in the income of the consumer from $2000 to $2500 shifts the demand curve for good X shifts rightwards. With the price of good X constant at $1.3/unit, the quantity demanded for good.
Distinguish demand pull, cost push and imported inflation using graphs where appropriate. What are the likely causes of current inflation in Australia? Answer Co
illustrate and explain the changing demand for big mac using the indifference curve and budget line
A consumer purchases food (X) and clothing (Y). Her utility function is given by: , income is $100 and the price of food is $1 and the price of clothing is Py. a. Derive the equ
What actions could a government take in order to keep the price above market equilibrium? There are four basic possibilities here; 1) Minimum price; 2) A tax on the good
Themes of Microeconomics ?? As per Mick Jagger & the Rolling Stones, “You can’t always get what you want”. Why Not? ?? Restricted Resources ?? Infini
Working of IFC: The IBRD loans are available only to member-country governments or with the guarantee of member-country governments. Further, IBRD can only make a loan but it
Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4
Uses of national income statistics: - It helps to organize economic data and activities. - It helps to classify economic activities into various segments or sectors. - It he
Determinants of Social Demand - Economies of Scale The universe of knowledge is highly diverse. There are certain branches of knowledge whose value to human culture and civil
Consider a two-period economy with a single commodity (say leisure): x1 is the con- sumption of leisure in period 1, and x2 is the consumption of leisure in period 2. When Peter ev
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd