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Given the problem with gasoline prices that we faced not so long back, do you think the government should have intervened and imposed a price ceiling? What would have been the economic effects of this? Discuss the pros and cons.
Explain how do you calculate the free market wage rate given the labor supply and demand functions.
Why is capital relative scarce in low-income developing countries and relatively abundant in high income countries? In brief describe the capital market institutions in a developing country that you are familiar with.
Elucidate how these economic concepts can be used to address the firm's problems and opportunities.
Briefly discuss and illustrate the circumstances under which the minimum wage would (1) not lead to unemployement, amd (2) not cause a reduction in the total earnings of low-wage workers who are still employed.
The CEO of a major automaker overheard one of its division managers make the following statement regarding the firms's production plans:
Discuss briefly what you think the way in which the HDI is constructed. (Briefly means no more than five lines of text. Excesses are severely penalised.)
Illustrate what effects would their combined actions have on GDP. Illustrate what effect would this have on your industry.
Rachel utility function is given by U= I 1/2 , where I represents annual income in thousands of dollars. Assume Rachel is currently earning income of $23,000 (I =23) and can earn that income next year with certainty.
As a manager of chain of movie theatres which are monopolies in their respective markets-Devise a pricing strategy to maximize your firm's profits.
Elucidate who decides whether these particular products should continue to be produced and offered for sale. How do these decisions differ between capitalist and socialist systems.
Suppose that, other things remaining unchanged, the price of X falls to $1. What quantities of X and Y will you now purchase.
Describe which is elastic and inelastic in the attached question and also how to arrive at the answer for this question:
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