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Consider the 3 following situations (g is a pure public good):
Situation A: Population size: 𝑛 = 4 Production : 𝑓(4) = 16 Private consumption: 𝑛 ∗ 𝑥 = 12
Situation B: Population size: 𝑛 = 5 Production : 𝑓(5) = 20
Situation C: Population size: 𝑛 = 5 Production : 𝑓(5) = 17.5
1. By considering situation A and B, what can be said about the returns to scales?
2. Does the utility level increase when going from situation A to situation B? Give an example.
3. Same questions when going from situation A to situation C. Draw a graph to illustrate your answer.
The demand function equation faced by PTCL for its computers is given by: P = 50,000 – 4Q i. Write the marginal revenue equation ii. At what price and quantity marginal revenue will be zero? iii. At what price and quantity will total revenue be maximized?
Following are the transactions in Paris city last year:
Government Expenditure 150,000
1. Calculate government balance and explain the result. (2 marks)
Calculate net exports and explain the result.
An exclusive pen manufacturer sells 4,000 pens per month at a price of £40 each. When the price is reduced to £30 sales increase to 6,000 pens per month. (a) Calculate the price elasticity of demand for the pens over this price range. (b) Is demand elastic, unit elastic or inelastic? (c) Calculate the change in revenue due to the change in price
How to record accrued expense?
Does high level of income mean a higher standard of living ? Why or why not ?
The company X sells $20,000 worth of cotton to company Y, which uses the cotton to make shirts that sell for $30,000. What is the total contribution to GDP from these transactions?
What type of market structure are these two economists describing? Write a clear sentence that explains how you determined your answer.
Using the concept of price elasticity of demand if Arnold Clark were to lower the price of their motor vehicles what relevance would this have on the business.
Explain the concept of income elasticity of demand in relation to the following.
Tesco Value products are positioned as low-end products, in terms of their pricing and quality. The product line is marketed as a cheaper alternative to its competitors, such as Tesco Finest and Brand Named products. This results in a larger market share during times of economic recession, and where a higher incidence of unemployment is seen