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an early freeze in California siurs the lemon crop. Explain what happens to consumer surplus in the market for lemons


You are given the production function: Q(K,L) = 4K^0.6L^0.4 a) What is the average product of labour, holding capital fixed at K? Simplify fully [6 marks] b) What is the marginal rate of technical substitution (MRTS)? Simplify fully [13 marks] c) Does the above function exhibit increasing, decreasing or constant returns to scale? Illustrate why and explain what this means [6 marks]


Which goods and services are not adequately provided by the market machenism

Consider the following data:



Year



Nominal GDP



(In Billions)



GDP Deflator



(Base Year



2005)



1999



7662



110



2009



8111



112



a) What was the growth rate of nominal GDP between 1999 and 2009?



b) What was the growth rate of the GDP deflator between 1999 and 2009?



c) What was real GDP in 1999 measured in 2005 prices?



d) What was real GDP in 2009 measured in 2005 prices?



e) What was the growth rate of real GDP between 1999 and 2009?



f) Was the growth rate of nominal GDP higher or lower than the growth rate of real



GDP? Explain

2. Illustrate the effects of the following developments on both the short-run and long-run Phillips curves. Give the economic reasoning underlying

2. Illustrate the effects of the following developments on both the short-run and long-run Phillips curves. Give the economic reasoning underlying your answers. a. a rise in the natural rate of unemployment b. a decline in the price of imported oil

c. a rise in government spending d. a decline in expected inflation


Fatima Zehra is the only person who sells a TV show cards. Below is the chart of her prices

and number of cards sold.

Price (in Pak Rupees) Quantity sold (in numbers)

24 10,000

22 20,000

20 30,000

18 40,000

16 50,000

14 60,000


Fatima Zehra can produce the cards with Rs. 1000 fixed cost and Rs.5/card variable

cost.

a). Find total revenue for each quantity stated in above table?

b). Find marginal revenue for each quantity?

c). What quantity of cards would maximize her profit?

d). What would be the price and profit at the level of profit maximization?

e). If you are hired as Fatima Zehra’s agent, what price would you suggest her to

charge (use logical reasoning for your answer)?


Fatima Zehra is the only person who sells a TV show cards. Below is the chart of her prices





and number of cards sold.





Price (in Pak Rupees) Quantity sold (in numbers)





24 10,000





22 20,000





20 30,000





18 40,000





16 50,000





14 60,000






Fatima Zehra can produce the cards with Rs. 1000 fixed cost and Rs.5/card variable cost?






Explain whether each of the following events shifts the short run aggregate supply



curve, the aggregate demand curve, both or neither. For each event that does shift a



curve, draw a diagram to illustrate the effect on the economy.



a) Households decide to save a larger share of their income.



b) Orange growers of Ooty suffer a prolong period of below freezing temperatures.



c) Increased job opportunities overseas cause many people to leave the country

Explain whether each of the following events shifts the short run aggregate supply

curve, the aggregate demand curve, both or neither. For each event that does shift a

curve, draw a diagram to illustrate the effect on the economy.

a) Households decide to save a larger share of their income.

b) Orange growers of Ooty suffer a prolong period of below freezing temperatures.

c) Increased job opportunities overseas cause many people to leave the country


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