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gross domestics product equals $1.2 trillion. if consumption equals$690 billion, investment equals $200 billion, and government spending equals$200 billion

Elaborate the term Elasticity of Supply and explain any three factors that determines elasticity of supply

From the given Demand Schedule for air tickets, calculate elasticity of demand. (5 Marks)

Price of Air Ticket

(Per Ticket)

Quantity Demanded (Tickets per month)

1,00,000

5,000

1,20,000

3,500

Elaborate the term Total Revenue and Marginal revenue also calculate TR and MR in the given table (10 Marks)

Price

Output (In Units )

Total Revenue

Marginal

Revenue

20

1

18

2

16

3

14

4

12

5

Assume that a consumer consumes two commodities X and Y and makes five combinations for the two commodities:

TABLE BELOW

Combination

Units of X

Units of Y

A

25

3

B

20

5

C

16

10

D

13

18

E

11

28

Calculate Marginal rate of Substitution and explain the answer. (10 Marks)

What might happen if the government invested heavily in automation?

Price elasticity of demand gives a measure of how sensitive or responsive the _____ of a good or service is to a change in the ___ of a good or service

assume that United states is an importer of televisions

Ball Bearings, Inc., faces costs of production as follows:

Quantity Total Fixed Cost Total Variable Cost

0 $100$0

1 100 50

2 100 70

3 100 90

4 100 140

5 100 200

6 100 360 Calculate the company’s average fixed cost, average

variable cost, average total cost, and marginal

cost at each level of production.

b. The price of a case of ball bearings is $50. Seeing that he can’t make a profit, the chief executive officer (CEO) decides to shut down operations. What is the firm’s profit/loss? Was this a wise decision? Explain. c. Vaguely remembering his introductory economics course, the chief financial officer tells the CEO it is better to produce 1 case of ball bearings, because marginal revenue equals marginal cost at that quantity. What is the firm’s profit/loss at that level of production? Was this the best decision? Explain. 1. A woman managing a duplicating (photocopying) establishment for$25,000 per year decides to open her own duplicating place. Her revenue during the first year of operation is $120,000, and her expenses are as follows: Salaries to hired help$45,000

Supplies                                                15,000

Rent                                                     10,000

Utilities                                                1,000

Interest on bank loan                          10,000

Calculate (a) the explicit costs, (b) the implicit costs, (c) the business profit, (d) the    economic profit, and € the normal return on investment in this business.

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