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if the cross elasticity of demand between bread rolls and cheese is -3,o,this implies that these goods are
how does private sector borrowing lead to the crowding out effect.
What is price elasticity of demand?
Using appropriate diagrams distinguish between the effect of a expansionary monetary policy in the short and long run
(5 marks)
Q2. The failure rates of 1000 street bulbs in a town are summarized in the table below:
End of Month 1 2 3 4 5 6
Probability of failure to date 0.05 0.20 0.40 0.65 0.85 1.0
The cost of replacing an individual bulb is Sh. 60. If all the bulbs are replaced simultaneously it would cost Sh. 25 per bulb. Any one of the following two options can be followed to replace the bulbs:-
i. Replace the bulbs individually when they fail (individual replacement policy)
ii. Replace all the bulbs simultaneously at fixed intervals (Group replacement policy)
Find out the optimal replacement policy? If group policy is optimal, find at what equal intervals should all the bulbs be replaced? (8 marks)
A manufacturing company needs 2500 units of a particular component every year. The company buys it at the rate of Sh. 30 per unit. The order processing cost for this part is estimated at Sh. 15 and the cost of carrying a part in stock comes to about Sh.4 per year. The company can manufacture this part internally. In that case, it saves 20% of the price of the product. However, it estimates a set-up cost of Sh. 250 per production run. The annual production rate would be 4800 units. However, the inventory holding costs remain unchanged.
i. Determine the EOQ and the optimal number of orders placed in a year. (3 marks)
ii. Determine the optimum production lot size and the average duration of the production run. (4 marks)
iii. Should the company manufacture the component internally or continue to purchase it from the supplier?
Which of the following will NOT cause a change in the demand for coffee (illustrated by a shift in the demand curve)
1. An increase in the price of coffee
2. A decrease in the price of milk, a complement
3. An increase in the number of people drinking coffee
4. An increase in the income of households
Find the intervals in R over which integration of (t+1)^3 e^t dt within limit -1 to x is decreasing
Evaluate integration of x√(a^2-x^2)/(√a^2+x^2)dx
For clarity assume that the MPL=60-2L and
MPK =200-5K
The budget still remains at sh. 390, with the factor prices as sh.4 and sh. 20 for labour and capital respectively
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