# Economics

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Solution Library **

#### Calculate Equilibrium Quantity and Price of a Product

Question The demand for wine is given by the equation QD = 500 – 20P, where P is the price of wine per liter and QD is the quantity of wine demanded in liters. The supply of wine is given by the equation QS = 30P. (a) Solve for the equilibrium quantity and price of wine. Use a wine market di ... Read More

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#### Economics Performance of Japan from 2004 to 2013

Question Conduct research on the economic performance of ONE (1) country over the last ten years, from 2004 to 2013, applying the macroeconomic indicators of real GDP, real GDP growth rate, real GDP per capita, unemployment rate and inflation rate to argue whether you think the performance to be st ... Read More

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#### Economic Performance of Australia from 2004 to 2013

Question Conduct research on the economic performance of ONE(1) country over the last ten years, from 2004 to 2013, applying the macroeconomic indicators of real GDP, real GDP growth rate, real GDP per capita, unemployment rate and inflation rate to argue whether you think the performance to be str ... Read More

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#### Economic Performance of Malaysia from 2004 to 2013

Question Conduct research on the economic performance of ONE (1) country over the last ten years, from 2004 to 2013, applying the macroeconomic indicators of real GDP, real GDP growth rate, real GDP per capita , unemployment rate and inflation rate to argue whether you think the performance to be s ... Read More

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#### Calculation Quantity Demanded At Original Prices

Question Assume the demand for product A can be expressed as Qa = 200 – 5Pa + 3Pb and the demand for Product B can be expressed as Qb = 300-2Pb +Pa. Currently, market prices and quantities for these goods are Pa = 5 and Pb = 2. What is the Quantity Demand for A and B at the original prices? ... Read More

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#### Calculation Quantity Demanded At Original Prices

Question Assume the demand for product A can be expressed as Qa = 200 – 5Pa + 3Pb and the demand for Product B can be expressed as Qb = 300-2Pb +Pa. Currently, market prices and quantities for these goods are Pa = 5 and Pb = 2. Suppose the price of product B increases to 3, what happens to t ... Read More

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#### Calculation Arc Cross Price Elasticity Between Products

Question Assume the demand for product A can be expressed as Qa = 200 – 5Pa + 3Pb and the demand for Product B can be expressed as Qb = 300-2Pb +Pa. Currently, market prices and quantities for these goods are Pa = 5 and Pb = 2. Calculate the arc cross price elasticity between product A and p ... Read More

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#### Complements or Substitutes Products

Question Assume the demand for product A can be expressed as Qa = 200 – 5Pa + 3Pb and the demand for Product B can be expressed as Qb = 300-2Pb +Pa. Currently, market prices and quantities for these goods are Pa = 5 and Pb = 2. Are these goods complements or substitutes? Summary Th ... Read More

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#### Cobb- Douglas Production Function and Marginal Product of labour

Question Assume the Production Function for Whitewater Hamburgers is Q = 4L.50K.33. where Q is the quantity of hamburgers, L is the number of workers employed and K is number of grills. Fractional output is acceptable. a) What is the quantity of hamburgers produced when the company employs 64 work ... Read More

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#### Cobb- Douglas Production Function Interpretation

Question Assume the Production Function for Whitewater Hamburgers is Q = 4L.50K.33. where Q is the quantity of hamburgers, L is the number of workers employed and K is number of grills. Fractional output is acceptable. In one paragraph, interpret these numbers. Summary This question belo ... Read More

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#### Cobb- Douglas Production Function display Increasing, Decreasing, or Constant Returns to Scale

Question Assume the Production Function for Whitewater Hamburgers is Q = 4L.50K.33. where Q is the quantity of hamburgers, L is the number of workers employed and K is number of grills. Fractional output is acceptable. Does Whitewater Hamburgers production function display increasing, decreasing, ... Read More

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#### Calculate Impact On Income Using Demand Function

Question As the manager of a local hotel chain, you have hired an econometrician to estimate the demand for one of your hotels (H). The estimation has resulted in the following demand function: Qh = 2,000 – Ph – 1.5Pc -2.25Pse + 0.6Poh + .02M Where Ph is the price of room at your hote ... Read More

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