Economics

Solution Library

Calculating Saving Rate of a Country using Harrod Domar Equation Macroeconomics Microeconomics

Laffer Curve : Tax Rate and Tax Revenue

Question: Do raising tax rates necessarily raise tax revenue? What factors affect how tax revenue changes when tax rates change? Using the ‘human capital’ investment model, analyse the ways in which increases in university fees will affect participation in higher education for studen ... Read More

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Fixed Cost and Vairiable Cost

Questions: Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice. (a)        The cost of cocoa        (b)   &nb ... Read More

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Problem - Total Cost, Average Cost, Marginal Cost

  Question: (a)  Complete the following table of costs for a firm.  (Note: enter the figures in the MC  column between outputs of  0 and 1, 1 and 2, 2 and 3, etc.)    Output (Units) TC  ($) AC  ($) MC  ($) 0 5 ... Read More

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Oligopoly and demand curve

  Question: Suppose the jeans industry is an oligopoly in which each firm sells its own distinctive brand of jeans, and each firm believes its rivals will not follow its price increases but will follow its price cuts.  Draw and explain the demand curve facing each firm, and given this d ... Read More

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Impact of external costs and external benefits on resource allocation

  Question: (a)        Explain the impact of external costs and external benefits on resource allocation; (b)       Why are public goods not produced in sufficient quantities by private markets? (c)    &nbs ... Read More

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Problem - Income Elasticity of Demand

  (a)    Suppose the income elasticity of demand for pre-recorded music compact disks is +4 and the income elasticity of demand for a cabinet maker’s work is +0.4.  Compare the impact on pre-recorded music compact disks and the cabinet maker’s work of a recessio ... Read More

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Problem - Total Revenue, Average Revenue, Marginal Revenue

Question You are given the following data about two firms: FIRM A Quantity 0   1   2   3   4   5   6 Total revenue ($) 0   10   20   30   ... Read More

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Describe the differences between shifts in demand and movements along the demand curve?

Question: Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discussion.   Answer Summary: The assi ... Read More

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Article Review - Supply and demand interactions for perishables like vegetables and fruits in Australia

    Question: Read the following excerpts from the article “Fruit, veg costs surge’ by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below: Assume that the Australian government wishes to keep fruit and vegetable prices from rising to ... Read More

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FX Rates & the Balance of Payments

  The Current Account captures international fund flows due to net income on (past) investments, net transfers, and i._______________________________, generally the largest component. ii. Briefly Explain? Summary This question is about foreign exchange rates and balance of payments.&nbs ... Read More

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Long-term Growth, International Trade & Globalization

Question: 1. Long-term Growth, International Trade & Globalization a. In terms of understanding the importance of trade to an economy, the most important consideration is the trade balance – deficit or surplus.i. True or False? ii. Why? b. The US is the largest exporter in the world. Th ... Read More

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Financial Account - Balance of Payments

  The Financial Account captures international fund flows due to i._____. ii. Briefly Explain? ... Read More

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