You are welcome to ask questions on Economics.
I will post the answer on this blog, for everyone to benefit from.
I shall try to answer the economics question and / or point to other resources but please bear in mind.
- The replies will be guidance and not for duplication. Your essays should always be your own work.
- My speciality is economics for British A Level standard. My university economics is rusty in parts, because generally I don’t use it in teaching A level economics.
- I can’t guarantee to always give answers it also depends on my time schedule.
- The aim is not to do people’s homework for them, but, help in the understanding of economic concepts.
- The answers will not necessarily be complete. I know several of my essays on this site could be improved.
- Please Write the Questions clearly and with proper spelling. Some questions I have not answered because they were not clear what was meant.
- I will answer as a new post. Check home page of blog for new post. With question and answers
I studied PPE at Lady Margaret Hall college, Oxford University, and currently work as an Economics A Level teacher. I have also examined several different economic units for Edexcel AS and A2.
If you find the information useful, you are welcome to buy me a coffee 🙂
Using an appropriate diagram, explain the predicted macroeconomic effects of an insufficient level of investment and discuss the factors that may cause and increase in business investment in the Australian economy.
This is a take-home essay due on Tuesday 3rd March. Please help me!
Why are there more pounds stirling in the UK than 30 years ago? Did the Bank of England simply print more money over the years?
is apple a oligopoly or monopolistic competition?
How do you calculate the annualized % change of the implicit price deflator on a quarterly basis? Using the data from economy.com 08Q4 =.51, How did they get that number?
how to illustrate the world financial crisis by using the graphs of aggregate demand and aggregate supply?
Can you help me if you plz before Thursday 17/3/2009?
how and why would a sudden decrease in gross investment influence aggregate demand in the USA?
discuss the worldwide movement towards the market economy and away from the planned economy
How can a government increase the rate of economic growth in an economy?
define syhological pricing and exsplain what it means
identify 5 main characteristic of common stock
Evaluate the effectiveness of monopolistic competition & oligopoly competition in meeting the needs of consumers & producers(20 marks)
What do economists mean when they say that monetary policy can exhibit cyclical asymmetry? Why is the possibility significant to policymakers?
im having trouble with these questions
(a) Suppose that a consumer’s demand curve for good X is given by the equation: PX = 120 – √QX, where PX is the unit price and QX is the quantity purchased. Calculate the point price elasticity of demand for this good when PX = $50.
(b) A consumer spends all their income on three goods. They buy 150 units of good X when PX = $10, 350 units of good Y when PY = $25 and 220 units of good Z when PZ = $45. Suppose the price of X increases by 10% and there is no change in the price of the other goods. In the new situation the consumer is observed to buy 377 units of Y and 205 units of Z. Calculate this consumer’s price elasticity of demand for X.
(c) A village, which has a river running through it and in which 2,000 people live, has a produce market each week. In that market 2,400 dozen eggs are currently sold per week at a price of $1.25 per dozen. 1,200 people live on the West side of the river and at $1.25 they buy 1,600 dozen eggs. There elasticity of demand is – 1.5 at the current price. The remaining 400 people who live on the East side of the river buy 800 dozen eggs and have a demand elasticity at the current price of – 3. Calculate the elasticity of demand for the market demand curve for this town at the price of $1.25 per dozen.
question 2
Suppose that a firm produces good X using just one variable factor of production L (labour). Suppose the short-run production function for this firm is given by:
QX = – 0.1L3 + 6L2 + 12L
(QX are the tonnes of X produced per week and L in the number of people employed).
(a) How many people are employed at the point where the average physical product of labour is maximized? How many people are employed at the point where the marginal physical product of labour is maximized?
(b) Calculate the quantity of X being produced when average variable cost in being minimized. If the weekly wage is $360 and the price of X is $30 per tonne, how much X should the firm produce in order to maximize profit?
(c) (If the weekly wage is $510 at what price of X will the firm be indifferent between producing and closing down? If the price of X is $10 per tonne and fixed costs are $15,000 how much will the weekly profit be if the firm finds it worthwhile to employ 36 workers?
And also these… please help if u can 🙂 thanks so much
Suppose that a firm produces good X using just one variable factor of production L
(labour). Suppose the short-run production function for this firm is given by:
QX = – 0.1L3 + 6L2 + 12L
(QX are the tonnes of X produced per week and L in the number of people employed).
(a) (10 marks) How many people are employed at the point where the average physical
product of labour is maximized? How many people are employed at the point where the
marginal physical product of labour is maximized?
(b) (10 marks) Calculate the quantity of X being produced when average variable cost in
being minimized. If the weekly wage is $360 and the price of X is $30 per tonne, how
much X should the firm produce in order to maximize profit?
(c) (10 marks) If the weekly wage is $510 at what price of X will the firm be indifferent
between producing and closing down? If the price of X is $10 per tonne and fixed costs
are $15,000 how much will the weekly profit be if the firm finds it worthwhile to employ
36 workers?
Thanks 🙂