You are welcome to ask questions on Economics.
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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.
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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.
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Explain why a typical private provision of public goods fails and how we can overcome these problems. Explain the general problem with a common resource and how we can overcome this problem.
2. (3) Illustrate a monopolistically competitive firm in a short run equilibrium where profits are greater than zero. Explain the transition to a long run equilibrium.
3. (3) Explain whether the government should create an outcome in the monopolistically competitive market where average total cost in minimized (we discussed this as whether the government should “regulate” monopolistically competitive firms).
4. (4) Explain why the competitive market fails to maximize net benefit for society when there is pollution in a production process. Provide a description of two methods the government could use to achieve a better result for society.
5. (4) Explain why a typical private provision of public goods fails and how we can overcome these problems. Explain the general problem with a common resource and how we can overcome this problem.
Hi!
1.What are the factor that causes petrol ( paraffin, gas, oil and etc.) prices to rise, all of the sudden goes down?
2.Can we say a rise in petrol price causes inflation?
Thanks :)
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?
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?