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 :)
About The Author
efficient allocation of resources is achieved to greatest extent under-:
A) Monopoly
B) Perfect competition
C) Monopolistic copetition
D) Oligopoly
1-Why may countries with significant immigrant populations have more entrepreneurial spirit. [4 marks] 2-discuss the risks and rewards of running a business.[7 marks]
1-Explain the meaning of [a]Entrepreneurial spirit [3 mark] [b]Gazelle companies [2 mark]
what is celling price and floor price
Suppose Bob and Tom consume books and money left over (i.e. purchasing power on
other goods). Bob’s utility function is Ubob = √xbooks + xm while Tom’s utility function is Utom =
5√xbooks + xm. Bob is wealthy with an income of $50 while Tom is less wealthy with an income of $25.
(a) Derive a demand function for books for both Bob and Tom.
(b) Suppose Bob and Tom can either own zero books or one book. Derive the willingness to pay for
a book for both Bob and Tom. Construct the “industry” demand curve for books.
(c) If only one unit was for sale, which would get the unit and what can we say about prices and
consumer surplus?
(d) Who prefers books more strongly Bob or Tom? Who has higher consumer surplus? Does higher
willingness to pay imply stronger preferences in this example?
A firm has total cost TC =25+Q2.
a). Calculate output and economic profit if price is $15, 10.
b). This industry presently has 10 identical firms. Approximate the industry’s short run supply curve with a linear equation (P = mQ+b, find m and b).
c). If total demand is given by 2P= 100-Q, after entry and exit, how many firms will be left, what is the output of each firm remaining in the industry? What is the price?