Answer: Introduction Australia, an economy having a mixed market economic structure is fourteenth largest economy when considered with respect to nominal GDP. The largest dominating sector of Australian economy is service sector with service sector contributing 61.1 percent of GDP. After service sector, two following important sectors are manufacturing and primary sector. China account second largest nominal GDP in world. In the last fe...Read More >>
Answer: Introduction Economics has two different parts which involves micro economics and the macro economics. While the micro economics deals with the micro level economics such as the buyer, seller, market and many more, the macro economics deals with the economics as a whole. This paper answers few of the questions of economics. Although, the short run demand for oil is inelastic, the demand in the long run becomes very elastic. In the shor...Read More >>
Answer: Quantity of soap sold hour Total cost ($) Fixed cost ($) Variable cost ($) Average fixed cost ($) Average variable cost ($) Average total cost ($) Marginal cost ($) 0 2.00 2.00 0.00 1 2.30 2.00 0.30 2.00 0.30 2.30 0.30 2 2.50 2.00 0.50 1.00 ...Read More >>
Answer: Introduction: In order to answer the given questions, two counties that are Australia and United States are taken into consideration. The rate of growth of the gross domestic product, unemployment rate and the inflation rate of Australia and the United States is collected from the Word Bank database and the International Monetary Fund database. The data is collected from the databases from a period of 2000 to 2017. The historical data...Read More >>
Answer: Answer to question 1: External benefits and external costs have an effect on the allocation of resources. As the external cost is a negative externality, thus it is not considered within the account of production factors (Nas, 2016). Thus, it enhance the production with a higher market price of the good or said service leading to over allocation of the available resources. On the other hand, external benefit can be considered as the p...Read More >>
Answer: External benefits or external cost either in consumption or in production process interrupts efficient resource allocation. These are benefits or costs that though present in economic transaction but are not accounted by the direct parties involve in the transaction. Such benefits and costs are thus not reflected in the market price. External cost refers to the additional cost present in the production process affecting the third party...Read More >>
Answer: Introduction The unemployment rate and inflation rate are the two crucial elements of macro-economic analysis of a country. The unemployment rate provides an analysis into the state of employment in a country and inflation rate provides analysis of the price levels of the commodities and services (Cencini, 2005). In order to assess that whether the economy is doing well, it is essential to conduct an analysis of the trend in the rate ...Read More >>
Answer: Undoubtedly,economic conditions vary in each and every country.However,some macroeconomic variablesmay be affected by global,regional or national events.Australia ,Canada and India have recorded different rates in unemployment and inflation over the years for some reason.A comparison of the economic conditions and performance of these three countries is compared and the reason for the disparities pointed out. Economic Outlook of...Read More >>
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