Answer: Point E* represents the equilibrium point. At any other price that is higher or lower than the equilibrium price, the supply and demand forces will come into play and bring the price back to the equilibrium market price, P*. At any price that is higher than the equilibrium price, producers would increase the quantity supplied, and the consumers would decrease the quantity demanded. It would resu...Read More
Answer: Given the information in table 1, it is observed that US can produce 5 bottles of per unit of labor hour while UK using the same labor hour can produce 15 bottles of wine. As UK can produce more bottles of wine using the same labor hour, UK has an absolute advantage in wine production. Using 1hour of labor US is able to produce 20 yards of cloth. US produces 10 yards of cloth using the same labor. US thus possesses an absolute advantag...Read More
Answer: Problem 1 After analyzing article ‘Improved Living Standards’ scenario, life expectancy and death rate has been Identified as two items on the list, which contributes to the GDP rate. It has been observed that life expectancy has been increased in the U.S, whereas the death rate has been reduced. In this context, more birth rate can increase the population of a country. Hence, more population indic...Read More
Answer: Introduction As is shown by the graphs above, both forms of externalities give rise to allocative inefficiency. In both diagrams, the market will produce at the point where Qd=Qs, which happens in both diagrams at the point P1, Q1. Nevertheless, allocative efficiency happens where MSB = MSC and not at the point where Qd = Qs (Pérez Herrero, Brunel, & Marlot, 2016). Therefore, the allocative efficient production level take p...Read More
Answer: In business, disruptive technology infers an innovation that establishes a new market creating a network value (Christensen, Raynor and McDonald 2015).Disruptive technology displaces an established technology and shakes up the industry. It could be defined as ground-breaking product that creates a completely new industry. New technology can be of two types: Sustaining and disruptive. Sustaining technology relies...Read More
Answer: Development tools It has been analyzed that it is important to consider effective tools so that it can be simple for the companies to achieve growth in competitive market. The tools help the company to show proper direction to the employees. This paper will focus on the tools that will help to accomplish goals and objectives. Five force analysis This tool focuses on the overall industry attractiveness that should be considered...Read More
Answer: Holiday to Europe accounts for a higher elasticity as compared to a bag of rice. If the trip to Europe becomes too costly then people might postpone the trip or plan their holidays to some other destination. For rice however people can neither postpone nor substitute their demand and therefore have a lower elasticity (Cowen & Tabarrok, 2015). Electricity used has a comparatively higher elasticity as it has different alterna...Read More
Answer: Problem 1 The money that is used in the form of notes and coins does not have any intrinsic value. However, despite this money is accepted by people with regards to goods and services exchange because it is quite easy to convert money into various products and services. Since, the various goods and services tend to have a monetary value attached, hence instead of bartering these items and services, it is more convenient to use m...Read More
Answer: Question 2 a) Equilibrium is attained when the demand and supply become equal. From the given demand and supply schedule, it is apparent that at price of RM 9, the quantity demanded and quantity supplied are the same which highlights existence of equilibrium. Hence, equilibrium price = RM 9 Quantity received at equilibrium = 20 tonnes Revenue at equilibrium = 20*9 = RM 180 b) Now there would be a change in demand and suppl...Read More
Answer: Introduction The law of demand states that when the prices of different goods and services rises, their demand falls. This means that in increase in the prices will lead to a reduction in the consumption of those goods and services. The law of demand is applicable to food just like other goods and services because the demand for food faces both substitution effect and income effect (Varian 2014). A rise in the price of food leads people...Read More
Answer: Question: 1. Using the above figures and Microsoft Excel, map out the Production Possibilities Frontier (PPF) for the production of the Schmeckt Gut Energy Bar and Schmeckt Gut 2.0. 1) The relevant PPF as drawn using Excel is shown as follows. Question2: In your own words, while making use of the graph that you have created in part 1, explain what the PPF is. 2) It is representative of the possible output combinations...Read More
Answer: Introduction Market, in an economy, refers to the place where the buyers and sellers interact with one another, thereby reaching to decisions regarding the quantity and price of different goods and services. However, the demand-supply dynamics in a market of a country, are often influenced by the policies and regulations imposed by the government of the concerned country, one of the significant ones of which is the imposition of vario...Read More
Answer In this paper, focus shall be put on the examination of question two of the assignment together with its subsections Question Equilibrium mark price occurs where Market demand equals to market supply (Gallice, 2018). N=10 (0.5p-20)10=200-3p 0.5p+3p=20+200 3.5p=220 P=$50 Therefore, the equilibrium market price is 50. Hence the equilibrium quantity will be; From; Q=200-3p ...Read More
Answer: 1.In Australia, banking sector has changed its funding composition over the years through altering funding costs and rates of lending. This situation can be analysed precisely in the context of global financial crisis, as this has adversely affected funding composition and costs of banks in Australia. The flow-on effects have affected lending rates as well as net interest margins of these banks. The overall costs of funding of Australi...Read More
Answer: In a perfectly competitive market setting, a firm is a price taker as it cannot have any say in setting the prices of its goods and has merely to accept the market price. According to Agarwal (2017), there are two key reasons why a firm cannot get away with fixing its price above the market price. First, there is no variance between its merchandise and that of each other firm in the market. As a result, no single customer would be will...Read More
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