Answer: Part A: Microeconomics Q2. a) When people start consuming more bread there is an increase in demand for wheat flour as wheat flour is one main ingredient used in preparing bread. Rise in demand causes an outward shift of the demand curve raising price and quantity at the new equilibrium. Figure 1: Impact of an increase in bread consumption b) When a cheaper way of milling flour has been discovered it decreases the cost of...Read More
Answer: Problem 1 The other factors to be held constant are IQ of students, attendance in lectures, previous attainment in studies along with family background. Economic background. age and mental wellbeing (related to stress & consumption to drugs & alcohol) may also impact the score and hence need to be controlled. The information that I would want to collected about students besides the given variables would include their ...Read More
Answer: Introduction Macroeconomics is unit of economics which focuses on behavior and enactment of an economy. It is based on the aggregate fluctuations in the economy such as growth rate, unemployment and inflation. Most governments and organizations use macroeconomic simulations to enable them formulate economic strategies and guidelines. Australia has a very sturdy economy that has experienced many highs and lows in past years. It theref...Read More
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