Other Economics Answers

Rounding:

a) 34.18371 to three decimal digits,

b) 3.0062 to two decimal digits,

c) 10.395 to one decimal digit, and

d) 19.489 to the nearest integer

Gives the following

[1] a) 34.184 b) 3.00 c) 10.3 d) 18

[2] a) 34.183 b) 3.01 c) 10.4 d) 19

[3] a) 34.184 b) 3.01 c) 10.4 d) 19

[4] a) 34.183 b) 3.00 c) 10.3 d) 20

A firm in a perfectly competitive market has the following cost function c= 1/3q^2-5q^2+3q+10 if the market clearing price is 6 obtain the profit maximizing level of output.

Critically explain the Harris-Todaro model of economic growth

If the Demand function is P=10-3q than what will be the total revenue at q=3

Given the demand function Q_d = 40-2p and the supply function 2P-Q = 20. Assume the government impose at a tax of t per unit on quantity supplied and the producer adjust the supply function to include the tax.

a.      Find the tax rate which will maximize the tax revenue?

b.     Find the maximum revenue which can be obtained from taxation?

Explain whether each of the following government activities is motivated by a concern about equality or a concern about efficiency. In the case of efficiency, discuss the type of market failure involved.

A) regulating cable TV prices

B) providing some poor people with vouchers that can be used to buy food

C) prohibiting smoking in public places

D) breaking up Standard Oil (which once owned 90 percent of all oil refineries) into several smaller companies

E) imposing higher personal income tax rates on people with higher incomes

F) instituting laws against driving while intoxicated

A car is purchased on installment. The buyer makes a 200,000 down payment and owes a balance of 300,000 to be paid in 4 years. Find the car’s cash value if money is worth 7% compounded semiannually.

_________ have saved foreign exchange by way of import substitution.