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Introduction to resource economics questions.

Introduction to resource economics questions.

Find Introduction to resource economics university examination questions in acaproso.com

# Question
1

With appropriate examples, briefly describe key types of unemployment based on their causes.


Short answers
2
  1. A single deinition of “economics” is unlikely to cover all its aspects. Briefly explain
  2. Suppose that an increase in the price of milk from $ 2.85 tp $3.15 a gallon raises that amount that dairy farmers produce from 9,000 to 11,000 gallons per month. COmpute the price elasticity of supply.

Mathematical Calculation
3
  1. Inflation occurs when the govenment prints too much money. Concisely explain with the aid of a demand curve
  2. Briefly describe any five (5) desirable characteristics of money.

Short answers
4

Given the equation as follows Q=100-20P+P2 where Q is the quantity demanded and P is the Price.

  1. Compute the point price elasticity of demand at Q=9 and P=7
  2. What could be the effect of reducing price of this product on total revenue? Why?

Mathematical Calculation
5

Write short notes on the following concepts

  1. Sunk cost
  2. Marginal cost
  3. Competitive market
  4. GDP deflator
  5. NNP(Net National Product)

Short answers
6
  1. The president Hoover`s 1931 salary was $75,000. The president Clinton`s 1999 salary was $400,000. The government  statistics show that the consumer price indices in 1931 and 1999 were 15.2 and 166 respectively. Who between these two presidents had better salary than the other?
  2. Briefly describe the term “cross-price elasticity of demand”.

Mathematical Calculation