Economics of tourism questions.
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| # | Question |
|---|---|
| 1 | Briefly explain the following terms as applied in demand theory
Short answers |
| 2 | If the demand and supply curve for handcrafts at Lake Manyara NP are D=100-6P, S=28+3P, where P is the price of handcrafts, S is quantity supplied, D is quantity demanded. What is the quantity of handcrafts bought and sold at equilibrium? Mathematical Calculation |
| 3 | Explain what does a `long run period ` in production of goods imply. Short answers |
| 4 | In economic terms, describe the `consumers surplus` concept. Short answers |
| 5 | Explain the role of fiscal policy in overcoming recession and in achieving economic stability at full-employment level. Short answers |
| 6 | Describe the following terms
Short answers |
| 7 | Suppose Mr. Aloyce is a hotel operator who recently raised the market price of his hotel rooms from $15,000 to $20,000 per room. Correspondently, his sales dropped from 20 rooms to 10 rooms a day. Use calculations to determine elasticity and tell whether the demand for rooms at Mr. Aloyce`s market is elastic or inelastic Mathematical Calculation |
| 8 | List five categories of economic resources and briefly explain how each of them is applicable to tourism business. Short answers |
| 9 | Deine the term “scarcity” as used in tourism economics. Short answers |
| 10 | Briefly explain the factors from which economic scarcity originate. Short answers |
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