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Economics Question

Describe how goals, constraints, incentives, and market rivalry affect economic decisions.Analyze demand, supply, equilibrium prices, and price elasticities as a quantitative tool to forecast changes in revenues.
Using the graph below, develop a 3- to 5-page response in APA format using the following four-question prompt:
Question 1
What is the maximum amount you would pay for an asset that generates an income of $250,000 at the end of each of five years if the opportunity cost of using funds is 8 percent?
Question 2
Suppose the supply function for product X is given by Qxs = −30 2Px − 4Pz. (LO1)
How much of product X is produced when Px = $600 and Pz = $60?
How much of product X is produced when Px = $80 and Pz = $60?
Suppose Pz = $60. Determine the supply function and inverse supply function for good X. Graph the inverse supply function.
Question 3
Suppose the own price elasticity of demand for good X is −5, its income elasticity is −1, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is 3.
Determine how much the consumption of this good will change if:
The price of good X decreases by 6 percent.
The price of good Y increases by 7 percent.
Advertising decreases by 2 percent.
Income increases by 3 percent.

Question 4
A consumer is in equilibrium at point A in the accompanying figure. The price of good X is $5.
What is the price of good Y?
What is the consumer’s income?
At point A, how many units of good X does the consumer purchase?
Suppose the budget line changes so that the consumer achieves a new equilibrium at point B. What change in the economic environment led to this new equilibrium? Is the consumer better off or worse off as a result of the price change?

eco/372t discussion reply 1

So, what is the difference between nominal and real GDP, and how would you convert nominal GDP into real GDP? Does GDP accurately reflect our nation’s productivity? Why or why not? What benefit would you get from this conversion? Also, for the list of things that may not be included in or accurately measured by nominal GDP, can anyone provide any solution for a better accounting of GDP?

eco/372t discussion reply 2

Economics Assignment Help That’s right, real GDP uses precious year prices while nominal GDP uses current year prices. The number for the nominal GDP can change due to two factors: one is the actual output changes from year to year, the other factor is the price for that year used to value the production changes from year to year. We need the price because we cannot aggregate one table with one computer, we can only add the value of one table with the value of one computer. This is the basic reason for the difference between the real and the nominal. Would anyone like to provide one real world example on this?

eco372t wk 2 discussion

The business cycle represents the short-term changes experienced in the economy due to changes in levels of economic activity.
Summarize the 4 different phases of the business cycle.
Offer real-life events that you’ve experienced or researched,?as examples for 1 to 2 phases of your choice.
Share the impact that you, your company, or others around you experienced.
Based on that impact, what corrective action(s) should be taken?

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