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Economics Essay

1901 words - 8 pages

Assignment 1
Question 1
1.a) As the table shows, there are only 250 workers in Choiceland company and to construct production possibility boundary in each sector we must combine the workers in all sectors.
1.b) Opportunity cost for producing another 15 units of X is that we need to decrease the production of Y unit by 300 units. So the opportunity cost of 15 units is therefore 300 units of Y (or 20 units of Y per X unit). If the economy is already producing 60 units of X and 600 units of Y then production of another 10 units of X is achieved by decreasing the production of Y units by 250 units (25 units of Y for per unit of X). Thus we can say that opportunity cost of X will increase ...view middle of the document...

It has helped people in getting better treatment at lower prices as the more specialized doctors we have same field the more cheaper we can have our treatment as all doctors have certain level of competition too and they can lose their clients so they try to provide services cheaper than other and better too. More specialized services have helped people in faster recovery from their diseases like they prescribe the best medicine for that disease which can provide faster cure. It will also lead to the use of the latest technology in this field as new doctors who are graduating now they just buy latest technology equipment which can be very useful too. Like a decade ago it was impossible to save a patient suffering from cancer or any dangerous disease but now we have specialize doctors in this field which through their specialization have found solution for this and have cured many people from cancer like Lance Armstrong who survived the cancer. By focusing on one type of activity everyday it leads to the improvement in their way and treatment s which ultimately benefits the market. So the market has many advantages of this type of specialized labour.
Question 3
3.a) Physics Textbook Price Index:
Year | Price ($) Procedure | Index |
2000 | (85/85) * 100 | 100 |
2001 | (87/85) * 100 | 102.35 |
2002 | (94/85) * 100 | 110.59 |
2003 | (104/85) * 100 | 122.35 |
2004 | (110/85) * 100 | 129.41 |
2005 | (112/85) * 100 | 131.77 |
2006 | (120/85) * 100 | 141.18 |
2007 | (125/85) * 100 | 147.06 |
2008 | (127/85) * 100 | 149.41 |
2009 | (127/85) * 100 | 149.41 |
2010 | (130/85) * 100 | 152.94 |
The 2010 index numbers for books tells us that price of textbook in 2010 is 52.94% greater than in the base year, 2000.
3.b) Percentage increase in the price of the book= absolute value in given period/absolute value in base period* 100
2005 index price- base year index price/base year price index * 100
= (131.77-100)/100 * 100
= 31.77/100*100
=31.77% is the increase in the price of the book between base year and 2005.
3.c) Percentage increase in the price of the book= absolute value in given period/absolute value in base period* 100
2010 index price- 2007 index price/2007 price index * 100
= (152.94-147.06)/147.06 * 100
= 5.88/147.06*100
=4.00% is the increase in the price of the book between 2007 and 2010.
3.d) The data listed above is time series because it refers to observations of one variable at successive points in time. It is very useful as we came to know how economic numbers changed over time. It is time series because it is a presentation of one book price in different years and measures the change of the price of that book over a period of time. Time series data tell us that price of the book has increased by almost 52.94% from its base year which is very helpful.
Question 4
4.a) Simple Average= West Unemployment rate + Centre Unemployment rate + East Unemployment rate /3
=5.5%+ 7.2% + 12.5%/3
= 8.4% is...

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