This website uses cookies to ensure you have the best experience. Learn more

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.
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...

Other Papers Like Economics

Economics Essay

1143 words - 5 pages According to the book of "Economics in One Lesson" by Henry Hazlitt, this book is an analysis of economic fallacies which are quite prevalent. The first part of this book argues that the art of economics consists in looking the short and long term effects of any policy for the whole groups (Hazlitt, 2008). Some public policies published by government address the problem and benefit the community in the long run, while other policies only benefit

Economics Essay

1946 words - 8 pages Milestone 1: Business Recommendations Based on Economic Projections Business Recommendations Based on Economic Projections Economics Business Recommendations Based on Economic Projections Market Structure Business recommendations for Big Drive Auto will focus on pricing strategies, possible economic change over the next five years, business decisions related to trade and specialization and how they will affect future

Economics

1014 words - 5 pages Definitions of Economics - Economics is the study of how people, firms and societies choose to allocate their scare resources to satisfy some of their unlimited wants. Definitions of Unemployment - Unemployment in a country is measured by the unemployment rate. It rises during a period of recession and falls during a period of expansion. Definition of inflation - Inflation is defined as the persistent and sustained

Economics - 823 words

823 words - 4 pages ECONOMICS Kofi A. Annan of Ghana, the seventh Secretary-General of the United Nations, is the first to be elected from the ranks of UN staff. His first five-year term began on 1 January 1997 and, following his subsequent re-appointment by the UN Member States, he will begin a second five-year term on 1 January 2002. As Secretary-General, Mr. Annan has given priority to revitalizing the UN through a comprehensive programme of reform

Economics - 2799 words

2799 words - 12 pages ECONOMICS FOR DEMOCRATIC AND OPEN SOCIETIES PROJECT POLICY PAPER #2 The Economics of Outsourcing: How Should Policy Respond? Abstract Outsourcing is a central element of economic globalization, representing a new form of competition. Responding to outsourcing calls for policies that enhance national competitiveness and establish rules ensuring acceptable forms of competition. Viewing outsourcing through the lens of competition connects with

Economics - 1383 words

1383 words - 6 pages Ownership in Transition Economies. Journal of Economic Literature, 47(3) 699-728. Use the UCL Economic Journals page and choose the Atypon link. Bhaumik, S and Estrin, S. (2007). ‘How transition paths differ: enterprise performance in Russia and China’ Journal of Development Economics 82 (2007) 374–392 Link Carlin, W., Schaffer, M. and Seabright, P. (2012) “Soviet power plus electrification: what is the long-run legacy of communism?”, Explorations in

Economics - 1108 words

1108 words - 5 pages Running Header: Consumption Patterns and Definitions Economics Economics is the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of the society. In reference to economics coordination refers to how three central problems facing any economy are solved. They are: 1. What, and how much, to produce. 2. How to produce it

Economics - 2882 words

2882 words - 12 pages Unemployment: An evil necessity? 1. Introduction By definition economics is “a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services.” And as with other types of sciences, economics contains many beliefs and theories that may be difficult to understand, yet are essential in the “day to day” decision making for many people. But also like other sciences, economics

Economics - 2855 words

2855 words - 12 pages Question 1: Elasticity is a very important conception in economics. It is ‘a measure of how much one economic variable—such as the quantity demanded of a product—responds to changes in another economic variable—such as the product’s price’(Hubbard, Garnett, Lewis, and O’brien 2010). There are four different but relevant elasticities—price elasticity of demand, cross-price elasticity of demand, income elasticity of demand and the price

Economics - 565 words

565 words - 3 pages UNIVERSITY OF DUBAI MBA 600 - MANAGERIAL ECONOMICS TAUGHT BY PROFESSOR AZZEDDINE AZZAM FALL 2011 GRADED ASSIGNMENT 2 40 POINTS (PLEASE HAND IN BY 6:30 PM ON WEDNESDAY 14 DECEMBER, 2011) Course Learning Objectives: 2. Understand competitive markets and economic efficiency. 3. Use firm and industry cost curves for production and strategic decisions

Economics - 670 words

670 words - 3 pages Economics Exam 2 Essay 1. With capital, we mean investments in technology. Capital investment such as machinery and equipment to enhance the productivity of labor can increase the marginal product of labor. In other words, capital investment can enhance productivity of labor given other factors of production remain the same. More college education, if standalone - meaning without additional investment in technology, might not produce the same

Related Essays

Economics Essay 612 Words

612 words - 3 pages Implications of Economics and Policy for Health Professionals Katrina Hill Health Policy and Economics Dr. Shana Lavarreda September 7, 2014 Discipline of Health Economics Many years ago healthcare and its delivery system were limited in care for patients or treatment options for physicians. The procedure of care includes diagnosis, treatment, prevention, rehabilitation, and palliative care (Buchbinder, 2012

Economics Essay 719 Words

719 words - 3 pages Tutorial 1 Questions (based on Textbook End-of-Chapter Questions) Question 1 Refer to Q1.1 Chapter 2 (Page 118) What do economists mean by opportunity cost? According to this definition, is there anything that does not have an opportuntiy cost? Question 2 Refer to Q1.2 Chapter 1 (Page 78). What is scarcity? Why is scarcity central to the study of economics? Question 3 Refer to Q1.10 Chapter 1

Economics Essay 1308 Words

1308 words - 6 pages Option 1 a A basic assumption in traditional economics is that utility increases with the consumption of more goods and services, the concept mostly commonly known as “more is better” this concept explains that all else equal, a person prefers more consumption to less. However their consumption may not always be what they prefer, they may be restricted in their preferences due to resource constraints such as time and money, money being the most

Economics Essay 5568 Words

5568 words - 23 pages omECO 204, 2010-2011, Test 3 Solutions  This test is copyright material and may not be used for commercial purposes without prior permission    University of Toronto, Department of Economics, ECO 204 2010 ‐ 2011 Ajaz Hussain  TEST 3 SOLUTIONS 1   These solutions are purposely detailed for your convenience  YOU CANNOT LEAVE THE ROOM IN THE LAST 10 MINUTES OF THE TEST  REMAIN SEATED UNTIL ALL TESTS ARE COLLECTED  IF YOU DETACH PAGES IT’S