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Q1. Assume that over a range of prices, the price elasticity of demand varies from 15.0 to 2.5. Over another range of prices, the price elasticity of demand varies from 1.5 to 0.75. Illustrate what can you say about total revenue curve over these two ranges of the demand curve as price falls?

Q2. Which of the following is a necessary condition - something that must occur- for nominal GDP to rise?

Q3. Assume that the supply curve for school teachers is Ls=20,000 + 350w and the demand curve for school teachers is Ld= 100,000-150w, where L= the number of teachers and w=the daily wage. Plot the demand and supply curves, Illustrate what are the equilibrium wage and employment level in this marketplace? Now, Assume that at any given wage, 20,000 more workers are willing to work as school teachers, plot the new supply curve and Find out the new wage and employment level. Why doesn't employment grow by 20,000?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M9168109

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