This is an assignment given to me Sine 2am I have been looking for how to go about it Here u are explaining it so perfectly well to my understanding Thank you so much sir You have really saved a soul today 🎉❤
Very loud and clear explanation, I have been struggling to understand these concepts on PPF, especially how to illustrate the scarcity and opportunity cost 🙏
Wow you are very good at explaining all this....I was struggling to understand this in my lecture class but you have made things more clear, thank you!!!
The scores below are for Princess, a student who reads only two courses (English and Maths). This student spends a maximum of 12 hours a day studying the only study material available to her, which are her course textbooks. The accompanying table shows the best combinations of scores for the two courses. Maximum Score Options Scores for English Scores for Mathematics Opportunity Cost of Mathematics A 100 0 B 80 30 C 60 50 D 40 60 E 20 65 F 0 67.5 Required: Explain the concept described above. Copy and complete the Table. Produce a relevant sketch for the Table with Mathematics on the x-axis and English on the y-axis illustrating these options, showing points A-F. Can Princess score 80% in mathematics and 60% in English? Explain. Where would this point lie relative the figure drawn in (i) above? What is the opportunity cost of increasing the scores from 30% to 50%? What is the opportunity cost of increasing the scores from 65% to 67.5%? Can you explain why the answers to parts (v) and (vi) are not the same? What does this imply about the slope of the curve? Under what three circumstances can Princess score 60% in English and 80% in mathematics? What would it mean if Faustina scores 50% in mathematics and 50% in English? Indicate this point as M on your sketch. QUESTION TWO Empirical estimates suggest the following price elasticity of demand: 0.6 for Coca Cola; 4.0 for foreign vacation travel; and 0.2 for cigarette. Using the determinants of price elasticity of demand, explain why each of these commodities would have these coefficients elasticity. Kwarteng Ghana Ltd., is the main sales agent of Infinix phones in Ghana. The economist of this enterprise has estimated the demand function for the firm's products per week to be of the form: QI = 445 - 2.5PI - 8I + 2.5PC where; QI is the quantity demanded of Infinix phones, PI is its own-price, PC is the price of a related good (Tecno Phones) and I is income. Given that PI = 10, PC = 5 and I = 40, use the above information to: Determine the quantity demanded of Infinix phones per week and compute the own-price elasticity of demand for Infinix phones and interpret your results. Based on your answer in (i), what pricing policy would you recommend for the firm in order to maximize its total revenue Calculate the cross-price elasticity of demand between Infinix and Tecno phones, interpret your results and determine the kind of relationship that exists between the two. Compute the income elasticity of demand and determine if Infinix phones are normal goods or not. Explain your results. QUESTION THREE Indicate whether the following statements are true, not or uncertain and in each case explain your answer briefly. Note that a correct true, false or uncertain answer with a wrong explanation will not attract any marks. The price of a good rises, causing the demand for another good to rise; therefore, the two goods are complements. A shift in demand causes the price of a good to fall; therefore, the shift must have been a decrease in demand. If demand increases and supply increases at the same time, the price will clearly rise. If the price of good A falls and this causes a decrease in the price of good B, then the two goods are substitutes. For a given upward sloping supply curve, the more elastic the demand curve the higher the proportion of tax borne by the producer. The management of Valley View University is contemplating increasing tuition fees for the 2020/2021 academic year. As the Chief Economist of the University you are presented with the following to advice management. In the first semester of the 2019/2020 academic year, fees were pegged at ¢2500 and enrolment was 3150. In the second semester the fees went up to ¢2700 and the enrolment dropped to 2950. You further observed that in the 2019/2020 academic year, Central University increased their fees from ¢2600 to ¢2900 and the enrolment at VVU went up from 2150 to 3005. Calculate the arc price elasticity of demand, interpret your results and advice management on pricing. What can we use this coefficient for? Calculate the arc cross-price elasticity of demand and determine the relationship between Central University and Valley View University.
I am due to start biostatistics and I was wondering how this can be translated into biomedical research experiments... If you could point me in the right direction it'd be great!
It can indicate a number of things and not only unemployment. There are various things that can cause workers to function inefficiently. K is more representative of ineffenciency rather than only unemployment.
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well i am 15years old kid from india and i am very thankful to you for this informative video
Your teaching is brilliant sir. Even for first timers like me this was very easy to grasp.
This is an assignment given to me
Sine 2am I have been looking for how to go about it
Here u are explaining it so perfectly well to my understanding
Thank you so much sir
You have really saved a soul today 🎉❤
Very loud and clear explanation, I have been struggling to understand these concepts on PPF, especially how to illustrate the scarcity and opportunity cost 🙏
Wow you are very good at explaining all this....I was struggling to understand this in my lecture class but you have made things more clear, thank you!!!
Yeah its so good. Reply to this comment if you still use yt
Now i understand the the points outside and inside of the curve what they represent ...thanks very much
This is a big help of my online learning sir! Thank you
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The scores below are for Princess, a student who reads only two courses (English and Maths). This student spends a maximum of 12 hours a day studying the only study material available to her, which are her course textbooks. The accompanying table shows the best combinations of scores for the two courses.
Maximum Score Options
Scores for English
Scores for Mathematics
Opportunity Cost of
Mathematics
A
100
0
B
80
30
C
60
50
D
40
60
E
20
65
F
0
67.5
Required:
Explain the concept described above.
Copy and complete the Table.
Produce a relevant sketch for the Table with Mathematics on the x-axis and English on the y-axis illustrating these options, showing points A-F.
Can Princess score 80% in mathematics and 60% in English? Explain. Where would this point lie relative the figure drawn in (i) above?
What is the opportunity cost of increasing the scores from 30% to 50%?
What is the opportunity cost of increasing the scores from 65% to 67.5%?
Can you explain why the answers to parts (v) and (vi) are not the same? What does this imply about the slope of the curve?
Under what three circumstances can Princess score 60% in English and 80% in mathematics?
What would it mean if Faustina scores 50% in mathematics and 50% in English? Indicate this point as M on your sketch.
QUESTION TWO
Empirical estimates suggest the following price elasticity of demand: 0.6 for Coca Cola; 4.0 for foreign vacation travel; and 0.2 for cigarette. Using the determinants of price elasticity of demand, explain why each of these commodities would have these coefficients elasticity.
Kwarteng Ghana Ltd., is the main sales agent of Infinix phones in Ghana. The economist of this enterprise has estimated the demand function for the firm's products per week to be of the form:
QI = 445 - 2.5PI - 8I + 2.5PC
where; QI is the quantity demanded of Infinix phones, PI is its own-price, PC is the price of a related good (Tecno Phones) and I is income.
Given that PI = 10, PC = 5 and I = 40, use the above information to:
Determine the quantity demanded of Infinix phones per week and compute the own-price elasticity of demand for Infinix phones and interpret your results.
Based on your answer in (i), what pricing policy would you recommend for the firm in order to maximize its total revenue
Calculate the cross-price elasticity of demand between Infinix and Tecno phones, interpret your results and determine the kind of relationship that exists between the two.
Compute the income elasticity of demand and determine if Infinix phones are normal goods or not. Explain your results.
QUESTION THREE
Indicate whether the following statements are true, not or uncertain and in each case explain your answer briefly. Note that a correct true, false or uncertain answer with a wrong explanation will not attract any marks.
The price of a good rises, causing the demand for another good to rise; therefore, the two goods are complements.
A shift in demand causes the price of a good to fall; therefore, the shift must have been a decrease in demand.
If demand increases and supply increases at the same time, the price will clearly rise.
If the price of good A falls and this causes a decrease in the price of good B, then the two goods are substitutes.
For a given upward sloping supply curve, the more elastic the demand curve the higher the proportion of tax borne by the producer.
The management of Valley View University is contemplating increasing tuition fees for the 2020/2021 academic year. As the Chief Economist of the University you are presented with the following to advice management. In the first semester of the 2019/2020 academic year, fees were pegged at ¢2500 and enrolment was 3150. In the second semester the fees went up to ¢2700 and the enrolment dropped to 2950. You further observed that in the 2019/2020 academic year, Central University increased their fees from ¢2600 to ¢2900 and the enrolment at VVU went up from 2150 to 3005.
Calculate the arc price elasticity of demand, interpret your results and advice management on pricing.
What can we use this coefficient for?
Calculate the arc cross-price elasticity of demand and determine the relationship between Central University and Valley View University.
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I am due to start biostatistics and I was wondering how this can be translated into biomedical research experiments... If you could point me in the right direction it'd be great!
Thank You sir 😊🤝
Thank you sir.
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Understood ❤
Wowww. Lol. So many information from one graph
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How about a feasible point?
Is it the same as inefficient?
What about point a explain please
Thanks
Point K indicates unemployment, but can they indicate technological problem?
sometimes it can
hello
It can indicate a number of things and not only unemployment.
There are various things that can cause workers to function inefficiently.
K is more representative of ineffenciency rather than only unemployment.
اريد ترجمة المحاضرة بالعربية لكي افهم ،كيف يمكنني ذلك
LIFE SAVERRR
who is this teacher???
Sir m having doubts.in ppt...please give me ur mail id..so i can ask my doubt
Pepe c
Please i need your email