Economics for Manager — Winter 2023

Construct a monthly demand schedule for ice-cream, and graph the implied demand curve. Identify the factors that would shift this demand curve and briefly explain your reasoning.

Why do we have markets? According to economists, what role should government play in markets?

Define Cost of Living Index. Explain the steps in the calculation of Cost of Living Index. State the problems involved in its calculation.

Explain the difference between monopolistic competition and perfect competition

Fill in the blanks in the following table: Output Total Fixed Variable Average Average Average Marginal Cost Cost Cost Fixed Variable Total Cost Cost Cost Cost 100 260 - 60 - - - - 200 - - - - - - 0.3 300 - - - - 0.5 - - 400 - - - - - 1.05 - 500 - - 360 - - - - 600 - - - - - - 3.00 700 - - - - 1.60 - - 800 2,040 - - - - - - Page 1 of

What is the Prisoners Dilemma & what does it have to do with Oligopoly?

What are the reasons that a market might have a monopoly? Explain how a monopolist chooses the quantity of output to produce and the price to charge?

Discuss the reasons why the short-run Aggregate Supply curve is upward sloping?

What is money? What are the functions of money? Suppose the central bank of a country uses all of its policy tools to decrease the money supply, what would it do?

Explain the role of financial system in an economy. Discuss the components of a financial system.

The government spends $4 billion to buy Aircrafts. Explain why aggregate demand might increase by more or less than $4 billion.

Suppose that your demand schedule for pizza is as follows: Price Qty demanded Qty demanded In $ Income Income $ 20000 $ 24000

Use the midpoint method to determine your price elasticity of demand as the price of pizza increases from $8 to $10 if (i) your income is $20000 and (ii) your income is $24000

Determine your Income elasticity of demand as the income increases from $ 20000 to $ 24000 if (i) price is $12 (ii) price is $16

A Country Riverdale produces only two goods: Wafers and Noodles Year Price per Quantity of Price per Quantity Packet Wafer Packet of of Noodle of Packets Noodles Packets Wafers produced produced 2020 Rs 10 120 Rs 12 200

Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2020 as the base year.

Did the economic well being increase more in 2021 or 2022? Explain Page 2 of