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Economics 12
- Thread starter akbararshad
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yeh thts hw i got it too..i think its ryt 
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jawadcie said:
option 1 is correct, but it won't be option 2 man...Full storage tanks mean the firms can easily supply the petrol when there is demand cuz they hav it available in the storage tanks .i.e. Supply is Price elastic
I think it was 1 and 4. Option 4 was something like "it would take 6 months to train...". This means that the firm cant increase the supply in short run, and hence its Price inelastic
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wat if u take it da odr way round, like firm is alrdy working on its full capacity an if dre is an urge in an increase in the demand so da firm cant manage to increase their supplies...... and bdw 6 month aint dat long training session....... neway i opted fo 1 and 2
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akbararshad said:
dude even if the firm IS working on its full capacity, it means it CAN increase the supply in SHORT RUN because it will supply from the storage tanks. only when the storage tanks become empty, the firm will be unable to supply more as its working on its full capacity. But thats the point, in short run, it CAN supply from the storage...
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and as a reply to "6 month aint dat long training session"...thats the point, question specifically asked for short run. You yourself accepted 6 months is not that long.
well you are working on assumptions
ok if you say that they will train for 6 months ...may be they can
be trained such that it doesnt effect the supply
it never said all of them will be trained..and if all of them dont
then its elastic
plus do you think it will have sufficient quantities to supply
for 6 months? They produce Oil in large quantities They wont produce until
all of the barrels run out of oil.
ok if you say that they will train for 6 months ...may be they can
be trained such that it doesnt effect the supply
it never said all of them will be trained..and if all of them dont
then its elastic
plus do you think it will have sufficient quantities to supply
for 6 months? They produce Oil in large quantities They wont produce until
all of the barrels run out of oil.
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firstly, Question No.1 :
i did C - the returns on capital are not fixed.
for question about the XED: it was 0.16%
for question about the oils and petrol stuff: they had full storage (elastic), new oil tankers (elastic), but the labour had to be trained which couldn't work in the times NOW.
i did C - the returns on capital are not fixed.
for question about the XED: it was 0.16%
for question about the oils and petrol stuff: they had full storage (elastic), new oil tankers (elastic), but the labour had to be trained which couldn't work in the times NOW.
Oh sir..firstly it cant be returns on the capital since
it asked what differentiates it from the rest
returns from labour are not fixed too..productivity varies
also in case of land..weather conditions affect the productivity
Well in case of storage tanks..Find any eco book ..ABILITY TO STORE
is the one of the factors of PES in short run..
FULL STORAGE TANKS means you cant store more
that is it
it asked what differentiates it from the rest
returns from labour are not fixed too..productivity varies
also in case of land..weather conditions affect the productivity
Well in case of storage tanks..Find any eco book ..ABILITY TO STORE
is the one of the factors of PES in short run..
FULL STORAGE TANKS means you cant store more
that is it
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I think it'll be easier if we compile all the questions into one post? He's what I wrote on the ones i remember:
These aren't the question numbers they're just so its easy to see how many questions have been answered out of the 30.
1. Capital is made from the other factors of production
2. A command economy is more likely to be stable
3. A reduction in tariffs will shift the demand curve for domestically produced cars to the left
4. Conditions 1 and 4 will make supply relatively inelastic
5. Increased interest rates in USA and decreased in UK will increase supply and decrease demand for the pound so the new value was at point C.
6. To reflect the true value of a merit good to society demand needs to increase as opposed to supply increase so that price increase as the merit good is worth a higher value.
7. A change in the quantity demanded"? Not sure if it meant shift in demand curve or change in quantity traded.
8. The J-curve was being illustrated.
9. The terms of trade was 150 so value of imports changed by -20%
10. The answer was C ie. the opportunity costs were 1 and 2 since the value of 1.5 is between this.
11. Japanese car manufacturer moving into UK: will improve trade in goods but current account balance uncertain in the long run.
12. When PED is unitary expenditure doesn't change with increasing price.
13. When bus fares increase by 1% demand for rail travel increases by 0.16%
14. On average, employed UK workers had an increase in real income as wage rates increased more than inflation.
15. Where 2 PPCs were given, their opportunity costs were constant.
16. A fall in the value of exports and a rise in the value of imports and a fall in income transfers will lead to a depreciation of the currency.
17. An argument against trade protection is that domestic prices will increase.
18. When a country's currency appreciates.i don't remember the answer....
That's 18 can anyone remember any more?
These aren't the question numbers they're just so its easy to see how many questions have been answered out of the 30.
1. Capital is made from the other factors of production
2. A command economy is more likely to be stable
3. A reduction in tariffs will shift the demand curve for domestically produced cars to the left
4. Conditions 1 and 4 will make supply relatively inelastic
5. Increased interest rates in USA and decreased in UK will increase supply and decrease demand for the pound so the new value was at point C.
6. To reflect the true value of a merit good to society demand needs to increase as opposed to supply increase so that price increase as the merit good is worth a higher value.
7. A change in the quantity demanded"? Not sure if it meant shift in demand curve or change in quantity traded.
8. The J-curve was being illustrated.
9. The terms of trade was 150 so value of imports changed by -20%
10. The answer was C ie. the opportunity costs were 1 and 2 since the value of 1.5 is between this.
11. Japanese car manufacturer moving into UK: will improve trade in goods but current account balance uncertain in the long run.
12. When PED is unitary expenditure doesn't change with increasing price.
13. When bus fares increase by 1% demand for rail travel increases by 0.16%
14. On average, employed UK workers had an increase in real income as wage rates increased more than inflation.
15. Where 2 PPCs were given, their opportunity costs were constant.
16. A fall in the value of exports and a rise in the value of imports and a fall in income transfers will lead to a depreciation of the currency.
17. An argument against trade protection is that domestic prices will increase.
18. When a country's currency appreciates.i don't remember the answer....
That's 18 can anyone remember any more?
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yea but they have stored and they can supply in short run !!! and oil is non -perishable.