Q1: Jamal’s weekly budget is $48, which he spends on magazines and pies. [4 Mark]
A)If the price of a magazine is $8 each, what is the maximum number of magazines he could buy in a week?
B)If the price of a pie is $24, what is the maximum number of pies he could buy weekly?
C)Draw Jamal’s budget constraint with pies on the horizontal axis and magazines on the vertical axis. Draw the slope of the budget constraint?
D)What is Jamal’s opportunity cost of purchasing a pie?
Q2: Many of the goods that China’s Citizens enjoy are produced abroad, and many of the goods produced in the China are sold abroad. When goods are produced abroad and sold domestically, the process is called import and when goods are produced domestically and sold abroad, that process is called export. Suppose an average worker in China can produce one kg of soybeans in 40 minutes and one Kg of coffee in 120 minutes, while an average worker in Paraguay can produce one kg of soybeans in 100 minutes and one kg of coffee in 150 minutes. Answer the following questions. [6 Marks]
A)Which country has the absolute advantage in coffee? Explain.
B)Which country should produce coffee? Explain.
C)If the two countries specialize and trade with each other, which country will import coffee? Explain.
D)Assume that the two countries trade with each other and the country importing coffee trades 2 Kgs of soybeans for 1 Kg of coffee. Explain why both countries will benefit from this trade.
Q3: Illustrates the interaction (equilibrium point) of demand and supply in the market for petrol based on the table below. And explain following conditions. [5 Marks]
A)Show excess supply (surplus of petrol) and excess in Demand (shortage of petrol) in the same graph and explain.
B)Suppose the government decided that, since petrol is a necessity, its price should be legally capped at $1.30 per gallon. What do you anticipate would be the outcome in the petrol market if at this price quantity supplied in the market is 575 Millions of gallons?
|Price (per gallon in $)||Quantity Demanded (millions of gallons)||Quantity Supplied (millions of gallons)|
Why Choose Us
We value our clients. For this reason, we ensure that each paper is written carefully as per the instructions provided by the client. Our editing team also checks all the papers to ensure that they have been completed as per the expectations.
Professional Academic Writers
Over the years, our Acme Homework has managed to secure the most qualified, reliable and experienced team of writers. The company has also ensured continued training and development of the team members to ensure that it keep up with the rising Academic Trends.
Our prices are fairly priced in such a way that ensures affordability. Additionally, you can get a free price quotation by clicking on the "Place Order" button.
We pay strict attention on deadlines. For this reason, we ensure that all papers are submitted earlier, even before the deadline indicated by the customer. For this reason, the client can go through the work and review everything.
At Papers Owl, all papers are plagiarism-free as they are written from scratch. We have taken strict measures to ensure that there is no similarity on all papers and that citations are included as per the standards set.
Customer Support 24/7
Our support team is readily available to provide any guidance/help on our platform at any time of the day/night. Feel free to contact us via the Chat window or support email: email@example.com.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Papers Owl has stood as the world’s leading custom essay writing services providers. Once you enter all the details in the order form under the place order button, the rest is up to us.
At Papers Owl, we prioritize on all aspects that bring about a good grade such as impeccable grammar, proper structure, zero-plagiarism and conformance to guidelines. Our experienced team of writers will help you completed your essays and other assignments.
Admission and Business Papers
Be assured that you’ll definitely get accepted to the Master’s level program at any university once you enter all the details in the order form. We won’t leave you here; we will also help you secure a good position in your aspired workplace by creating an outstanding resume or portfolio once you place an order.
Editing and Proofreading
Our skilled editing and writing team will help you restructure you paper, paraphrase, correct grammar and replace plagiarized sections on your paper just on time. The service is geared toward eliminating any mistakes and rather enhancing better quality.
We have writers in almost all fields including the most technical fields. You don’t have to worry about the complexity of your paper. Simply enter as much details as possible in the place order section.