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1.Use the bar graph from the World View: "GDP per capita around the World" to answer three questions. GOP per capita (2015) in US dollars) 55.980 47540 45940 38 840 27450 23550 11.450 100939 7930 6.000 17 20 Next
Assignment ????? HE 550 1144 ? (2) 793 E ??? ? ?? ??? ? ?? ????? ?? ??? ? ?????? ??? ?? ??? ??? ?? ?? ?? ?? ??? ?? weder How does per capita GDP in the following countries "stack up against America's fin percentage terms)? Instructions: Enter your responses as a percentage rounded to one decimal place a M e C27100% b. Cuba: 600 060 ??C. ITC
2.Presuming the demand and supply provided in class QD = - 100P + 1150 and QS = =400P - 100 Where equilibrium price and Quantity are PE = $2.50 and QE = 900 Presume the new ME Price is now $4.50 with an equilibrium QD at 700 graph and calculate the new consumer and producer surplus, the gain or loss in consumer and producer surplus, the dead weight incurred, and net loss to society.
3.Write True or False (2 pts each) 1. if the price of barley falls and as a result people would want to buy more of it, we say that demand has increased. 2. _If the price of beans increases, the demand for a substitute such as peas, will tend to increase. 3. _An increase in income will increase the demand for normal goods. 4. Shoes and shoelaces are complementary goods 5. _If an increase in income causes the demand for blueberries to rise, blueberries then are normal goods.
1.a. Mexico: ( GDP per Capita of Mexico / GDP per Capita of USA ) * 100 = ( 9710 / 55980 ) *100 = 17.3%
b. Cuba: ( GDP per Capita of Cuba / GDP per Capita of USA ) * 100 = ( 6000 / 55980 ) * 100 = 10.7%
c. India: ( GDP per Capita of India / GDP per Capita of USA ) * 100 = ( 1600 / 55980 ) * 100 = 2.8%
2.Old CS = A + B + C
Old PS = E + D + F
New CS = A
New PS = B+ E + F
Dead weight loss = C + D
3.
1) If price of barley falls and people buy more of it, we can say that quantity demanded has increased which make this statement false.
2) If the price of beans increases, demand for peas will likely to increase because consumer look for cheaper alternative available. Thus, this statement is true.
3) This statement is true as increase in income will raise demand for normal goods.
4) This statement is true as shoe and shoelaces are complements and used together.
5) This statement is true because normal goods are those goods whose demand increases when income increases.
