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Homework answers / question archive / 1) Suppose the price of tortilla chips increased by 8%, and as a result, the quantity demanded decreased by 10%
1) Suppose the price of tortilla chips increased by 8%, and as a result, the quantity demanded decreased by 10%. The price elasticity of demand for tortilla chips is: 0.5 O 1.5 O 0.8 O 1.25
2)Forecasting the future is one of the most important things that economists are asked to do. Governments have a few macroeconomic tools that they can use to indicate how a country’s economy is doing. An important part of all macroeconomic courses is to develop an understanding of what these economic indicators are, as well as how they are created so that we can extrapolate into the future. In this paper, you are asked to use your newly acquired macroeconomic knowledge to predict the future
Forecast the following key macro-economic variables for the country ‘Australia’ for five years starting with 2020 through 2024 using this simple chart mentioned below:
| Variable/Year | 2020 | 2021 | 2022 | 2023 | 2024 | 5- year average |
|---|---|---|---|---|---|---|
| USD$ Real GDP/Capita | ||||||
| Growth rate of Real GDP/Capita | ||||||
| Inflation Rate | ||||||
| Unemployment Rate | ||||||
| Interest Rate |
Note: Please provide the references that must be current and from multiple sources and mixed media.
3)Research the costs involved with family caregiving associated with cancer and discuss the economic impact of family caregiving on family resources over time.
4)state and explain the 4Ps of marketing.
1)Answer is 1.25
Price elasticity of demand =percentage change in quantity demanded /percentage change in price
So 10% \ 8%=1.25
2)
Yes, Forecasting the future is one of the most important things for economists. Governments have a few macroeconomic tools that they can use to indicate how a country’s economy is doing. There are many factors of Macroeconomics, Where country can be show their economic growth rate for the future.
The following are the many factors, which dicides the country economical growth for any country. It can be implemented on Australia also these are given here -
Economic growth refers to an increase in the size of a country's economy over a period of time. The size of an economy is typically measured by the total production of goods and services in the economy, which is called gross domestic product (GDP).
Economic growth can be measured in ‘nominal’ or ‘real’ terms. Nominal economic growth refers to the increase in the dollar value of production over time. This includes changes in both the volume of production and the prices of goods and services produced. Economists normally talk about real economic growth – that is, increases in the volume produced only, which takes away the effect of prices changing. This is because it better reflects how much a country is producing at a given time, compared with other points in time.
The inflation rate is calculated using the price increase of a defined product basket. This product basket contains products and services, on which the average consumer spends money throughout the year. They include expenses for groceries, clothes, rent, power, telecommunications, recreational activities and raw materials (e.g. gas, oil), as well as federal fees and taxes. In 2019, the average inflation rate in Australia was at about 1.61 percent compared to the previous year.
Unemployment rate decreased to 6.8%. Participation rate increased to 64.8%. Employment increased 111,000 to 12,583,400. Employment to population ratio increased to 60.3%. Due to this information It is showing that economc growth of the country will be increased in the future.
Interest Rate in Australia averaged 4.17 percent from 1990 until 2020, reaching an all time high of 17.50 percent in January of 1990 and a record low of 0.25 percent in March of 2020.
Above mentioned all factors showing the good growth of Australia from 2020 - 2024 years.
3)The economic effects of family caregiving can be examined at individual, family, and societal levels, including (1) reductions in available financial resources of the caregiver as a consequence of out-of-pocket expenses; (2) employment-related costs for the caregiver who must reduce work hours, exit the labor force, and forego income, benefits, and career opportunities in order to provide care; (3) employment-related costs to the employer who must replace workers who leave the labor force or reduce hours; and (4) societal benefits that include the potential cost savings to the formal health and long-term services and supports (LTSS) systems because of the care and support provided by family caregivers (Keating et al., 2014). The available research on these topics is limited and largely based on self-report data, studies that are too short in duration to capture long-term economic impact prospectively, and researchers disagree about assumptions made in economic impact analyses (e.g., replacement cost of a family caregiver)
Today's caregivers of older adults are much more likely to be employed than in the past. The NSOC found that approximately half of all caregivers to older adults were employed either part- or full-time. Of those caregivers who worked, 69 percent were employed at least 35 hours weekly. In 2011, half of the estimated 17.7 million caregivers of older adults (8.7 million or 50.3 percent) in the United States worked .
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