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Homework answers / question archive / 1)Consider the following demand and supply equations: Qd = 180 – 3P Qs = 10 + 2P Calculate the equilibrium price and quantity
1)Consider the following demand and supply equations: Qd = 180 – 3P Qs = 10 + 2P Calculate the equilibrium price and quantity. Graph the relationship with intercepts and equilibrium appropriately labelled. Add a File Record Audio Record Video
Using your results from Question 1, calculate the elasticity of demand at the equilibrium price and quantity. Is it elastic or inelastic? Add a File Record Audio Record Video
2)Problems and Applications Q3 Societies choose what share of their resources to devote to consumption and what share to devote to investment. Some of these decisions involve private spending; others involve government spending. For each form of private spending, indicate whether it represents consumption or investment. Private Spending Consumption Investment Firms buying automobiles for delivery services People buying automobiles O o Firms buying computers People buying washing machines O For each form of government spending, indicate whether it represents consumption or investment. Government Spending Consumption Investment Building roads Building hospitals oooo O O O Payment for public safety employees Buying medical equipment O
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2)It is expenditure made by people either on consumption,that is consumer spending on goods and services. or on capital formation ,that is Expenditure on buying capital goods etc.It is of two types---
Private consumption spending
Private investment spending
Govt Spending
Govt Spending means money spent by the public sector in acquisition of goods and to provide services to the public such as health, education or defence etc.
It may be of two types---
govt Consumption spending & govt investment Spending
| Private spending | Consumption | Investment |
| 1) firms buying automobiles for delivery services | ? | |
| 2) people buying automobiles | ? | |
| 3) firms buying computers | ? | |
| 4) People buying washing machines | ? | |
| Govt Spending | ||
| 1) Building roads | ? | |
| 2) Building hospitals | ? | |
| 3) payment for public safety Employees | ? | |
| 4) Buying medical equipments | ? |
