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EC4006 2425 (T2) Fundamentals of Economics (OC)
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The nominal GDP of a country is £800 billion, and the population is 50 million. Calculate the GDP per capita for the country.
Calculate the price elasticity of demand given the following:
Where quantity demanded changes from 5 to 4 due to a 4% change in price.
Give your answer to two decimal places, be sure to include a negative sign if needed.
The inflation rate between Year 1 and Year 2 is 6%. The CPI in Year 1 is 110. What is the CPI in Year 2?
In the long run in perfect competition:
What does the shaded area X represent in this graph?
A firm in perfect competition will maximise profit, when:
In theory the free market maximises social welfare (social marginal benefit = social marginal cost) i.e. maximises community surplus. Areas represented by X, Y, Z provide information about consumer, producer and overall community surplus. From the graph below, identify the area of producer surplus?