1. Some students do not take the book Economics- In terms of the Good, the Bad and the Economist available with them. On an open book exam like this there are costs and opportunity costs? Explain both by using FIGURES!!
2. Explain that a good with a elasticity of “-3” can mean two totally different things, since income elasticity is different from price elasticity.
Illustrate your 2 explanations with an example of such a good.
income elasticity, explanation & example
3. The government of a less developed country like Malawi decides to reduce the extent of income and wealth inequality.
a. What methods could the government use to achieve its goal?
b. Comment on the “Gini coefficient” of Malawi. Explain.
4. Imagine that you are a citizen of Malawi.
A. Are there any products in Malawi which can be considered as “price elastic” ? Explain your answer. Include in your answer the meaning of the word “price elastic”.
B. Are there any products which can be considered as “price inelastic”? Explain your answer. Include in your answer the meaning of the word “price inelastic”.
5. Is it possible that the “merit” and “demerit” goods can be found in one company? Explain!
Explain your answer with the help of the examples of both the types of goods :
a) The ‘Van Nelle’ Tobacco fabrics in Joure (Friesland)
b) The swimming pool Aquarena in Emmen
|
登录
