Business and managerial economics Math Problem Example | Topics and Well Written Essays - 750 words

Business and managerial economic science - Math Problem ExampleIt should be noted that this does not denote unemployment but go away only shift occupations.g) Higher unemployment benefits discourage school-leavers from working. As some resources become unemployed, this will cause a decline in production represented by a movement to a refer deep down the frontier.Suppose a news article reports, Poor wine-colored-colored grape harvests in France have brought financial strive to Australian winemakers. Sales of Australian wines are booming and wine prices are the best ever. Analyse the economics of the events reported by answering the following questionsa. How has the market for French wines been affected by poor wine grape harvests Explain with the aid of a diagram. In your diagram, indicate what is happening to the equilibrium price of French wines and the equilibrium quantity trade in this market.The poor wine grape harvest move the bring out curve to the left. With the new for k out schedule, the equilibrium price is higher. This is represented from the change in equilibrium menstruum from 1 to 2 with prices rising from P to B.The presence of Australian imports in the market of French wine depresses sales of French wine. In the figure above, the intersection of supply and demand in France is denoted by point 1 at price P. However, Australian wine is charged at price A which is lower. Thus, consumers deed to the cheaper productsSection 3 9 Multiple choice questions 2 marks each (20 marks) 1. The problem of scarceness a. Exists only in times of economic depression for rich countries b. Is identical to poverty c. Exists in each(prenominal) economies d. Can be eliminated by allocating available resources to the poorer sections of a society. 2. Because productive resources are scarce, we must give up some of one good in order to acquire to a greater extent of another. This is the essence of the concept of a. strong point b. Monetary exchange c. Comparativ e advantage d. Opportunity cost 3. Which of the following does not change supply a. A change in price of the good in question b. A change in the state of technology c. A change in producer expectations d. A change in the descend of producers 4. Price and quantity supplied are usually directly related because a. Higher prices mean that producers are rewarded more for production b. The law of increasing opportunity cost applies c. There is more prestige associated with producing a pricy good d. a and b 5. Demand reflects the quantity that consumers