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Which of the following is true along SRPC1SRPC1?
Inflation rate is the rate at which the price level increases over a period of time.
Phillips curve shows the relationship between the inflation rate and unemployment rate.
There is inverse relationship between inflation rate and unemployment rate.
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- How COVID-19 affect the domestic market?2. The market demand function for strawberries is given by the equation: Q=276 2.5Pstr +0.6 I - 0.7 Pcr, str Where is the demand for strawberries in kilograms, Pstr is the price of strawberries per kilogram (in USD), str I is the household monthly income (in USD), and P is the price of cream per kilogram (in USD). Assume that Pstr is equal to $8, I is equal to $150, and Per is equal to $5. a. Determine the price elasticity of demand for strawberries. b. Determine the income elasticity of demand for strawberries. Is strawberry a normal/inferior good? Why? d. c. Determine the cross-price elasticity of demand for strawberries with respect to the price of cream. Based on your answer from (c), can we say cream and strawberries are substitute goods/ or complement goods? Why? Assume that the prices of strawberries and cream remain constant, but income increased three fold. What is going to happen on the demand for strawberries? Please use a diagram to provide your explanation. e.Discuss the impact of COVID-19 in the Philippine
- Explain how COVID-19 pandemic has impacted each of the 5Es of macroeconomics in all countries of the world generally and Pakistan in particular.(c) Due to good weather, there is an increase in demand for the good. The new demand equation is Qd = 190 - 2P. The government is trying to decide between two options: Maintain the number of quotas and let the market adjust, or Maintain the price support and increase the number of quotas. Suppose that the government decided to maintain the number of quotas and let the market adjust calculate: (i) price observed in the market (ii) the consumer surplus (iii) the producer surplus (iv) deadweight lossWhat are the properties of OLS? Clearly explain.
- Demand for hand sanitizer is surging around the globe as the new coronavirus spreads, prompting retailers to ration supplies and online vendors to hike prices. Sales of hand sanitizers and similar products have swelled across several international markets since the COVID-19 outbreak began in January. The virus, which originated in China, has now spread to more than 60 countries. According to data published Tuesday by market research firm Kantar, U.K. hand sanitizer sales saw a year-on-year increase of 255% in February. Meanwhile, British shoppers were buying 7% more liquid hand soaps and spent 10% more on household cleaners compared to February 2019. (Source: CNBC, 3rd March 2020 ii. Due to high demand of hand sanitizer, it will lead to increases of price by producers. Based on your opinion, what should a government do to control the price of hand sanitizer to keep hike during the pandemic.Discuss the impact of COVID-19 in the PhilippinesA large company in the communication and publishing industry hs quantified the relationship between the price of one of its products and the demand for this product as Price = 160 -0.01 xDemand for an annual printing of this particular product. The foxed costs per year (ie. per printing) = $4T 000 and the variable cost per unit = $35. What is the maximum profit that can be achieved? What is the unit price at this point of optimal demand? Demand is not expected to be more than 7,000 units per year. The maximum profit that can be achieved is S. (Round to the nearest dolar.) The unit price at the point of optimal demand is S per unit (Round to the nearest cent)