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1.(i) Use the Graph below to explain the output, profit, and loss conditions for monopolistically competitive firms. Show your work where appropriate about the Graph.

Shown in the Graph above, for the monopolistic competitive firm to be in equilibrium. The profit is maximized, or loss is minimized when the following conditions are to be satisfied;

MR = MC

The slope of MC > Slope of MR

Therefore;

As indicated in the Graph above. The profit-maximizing output, as well as price, is obtained by the intersection of marginal revenue and marginal cost curve.

The value of profit-maximizing price=20

Output=40

At the intersection

Therefore, due to the profit-maximizing output and price

=17.5

But we have values of price and quantity.

 

P = 20

Q = 40

Average Total Cost (ATC) = 17.5

Therefore

Profit = Q * (P – ATC)

Profit = 40 * (20 – 17.5)

Profit = 100

Indicated in the graph the the profit maximizing output and price

Profit maximizing=20

Output=40

ATC=22.5

Therefore

P=20

Q=40

 

Profit = Q * (P – ATC)

Profit =40*(20-22.5)

=-100

It means that loss=100

  1. (ii) With examples, examine the barriers to business entry for imperfect competition firms.

a. structural entry barriers.

For instance, the Economy of large scale production.

A market which has been exploited by holders, new firms will be discouraged.

Network effects

Basically, when a high number of people consuming the same goods and services, the higher individual benefits. Besides, the strong network is already occurring; it will limit the new introduction of firms because they will not have enough customers.

Control of a scarce key resource.

It just owns the scares resources so that other firms cannot have access to the scares resource.

High set-up costs.

These costs are sunk costs, which cannot be regained when the firm sign out to the market. High set-up costs discourage initial market entry.

The high cost of research and development

When there is high development, it means large financial reserve for existing firms, therefore for new firms to compete favorably, they should exceed the level of spending compared with existing firms.

 

 

  1. Artificial barriers.

Predatory pricing.

Moreover, businesses can try to lower the price so that to discourage rivals in the market.

 

Limit pricing.

It’s mainlythe existing firm that sets a low price as well as to set high output, due to they don’t want new entrants to make more profits; this is due to selling the commodities below the average total cost. The incumbent is altering its superior knowledge of the market as well as production costs.

Predatory acquisition

Mainly, taking over the market by buying shares so that to gain a controlling interest to reduce the completion.

 

 

Switching costs

These are the cost received by costumers when trying to shift the suppliers.basically; they are the cost of buying new they are common when switching banks as well as energy suppliers, among others.

Advertising

 

The more the money spent by the existing firms, the greater discouragement to the new entrant.

A strong brand

Its locks in existing customers and discourage entry.

 

Loyalty schemes

For instance, Tesco’s Club Card which  help  to contain customer loyalty and gain  market share.

Exclusive contracts, patents and licenses

Market which has license and contract are difficult to make entry. furthermore, it helps the existing firms from completions. these contracts may be between suppliers and retailers.

  1. The table below is extracted from Goodland Republic Bureau of Statistics records for 2016 -2017. Use the information to answer the questions that follow

Examine the status of the economic welfare in Goodland Republic in 2018 based on your GDP deflator, nominal GDP and Real GDP. Also, explain the reasons why it is necessary to calculate real GDP. Show your work.

Nominal GDP=sum of all production

Therefore 55,000+98000+45,000+110,000+6,000+145,000+2,300+6,500+850+4,800+450+600+7,500

= 482,000

Base year is production *price per unit

Therefore

2017 NOMINAL GDP =75,000+200,000+1,150,000,000+12,000,000+25,000,000+7,500,000+5000+4800+770+32,000+7500+1625+16,000= $1,194,842,695

 

2018  production*price=110,000+245,000+1,102,500,000+13,200,000+42,000,000+10,150,000+8050+7,800+1,275+40,800+11,250+2250+18750

=$1,168,295,175 NOMINAL GDP IN 2018

 

Real GDP 2018=quantity of output in 2018 *price of output in base year (2017).

=82,500+196,000+1,035,000,000+11,000,000+30,000,000+7,250,000+5,750+5,200+935+31200+6750+1950+17250

=$1,083,597,535

 

$ 1,168,295,175 tell us that the value Goodland economy output in on 2018 based on the prices in 2017.basically the real GDP IS less Importance than nominal gdp of the Goodland actual output it’s because between 2017 and 2018price increases but production in 2018 reduces in Goodland. which deflate the GDP figure it shows that Goodland’s real gdp is smaller than nominal   gdp indicating that the nominal gdp had to inflate in order to come up with real gdp 2018.

 

The GDP Deflator= nominal GDP/REAL GDP

=$1,168,295,175/$1,083,597,535

=1.078

=1.078*100

=1078 price index

 

ANSWR

1078/1,194,842,695=0.0000009*1

=0.0000009

1.0000009-100

=0.0000009%

It shows that the average price of goods in Goodland between 2017 to 2018 increase by 0.0000009% almost constant base the gdp deflator in 2017 is different from the nominal gdp of 2017 means decrease is1078/1,194,842,695=0.0000009*1   then 1.0000009-100=0.0000009% deflation.

 

The real GDP is the value of a nation’s output of goods and services in a particular adjustment for the changes in the prices of goods and services from a base year.

 

 

Question 3.

3 Examine the fundamental causes of a nation’s business cycle fluctuations. Also, examine the relationship between total spending by government and consumers in a nation and the location of the countries’ GDP on the business cycle.

 

There are two causes of Business Cycles mainly;

Internal causes of Business Cycles; these internal factors can make changes in the firm sector and its economy

  1. Changes in Demand

with a change in demand will cause the economic change. with rise in demand in an economy will leads to high production so that to meet the needs.

The economy will rise when there is more output as well as employment. It will lead to more income and higher profit. furthermore, excessive will leads to inflation.

  1. Fluctuations in Investments.

The fluctuation in investments will be illustrated with the following factors; rateof interest in the economy as well as profit expectation, etc.

Therefore, an increase in investment cause rise in an economy and vice versa.

  1. Macroeconomic Policies

basically, when the monetary policies are set to promote economic activities of the country then it will lead to change in business cycle that is promoting investment therefore increasing economy. These can be done when there is low taxation by the government.

4] Money supply

If there is a change in money supply it will result to trade cycle. besides, growth and expansion is led by the boom in money in the market.

However, excessive money supply will result to inflation and vice versa

External Causes of Business Cycles

  1. Political instability and attacks

In the time of war people tend to make more weapons and arms this will lead economy reduction as all resources are being used in war. Besides, war will result to unemployment as well as fall in economic activities. However, after war there will rise in an economy as there will be reconstruction of infrastructure.

  1. technology Shocks

New technologies, for instance, increased employment, investments as well as high income will increase economy of a nation. For example, introduction of mobile phones boosts the telecom industry

c.Natural Factors

Natural FACTORs cause more losses to the agricultural sectors for instance floods and droughts as they damage crops. Thus resulting into high inflation later decreasing demand.

the relationship between total spending by government and consumers in a nation and the location of the countries’ GDP on the business cycle.

 

 

 

 

 

 

 

Private  expenditure contribute to two-thirds of  (GDP)  mainly in first world countries. However, one-third contributed by business and government expenditures and net exports.

 

 

Therefore, the  , private consumption expenditure subdivided into three broad sectors: expenditures for services, for durable goods as well as for nondurable goods..

The relationship between the flow of consumption as economists gain it as well as consumption expenditure as it contributed to in national income.

4a. Suppose you have $200,000 in a bank term account. You earn 5% interest per annum from this account.

You anticipate that the inflation rate will be 4% during the year. However, the actual inflation rate for the year is 6%.

Calculate the impact of inflation on the bank term deposit you have and examine the effects of inflation in your city of residence with attention to food and accommodation expenses.

 

Deposite=$200,000

Interest =5%

Current amount = (200000*0.05)

interest=10,000 annually

real inflation =0.06

 

 

inflation= (200000*0.04)

=$8,000

Real inflation=

= (200000*0.06)                                                         1.05/1.04=1.0096

=$12,000                                                                     $200000*0.0096=1920

1.06/1.04

1.019

 

Therefore

$200000*0.019=$3,800

Inflation value =$3,800

 

Effects of inflation in our city.

 

Reduces employment

When there is unemployment there is a reduction in food purchasing and also accommodation. This lowers economy of the city.

 

Diminishes purchasing power

There will rise in the price thus decreasing the purchasing power of food and accommodation.

 

 

b.The Australian Bureau of Statistics (ABS) reported in May 2017 that the civilian population in Australia over 15 years of age was 20.8 million. Of this population of 20.8 million Australians, 13.5 million were employed and 0.7 million were unemployed.

 

Calculate Australia’s labor force and the number of people in the civilian population who were not in the labor force? Also, with examples examine the causes of structural unemployment in Australia

 

The Australia’s labor force =no. employment /adult population

=13.5/20.8

=0.65*100

=65

Employment ratio=65%

 

Not in the labor force is 0.7/20.8

=0.03*100

Unemployment ratio is 30

=30%

 

 

The causes of structural unemployment.

  1. Completion

Rise in Completions are manly caused by globalization.

  1. Technological changes.

Basically it will affect the economy. When there is more advanced technology in the industries this will lead to unemployment due to employees have not cope with the new technology

5.Use the Aggregate supply and Aggregate Demand Model below to answer the questions that follow. Aggregate Supply and Aggregate Demand Model

 

 

 

 

 

 

 

(i) Examine the influence of government expenditure on investment in a nation. Use Jot Inc. Ltd a multinational construction company in which you are the Chief Exec of the firm that that is highly diversified and receives funds to construct highways and other government funded projects. Also, explain the factors that cause the Aggregate Demand curve to be downward sloping left to right.

..

Influence of government on expenditure on investment in nation.

The main agenda is Infrastructure investment, however it shows that Higher government expenditure on roads can result in removal supply bottlenecks and   results to greater efficiency. Besides, it helps to boost long term economic growth. economic principle that when supply exceeds demand for a good or service, prices fall.

It is more likely that the rise in taxes will negate the impact of rising government spending. This would leave Aggregate Demand (AD) unchanged.

However, it is possible increased spending and tax rises could lead to an increase in GDP.

In a recession, consumers may reduce spending leading to an increase in private sector saving. Therefore, a rise in taxes may not reduce spending as much as usual.

 

However, the rise in government expenditure may result to a multiplier effect. When government spend more in investments it will create employment thus consumers will have high income to use in purchasing commodities thus high aggregate demand. Furthermore, government expenditure may lead to greater increase in GDP.

When there is unemployment, there will low income therefore low aggregate demand shown in the Graph above ADD3 and ADD1. As employment increases the demand increase drastically.it shows that at ADD0 government spend a lot in the infrastructure thus low unemployment rate at ADD2 all people are employed means there is income thus demand increases.

Some the factors affecting aggregate demand;

Government policies

Income

Price

 

 

 

Factors cause AD to slop downward are;

 

  1. Interest rate effect

when there is a lower price level it will cause decrease in the demand of money. furthermore, it lowers the equilibrium interest rate and rising the investment. besides, lower price level increases interest-sensitive components of consumption as well the real output.

 

  1. Wealth effect

When the price level decrease, cash balances will tend to buy more, so people will spend more, resulting to rise in the real output.

 

  1. Net export effect

A lower price level illustrates that prices for goods produced are lower relative to the prices in foreign countries. Furthermore, buy more goods in the foreign nation. moreover, increases net exports indicate a component of real GDP.

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