Q1- Urgent / Important
Q2- Writing a paper that is due in 3 hours
(others can wait as no serious consequences but you could fail n get bad mark if you don't complete the paper. It's a deadline issue.)
Answer:
search up previous benchmarks online, thats a good way to study
Explanation:
(A) The supply function generally is considered to have positive slope. Qa has positive slope. Qb has negative slope, so is probably the demand function.
supply function: Qa
demand function: Qb
(B) The equilibrium price is the price that makes supply equal to demand.
Qa = Qb
50 +p = 200 -4p
5p = 150
p = 30
The equilibrium price is 30.
(C) The price elasticity of supply is computed as
Es = (dQa/dp)·(P/Qa) = 1·p/(50+p)
Es = p/(50+p)
At p=30, the numerical value is Es = 30/80 = 3/8. Qualitatively, the supply is inelastic.
United Nations estimates that the population of developed countries between now and 2025 will grow more slowly than in developing countries.
By the year 2050, the worlds population is projected to reach 9 billion people.
According to a report by the United Nations, the current world population of 7.6 billion is expected to reach 8.6 billion in 2030, 9.8 billion in 2015 and 11.2 billion in 2100. Besides, The biggest increase in population is estimated to happen in Africa, and Asia.
