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Individual Portfolio: Economics for Business - Assignment Example

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Economics for Business: Individual Portfolio Name of the Institute Appears Here Appears Here Total Word Length: Question 1 a) Average and marginal cost, and average and marginal revenue in the given scenario is not one, rather varies according to the production level (Mankiw, 1998)…
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Individual Portfolio: Economics for Business
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Download file to see previous pages level at which lowest marginal cost of production is reached by the production system. That is production output of 4 units. On the other hand, average revenue and marginal revenue is a continuously decreasing figure. There is no optimum value for marginal revenue and average revenue. With respect to the given data, lowest value is reached at output level of 10 units. c) Total profit at the output level of 4 units = total revenue – total cost = $102 - $40 = $82 Total profit at the output level of 4 units = total revenue – total cost = $225 - $150 = $75 d) This firm is operating in a perfect competition. This is because the marginal revenue of the firm decreases steadily with the increase in output level (Mankiw, 1998). The firm is a price taker and it has to decrease its price to convince its customers to buy additional units of the product. Question 2 a) There were a number of economic factors which contributed to the recession of 2008-09 in the UK economy. The financial crisis of was triggered by a chain of default loans in US subprime market which lead to a crisis in financial institutions globally. This caused a fall in the stock markets and the collapse of several financial institutions. To avoid a systemic crisis, governments stepped in and save many banks which cause a crisis of public debt. Moreover, it caused a recession affecting entire Europe. Public finances were heavily used to solve this crisis (Barro, 2009). This crisis also lead to a sharp rise in oil prices and agricultural products. The exorbitant rise in prices of assets and the associated demand was seen as the consequence of a period of credit ease. With declining equity and housing prices, large banks in UK lost a lot of money and required public funds for bail out. Unemployment persisted in UK, large imbalances in current account balances remained (Mankiw, 1998). In 2008, prices of many commodities, including oil and agricultural products went quite high causing stagflation in UK and exacerbating financial crisis. b) Recovery during the financial crisis of 2008 was slowest among the three crisis. The fall in the index was greatest during the crisis and consequently recovery from the effects of recession took greatest amount of time. In fact, the index does not recover at all in the graph to levels prior to the crisis. c) UK economy didn’t perform well during the last quarter of 2011. The reason for this poor performance was the fact that stock market and financial industry didn’t gain pace after the crisis. Inflation continued to remain high, while unemployment figures didn’t improve. d) The growth predictions for UK economy for next year is hardly encouraging. Growth rate of the economy expected to be only 1%, while the unemployment rate is expected to rise further in 2012. Business activity has resumed but certainly not enough to predict a sizeable reduction in unemployment. If unemployment persists then households consume less, which could compromise a sustainable recovery of the UK economy. Question 3 a) The theory ...Download file to see next pagesRead More
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