Economics Quick Questions Thread (1 Viewer)

[loapowm]

Lets practise

What is the equilbibium level of income if C=150 + 0.8Y and I=50

 

[WhatCnut]

Re: Economics thread

The maths of economics is the only thing that gets me. I'm the only person at my school doing economics who doesn't do maths - such a frustrating thing.

 

[loapowm]

Re: Economics thread

My friend is asking me how to answer this.

Not sure either

I know the answer is 1000

But how do we get to it

 

[RishBonjour]

Re: Economics thread

I think this is how you do it, but not sure, first time attempting a quetion like this:

At equilibrium level of income, if we consider a 3 sector economy.
S=I
since I = 50
S = 50
Now
Y = C + S
thus Y = 150 + 0.8Y + 50
Make Y ze subject, and you get your answer i.e. income is 1000

 

[loapowm]

Re: Economics thread

Found how to do it

 

[WhatCnut]

Re: Economics thread

Share?

 

[loapowm]

Re: Economics thread

C= 150 + 0.8Y, I= 50

From

Y=C + S
S=Y-C
S= Y- 150 +0.8Y

Change it to the MPS

S=Y-150+0.2Y

Sub I in

50=Y-150+0.2Y
200=Y-0.2Y
200/0.2=Y
Y=1000

Got it!

 

[loapowm]

Re: Economics thread

I think this is how you do it, but not sure, first time attempting a quetion like this:

At equilibrium level of income, if we consider a 3 sector economy.
S=I
since I = 50
S = 50
Now
Y = C + S
thus Y = 150 + 0.8Y + 50
Make Y ze subject, and you get your answer i.e. income is 1000

This is right

Didn't read it properly

 

[RishBonjour]

Re: Economics thread

This is right

Didn't read it properly

Yeah.

Btw
Would you classify China as emerging or NIE?
Chian is part of the BRICS so I guess emerging, but many sources classify it as NIE.

 

[loapowm]

Re: Economics thread

Yeah.

Btw
Would you classify China as emerging or NIE?
Chian is part of the BRICS so I guess emerging, but many sources classify it as NIE.

It really is a NIE.

Emerging countries generally are those which aren't advanced as much as developed- such they are still increasing productivity, growth etc at high rates.

NIE are those which have peaked.

China really is a NIE.

 

[loapowm]

Re: Economics thread

More questions!!!

I know people have CSSA economics tomorrow

I have done my trial so I will help people if they want

 

[RishBonjour]

Re: Economics thread

It really is a NIE.

Emerging countries generally are those which aren't advanced as much as developed- such they are still increasing productivity, growth etc at high rates.

NIE are those which have peaked.

China really is a NIE.

Are you suggesting India is NIE too? their growth rates have been within 1% of China's, their services sectors and productivity has been increasing dramatically.

I'm just getting confused between these, although i doubt markers will be that bitchy. (unless you say Afghanistan is emerging)

 

[loapowm]

Re: Economics thread

Are you suggesting India is NIE too? their growth rates have been within 1% of China's, their services sectors and productivity has been increasing dramatically.

I'm just getting confused between these, although i doubt markers will be that bitchy. (unless you say Afghanistan is emerging)

lol

NIE and emerging are pretty much the same thing (in the HSC) legit not much difference.

You will never get a question on this. However you will be right in short answers/extended response if you say either

 

[will_]

emerging is good enuf for china.

that technical question above is the 2010 independent paper

 

[RishBonjour]

I have eco trials in 2 days. so stuffed.
Any tricky/interesting economics questions you've come across?

 

[loapowm]

emerging is good enuf for china.

that technical question above is the 2010 independent paper

Meh

IND tends to be really specfic, The HSC isn't

 

[megaman64]

are case studies of countries ever asked as an essay question?

 

[jeffwu95]

HSC 2009 tricky question

 

[loapowm]

are case studies of countries ever asked as an essay question?

Yes

 

[asadass]

View attachment 26048 HSC 2009 tricky question

Is the answer food?