1. Yao Ming is a famous Chinese basketball player.
(a) To which kind of factors of production does he belong?
(b) "Yao Ming joining the Rockets, an NBA team, implies an increase in the capital of that team."
Explain why this statement is correct.
2. Tong kee and on Kee are two retailers selling dried seafood (e.g. dried abalone, dried sea cucumber and dried shark fins etc.) in Hong Kong. Suppose Hong Kong has suffered from an economic downtown and the total revenue for Tong Kee fell.
(a)(i) Explain why its total revenue has fallen.
(ii) In order to attract more customers, Tong Kee later cuts its dried seafood prices. But the sales manger still finds the sales revenue lower than the period before the economic downtown. Explain.
(b)(i) After Tong Kee cuts its dried seafood prices, On Kee also experience a decrease in its sales revenue. Explain.
(ii) Suppose the sales manger of On Kee cuts the prices of its dried seafood. Will he be successful in raising total revenue for his company? Explain.
希望大家幫幫手.
唔該晒 (:
Economic問題2條
2009-08-07 4:28 am
回答 (3)
2009-08-20 8:30 pm
✔ 最佳答案
1a: The output is basketball match. therefore, the teamplayer involve to produce this match is labor. 2b. He also add as capital as he is very famous therefore more people will buy the ticket to see the match. This is valued add over what only labor can do. Without Yao. the output (match) will still going on. But the ticket selling will be decreased.
2ai) Economic downturn, the demand curve shift downward. Supply in short term is still remaining unchaged. hence the revenue decreased. Because of Revenu is calucated by Unit sold times price. Demand cruve shift downward, the Unit demand derceased.
2aii) Dried sea food is luxury goods and it is necessary goods. The elasticity is different to normal goods. The demand curve of dried sea food is less sensity to price change. Therefore if the prices down 20% the unit sold will increase by only 5%. Hence the total revenue still lower than before economic downturn.
2bi) Two shop are competitor. When TONG reduce the prices. It will attract the demand flow form ON. It is a kind of substitue effect. TONG demand increased as On deamand decreased.
2bii) By demand & supply theory, The revenue of ON will increased. But they are selling the dried sea food, it is relatively durable. Hence, TONG do the prices cut first. A lot of demand already digested by TONG. The aggreated demand for dried food in short term is futher reduced. The demand curve futher shift downward. Also the giffen goods are less elastic to price change. therefore ON will not easy to increase the revenue even they cut the prices.
2009-08-20 17:26:08 補充：
2aii) it is not necessary goods. <<上文打小左個 not 字>>
2009-08-14 9:53 pm
請問發問者，那些問題的分數分佈是怎樣的？
不知道分數分佈，很難回答得好的。
不知道分數分佈，很難回答得好的。
2009-08-07 10:06 am
answering Q1
a)
Yao, as a basketball player, he is classified as a labor by factor of productions. He plays his basketball for Rocket and receives the wages in return.
b)
You may also argue Yao is a human capital. It is because Yao's talent..leadership (arguable), trained skills/body, and reputation toward chinese, are unique and cannot be re-produced by any other nba players. Yao's basketball shoes, his named jerseys, and accessories are unique resources to Rocket.
a)
Yao, as a basketball player, he is classified as a labor by factor of productions. He plays his basketball for Rocket and receives the wages in return.
b)
You may also argue Yao is a human capital. It is because Yao's talent..leadership (arguable), trained skills/body, and reputation toward chinese, are unique and cannot be re-produced by any other nba players. Yao's basketball shoes, his named jerseys, and accessories are unique resources to Rocket.
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