Various Market Participants and Stakeholders - Economics Assignment Help

Assignment Task:

Task:

ANSWER ALL QUESTIONS

QUESTION 1 [20 MARKS]

Economists use various tools, models and theories that enable informed decision making by various market participants and stakeholders within an economy. Therefore, the understanding of the basics of econometrics is essential for business administration scholars.

1.1 What is econometrics? (4)
1.2 What is the purpose of econometrics? (2)
1.3 Use this econometric equation Q = f(P, Ps, Yd) as an example to clarify the functional relationship amongst the listed variables that attempt to describe economic reality. In your response remember to define each variable and the entire function.

1.4 Briefly describe how econometrics uses the equation Q = f(P, Ps, Yd) to test the hypotheses relating to a normal good.

(2)

1.5 Briefly explain how econometrics is used to predict future economic trends. (2)
1.6 Breifly explain the following concepts and/or their purpose:

• Regression analysis
• Stochastic error
• Estimated regression equation

(6)

QUESTION 2 [30 MARKS]
2.1 Provide reasons why labour markets cannot be characterised by perfect competition.

2.2 What is the difference between total utility, marginal utility, marginal utility per rand and utility maximization.

2.3 What is an indifference curve? Briefly explain. (2)
2.4 An increase in demand deposits suggests that banks should also increase the amount of cash reserves they hold at the Reserve Bank. Outline each element in the formula provided below and summarize the purpose of this formula to its relevant stakeholders. DR = b(DD)

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