Q.No.1. Use the model of supply and demand to explain how a fall in the price of frozen yogurt would affect the price of ice cream and the quantity of ice cream sold. In your explanation, identify the exogenous and endogenous variables. Find data on Pakistan GDP and its components, and compute the percentage of GDP for the following components for 2017, 2018, and the most recent year available.Personal consumption expendituresGross private domestic investmentGovernment purchasesNet exportsNational defense purchasesState and local purchasesImportsHealthEducationDo you see any stable relationships in the data? Do you see any trends? See any changes in budget due to COVID-19, in above mention indicators. (Hint: A good place to look for data “Pakistan Economics Survey”, which is written each year. Alternatively, you can go tohttp://www.finance.gov.pk/).

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Q.No.1. Use the model of supply and demand to explain how a fall in the price of frozen yogurt would affect the price of ice cream and the quantity of ice cream sold. In your explanation, identify the exogenous and endogenous variables.

Find data on Pakistan GDP and its components, and compute the percentage of GDP for the following components for 2017, 2018, and the most recent year available.
Personal consumption expenditures
Gross private domestic investment
Government purchases
Net exports
National defense purchases
State and local purchases
Imports
Health
Education

Do you see any stable relationships in the data? Do you see any trends? See any changes in budget due to COVID-19, in above mention indicators. (Hint: A good place to look for data “Pakistan Economics Survey”, which is written each year. Alternatively, you can go tohttp://www.finance.gov.pk/).

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