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Re: Nairaland Economics Academy by efficiencie(m): 10:41pm On Dec 21, 2014 |
efficiencie: Now what!? Could excess liquidity really be the reason for the pressure on the naira? Excess liquidity bids up aggregate expenditure with private and govt consumption so much that importation is massive then this could depreciate the naira and though the long term remedy would be a structural reform that substitutes import industries with domestic industries in the short term the use of dollar certificates would stem the pressure on the naira but with a caveat. The caveat is that this policy directive would encourage dollarization and this could portend adverse consequences for monetary policy as dollarization could paralize the MPR, CRR and even OMO! Please share your views! |
Re: Nairaland Economics Academy by efficiencie(m): 2:18pm On Dec 23, 2014 |
Again is it not expected that the crash in oil prices would make importation of PMS cheaper and hence reduce the pump price of PMS? The crashing oil price may have its blessings too. |
Re: Nairaland Economics Academy by efficiencie(m): 2:15pm On Dec 25, 2014 |
NOW WE ARE IN FOR A SHOCKER EC will not cut oil production even if the price drops to $20 a barrel and it is unfair to expect the cartel to reduce output if non-members do not, Saudi Arabia said. “Whether it goes down to $20 a barrel, $40, $50, $60, it is irrelevant,” the kingdom’s Oil Minister Ali al-Naimi said in an interview with the Middle East Economic Survey (MEES), an industry weekly. In unusually detailed comments, Naimi defended a decision by the Organization of the Petroleum Exporting Countries, whose lead producer is Saudi Arabia, last month to maintain a production ceiling of 30 million barrels per day. The decision sent global crude prices tumbling, worsening a price drop that has seen them fall by around 50 percent since June. Slower demand growth and a stronger dollar have also contributed to the slump. Saudi Arabia has traditionally acted to balance demand and supply in the global oil market because it is the only country with substantial spare production capacity, according to the International Monetary Fund. The kingdom pumps about 9.6 million barrels per day but Naimi said it is “crooked logic” to expect his country to cut and then lose business to other major producers outside OPEC. The increasingly competitive global oil market has seen daily United States output rise by more than 40 percent since 2006, but at a production cost which can be three or four times that of extracting Middle Eastern oil. “Is it reasonable for a highly efficient producer to reduce output, while the producer of poor efficiency continues to produce?” Naimi asked during the interview conducted with MEES on Sunday. “If I reduce, what happens to my market share? The price will go up and the Russians, the Brazilians, US shale oil producers will take my share.” Naimi added it is “unfair” for the cartel to reduce output because it is not pumping most of the world’s oil. “We produce less than 40 percent of global output. We are the most efficient producer. It is unbelievable after the analysis we carried out for us to cut,” he said. source: http://www.vanguardngr.com/2014/12/opec-wont-cut-output-even-at-20-a-barrel/ HOW WOULD THIS PLAY OUT IN AN IS-LM-BP ANALYSIS GIVEN THE MONETARY TIGTHENING REGIME, FISCAL TIGHTENING AND HIGH IMPORTS PRESSURE? Over to the economic thinkers |
Re: Nairaland Economics Academy by efficiencie(m): 2:25am On Dec 26, 2014 |
The relationship between marginals and averages is examined below: if TR=AR.Q where TR is total revenue, AR is average revenue and Q is quantity then dTR/dQ=AR.dQ/dQ + Q.dAR/dQ dTR/dQ=AR + Q.dAR/dQ MR=AR + Q.dAR/dQ since MR= dTR/dQ MR=AR(1+{Q/AR}.{dAR/dQ}) MR=AR(1-1/e)…* where e=-{dQ/dAR}.{AR/Q} is the elasticity of demand QU1: with the aid of the result * prove that irrespective of whether the good Q is normal or abnormal in demand, if the elasticity is infinite then MR equals the AR. QU2. What is the range of values of 'e' that a monopolist like Dangote, for instance, would consider when making pricing decisions. QU3. If the government of Abacha increasingly gave subsidies to Dangote to cover the extra cost per unit of extra output such that the private marginal cost becomes negative then specify the range of values of 'e' that would enable Dangote fend off any likely competitors in a price war. |
Re: Nairaland Economics Academy by Appliedmaths(m): 2:41pm On Dec 30, 2014 |
@efficiencie , I totally agree and appreciate your analysis, it all boils down to implementation. Sometimes I wonder if the people handling our economic affairs are even educated at all. # Me I don tire oooo bros. # |
Re: Nairaland Economics Academy by stephano100(m): 5:36pm On Aug 16, 2016 |
Appliedmaths:Nice thread how come you guys stopped all of a sudden. I went through you guys topics & it seems you studied in Benin? |
Re: Nairaland Economics Academy by Appliedmaths(m): 6:31pm On Aug 16, 2016 |
stephano100: Yeah, I studied in UNIBEN. |
Re: Nairaland Economics Academy by stephano100(m): 6:43pm On Aug 16, 2016 |
Appliedmaths:Thought as much, did Ecostat u? |
Re: Nairaland Economics Academy by Appliedmaths(m): 7:03pm On Aug 16, 2016 |
stephano100: Maths Eco. |
Re: Nairaland Economics Academy by stephano100(m): 7:18pm On Aug 16, 2016 |
Appliedmaths:Cool, what're you on currently, I'm serving atm |
Re: Nairaland Economics Academy by Appliedmaths(m): 7:28pm On Aug 16, 2016 |
stephano100: Done serving, on the job lookout. How things? |
Re: Nairaland Economics Academy by stephano100(m): 6:10am On Aug 17, 2016 |
Appliedmaths:I'm good, have you gotten any professional certification? |
Re: Nairaland Economics Academy by Appliedmaths(m): 7:33am On Aug 17, 2016 |
stephano100: I did pmp and basic office safety. Use your discretion, u can do nim or strategic mgt. |
Re: Nairaland Economics Academy by stephano100(m): 9:59am On Aug 17, 2016 |
Appliedmaths:From what I heard nim do not hold much value in the job market & which organization runs the strategic mgt cert.? |
Re: Nairaland Economics Academy by horlawharley(m): 1:11pm On Aug 17, 2016 |
Bosses.......you first put fear in my mind concerning Economics as a course...that I fear going into it but nevertheless I will go and see for myself.....you make it looks as if it very difficult but I won't want you to stop because I think I will be needing all this in the future. |
Re: Nairaland Economics Academy by Appliedmaths(m): 1:29pm On Aug 17, 2016 |
horlawharley: Economics is practical, its something you see and can easily relae to on a daily basis. Relax, you'll be glad you did. |
Re: Nairaland Economics Academy by Appliedmaths(m): 1:30pm On Aug 17, 2016 |
stephano100: True, scout your area to know whats up. 1 Like |
Re: Nairaland Economics Academy by stephano100(m): 7:04pm On Aug 17, 2016 |
Appliedmaths:Thanks bro, stay safe. |
Re: Nairaland Economics Academy by horlawharley(m): 10:24pm On Aug 17, 2016 |
Appliedmaths:Alright thanks boss |
Re: Nairaland Economics Academy by efficiencie(m): 2:54pm On Aug 21, 2016 |
Appliedmaths: True, Economics is practical, but Economics as taught in Nigerian universities is disconnected from the realities of the Nigerian economy. I did my MSc at UNIBEN and i am amazed to find that MV=PT, Irving Fischer's truism, that was taught in 100l, 200l, 300l and annoyingly 400l was also taught in monetary economics class at the 800l. Isn't that amazingly absurd! Corporate Finance, a close cousin of Financial Economics, is also taught at UNIBEN and sadly students in that class cannot use spreadsheet packages, do not know key central bank terminologies, cannot decipher the current trend in central banking and commercial banking in Nigeria and offer useful criticisms, don't know the current targeting paradigm of the CBN and are largely disconnected from the core their discipline... I felt UNIBEN would even measure up in the teaching of Econometrics but sadly i was sorely disappointed as the training i got was the standard 300l training I got in my undergraduate days. The average MSc/PhD graduate in Economics at UNIBEN can hardly handle such econometric methods as: ARIMA, SVAR, SVEC, FAVAR, TVAR, TSVAR, PVAR, GMM, WLS, SEM and the more recent DSGE Modeling. My claims may appear outrageous but i enjoin you to make your investigation before pouring your money into an education that is not really education...but just a certificate accumulation exercise! |
Re: Nairaland Economics Academy by Appliedmaths(m): 3:33pm On Aug 21, 2016 |
efficiencie: I could remember I started using Eviews and SPSS in my 300L, of course we werent taught I went further to develope myself. It was during my project my surpervisor taught myself and some friends. Point is, the educational system nation wide is porous, no standards. Takes a smart student to go extra mile and develop him/her self. If u rely on the system, you're gone. |
Re: Nairaland Economics Academy by efficiencie(m): 3:37pm On Aug 21, 2016 |
Appliedmaths: It then makes me ask the question: of what use is our educational system, if it cannot train people to take up meaningful roles in the society? Is it not better we shut these certificate production and sales centres and build real schools? |
Re: Nairaland Economics Academy by horlawharley(m): 3:46pm On Aug 21, 2016 |
efficiencie:Agreed...............so how did you came about develping yourself with all those methods you listed above? |
Re: Nairaland Economics Academy by efficiencie(m): 3:48pm On Aug 21, 2016 |
Can you imagine that the lecturer who taught me econometrics at UNIBEN, billed me and my classmates 10,000 naira to assist us in estimating econometric models...meaning he knew he did not teach us enough to be able to do it ourselves and guess what, those who did not pay the said fee but went ahead to seek alternative means of estimating their econometric models were deemed not to have submitted their assignments, though they did submit, and they were awarded Fs in the course... I have known for some time that the worst sets of people in this country are not politicians...but these corrupt teachers, lecturers and school administrators! They forget that the educational institution is the bedrock of every other institution and if the educational institution fails, all other institutions will fail...We have corrupt politicians, corrupt husbands, corrupt wives, corrupt pastors, violent muslims, delinquent childen and irresponsible adults because the institution of the school, where minds are shaped, failed and failed woefully! |
Re: Nairaland Economics Academy by Appliedmaths(m): 3:54pm On Aug 21, 2016 |
efficiencie: Believe me people have propounded this theory, but the powers that be frustrates their plan. |
Re: Nairaland Economics Academy by efficiencie(m): 4:48pm On Aug 21, 2016 |
Appliedmaths: Powers that be? Ordinary Nigerians are the reason the educational system is not working in Nigeria...Nigerian Universities today are no where close in academic quality to the schools in the era of Aristotle and Socrates when there were no modern laboratories, no huge building, no infrastructure...Ordinary Nigerians are the reason for the failure of Nigeria. If the primary, secondary and tertiary institution personnel all did the jobs for which they are paid Nigeria would be a better place...However Nigerians do not want to work at all, yet they want billions of naira over night. This is why we have strike after strike yet lecturers do little or nothing towards building the youths of our time... If Aristotle, Socrates, Pythagoras, Leucipus, Anaximander, Plato and the likes all waited to be paid before they rendered the services they rendered would knowledge have developed to the point it has today... |
Re: Nairaland Economics Academy by stephano100(m): 7:40pm On Aug 21, 2016 |
efficiencie:Wow I can relate to this...Same Ecostat, you did BSc there too right? |
Re: Nairaland Economics Academy by efficiencie(m): 8:57pm On Aug 21, 2016 |
stephano100:No! Twas my MSc i did there... |
Re: Nairaland Economics Academy by efficiencie(m): 9:08pm On Aug 21, 2016 |
horlawharley: I read ehn, i read the detriment of my grades. i read beyond the limits of the course outline and even now there is still a lot for me to learn...and even as at now i know i'm not yet ready for a standard PhD program. My degree of mathematical sophistication is poor and my econometrics is rusty and basic. After schooling in two Federal Universities, i am sorely disappointed in the academia in this country! |
Re: Nairaland Economics Academy by Appliedmaths(m): 9:11pm On Aug 21, 2016 |
efficiencie: We live in a failed country. |
Re: Nairaland Economics Academy by Appliedmaths(m): 9:14pm On Aug 21, 2016 |
efficiencie: Same here, we read to the detriment of our grades but I'm glad I did. |
Re: Nairaland Economics Academy by stephano100(m): 9:18pm On Aug 21, 2016 |
efficiencie:Oh alright. |
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