(Answered) Foundation of economic - first three question in micro

Economics

Foundation of economic - First three question in micro economic last 2 questions from macro-economic.

Question 1: - price ceiling and floors?

Draw a diagram and explain
Who win and who loose in different group

Question 2: - perfect competition?

What can happen in short run?

Describe the diagram about above normal profit.

Make a loss but stay in business.

Who could make business profit and losses

2 thing revenues more than cost
Cost
R>C than profit, R

Imagine in perfect competition the price goes up.

Imagine the cost goes down price goes down.

Result above normal profit.

Describe short run and long run with diagram.

Question 3: - learn the elastic formula, make sure you know what should business do to make more profit?

Its depend on elasticity?

Question 4: - explain the mandatory policy?

What reserve bank do?

Why this is week and strong.

Explain open market operation

Bank sell bond pieces of paper.

Question 5: - explain the Fiscal policy?

If economic well or if economic doing bad.

What will govt do?

Explain in diagram.

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