Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Microeconomics Expert

Answer all the given problems:

problem 1:

a) Innocent, a first year Business student wonders why one must consider scarcity and choice as fundamental problems in economics. Advise Innocent.

b) Scarcity leads to the economic choices. Give an illustration of an economic decision you made and what you gave up when you made your preference. Then think of a choice our country has made and what we might have given up in making that preference.

problem 2:

a) Sambambi a politician of ‘Let’s Enjoy Ourselves Party’ promises to rise funding for both the military program and education.  Knowing about opportunity costs, what problem must you ask as a citizen?

b) Some economic systems work better with democracies and some work fine with authoritarian rule. Which political system best matches each economic system? describe why?

problem 3:

a) Describe how are prices set in a market economy?

b) What occurs to the demand for an item if the price goes down?

c) What occurs to the quantity demanded for an item if the price of the item goes up?

d) describe the difference between the real income effect and the substitution effect.

e) If the price of Coca-Cola suddenly rose, what would occur to the demand for Pepsi? describe why?

problem 4: Assume that the supply and demand curves for Honda Accord sedans in Lusaka are     QS = 50i + 20P and D = 300i – 80 P.

a) Compute the equilibrium price and quantity for Honda cars from the above demand and supply equations.

b) Plot the demand and supply curves in a figure and point out the equilibrium point. Put quantity all along vertical and price all along the horizontal axis.

c) List out the four determinants of the demand and supply.

d) How does a shortage of tickets to a professional sports event like a football match find out the price of such tickets?

e) How are equilibrium prices determined?

f) In a free-market economy, how much and how frequently do you believe the government must intervene by setting price floors and ceilings? describe why?

problem 5: If goods are perfect complements, the effect of a price change comprises of solely of an income effect. Describe.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M96640

Have any Question? 


Related Questions in Microeconomics

1 firms that had virtual monopolies that is control over at

1. Firms that had virtual monopolies, that is control over at least 80% of industry production, because of control over an essential resource include all of the following except the A) National Football League in the 195 ...

Problem 1 roberts new way vacuum cleaner company is a newly

Problem 1: Robert's New Way Vacuum Cleaner Company is a newly started small business that produces vacuum cleaners and belongs to a monopolistically competitive market. Its demand curve for the product is expressed as Q ...

Assignment perfectly competitive and monopoly firmsin this

Assignment: Perfectly Competitive and Monopoly Firms In this Assignment, you will calculate total cost, total revenue, and total profit/loss. Based on the computed results, you will determine the optimal quantity of outp ...

1 explain the difference between explicit and implicit

1) Explain the difference between explicit and implicit costs of production. 2) Explain the reasoning behind the U-shaped, long-run, average cost curve. 3) Explain the law of diminishing marginal returns. 4) Describe eco ...

Principles of economics1 which statement is truea today

Principles of Economics 1. Which statement is true? A) Today more workers in the U.S. are members of labor unions than any time in our history. B) Today labor unions are weaker than any time in the last 100 years. C) No ...

Question 1complete these 2 questions questions 1 and 2 and

Question 1: Complete these 2 questions (questions 1 and 2) and then submit answers to questions about problem set one on Blackboard. 1) Go to the Problem set button. 2) Then open the problem set submission form folder. 3 ...

Assignment global business today - the hofstede studyrefer

Assignment: Global Business Today - The Hofstede Study Refer to Hofstede model in Chapter 4 of the textbook and the Global Business Today Interaction located below, and complete this assignment. Note: You must have a Fla ...

Problem set onefall 20161consider the attached article from

PROBLEM SET ONE FALL 2016 1. Consider the attached article from the Wall Street Journal. http://www.wsj.com/articles/the-thorny-economics-of-illegal-immigration-1454984443 It is a great application of the net-benefit cal ...

Assignmentthis final project paper will utilize many of the

Assignment This final project paper will utilize many of the sections of material you have studied during the duration of this course. You will make use of your own personal observations and occupational experiences to e ...

Economicsread the case study on page 27 protecting

Economics Read the case study on page 27 "Protecting Endangered Species with Private Property Rights." Write an essay 1,000-1,250 words, answering the following questions: 1. Economists argue that scarcity is different t ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate