Ask Question, Ask an Expert


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

Problem set onefall 20161consider the attached article from

PROBLEM SET ONE FALL 2016 1. Consider the attached article from the Wall Street Journal. It is a great application of the net-benefit cal ...

Based upon your reading of the materials giving and your

Based upon your reading of the materials giving, and your own additional research, prepare an essay discussing the use of infectious disease as a weapon of international terror. You should address the following questions ...

Principles of microeconomics assignmentquestion one the

PRINCIPLES OF MICROECONOMICS ASSIGNMENT Question One: The following table gives a total utility schedule for Michael who consumes sodas. The price of each can of soda is $50. a) Copy and complete the table. Number of can ...

Assignment 2 operations decisiondetermine the market

Assignment 2: Operations Decision Determine the market structure in which the low-calorie frozen, microwavable food company operates. Use the Internet to research two of the leading competitors in the low-calorie frozen, ...

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 ...

Human relations amp workforce planningpharmanetixfor your

Human Relations & Workforce Planning PHARMANETIX For your final project, you need to write a 10-15 page proposal to me, the Chairman of the Board for Pharmanetix. Here are some helpful hints when writing this proposal: 1 ...

Course projectthis course project is designed for you to

Course project This course project is designed for you to learn more about the lodging industry while having some fun at the same time. Your assignment is to design and to develop your own hotel. The following criteria n ...

Technological advancement for firms- econin consideration

Technological Advancement for Firms- ECON In consideration of the arguments made by Chandler, Enduring Logic of Industrial Success, answer this question: • What role will technological advancement play in the future evol ...

Question 1 suppose you are given the following information

Question 1: Suppose you are given the following information about an industry: Q D = 8000 - 100p; Q S SR = 20 + 700p; c(q) = 20 + q 2 /20. where q and c (q) stand for a firm's quantity supplied and cost function; Q S SR ...

Assignmentplease answer all questions completely using your

Assignment Please answer all questions completely using your own words 1. Describe the essential difference between an industry analysis and a market analysis. In what section of an ad plan are they typically included? W ...

  • 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