Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Microeconomics Expert

Intro to Economic Thinking: 1500 words

There are two brands of cell phones which are almost identical apart from for some minor features: the A-Phone and the Pomegranate.

Part I:

Draw the demand curve for the A-Phone. Describe how the graph, price and quantity demanded will change if the given occurs:

A) There is an on the whole increase in income.
B) There is an overall raise in income and people believe that the Pomegranate is now better than the A-Phone.
C) The price of the A-Phone goes up when a flaw is found in the Pomegranate.
D) A new kind of walkie-talkie has an unlimited range and is mainly free.
E) It is discovered that there are health concerns when employing cell phones.
F) There is a baby boom.
G) The price of the A-Phone and the Pomegranate both go up.

What occurs to the supply of cell phones if the market price goes up?

Part II:

Describe what happens to the price and quantity supplied and how it reflects on a graph if the given takes place:

A) It becomes more costly to produce cell phones.
B) More cell phones are being produced with the similar amount of inputs.
C) Walkie talkies are much popular as of the new technological change mentioned above.
D) The other company starts producing cell phones and now there are three producers in the market.
E) People think the price of cell phones will go up in the future.

Part III:

Draw a graph that shows the equilibrium price of cell phones. Describe what the graph is showing.

When the new manufacturer introduces the Robo cell phone to the market, how does that affect the equilibrium price if the Robo is fundamentally the same as the other cell phones?

Part IV:

As the public’s dependence on cell phones continues to grow, the cost of the phones might be reducing, however the stronghold that telecommunication companies have on the public in regards to contracts and climbing fees is alarming.

Additionally, all cell phone companies charge about the same prices, and the consumers do not have much choice in substituting providers. Consumers appear to require some controls in this regard, and the government decides to step in.

A) What is the effect of government intervention in the cell phone market? Make sure that you use graphs to exemplify your point.

B) Is this a good thing for consumers?

On the other hand, the government sees the raise in cell phone use as an opportunity to make some extra revenue, and it decides to tax service providers.

A) Who is really paying the tax?

B) Describe your conclusion on a graph.

C) Do you think that there is a free market for cell phone users? Why or why not? 

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91972

Have any Question? 


Related Questions in Microeconomics

Assignmentscenario summarya kansas city based supplier of

Assignment Scenario Summary A Kansas City based supplier of health care information technology (HCIT) solutions has recently hired you as a Human Resource Manager. You are in charge of hiring new medical consultants for ...

Assignmentvirtually all general managers face

Assignment Virtually all general managers face capital-budgeting decisions in the course of their careers. The most common of these is the simple "yes" versus "no" choice about a capital investment. Regardless of the typ ...

Assignmenta computerworld investigation reported that

Assignment A Computerworld investigation reported that delays in overhauling the federal tax system have cost the U.S. government approximately $50 billion a year in uncollected taxes. Although the IRS has spent hundreds ...

Watch the video on the link belowthen answer the following

Watch the video on the link below. Then answer the following questions: 1. Would the incentives discussed in the video be able to work in a college setting? Why or why not? 2. Have you ever changed your behavior because ...

Topic minimum wage workers who actually are minimum wage

Topic: Minimum wage workers _ Who actually are minimum wage workers? _ What are the profites of raising minimum wage? _ What are the con's of raising minimum wage? _ What in your opinion should we do about minimum wage?

Assignmentpart idirections read the prompts below and

Assignment PART I Directions: Read the prompts below and formulate a response of at least one half of one page in length for each question. Please show Your references on a reference page 1. Explain records checks. List ...

Assignmentyou have been asked to assist your organizations

Assignment You have been asked to assist your organization's marketing department to better understand how consumers make economic decisions. Write a 1,050-word analysis that includes the following: • The impact the theo ...

Can you write a great paper on a research economic topic10

Can you write a great paper on a Research economic topic 10 page paper Including abstract, introduction, content and conclusion, reference. You can choose any economic topics and analyze the issue from your own perspecti ...

Samsung smartphone manufacturer vs google inc search engine

Samsung (smartphone manufacturer) Vs. Google Inc. (search engine) - economic and financial analysis Objectives: • Assess and compare the market types of Google Inc.(as a search engine) and Samsung • Determine the various ...

Assignment money and pricethe organizations strategic plan

Assignment: Money and Price The organization's strategic plan you wrote about calls for an aggressive growth plan, requiring investment in facilities and equipment, growth in productivity, and labor over the next five ye ...

  • 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

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro