ECO 2 – Principles of Economics II UNIT 7 – Homework Assignment Question 1 The table below includes simplified data on the market demand for an antihistamine drug as well as data on the total costs incurred by the firm offering this drug to the public. Quantity Price Total Revenues Marginal Revenue Total Cost Fixed […]
Plot the new demand curve together with the original demand curve and the original supply curve and calculate the new equilibrium price and quantity; by how much has the revenue to suppliers changed?
Microeconomics The assignments should be typed in Word. Diagrams and graphs, however, may be drawn with a pen and a ruler, drawn using Word/Excel, and scanned/pasted/attached to your submission. Problem 1 The demand and supply functions for hockey sticks are represented by the following equations, where Qd is the number of crates of sticks demanded, […]
Summarize the main points of each article and decide which graph (A, B, C, or D) can be used to explain each event and why.
http://www.cnn.com/2004/LAW/08/17/charley.gouging.charges/index.html http://www.econlib.org/library/Columns/y2007/Mungergouging.html The Problem with Price Gouging Laws (hbr.org) Summarize the main points of each article and decide which graph (A, B, C, or D) can be used to explain each event and why – be specific. More than one graph may apply What is your conclusion? Is price gouging a good thing or not? […]
Explain which graph in our collection – A, B, C, or D – illustrates the shift that you identify by describing the change in price and the change in equilibrium quantity.
Find a news article on the Internet that describes a shift in the supply curve or in the demand curve. The article must be recent (within the last six months) and MUST NOT be from an encyclopedia or reference website that discusses demand and supply. DO NOT use blogs. Use well established business web sites […]
What factor would you think determines how firms can pass on costs or retain profit shares from sales of a product when key input prices fluctuate?
Technical Literacy Assessment Below is a short passage on Elasticity, costs and Customers. At the end of the passage, some questions are given. Assignment:(15 points) 1. You will need to create a short tutorial video not more than 10 min long and using your critical thinking and communication skills help your class/audience understand what this […]
Identify and explain the three fundamental questions in economics. What is the difference between factor of production and factor price?
Microeconomics Assignment #1:Chapter #1: The Economic Problem (50–points)Chapter #2: Demand and Supply: An Introduction (50–points) Chapter #1: 1. Why is economics relevant? (5–points)2. Identify and explain the three fundamental questions in economics. (5–points)3. What is the difference between factor of production and factor price? Give an example of each. (5–points)4. Choice implies opportunity cost. Explain […]
Include a paragraph in the initial response in their own words, using microeconomic terminology, reflecting on specifically what they learned from the assignment and how they think they could apply what they learned in the workplace or in everyday life.
Go to the internet and find a news article published within the last month that discusses changes in demand and supply of particular goods/services, summarize key points and post in the Discussions area. Refer to week 2 content materials and use specific economic vocabulary within your summary, i.e. demand, quantity demanded, determinants of demand, shifts […]
Describe the effect on equilibrium price and quantity of each factor.
Identify a good you commonly use or would like to use. Explain at least three factors that would result in a shift in the demand curve for that good and three factors that would result in a shift in the supply curve for that good. Describe the effect on equilibrium price and quantity of each […]
Explain why a demand curve can be considered a marginal benefits curve and why a supply curve is equivalent to a marginal cost curve.
Demand: (Question 15; 5 points) Explain why a demand curve can be considered a marginal benefits curve and why a supply curve is equivalent to a marginal cost curve. Use a specific environmental problem (your choice) to motivate your answer.
Create and draw a demand curve for a product you buy on a regular basis.
Create and draw a demand curve for a product you buy on a regular basis. include a demand schedule add labels to your graph, indicate the name of the products, the price and the quantity axis. Take a picture and upload here.