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Describe the diagram about above normal profit

Assignment Help Macroeconomics
Reference no: EM131685993

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<C than loss

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.

Verified Expert

The solution solves questions on microeconomics and macroeconomics. Two of these questions are on price ceilings and price floors. A question is also solved on price elasticity of demand. How businesses can use elasticity information for increasing their profits. Fiscal and monetary policy have also been explained. One of the questions solved related to perfect competition.

Reference no: EM131685993

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