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1. Analysis of Necessities: Why are anti-diabetes drugs likely to have inelastic demand? Define elasticity and provide graphical support to your explanation. Why elasticity is so important to forecast market trends?
2. Explain the different market structures using graphs and verbal explanations. Provide an example of each market. Why monopolies arise and wha governments can do in face of monopolies?
3. Markets and wellbeing: Why we want markets that make consumer and producer surplus bigger? Explain the concept of surplus and the relationship between price and consumer surplus. Please, build your argument trough an example (it can be fictitious).
4. What does it mean (in microeconomic terms) that basic research is a public good? Define a public good and an externality and relate that to the existence of patents in basic research.
5. Costs: Imagine that you run a bar in the Barcelona city centre and your number of clients falls dramatically because of mobility restrictions. Using your microeconomic concepts explain the decision to shut down in the short run and to leave the market in the long run.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
How many tickets to sell to maximize total welfare.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Depict the von Neumann-Morgenstern utility index u in a diagram
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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