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Question 1
Considering oil as an inelastic product, discuss why OPEC cannot keep price of oil high? You need to consider the type of good, price elasticity of demandand supply, and the time factor. Your answers must company twodiagrams, one foreach timeframe.
Question 2
Discuss binding price ceiling and binding price floor with an example. Your answersmust companytwo diagrams, one for each. Youare allowed to refer to concepts/context in prescribedtext book; however,discussion will haveto come from academic sources.
Question 3
Discuss various measures of cost by completing thefollowing table.This should includefixed and variable costs, averagetotal cost, average variablecost, averagefixed cost, andmarginal cost. Show all of thesein one diagram in relation to Quantityand Price.
Quantity of soap sold per hour
Total cost($)
Fixed cost($)
Variablecost($)
Average fixed cost($)
Average variable cost($)
Average total cost($)
Marginalcost($)
0
8.0
0.0
1
8.30
0.30
2
8.50
0.50
3
9.80
1.80
4
10.10
2.10
5
10.20
2.20
6
10.60
2.60
7
11.0
3.0
8
11.30
3.30
9
11.60
3.60
10
12.0
4.0
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.
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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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