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1. What are the ten principles of economics? 2. What do the principles of economics say about the most important microeconomic issues such as incentives, opportunity cost and trade? 3. What is the definition of Economics? What do economists study? 4. What are the main characteristics of economic models? 5. What method do economists follow to design economic theory? 6. What is the quantity supplied? 7. What is the quantity demanded? 8. What are the benefits of free trade? 9. How is equilibrium in a market defined? 10. When can disequilibrium occur? 11. Are the interests of consumers the same as those of producers? 12. What is the definition of opportunity cost? Think of an example. 13. What problems can be caused by a price control like a price ceiling? A price floor? 14. Rent control is an example of what kind of price control? What are the consequences of it? 15. When the price of a product changes, what happens to the amount demanded? To the amount supplied? 16. What is consumer surplus? How is it calculated? 17. What is price gouging? What is a logical reason for its occurrence? 18. What is the definition of demand? 19. What is the definition of supply? 20. What is the difference between a change in demand and a change in quantity demanded? 21. What are examples of demand shifters? 22. What are examples of supply shifters? 23. What is the difference between a change in supply and a change in the quantity supplied? 24. What is the PPF? 25. What important concepts are illustrated by the PPF? 26. What is a tariff? 27. When a price floor is imposed, what are the consequences? 28. What is the definition of a market failure? 29. What is the definition of price elasticity? 30. When is a demand considered relatively elastic? 31. When is a demand considered relatively inelastic?
Since a monopoly is the only source of supply, customers are entirely at its mercy. There is no limit to the price the monopoly can charge.
A rise in the price of coffee beans, which is a material for a cup of coffee, is responsible for these observations.
Discuss the various ways governments can handle externalities, such as noise from a local airport or a barking dog or building of commercial office space or an industrial building in a residential area?
Discuss the potential risks of using Web 2.0 tools. Provide several examples. What are the benefits of "build-to order" to buyers and sellers? Are there any disadvantages?
Today, the Federal Reserve announced that it is reducing the discount rate by 0.5%. How would you expect this announcement to affect the value of your bond?
Q=aK+bL, where a and b are the coefficients of capital and labour respectively. Q refers to output, K refers to capital and L refers to labour. show that the marginal rate of substitution between capital and labour is MRTSKL=b/a
How does the standard economic view of rationality relate to the concept of bounded rationality Which seems more realistic What does your answer imply about economic models
What is meant when a monopoly firm is described as a price maker? How is a price maker different from a price taker? Is a monopoly ever a price taker?
Provide a brief company and product description and describe the characteristics of your chosen product that differentiate the product in the marketplace.
Assume that income is RM70. What is the price elasticity at P = 8. Also, calculate arc elasticity at the interval between P=7 and P= 8.
What are the difficulties in measuring this within one country and making comparisons of the standard of living of people in different countries?
A monopolist that practices perfect price discrimination will choose an output level where marginal revenue is equal to marginal cost to maximise profit.
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