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Determining the principles of economics

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1. Dr. John runs a sole firm in Zambia called Elena Enterprises such that he is the only supplier of infrared thermometers.

a. Kindly state the scientific name given to Dr. John and briefly describe the features of Elena Enterprises.

b. Graphically differentiate Elena Enterprises from a perfect competitive market.

c. A certain region licensed only one firm to supply tap water within that region. Graphically illustrate why it is more economical to have a sole water supplier in a particular region.

1. John's mortgage was approved by Zambia National Building Society. John however, decided to purchase a model of a car called Bugatti using the mortgage. On the other hand, John had initial plans of investing money in some risky online business. He therefore, approached a money lending institution and applied for a loan in the name of exporting goats to Democratic Republic of Congo and his loan was also approved for such a lucrative investment by the lending institution.

As a student of Principles of Economics, discuss the above scenario and make relevant comparisons and distinctions.

b. Use Qd = 300 - 50P, and Qs = -100 + 150P to calculate,

a. Equilibrium price (P*) and quantity (Q*),

b. Point elasticity of demand and supply at P* and Q*,

Consumer and Producer Surplus

Reference no: EM132559591

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