Economics role in personal and organizations decisions

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Q 1

What is economics? What role does economics play in your personal and organizations decisions? Give an example of the role of economics in decision making.

Q 2
What is the difference between a movement along and shift of the demand curve? Show the impact on the equilibrium price and quantity that results from; (1) an increase in demand, (2) an increase in supply, (3) an increase in both supply and demand. Give an example of the role of supply and demand in decision making.

Q 3
What is the definition of price elasticity of demand? Explain the relationship between price elasticity and total revenue? How does price elasticity of demand affect a firm's pricing decisions? How does the availability of substitutes affect price elasticity of demand? Provide examples.

Reference no: EM13757897

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