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(a) What is the basic economic problem? What is an example of a scarce item for a household, a firm and a society?
(b) What are the four factors of productions? Please also mention their rewards.
(c) Use a demand and supply diagram to illustrate how each of the following events affects the equilibrium price and quantity of pizza.
(i) The price of mozzarella cheese rises.
(ii) The health hazards of hamburgers are widely publicized.
(iii) The price of tomato sauce falls, but at the same time the incomes of consumers rise and pizza is an inferior good.
(d) Electric car manufacturers are increasing their use of robotics, which has the potential to increase manufacturing production. Does this cause an increase in supply or an increase in the quantity supplied of electric cars? Also, does this cause an increase in demand or an increase in the quantity demanded of electric cars? Explain.
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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