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1. Ceteris paribus. Assume the price of pears, a substitute for apples, has increased by 50 percent. Use demand and supply analysis to graphically represent and explain the impact on price and quantity in the apple market.
2. The Asian Financial crisis, which started in July 1997, rapidly decreased the income of the people of Thailand. The fall in income caused an increase in the demand for instant noodles but a decrease in the demand for fresh meat. In economics, what type of good is "instant noodles" and "fresh meat"? Explain.
3. Ceteris paribus, use demand and supply analysis and graph(s); explain why the price of mangoes decreases in summer even though the demand for mangoes increases.
4. Ceteris Paribus, assume at the same time as the demand for e-scooters was increasing the federal government imposed a tax on e-scooter suppliers. Use demand and supply analysis to graphically represent and explain the impact on price and quantity in the market for e-scooters. (HINT: there is more than one possibility to the changes in price and quantity).
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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