Business Finance – Economics Assignment 2
Assignment#2
Ch 4-Chapter- Markets in Action
Name:
ID:
Answer
the below questions-
Q. What is efficiency?
Answer-
Q. What is the rational amount of any activity to undertake?
Answer-
Q. Why is a competitive market efficient?
Answer-
Q. How does the demand curve show marginal benefits?
Answer-
Q. The does the supply curve show marginal costs?
Answer-
Q. When is a product underproduced and when is it overproduced?
Answer
Q. What is market failure?
Answer-
Q. What are sources of market failure?
Answer-
Q. What is an externality?
Answer-
Q. What is a negative externality
Answer-
Q. What is a public good?
Answer-
Q. What are ways government tries to correct for market failures?
Answer:
Q. What are two types of price controls?
Answer:
Ch 5 Elasticity
Q-1-From the data in
Table 5.5
about demand for smart phones, calculate the price elasticity of demand from: point B to point C, point D to point E, and point G to point H. Classify the elasticity at each point as elastic, inelastic, or unit elastic.
Point
s
P
Q
A
60
3,000
B
70
2,800
C
80
2,600
D
90
2,400
E
100
2,200
F
110
2,000
G
120
1,800
H
130
1,600
Table 5.5
Answer
.
Q-2-From the data in
Table 5.6
about supply of alarm clocks, calculate the price elasticity of supply from: point J to point K, point L to point M, and point N to point P. Classify the elasticity at each point as elastic, inelastic, or unit elastic.
Point
Price
Quantity Supplied
J
$8
50
K
$9
70
L
$10
80
M
$11
88
N
$12
95
P
$13
100
Table 5.6
Answer
Q-3-The federal government decides to require that automobile manufacturers install new anti-pollution equipment that costs $2,000 per car. Under what conditions can carmakers pass almost all of this cost along to car buyers? Under what conditions can carmakers pass very little of this cost along to car buyers?
Q-4-The average annual income rises from $25,000 to $38,000, and the quantity of bread consumed in a year by the average person falls from 30 loaves to 22 loaves. What is the income elasticity of bread consumption? Is bread a normal or an inferior good?
Q-5-What is the formula for calculating elasticity?
Answer
Q-6- What is the price elasticity of demand? Can you explain it in your own words?
Answer
Q-7-What is the price elasticity of supply? Can you explain it in your own words?
Answer.
Q-8-. What is the formula for the income elasticity of demand?
Answer.
Q-9-What is the formula for the cross-price elasticity of demand?
Answer.
Q-10-What is the formula for the wage elasticity of labor supply?
Answer.
Q-11-What is the formula for elasticity of savings with respect to interest rates?
Answer
Q-12-The equation for a demand curve is P = 48 – 3Q. What is the elasticity in moving from a quantity of 5 to a quantity of 6?
Answer
Q-13-The equation for a demand curve is P = 2/Q. What is the elasticity of demand as price falls from 5 to 4? What is the elasticity of demand as the price falls from 9 to 8? Would you expect these answers to be the same?
Answer
Q-14-The equation for a supply curve is 4P = Q. What is the elasticity of supply as price rises from 3 to 4? What is the elasticity of supply as the price rises from 7 to 8? Would you expect these answers to be the same?
Answer.
Q-15-The equation for a supply curve is P = 3Q – 8. What is the elasticity in moving from a price of 4 to a price of 7?
Answer-
Calculate the price of your order
Select your paper details and see how much our professional writing services will cost.
- Freebies
- Format
- Formatting (MLA, APA, Chicago, custom, etc.)
- Title page & bibliography
- 24/7 customer support
- Amendments to your paper when they are needed
- Chat with your writer
- 275 word/double-spaced page
- 12 point Arial/Times New Roman
- Double, single, and custom spacing
-
We care about originality
Our custom human-written papers from top essay writers are always free from plagiarism.
-
We protect your privacy
Your data and payment info stay secured every time you get our help from an essay writer.
-
You control your money
Your money is safe with us. If your plans change, you can get it sent back to your card.
How it works
-
1
You give us the detailsComplete a brief order form to tell us what kind of paper you need.
-
2
We find you a top writerOne of the best experts in your discipline starts working on your essay.
-
3
You get the paper doneEnjoy writing that meets your demands and high academic standards!
Get your own paper from top experts
Order nowPerks of our essay writing service
We offer more than just hand-crafted papers customized for you. Here are more of our greatest perks.
Frequently asked questions
Get instant answers to the questions that students ask most often.
See full FAQIs there a possibility of plagiarism in my completed order?
We complete each paper from scratch, and in order to make you feel safe regarding its authenticity, we check our content for plagiarism before its delivery. To do that, we use our in-house software, which can find not only copy-pasted fragments, but even paraphrased pieces of text. Unlike popular plagiarism-detection systems, which are used by most universities (e.g. Turnitin.com), we do not report to any public databases—therefore, such checking is safe.
We provide a plagiarism-free guarantee that ensures your paper is always checked for its uniqueness. Please note that it is possible for a writing company to guarantee an absence of plagiarism against open Internet sources and a number of certain databases, but there is no technology (except for turnitin.com itself) that could guarantee no plagiarism against all sources that are indexed by turnitin. If you want to be 100% sure of your paper’s originality, we suggest you check it using the WriteCheck service from turnitin.com and send us the report.
I received some comments from my teacher. Can you help me with them?
Yes. You can have a free revision during 7 days after you’ve approved the paper. To apply for a free revision, please press the revision request button on your personal order page. You can also apply for another writer to make a revision of your paper, but in such a case, we can ask you for an additional 12 hours, as we might need some time to find another writer to work on your order.
After the 7-day period, free revisions become unavailable, and we will be able to propose only the paid option of a minor or major revision of your paper. These options are mentioned on your personal order page.
How will I receive a completed paper?
You will get the first version of your paper in a non-editable PDF format within the deadline. You are welcome to check it and inform us if any changes are needed. If everything is okay, and no amendments are necessary, you can approve the order and download the .doc file. If there are any issues you want to change, you can apply for a free revision and the writer will amend the paper according to your instructions. If there happen to be any problems with downloading your paper, please contact our support team.Where do I upload files?
When you submit your first order, you get a personal account where you can track all your orders, their statuses, your payments, and discounts. Among other options, you will have a possibility to communicate with your writer via a special messenger. You will be able to upload all information and additional materials on your paper using the “Files” tab on your personal page. Please consider uploading everything you find necessary for our writer to perform at the highest standard.