I will pay for the following article Multiple choice question and 3 short answered question. The work is to be 1 page with three to five sources, with in-text citations and a reference page. Section Multiple choice questions (15 marks The economic behavior of individual decision makers and the determination of price and output in specific markets are both studied in a) microeconomics 2. All economic questions arise from b) scarcity 3. Because the resources are scarce, we must give up some of one good in order to acquire more of another. This is the concept of : a) opportunity costs 4. The demand curve for video players shifts to the right. This could be caused by: b) an increase in the price of DVDs 5. The demand curve for motor vehicles will shift to the right if: c) advertising expenditure on motor vehicles increases. 6. If the price of coffee increases which of the following is most likely to happen? d) an increase in the demand for substitutes such as tea 7. Which of the following would shift the supply curve for a product to the right? d) an improvement in the technology for producing the good 8. Assuming fruit juice and soft drinks are substitutes, a decrease in the price of fruit juice, other things being equal, results in b) a leftward shift in the demand curve for soft drink 9. Which of the following is not a determinant of supply: b) income 10. The equilibrium price is d) the price where quantity demanded equal quantity supplied 11. If the demand for a product is inelastic, a 2.0 percent increase in the price of product will: d) decrease the quantity demanded by less than 2.0 percent 12. Suppose that the price of a product increases from $5.00 to $5.50 and as result the quantity supplied increases from 162 to 192. Based upon this information we would conclude that the supply for this product in this price range is: c) elastic 13. If demand for a commodity is price elastic, then the price elasticity of demand is: b) greater than 1 and the producer should lower the price to increase the revenue 14. If an increase in train fares in Sydney raises total revenue of the operators, this is evidence that demand is: b) price inelastic 15. For which of the following is demand most likely to be price inelastic? c) veal Section 2 Question 1a) Everyone expects the price of a mobile phone to fall next month b) The price of a call made from a mobile phone falls c) The price of a call made from a land-line phone increases Explain the effect of each event on the demand for mobile phones. Use graphs to show the effects of each event. Does any event (or events) illustrate the law of demand? Explain. a) If everyone expects the price of a particular mobile phone to fall next month then no one will be willing to buy the mobile phone this month. Thus, for the present price, there is zero quantity demanded. If any sales are to be made this month, the price has to be reduced for every quantity. Thus, this expectation causes a downward shift in demand. b) Using a mobile phone becomes less expensive. This is likely to cause an increase in demand. Quantity demanded will increase for every price and thus, the demand curve for the mobile phone will shift rightward.c) If using landlines becomes more expensive then the demand for its substitutes, namely the mobile phone will increase. The effect will be identical to the previous case. The law of demand states that for a rise (fall) in price, ceteris paribus, the quantity demanded of a good will fall (rise). The instances we saw were changes in factors that determine the quantity demanded at each price, or the demand. Changes in these factors causes changes in demand, while changes in price causes changes in quantity demanded. A change in quantity demanded for every given price constitutes a change in demand. Thus the instances discussed above are not about exhibitions of the law of demand. Rather, they exhibit the effects that changes in factors that influence demands have on quantity demanded at every price. Question 2 (30 marks) Show the effects of each of the following changes on the equilibrium price and quantity of cars in Australia. The use of the graph (s) is essential a. An increase in average household income b. A steep rise in petrol price c. An increase in the price of cars THIS QUESTION DOES NOT MAKE SENSE. IS IT A RISE IN THE PRICE OF RIVAL CARS? OR CARS MANUFACTURED IN OTHER COUNTRIES? AN INCREASE IN THE PRICE OF CARS IN THE FRAMEWORK CONSIDERED IMPLIES AN INCREASE IN THE PRICE OF CARS IN EQUILIBRIUM AND THAT IS TYPICALLY ASSOCIATED WITH AN INCREASE IN DEMANDS OR A FALL IN SUPPLY CAUSED BY SOME UNDERLYING CHANGES IN FACTORS THAT AFFECT THESE LIKE INCOMES OR PRICE OF INPUTS ETC.d. A closure of two big car manufacturing plants in South Australia The effects are unclear until we know how these manufacturing plants were related to the Australian cars. If they produced substitutes for markets where the Australian car makers also compete, then the demand for Australian cars will increase. The effect will be similar to case a) shown above. If however these are unrelated, then there will be no effects at all and the equilibrium point will remain unchanged. e. introduction of the robotics line for assembling the cars in most of the car manufacturing plants There are two potential effects on the supply. First, introduction of robotics may lead to increase in costs per unit. However, the labour that the robots replace will lead to savings on labour costs. Secondly, there will be an increase in efficiency that will lead to a reduction in costs. Thus on the net it is likely that the per unit costs of production will go down. In that case for every price a higher amount of supply becomes profitable and feasible for the firm. Thus, there will be a rightward shift of the supply curve. As shown in the diagram, this implies a rise in equilibrium quantity and a fall in equilibrium price.3. a) Draw a diagram to show the change in the coffee market that has resulted in higher prices for coffee. b) Draw a diagram to show the change in the tea market that has resulted in higher prices for tea. c) Explain the non-price determinants involved in the change in each market. The rise in coffee bean prices which is the single most important input for producing the final product of a cup of coffee has resulted in the costs of producing each cup of coffee more expensive. Thus, for every cup of coffee it can be brought to the market only if a higher price is offered.In case of the tea market, the rise in tea prices has been caused by a shift in preferences of consumers for tea over coffee because of the recent discoveries of tea being healthier.d) Why would the writer suggest coffee drinkers might be thinking of switching to tea. Since tea is the closest substitute to coffee, a rise in coffee prices is likely to increase the demand for tea.
by admin | Jan 11, 2021 | Uncategorized | 0 comments
I will pay for the following article Multiple choice question and 3 short answered question. The work is to be 1 page with three to five sources, with in-text citations and a reference page.
A professional Academic Services Provider
We are Built on the Values of Reliability, Proffessionalism, and Integrity
We are a Custom Academic Writing service provider with over a decade of extensive experience in the academic and business writing service industry. We are consistently engaged in advising students on the methodologies of coping with essay writing, term papers, thesis, dissertation and many other approaches towards handling assignments Our main goal is to help present a conceptual model of papers to our clients. Whether it is as a result of academic difficulties, Burnout during studies, or simply the need to have that extra time for your personal growth, what we are is an institution that only focuses on your Academic Growth. By presenting a paper worthy of turning in, we provide you with an excellent model that matches or supersedes your requirements. Our strong belief in academic integrity is held to the highest standards. As such, all papers are developed from scratch and run through software to gurantee authenticity (100 % PLAGIARISM FREE). The Papers are pre-marked by our tutors to ensure it matches the required marking schemes. On deliverly, the paper guarantees top grades and an improved GPA.Our Core Values.
1. Reliability: Timeliness and expertise plus experience enable us to meet our clients' expectations even within the shortest deadlines.Our Strict hiring policy ensures we have the best writers to meet our clients large portifolio. Additionally, our customer support is available 24/7 to answer all queries.
2. Professionalism: With over a decade in the academic service industry, our contents adhere to strict academic standards and professionalism. Our customer service representatives conduct themselves in manners that reflect our core values with the aim of meeting our clients to satisfaction.
3. Integrity: Our growth rate has been attributed to the Integrity of our institution. Our word with our customers is a bond that defines each and every operation in our institution. Stay anonymous and feel secure with us.
Guarantees
1. Quality Assurance: We conduct an evaluation test on every order and determine its level of complexity. As a result, every paper is matched with an expert who is best suited to deliver and surpass expectations. Ensure all details are as thorough as possible. Quality is no longer a luxury, it is your right and we are here to provide.
2. Original Content/ Plagiarism Free: Plagiarism is considered as Academic fraud. As such, we go to great lenghts to ensure a paper remain original. By crafting each paper from scratch and running it through up to date plagiarism checking tools ensure all papers are unique. Additionally, we do not, under any circumstance re-sell papers. The delivered paper remains a property of the client.
3. Money Back Policy: We are a customer-oriented service. As such, we have simple rules that expedite this process making it as simple as ABC.We issue 100% refund for the following: if we received a double payment from you; if you placed similar orders twice (or more) and paid for all of them; the writer has not been assigned; you asked to cancel the order within 20 minutes after placing it; an e-Check payment has been sent (the Dispute Manager will contact you accordingly). Other cases require an in-depth investigation by a Dispute Department. The Dispute Manager will get in touch with you within 24 hours to solve the case.You are a valued customer. We take great pride in our customer service so be rest-assured that the dispute process will be quick and painless.
4. Security Policy: The following outlined statements establish our security policies concerning any personal information we may collect about you when you visit our website. By the following statement, we guarantee confidentiality of the gathered information which under no circumstances will be disclosed to third parties. The data is stored for noncommercial use only in order to furnish clients with the quality service and support. Such information is only used for the improvement of the content and service delivery .
5 .Free Revisions: In some instances, the customer feels the need to make alterations to the delivered paper. Revisions are done at no extra cost if it does not include: complete alteration of the papers due to additional instructions not indicated in the original order and if it is not past ten days upon your approval.
6. 24/7 Customer Care: Reliability stems as a core pillar of our institution. As such, we are available throughout to handle all task and serve our clients.
Process of Placing an Order
NOTE: If you have any questions, feel free to Engage our Customer Support Team before we can commence the project.ALL THE BEST”:
Recent Comments