Category: Micro Economics

Regulations:

This assignment is an individual assignment. Students are encouraged to use their own words.
Students must follow Saudi Electronic University academic writing standards and APA style guidelines.
Support your submission with course material concepts, principles, and theories from the textbook, along with at least two scholarly, peer-reviewed journal articles.
A mark of zero is awarded for any submission that includes copying from other resources without proper referencing it.
It is strongly encouraged that the student submits his/her assignment into the Safe Assignment Originality Check before uploading it on the Blackboard.
Read the assignment guidelines earlier sent to your email IDs.

(CRITICAL THINKING-2 )
Q1. Suppose you are employed as an economist by a firm that operates in a perfectly competitive market and produces Jackets. The firm is operating in the short run. The price of the jacket is $9, the wage for each worker is $24, and each jacket requires $1 worth of material. The following table shows the relationship between the number of workers and the output of Jackets.
Workers
10
11
12
13
14
15

Output
5
29
41
47
50
52

Labor cost

Material cost

Fixed cost
$2
$2
$2
$2
$2
$2

Total cost

Marginal cost
–
2
3
5
9
13

Calculate the missing values in the table given.
Use the concept of marginal principle and advice the manufacturer about the number of jackets he should produce to maximize his profit.
Q2. What is the price elasticity of demand? How is it different from Income elasticity of demand? Take an example and explain how the concept of elasticity of demand and supply helps the market stakeholders.
Q3: Explain the following terms with suitable examples.
Constant returns to scale
Economies of Scale
Minimum efficient scale
Diseconomies scale

Q4:
Can Indivisible input factors affect the production cost? Take an example and discuss
How does marginal cost affect the average cost? Present the relation of marginal cost and average cost with the help of a graph.

Answers :-

Please see the attachment which explains the requirements for the paper. I have also attached a copy of the rubric.
Please write the paper that discusses a monopoly as the topic. References used should be from recent news articles as stated in the attachment.
If you have any questions or need additional information please don’t hesitate to reach out to me.
Thank you!

The purpose of the assignment is to apply your knowledge of the costs and benefits of economic growth. This assignment is based on Chapter 19 in Meyer’s Everything Economic Book and on supplementary readings.

This assignment is based on the week four reading, Chapter 19 in Meyer’s Everything Economic Book, and on a summary of an article by Richard E. Rice called “Biodiversity Conservation, Economic Growth and Sustainable Development.” As the assignment directions explain, you may also use and cite additional materials. (ATTACHMENT)
Use the two attached Word documents to get started. Please download them and read them both carefully.
Attachments Overview
Assignment directions and details: Econ 103 Benefits and Costs of Economic Growth.docx
Summary of Rice’s “Biodiversity Conservation, Economic Growth and Sustainable Development.”: Cons Econ Growth & Sust Dev_Smry.docx.

This assignment is based on the week four reading, Chapter 19 in Meyer’s Everything Economic Book, and on a summary of an article by Richard E. Rice called “Biodiversity Conservation, Economic Growth and Sustainable Development.” As the assignment directions explain, you may also use and cite additional materials. (ATTACHMENT)
Use the two attached Word documents to get started. Please download them and read them both carefully.
Attachments Overview
Assignment directions and details: Econ 103 Benefits and Costs of Economic Growth.docx
Summary of Rice’s “Biodiversity Conservation, Economic Growth and Sustainable Development.”: Cons Econ Growth & Sust Dev_Smry.docx.

This is the professor instruction
PLEASE MAKE SURE THERE IS NO PLAGIARISM or COPYING
PLEASE DO NOT CHAT GPT OR SIMILAR APPS
Students must use APA style guidelines.
Support your submission with course material concepts, principles, and theories from the textbook, along with at least two scholarly, peer-reviewed journal articles
.Q1. “Economics is the science of choices if there are
scarce resources.” examine the statement critically with the help of suitable
examples.
Q2. Explain the concept of the production
possibilities curve (PPC). How does PPC
explain the concept of scarcity and opportunity cost? Provide a diagram showing
the inefficient or underemployed resources in a hypothetical economy.
Q3. “Rationale people respond to the
incentives”. Consider a scenario and critically examine the statement. What is the real-nominal principle? Take an example
and explain.
Q4.
Explain the law of demand and take a product of your choice to prepare a market
demand schedule and market demand curve with some hypothetical numbers. Also,
explain the four non-price determinants of demand.
THE CLASS SLIDES ARE ATTACHED
THANK YOU

Q1. “Economics is the science of choices if there are scarce resources.” examine the statement critically with the help of suitable examples.(7.5Marks)
Q2. Explain the concept of the production possibilities curve (PPC).How does PPC explain the concept of scarcity and opportunity cost? Provide a diagram showing the inefficient or underemployed resources in a hypothetical economy. (7.5Marks)
Q3. “Rationale people respond to the incentives”. Consider a scenario and critically examine the statement.What is the real-nominal principle? Take an example and explain. (7.5Marks)
Q4. Explain the law of demand and take a product of your choice to prepare a market demand schedule and market demand curve with some hypothetical numbers. Also, explain the four non-price determinants of demand. (7.5 Marks)