Students are required to work in assigned groups of three. All students in the group will receive the same mark for the assignment. Your assignment file must be in Word form. Students are required to keep a copy of their assignment after it has been submitted. Plagiarism, contract cheating, recycling and/or other forms of academic fraud will result in disciplinary actions against all members of the group. Assignment submissions will be scanned using sophisticated academic-honesty software (Turnitin, etc.). Students are required to, and must, adhere to the TIIS academic honesty policy.
Define and explain the economic concept scarcity.
Define and explain the economic concept, opportunity cost. Relate your discussion to Production Possibility Frontier.
Using information given in shows the behaviours of buyers and sellers for toffees at the market on a specific day.
- What is the equilibrium price in this market
- Explain the term ‘ceteris paribus’ and discuss four non-price factors that would affect the market demand curve. Explain three non-price variables that would affect the supply curve.
- Define excess demand and excess supply and show it using a diagram.
Explain deadweight loss concept using a diagram and explain the benefit of a discussion of deadweight loss.
Why does long-run supply tend to be more elastic?
During the outbreak of covid-19, we experienced an acute shortage of toilet papers. Assuming toilet papers to be a perfectly competitive market, explain the phenomenon. What are the short-run and long-run impact of high demand on the profitability of a firm producing toilet papers?
Explain the concept law of diminishing marginal rate of substitution. What is/are the reason/s why the law of diminishing marginal rate of substitution suggest/s that isoquant must be bent toward the origin?
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