Microeconomics Answers

Which one of the following statements is incorrect?
a) Central government forms part of general government.
b) Provincial government forms part of the public sector.
c) Local government forms part of general government.
d) Public corporations form part of general government

“it is orthodox to say people’s desire has no boundary from the time past, even in the face realistic limited resources, individual agents never stop to want more of economic output”.In not less than 180, and not more than 250 words, validate the above statement and discuss with relevant details.

A person has monthly income of y rupees which he decides to spend on two goods.one is consumption and other is saving bond.The price of consumption is twice of second one. Let price of saving bond as p-2.
Does this problem can be solved using bughet line.

What is likely to happen to cigarette market Price and the Quantity demanded (Qd) if the tax bill is enacted? Show this graphically.

Suppose the U.S. Congress is considering passing an excise tax that would increase the price of a pack of cigarettes by $1.00. What would be the likely effect of this change on the demand and supply of cigarettes? Show this graphically.

Rents are soaring in LA area. What demand and supply determinants drive the rents going up? Tell us about your neighborhood’s housing market.

What is market equilibrium? Show this graphically (You can insert the graph image). Why is it advantageous for the market price to be at equilibrium? Discuss the issues of Price Ceiling and Price Floor.

In what way are entrepreneurs and businesses at the helm of the economy, but commanded by consumers? Apply our circular flow economy.

How does self-interest help achieve society’s economic goals? Think about your self-interest as a consumer. Use your personal testimonial as a consumer.

What factors lead to high pump gas prices these days from Supply perspectives? Apply ALL of PRESTN Supply Determinants and include the source pages in your textbook.