Microeconomics Answers

Ananlyze the effect of a price ceiling in the market for wheat on equilibrium price and quantity. Will consumers/ producers/ both benefit because of this price ceiling? Explain using changes in consumer and producer surpluses.

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

“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.

Suppose the income elasticity of demand for pre recorded music compact disks is +6.0 and the income elasticity of demand for a cabinet maker's work is +6.0. compare impact on pre recorded music compact disks and the cabinet maker work of a recession that reduces consumers income by 10%

Concept of economies of scale

Branches needed to study economics

Explanation of equilibrium including graph?

“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”

explanation of stages of production with schedule diagram?

''Because of economies of scale, it is something more cost effective for a firm to operate a larger plant at less than maximum efficiency than small plant at maximum efficiency''. Do you agree with this statement? if so explain