Econ 545 Entire Course Business Economics Essay
( ECON 545 Business Economics Week 1 ) ECON 545 Business Economics Week 1 Supply and Demand (graded) Question (1): Demand and Supply
Let’s discuss the tutorial Understanding and Applying Supply and Demand in our Lecture this week.
(a) What is the difference between a change in demand versus a change in quantity demanded?
(b) A change in supply versus a change in quantity supplied?
(c) Why is it so important to differentiate between these similar-sounding terms? Question (1): Elasticity
Let’s discuss three different types of Elasticity:
1- Price Elasticity of …show more content…
Discuss the new equilibrium price and quantity that result from these changes. Can you demonstrate some of these changes graphically? What do we mean by Total Revenue test of Elasticity? Any Examples? Question (4): Price Ceiling and Price Floors
In market equilibrium, the price equilibrium is found where demand equals supply. Let’s discuss the following 2 scenarios:
• For your selected product, if the government places a mandated price ABOVE the equilibrium price, how would this affect the market equilibrium?
• For your selected product, if the government places a mandated price BELOW the equilibrium price, how would this affect the market equilibrium?
• ( ECON 545 Business Economics Week 2 ) ECON 545 Business Economics Week 2 Perfect Competition (graded) Question (1): General Concepts
What do we mean by average productivity (AP) and marginal productivity (MP)?
What is the relation between average productivity and marginal productivity?
In chapter 12, our focus is on the pure perfect competition market. However, there are three other different market structures – Monopolistic Competition, Oligopoly, and Monopoly. What are the