10 Jul Microeconomics Assignment
Question Description
ASSIGNMENT
A. Pick a consumer good or service that you normally buy and make a table of the quantity you would buy over a range of prices that includes the actual price today and hypothetical prices both lower and higher. Express in your own words what information this table contains. Now add another column of quantities that estimate your purchases if your income increased by 50%.
B. Now estimate the number of consumers in the KSA for the good you choose and make a table of your estimates of the total quantities demanded over the same range of prices. Graph the result. Add to your table and graph the demand schedule under the assumption that all consumers enjoy a 50% increase in income.
C. What would be a substitute for the good you chose? What will happen to the demand schedule if the price of that substitute were to fall by 50%?
D. Use your imagination to draw a short run supply curve for your good and a long run supply curve. Why do they differ in shape? Draw again your short run supply curve under the assumption that the largest factory in the industry was destroyed by fire last night. What effect will that event have on the price, and how is this reflected in your graph of supply and demand?
E. Suppose that the supply of this good were permanently restricted for some reason. Compare the short run response in the price to the response over, say two years. What aspect of consumer behavior accounts for the difference?
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Wridemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.