Economics is the Social Science that studies the production, distribution, and consumption of goods and services. It is a subject that is very vast and needs a vast understanding of all the concepts so as to apply the concepts in the practical problems and understand the subject more deeply. Economics for a layman can be divided into two parts Microeconomics and macroeconomics but it has much more to understand and study. We here at urgent homework can teach you all, from an easy concept like the Markets, Public Sector policies to something as complex as Marxism. We make sure that we do not teach the Student to cram up the policies and theories but make him/her understand it fully. We provide all kinds of examples and research papers that are important for the student to understand the concepts of the subject in a better way.
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Instructions to Student • Answer questions that require a diagram by providing neat, large and properly- labelled diagrams inserted into your document, and, succinct and to-the-point xplanations. The maximum word limits for these explanations must be adhered to. • All answers must be your own work. Do not contact other students or share any assessment related information at any time. • Inappropriate use of subject content or other sources in your response will be considered a breach of the University’s academic integrity policy; your answers must be written in your own words.
Explain why governments are concerned about high levels of inflation. (10 marks, maximum word limit: 250 words)
Answer this question using one diagram. Draw a diagram where the equilibrium price and quantity without a tax are respectively denoted p* and q*. Draw highly inelastic (but not perfectly inelastic) demand and supply curves through the (p*, q*) point and label these curves DA and SA respectively. Then draw highly elastic (but not perfectly elastic) demand and supply curves through the (p*, q*) point and label these curves DB and SB respectively. Then suppose that sellers have to pay a $10 taxto the Government on each unit they sell. In the case with the highly inelastic demand and supply curves, show the equilibrium quantity with the tax and denote it as QA. In the case with the highly elastic demand and supply curves, show the equilibrium quantity with the tax and denote it as qB. Explain why it is more desirable to tax markets that have highly inelastic demand and supply curves (10 Marks, maximum word limit: 50 words))
Consider an individual with a labour supply curve that at lower wage rates has a positive slope and at higher wage rates bends back and has a negative slope. Draw a diagram showing this and explain this diagram in terms of the substitution and income effects (assume leisure is a normal good). (10 Marks, maximum word limit: 250 words)
Draw a diagram showing a price ceiling that is binding. On your diagram, clearly label the shortage that the price ceiling causes. Please provide a written explanation for this shortage. Also, shade-in the area which represents consumer surplus when the price ceiling is in place (please do not shade-in any other areas). (10 Marks, maximum word limit: 50 words)
Consider a small country that exports good Z. Some of the total quantity of Z that is domestically produced is consumed by domestic consumers and the rest of it is exported. Then suppose that the government imposed a ban (a prohibition) on Z being exported. Show the effects of this export ban using a carefully labelled demand and supply diagram. On your diagram, shade in the area that represents the deadweight loss caused by the export ban (please do not shade-in any other areas) and explain your reasoning. (10 Marks, maximum word limit: 50 words)
Arthur moves first and then Terry observes Arthur’s move and then makes his move. If Arthur goes high and Terry goes high, the respective payoffs are (25, 100) [that is Arthur gets 25 and Terry gets 100]. If Arthur goes high and Terry goes low, the respective payoffs are (30, 90). If Arthur goes low and Terry goes high, the respective payoffs are (50, 50). If Arthur goes low and Terry goes low, the respective payoffs are (20, 400). Set this game out in extensive form (a game tree). Then state what both players will do and explain the reasoning behind your answer. (10 Marks, maximum word limit: 250 words)
Consider an industry where there is perfect competition (with the conventional horizontal long-run market supply curve). Initially, all of the firms are making zero economic profit, then, the price of an important input falls so that firms all make positive economic profit in the short run, but in the long-run economic profit
returns to zero. Draw this using a two-panel diagram. Draw the representative firm panel on the left-hand-side and the market panel on the right-hand side. Your diagram must be carefully drawn and properly labelled. Explain why, referring to your diagrams, in the long-run profit returns to zero. (10 Marks, maximum word limit: 150 words)
Consider a government-owned natural monopolist with a constant marginal cost (a horizontal marginal cost curve). This monopolist is instructed by the Government to set price equal to marginal cost. Construct a well-labelled diagram which shows that this monopolist will make an economic loss. Shade-in the area which represents the economic loss (please do not shade any other areas in). Please discuss the benefit and cost to society of the Government’s marginal cost pricing policy. (10 Marks, maximum word limit: 250 words)
Consider a profit-maximising monopolist with a standard U-shaped average total cost curve. Initially, the monopolist makes a positive profit, but then a fall in demand causes this monopolist to make an economic loss, but continue to produce and sell output in the short run. Draw a well-labelled diagram showing this situation (make sure you show on this diagram why the monopolist will continue to operate in the short run). Shade-in the area which represents the economic loss (please do not shade-in any other areas). Please provide a written explanation, referring to your diagram, for why this monopolist continues to produce and sell output in the short run. (10 Marks, maximum word limit: 50 words)
Consider the following game between A and B. Player A has to choose between UP and DOWN. Player B has to choose between LEFT and RIGHT. Neither player can see what the other one has done prior to making his/her choice. If A chooses UP and B chooses LEFT the payoffs are (40, 40). If A chooses DOWN and B chooses LEFT the payoffs are (50, 1). If A chooses UP and B chooses RIGHT the payoffs are (-10, 100). If A chooses DOWN and B chooses RIGHT the payoffs are (0, 0). With each set of payoffs, the first payoff is for player A and the second payoff is for player B. If you like you can think of these payoffs as dollars. Set the game out in tabular form with player A’s strategies (UP and DOWN) listed vertically and player B’s strategies (LEFT and RIGHT) listed horizontally. Find which player has a dominant strategy. State what this strategy is and explain why it is a dominant strategy. What strategy will the player without the dominant strategy choose? (10 Marks, maximum word limit: 50 words)
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