Microeconomics discussion questions week 1 ii

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Microeconomics Discussion Questions Week 1

 

 

 

I.              Please answer each of the following 8 questions in a minimum of 120 word count. Use in text citations and provide references.

 

 

 

1. Here is a question presented to you at the end of this Learning Activity.

” The technology is now developing so that road use can
be priced by computer. A computer in the surface of
the road picks up a signal from your car and automatically
charges you for the use of the road. How
would this affect bottlenecks and rush-hour
congestion?”

2. What are excise taxes and tariffs? How do they affect the market?

Resource:

Colander, D. C. (2013). Microeconomics Chapter 5: Using Supply and Demand, Economics (9th ed.). New York, NY: McGraw-Hill/Irwin

 

3. What is the price elasticity of Demand? Express the definition in an equation form. Please give an example.

4. What is the price elasticity of Supply? Express the definition in an equation form. Please give an example.

Resource:

Colander, D. C. (2013). Microeconomics Chapter 6: Describing Supply and Demand: Elasticities, Economics (9th ed.). New York, NY: McGraw-Hill/Irwin

 

5. This video has a close connection to our study in Chapter 1. After watching this video, please discuss the following:

 

6. What are the 3 central coordination problems that any economy must solve? 

 

7. How do these problems affect your personal or your organizational decision-making process?

Resource:

http://digital.films.com/PortalViewVideo.aspx?xtid=48959

 

8. How would a business firm or company find an equilibrium in the market?

Resource:

https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/market-equilibrium-tutorial/v/market-equilibrium

 

II. Answer the following questions

 

Write the definition for each of the following (150 word count minimum foe each definition):

 

  1. Law of Demand

 

 

 

 

  1. Law of Supply

 

 

 

 

 

Which of the following graphs best demonstrates the law of demand?

 

a)      I

b)      II

c)       III

d)      IV

 

 

Which of the following graphs best demonstrates the law of supply?

 

a)      I

b)      II

c)       III

d)      IV