Economics is an integral part of business studies in addition to other parts such as corporate law, accounts, finance, marketing, etc. The scope of this subject is vast as it deals not only with the flow of cash, production, and consumption, the way corporate organizations work, etc., but it also deals with the psychology of the consumer, his behaviors and consumption patterns. This is what makes economics a dynamic as well as a difficult-to-understand subject for many, consequently affecting the ability of a student to come up with a quality economics essay. However, students can avail of our services in this regard. We provide the best economic assignment help online UAE. Our qualified writers have a thorough understanding of the concepts of economics and coupled with the years of knowledge they have in dealing with economics assignment writing services; you can trust them to come up with quality papers.
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1. As a sales director of a big manufacturing firm that produces both an elastic good and an inelastic good, illustrate to the board of the organization the relationship between price elasticity of demand and total revenue, and how the elasticity concept can be used to maximize revenues of both commodities? Illustrate your answer using relevant diagrams of elastic and inelastic goods.
2. Market systems may not allocate resources efficiently for many reasons. This is known as market failure. Governments intervene in order to correct such market failures. The imposition of price controls is one such intervention. Using relevant diagrams, discuss the use of (i) maximum prices, and (ii) minimum price controls in the markets and the consequences of each approach to the market and the society.
3. As an adviser to a new finance minister of a developing country, you have been tasked to produce a policy brief on how to stimulate the growth of the economy. Using the AD-AS (aggregate demand and aggregate supply) model, discuss using the relevant diagrams and at least two examples of supply-side measures and two demand-side measures, how the government can expand the economy.
4. Using the aggregate demand and supply analysis, explain with the aid of diagrams the concept of (i) cost-push inflation and (ii) demand-push inflation by assessing how the two impact on the price level, real GDP and employment
Price elasticity of demand demonstrates the responsiveness of the quantity demanded to variations in prices (Arnold 2013, p. 21). The law of demand informs us that an increase in the price of a good or a service results in a decrease in the quantity of the product demanded.
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Ans. The 5 principles of economics, which explain the way people around the world handle money and decide where to invest money, are:
Ans. For your economics assignments, you can consider exploring the following topics:
Ans. Here are the major differences between demand-pull inflation and cost-push inflation:
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