New

Learn smart - Learn online. Upto 88% off on courses for a limited time. View Courses

Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
loader
Add File

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

Guaranteed Higher Grade!

BEO1105 Economic Principles

tag 0 Download 5 Pages / 1,081 Words tag 05-08-2021
  • Course Code: BEO1105
  • University: Victoria University
    icon

    MyAssignmentHelp.com is not sponsored or endorsed by this college or university

  • Country: Australia

Questions:

Question 1

Using demand and supply graphs illustrate and explain the difference between a change in quantity demanded of hats and a change in demand for hats. In your answer explain two factors that will result in the change in demand for hats.

Question 2

Using demand and supply graphs illustrate and explain the effect of the following events on the market for solar panels (assume ceteris paribus). In your answer, include an explanation of the market adjustment process.

(a) The price of solar panels is above the market equilibrium price.

(b) The price of electricity for an average household has decreased by 50 percent.

(c) The number of solar panel producers have increased by 50 percent.

Question 3

The demand for watermelon, which is harvested in summer, is highest during the summer months and lowest during winter months. Yet watermelon prices are normally lower in summer than in winter. Use demand and supply graphs to illustrate and explain how this is possible. Clearly indicate the equilibrium price and equilibrium quantity in your graph.

Question 4

Ceteris paribus, at the same time when the demand for yoga services has increased the government has also introduced strict regulations that has resulted in a fall in the number of yoga providers. Using demand and supply graphs illustrate and explain the impact on the equilibrium price and quantity in the market for yoga services?

Question 5

In 2003, when music downloading first took off, Universal Music slashed the prices of a CD from an average of $21 to an average of $15. The company said that it expected the price cut to boost the quantity of CDs sold by 40 per cent, other things remaining the same.

(a) What was Universal Music's estimate of the price elasticity of demand for CDs?

(b) Given your answer in (a), If you were making the pricing decision at Universal Music, would you cut the price, raise the price or not change the price? Explain your decision.

Question 6

Assume the government has removed all entry restrictions in an industry resulting in the creation of a perfectly competitive market structure. Using demand and supply graphs and cost curves illustrate and explain how this move will impact on the long run profit of these firms.

Download Sample Now

Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.

Upload
Unique Document

Document
Under Evaluation

Get Money
into Your Wallet

Total 5 pages

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help (2021) Economic Principles [Online]. Available from: https://myassignmenthelp.com/free-samples/beo1105-economic-principles/perfectly-competitive-market-structure.html
[Accessed 07 August 2022].

My Assignment Help. 'Economic Principles' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/beo1105-economic-principles/perfectly-competitive-market-structure.html> accessed 07 August 2022.

My Assignment Help. Economic Principles [Internet]. My Assignment Help. 2021 [cited 07 August 2022]. Available from: https://myassignmenthelp.com/free-samples/beo1105-economic-principles/perfectly-competitive-market-structure.html.


We Can Help!

Get top notch assistance from our best tutors !
Excel in your academics & career in one easy click!

icon

Other Samples

Content Removal Request

If you are the original writer of this content and no longer wish to have your work published on Myassignmenthelp.com then please raise the content removal request.

icon

5% Cashback

On APP - grab it while it lasts!

Download app now (or) Scan the QR code

*Offer eligible for first 3 orders ordered through app!

screener
ribbon
callback request mobile
Have any Query?