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POST ECO202 UNIT 1 ASSIGNMENTS

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Question;Assignments:Read Chapters 4, 5 and 6.Answer "Questions For Review" 1, 2, 3, 5, 7 and 9 found at the end of Chapter 4, Questions For Review 1, 2, 3, 6 and 7 at the end of Chapter 5, and Questions For Review 1, 3, 4 and 5 at the end of Chapter 6.Introduce yourself with a Parent Post as a Discussion Board Initial Response (DBIR) by Tuesday.Address the Unit 1 Discussion Board. (Please ensure you read the Discussion Board criteria found in the Course Information Tab)Access Chapter Videos from your textbook link to augment your week's discussions.Questions for Review assignments are due by Sunday 12:00PM EST.Chapter 4;1. What;is a competitive market? Briefly describe a type of market that is not;perfectly competitive.;2. What;are the demand schedule and the demand curve, and how are they related? Why;does the demand curve slope downward?;3. Does;a change in consumers? tastes lead to a movement along the demand curve or a;shift in the demand curve? Does a change in price lead to a movement along the;demand curve or a shift in the demand curve? Explain your answers.;4. What;are the supply schedule and the supply curve, and how are they related? Why;does the supply curve slope upward?;5. Define;the equilibrium of a market. Describe the forces that move a market toward its;equilibrium.;6. Describe;the role of prices in market economies.;Chapter 5;1. Define;the price elasticity of demand and the income elasticity of demand.;2. List;and explain the four determinants of the price elasticity of demand discussed;in the chapter.;3. If;the elasticity is greater than 1, is demand elastic or inelastic? If the;elasticity equals zero, is demand perfectly elastic or perfectly inelastic?;Is;elastic because the quantity moves more than the price (Mankiw, 2015;2012, p. 92).;4. What;do we call a good with an income elasticity less than zero?;5. How;is the price elasticity of supply calculated? Explain what it measures.;Chapter 6;1. Give;an example of a price ceiling and an example of a price floor.;2. What;mechanisms allocate resources when the price of a good is not allowed to bring;supply and demand into equilibrium?;3. Explain;why economists usually oppose controls on prices.;4. Suppose;the government removes a tax on buyers of a good and levies a tax of the same;size on sellers of the good. How does this change in tax policy affect the;price that buyers pay sellers for this good, the amount buyers are out of;pocket (including any tax payments they make), the amount sellers receive (net;of any tax payments they make), and the quantity of the good sold?;="msonormal">

 

Paper#55729 | Written in 18-Jul-2015

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