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Post Eco202 module 1 homework




Question;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?;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?


Paper#55962 | Written in 18-Jul-2015

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