Econ103 Assign-2

Econ103 Assign-2 - equilibrium price to go up and the...

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Assignment # 2 Principles of Microeconomics (Econ103) Due on June 24, 2009 (Bring it to the Lecture at C9001. A box with your tutorial no. will be there, just put it in the respective box) 1. I am a supplier of a certain product ‘X’. Do I need to know the concept of elasticity of demand for that product? Y/N. Explain in detail. (20 pt) 2. Imposition of excise tax can affect the efficiency of the economy. T/F. Draw and explain in detail. How the sharing of tax burden between the producer and the consumer can be decided? (20 pt.) 3. Simultaneous changes in the determinants of demand and supply will always cause the
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Unformatted text preview: equilibrium price to go up and the equilibrium quantity to go down. T/F/Uncertain? Explain in detail. (20 pt.) 4. If the govt. decides to fix a minimum wage. Is it good or bad decision? Explain in detail (20 pt.) 5. What is a rent ceiling? What are the consequences of a rent ceiling fixed (i) below the equilibrium rent? (ii) above the equilibrium rent. What are the remedies to solve the issues created by a rent ceiling? Explain in detail. (20 pt.)...
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This note was uploaded on 06/19/2009 for the course ECON 103 taught by Professor Hanafiahharvey during the Summer '08 term at Simon Fraser.

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