Consumer and producer and efficiency of the markets
Explain how buyers willingness to pay, consumer surplus and the demand
curve are related. .
Willingness to pay is the maximum amount that a buyer will pay for a good.
Consumer surplus is the a
Chapter 7: The cost of taxation
How do the elasticities of supply and demand affect the deadweight loss of a tax?
Why do they have this effect?
The elasticities of supply and demand affect the deadweight loss of a tax because this
will cause co
1.Use a supply- and- demand diagram to explain the effect of a negative externality in
The equilibrium is Q market (Qm). This graph shows t
The costs of production
1. Draw the marginal cost and average total cost curves for a typical firm (3%).
Explain why the curves have the shapes that they do (3%) and why they cross where
they do (3%).
Marginal cost is the change in the t
Chapter 4: The Market Forces of Supply and Demand
Question 3: Suppose that the prices of the tickets at your local picture theatre is
determined by market forces. Currently, the demanf and supply schedules are as
Chapter 6 : Supply, demand and government policies
What causes a shortage of good a price ceiling or a price floor? Which causes a surplus? Give
an example of price ceiling and of a price floor and illustrate the shortage and surplus with
Chapter Eleven Public goods and common resources
1. Explain the differences between public goods and private goods. Provide an example
of public goods and private goods.
Public goods can be consumed without reducing its availability to another
Chapter Five Elasticity and its application
A.Determine equilibrium price and quantity for each graph.
The equilibrium for both the graph is $60 and 350 units.
B. Given demand and supply, what would total revenue be for each graph?
$60 X 350= $
Chapter 3 : Interdependence and Gains from Trade
1. Explain how absolute advantage and comparative advantage differ?
Absolute advantage involves comparing productivities- production per hour, whereas
comparative advantage involves comparing opportunity co
In measuring Person-Organisation Fit, What is the major
difference between the Rokeach Value Survey (RVS) and the
Organisation Culture Profile (OCP)?
A) RVS tends to group people who share similar values into
B) RVS focuses on end