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Question 1Explain how (if at all) each of the following

Resolved Question:

Question 1

Explain how (if at all) each of the following events affects the location of a country’s production possibilities curve:

a. The quality of education increases.

b. The number of unemployed workers increases.

c. A new technique improves the efficiency of extracting copper from ore.

d. A devastating earthquake destroys numerous production facilities.

Question 2

“In the corn market, demand often exceeds supply and supply sometimes exceeds demand.” “The price of corn rises and falls in response to changes in supply and demand.” In which of these two statements are the terms “supply” and “demand” used correctly? Explain.

Question 3

What are the major determinants of price elasticity of demand? Use those determinants and your own reasoning in judging whether demand for each of the following products is probably elastic or inelastic: (a) bottled water; (b) toothpaste; (c) Crest toothpaste; (d) ketchup; (e) diamond bracelets; (f) Microsoft’s Windows operating system.

Question 4

How does monopolistic competition differ from pure competition in its basic characteristics? From pure monopoly? Explain fully what product differentiation may involve. Explain how the entry of firms into its industry affects the demand curve facing a monopolistic competitor and how that, in turn, affects its economic profit.

Question 5

Use the ideas of consumer surplus and producer surplus to explain why economists say competitive markets are efficient. Why are below- or above-equilibrium levels of output inefficient, according to these two sets of ideas?
Submitted: 5 years ago.
Category: Homework
Expert:  ResearchPro replied 5 years ago.

Do you still need this? I can complete it today for you for $5 per question, or $25 total. Please advise, thanks, Kelvin (researchpro)

Customer: replied 5 years ago.
I do need this still.
Expert:  ResearchPro replied 5 years ago.
Do you want me to complete it for $25 total, or just complete a portion for the $7.50? Please advise and I can get right on it for you.
Customer: replied 5 years ago.

I already paid $15 for it..

Expert:  ResearchPro replied 5 years ago.
I am not seeing that, I will ask customer service. But to complete it all, I would need your approval for $25. Please advise.
Customer: replied 5 years ago.
Fine. Thanks.
Expert:  ResearchPro replied 5 years ago.

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