Chapter 20 – Elasticity: A Measure of Responsiveness
#1 – Compare the differences between elastic demand, inelastic demand, unit elastic demand and perfectly inelastic demand.
#2 – How can we use the price elasticity of demand to predict the effect of taxes?
Chapter 21 – Market Efficiency and Government Intervention
#3 – Explain the concepts of Consumer Surplus and Producer Surplus.
#4 – How does a minimum price (floor price) affect the market?
Chapter 22 – Consumer Choice Using Utility Theory
#5 – Consumer Constraints: The Budget Line – Purchases are limited by the consumer’s income and the prices of the goods. What does the slope of a budget line show?
#6 – Explain the equimarginal principle.
Chapter 23 – Production Technology and Cost
#7 – Define economic profit, economic cost, explicit cost, implicit cost, accounting cost and accounting profit.
#8 – How do indivisible inputs affect production costs?
Chapter 24 – Perfect Competition
#9 – List and explain the five features/characteristics of a perfectly competitive market.
#10 – Explain the break-even price and the shut-down rule.
Chapter 25 – Monopoly and Price Discrimination
#11 – Explain why a monopoly is socially inefficient.
#12 – Describe and explain a monopolist’s output decision.
Chapter 26 – Market Entry and Monopolistic Competition
#13 – Explain the role of advertising in monopolistic competition.
#14 – List and explain the characteristics of monopolistic competition.
Chapter 27 – Oligopoly and Strategic Behavior
#15 – Explain the effects of a low-price guarantee on the price.
#16 – Explain why a price-fixing cartel is difficult to maintain
Chapter 29 – Imperfect Information: Adverse Selection and Moral Hazard
#17 – Put in plain words the concepts of adverse-selection and moral hazard
#18 – Explain the consequences of a thin market
Chapter 30 – Public Goods and Public Choice
#19 – Logically describe the possible outcomes of the median-voter rule
Chapter 32 – The Labor Market and Distribution of Income
#20 – Give explanation of how wages are determined in competitive labor markets and explain why wages differ from one occupation to another
All papers are written by ENL (US, UK, AUSTRALIA) writers with vast experience in the field. We perform a quality assessment on all orders before submitting them.
We provide plagiarism reports for all our custom written papers. All papers are written from scratch.
Contact us anytime, any day, via any means if you need any help. You can use the Live Chat, email, or our provided phone number anytime.
Get your money back if your paper is not delivered on time or if your instructions are not followed.