Section aAnswer the below questions. Each question carries 10 marks.1) Discuss the supply schedule and the various factors affecting the supply in the market.2) Explain the Price elasticity with appropriate formulae. Also, explain how it will differ forelastic & inelastic goods.3) Demand of a product is usually very sensitive to economic variables, such as the prices and consumer income. This responsiveness of demand is elasticity. Compute elasticity in the below scenarios:a. Three days ago, the price of envelopes was $7 a box, and Julie was willing to buy 80 boxes. Today, the price has gone up to $7.75 a box, and Julie is now willing to buy 18 boxes. Is Julie’s demand for envelopes elastic or inelastic? What is Julie’s elasticity of demand? b. If Neil’s elasticity of demand for hot dogs is constantly 0.9, and he buys 4 hot dogs when the price is $1.50 per hot dog, how many will he buy when the price is $1.00per hot dog? 4) Explain the different types of Costs in a tabular format & with a well-labelled diagram5) Describe the various factors affecting demand and also draw the demand curve if it is perfectly inelastic and the demand for cardiac bypass surgery, given that the government pays the full cost for any patient. Section B Answer the below questions. Each question carries 20 marks. 6) Show in a diagram the effect on the demand curve, the supply curve, the equilibrium price, and the equilibrium quantity of each of the following events. a. The market for newspapers in your town Case 1: The salaries of journalists go up. Case 2: There is a big news event in your town, which is reported in the newspapers. b. The market for St. Louis Rams (a professional football team) cotton T-shirts Case 1: The Rams win the Super Bowl competition. Case 2: The price of cotton increases. c. The market for the Krugman and Wells economics textbook Case 1: Your professor makes it required reading for all of his or her students. Case 2: Printing costs for textbooks are lowered by the use of synthetic paper. 7) Asian-based telecom operator recently announced that it was launching Virgin Mobile as a new telecom brand within the country. It would operate in conjunction with Etisalat and Du. Assuming the trend continues, and the government opens the market for private and ©Al Tareeqah Management Studies – 2020 4 foreign players. You are required to a. Apply your understanding and concepts from microeconomics, to investigate and summarize the major characteristics of the emerging market form in the telecom industry. b. Describe and analyze the pricing policies that you would expect to find in this industry.
Why Choose Us
Top Quality and Well-Researched Papers
We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.
Professional and Experienced Academic Writers
We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.
Free Unlimited Revisions
If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.
Prompt Delivery and 100% Money-Back-Guarantee
All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.
Original & Confidential
We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.
Customer Support 24/7
Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.
No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.
No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.
Admission and Business Papers
An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.
Editing and Proofreading
Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.
If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.