1. Why does the supply Curve slope upwards? Explain the difference between changes in supply and changes in the quantity supplied
2. When discussing competitive markets for goods and services, what is the difference
between price and value? Why might money prices give a poor indication of the value of goods and services?
3. Two customers go to the supermarket counter to buy some fish. Neither looks at the price. Customer A buys 1 kilo of fish and customer B buys $20 worth of fish. What is the price elasticity of demand for fish that each customer has?
4. The government would like to encourage the uptake of influenza vaccinations. Show two ways the government might go about doing this. In each case show the price received by the producers of the vaccine, Pp, and the price ultimately paid by the consumers of the vaccine, Pc. How much will the subsidy cost the government in each case and which method of encouragement is most effective?
5. What is the difference between diminishing marginal returns and diseconomies of scale? Include diagrams hi your answer.
6. How do perfect competition and monopoly differ in terms of economic efficiency? Remember to define all your terms and use appropriate diagrams to illustrate your answer.
7. What is meant by the term ‘market failure’. List the major causes of market failure and describe why the market fails in each situation. Use diagrams to illustrate your answer wherever possible.
8. More people decide to take up apprenticeships to become carpenters because there is a shortage of carpenters in the labour market. Show how this action will change the market for carpenters over time as more qualified workers enter this market.
please answer all question in seperate paper.
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