Compete 3 Short Microeconomics TASKS (ASHWORTH)

Compete 3 Short Microeconomics TASKS (ASHWORTH).

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TASK 1:

Private Consumption

Think of three goods or services that you buy frequently. Fill in the following details for each goods or service in the tabular template provided:

  1. The current price and the quantity that you normally buy.
  2. A higher price than the current price and the quantity that you will buy at that price.
  3. A lower price than the current price and the quantity that you will buy at that price.

Then respond to the three essay analysis questions in 2-3 paragraphs each.

TASK 2:

Assignment Instructions

Answer all of the questions below in 2-3 paragraphs each. Your final submission should be a minimum of two (2) double spaced typed pages.

Be sure to save an electronic copy of your answers before submitting it to Ashworth College for grading. Unless otherwise stated, you should answer in complete sentences, and be sure to use correct English, spelling, and grammar. Sources must be cited in APA format.

Your response should be a minimum of two (2) double-spaced pages; refer to the Length and Formatting instructions for additional details.

1. What is the difference between a “change in demand” and a change in “quantity demanded.” 20 Points
2. What is the difference between a “change in supply” and a change in “quantity supplied.” 20 Points
3. Holding demand constant, what is the only thing that can cause a change in quantity demanded? What are the things that cause a change in demand? 20 Points
4. How do changes in income affect the demand for a good? 20 Points
5. How do substitute and complementary goods affect the demand for a good? 20 Points

TASK 3:

Assignment Instructions

Answer all of the questions below in 2-3 paragraphs each. Your final submission should be a minimum of two (2) double spaced typed pages.

Be sure to save an electronic copy of your answers before submitting it to Ashworth College for grading. Unless otherwise stated, you should answer in complete sentences, and be sure to use correct English, spelling, and grammar. Sources must be cited in APA format.

Your response should be a minimum of two (2) double-spaced pages; refer to the Length and Formatting instructions for additional details.

1. What determines a household’s consumption possibilities? 25 Points
2. How would you answer someone who says that marginal utility theory is useless because utility cannot be observed? 25 Points
3. What is consumer surplus? How is consumer surplus calculated? 25 Points
4. What is a firm and what is the fundamental economic problem that all firms face? 25 Points

Compete 3 Short Microeconomics TASKS (ASHWORTH)

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