[SOLVED] Principles of Microeconomics
Q1Suppose that the demand for Chocolate is given b??=100?2??Q=100?2pa)(5 points) If the price of chocolate increases from 10 to 20, what is the elasticity of demand?b) (5 points) What happens to the total expenditure of chocolate with the price increase?c) (5 points) What is the elasticity of demand when P=40?d) (5 points) Is chocolate demand elastic or inelastic? ExplainQ2Suppose the price of gas goes up by 10% (due to a war in the middle east) and as result we see that in the short run the demand for cars goes down by 2%.a) (3points) What is the cross-price elasticity for the demand for cars with respect to the price of gas? Show your work.b) (4 points) What would be the effect on total expenditure in cars of a 1% increase in the price of gas? Explain.c) (3 points) Do you expect the cross-price elasticity to increase or decrease in the long run? Why?Q3a)(5 points) Give an example of a good that is likely to have an elastic demand. Explain why.b) (5 points) Give an example of a good that is likely to have inelastic demand. Explain why.c) (5 points) Give an example of a good that is likely to have a negative income elasticity. Explain why.d) (5 points) Give an example of two goods that is likely to have positive cross-price elasticity. Explain why.Q4For each of the following draw a carefully labeled diagram that illustrates the likely effect of each of the following in the market for I-phones. In each case, make sure to include a discussion, to justify your answer and any assumptions you make in your answer. a) (10 points) New information emerges about’s Apple use of child labor in it’s factories in China, which harms the company’s reputation. b) (10 points) The price of Android smartphones goes up. c) (10 points)As a result of the Covid pandemic, I-phone buyer’s incomes go downQ3/25 pointsSuppose that in the market for lemons, the daily demand (in lbs) is given by ??(??)=100?2??D(P)=100?2Q, and daily supply(in lbs) is given by ??(??)=2??S(P)=2Q. a) (5 points) Solve algebraically for equilibrium price and quantity. b) (10 points) In a carefully labeled diagram, show the equilibrium you found in part a). Make sure to label your axis, the curves, and the equilibrium price and quantity. Also, label where the curves intercept each of the axes. c) (10 points) Suppose that as a result of an increase in the price of oranges the demand curve changes to ??(??)=200?2??D(P)=200?2Q. Based on this, are oranges and lemons complements or substitutes? Why?
Top Homework Writers is here for any paper writing help you need!
We guarantee that every piece of work we produce is original. Top Homework Writers has a team of native-speaking experts who are devoted to giving you the best paper writing help. Your work will be 100% original and on time since they always adhere to your instructions, use reputable sources, and quote them appropriately. The referencing styles used by our paper writing help experts are always per university guidelines..
We are dedicated to delivering the safest online payment experience possible, guaranteed confidentiality. That is why we maintain complete confidentiality regarding our customers' orders. Customers' private information is always protected with the highest care and confidentiality. SSL data encryption ensures that all transactions with us are safe and secure, and we provide a variety of payment choices. You can trust Top Homework Writers to keep your personal information private..
Wow Customer Support
Our online support chat is available around the clock to answer any queries about the ordering paper writing help procedure. Our customer service team cares about your satisfaction and will answer any questions you may have along the way. Our experts can assist you in any way possible, whether it's assisting you in putting together the essential points that you're struggling to convey, providing advice, or writing an entire essay.
Top Notch Quality Papers
If you need an essay urgently, or you have been in the “I need help with writing a paper” mode, you can always count on the expertise of our writers to deliver. You can relax knowing that you'll acquire a high-quality paper with our paper writing help services since their arguments are well-defined and presented. We offer help in writing papers that meet or exceed the standards and criteria of colleges and universities. That's why we have a quality assurance team to ensure that our papers help writing services are of the highest quality.
We can help with urgent tasks
Whether you need help writing papers in a matter of hours or a matter of days, we can meet your deadline. All our college paper writers are full-time writers, which means that they know their way around credible scholarly sources, and they can write a lot of pages in a short time. When you work with Top Homework Writers, you can count on us to meet every deadline. To meet your deadline, we work around the clock, even if that means staying up all night..
Pay a fair price
Our paper writing help service stands out from the competition because we put the needs of our customers first and charge lower high-quality paper writing help services. With a large array of papers, customers worldwide recognize the perfect combination of price and professionalism that we offer here at tophomeworkwriters.com