Assignment 1
1. *Demand and Supply*:
– Analyze the impact of a price ceiling on the market equilibrium of a good.
– Discuss the effects of a tax on the supply and demand of a product.
2. *Elasticity*:
– Explain the concept of price elasticity of demand and its determinants.
– How does income elasticity of demand affect consumer behavior?
3. *Market Structures*:
– Compare and contrast perfect competition and monopoly market structures.
– Discuss the characteristics of oligopoly and its implications for firms.
4. *Consumer Behavior*:
– Explain the law of diminishing marginal utility and its application.
– Analyze the factors influencing consumer choice and demand.
5. *Production and Costs*:
– Discuss the relationship between production costs and output.
– Explain the concept of economies of scale and its benefits.
Requirements:
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