Chat with support 24/7


Professional Custom Essay Writing Service

Order from the best essay help service in the whole world!

...content here............

Homework Set 3

Principles of Economics
Date: Question #1: Draw a perfectly inelastic supply curve.
Answer: Question #2: If elasticity of demand is 0.5 and price is lowered from $20 to $19, by
what percentage will quantity demanded rise?
Answer: Question #3: (a) Illustrate a tax increase. (b) State what happens to equilibrium price and quantity
Answers: m price and quantity. Question #4: If the price of eye surgery falls by 50-percent and the quantity of contact
lenses demanded falls by 25-percent, find the cross-price elasticity of demand for
theses two goods.
Answer: Question #5: A perfect competitor would never charge more than market price
because ________________; the perfect competitor would never charge less than
market price because ________________________.
Answers: Question #6: How much is the firm’s most efficient output?
Answer: Question #7: At an output of 9, MC = 20 and AVC = $25. At an output of 10, MC =
$32 and AVC = $26. What is the lowest price the firm will accept in the short-run?
Answer: Question #8: The perfect competitor operates at the __________________ point of
his or her average total cost curve in the long-run.
Answer: Question #9: A monopoly is a firm that has ____________________substitutes.
Answer: Question #10: The five barriers to entering a monopolized industry are:
5 Question #11: There are basically only two justifications for monopolies:
2 Question #12: The main economic criticism of monopolies and big business in
general is that they are ________________________________.
Answer: Question #13: Price discrimination occurs when a seller charges
_________________________ for the same good or service.
Answer: Question #14: The monopolistic competitor’s demand curve slopes
Answer: Question #15: U.S. Steel and a few cigarette companies were all engage in
_________________________ to attain their economic ends.
Answer: Question #16: The oligopolist ________________________ at the minimum point of
his or her ATC curve.
Answer: Question #17: The most important cartel in the world today is

Need a Professional Writer to Work on Your Paper and Give you Original Paper? CLICK HERE TO GET THIS PAPER WRITTEN

Place a custom essay order similar to this or any related topic. NB: The assignment paper will be written from scratch as per your instructions and it will be 100% original. It will pass all plagiarism check.

endwhile; ?>

Check Our Prices

Free Quote



All kinds of papers in all subject areas

We can successfully deal with all kinds of school assignments corresponding to various academic disciplines. Among these school papers are:

  • Custom essays
  • Dissertations and theses (undergraduate, Master's, PhD)
  • Research and term papers
  • Courseworks and case studies
  • Admission essays and personal statements, etc.
University of Nairobi