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(Pdf) Business Economics : Assignment

   

Added on  2021-05-31

12 Pages2176 Words37 Views
Running Head: ECONOMICS ASSIGNMENTEconomics AssignmentName of the StudentName of the UniversityCourse ID
(Pdf) Business Economics : Assignment_1
ECONOMICS ASSIGNMENT1Table of ContentsAnswer 1..........................................................................................................................................2Answer a......................................................................................................................................2Answer b......................................................................................................................................2Answer c......................................................................................................................................3Answer 2..........................................................................................................................................4Answer a......................................................................................................................................4Answer b......................................................................................................................................5Answer c......................................................................................................................................6Answer d......................................................................................................................................6Answer 3..........................................................................................................................................6Reference list.................................................................................................................................10
(Pdf) Business Economics : Assignment_2
ECONOMICS ASSIGNMENT2Answer 1Answer aAn increase in demand along with a fixed supply of water creates a shortage of supply.The supply short creates an upward pressure on price (Fine 2016). This is described in the figurebelow. Figure 1: Effect of an increase in water demand (Source: as created by Author)The rise in demand causes a rightward shift in the demand curve from DD to D1D1. Thesuppliers can supply only 22.50 million waters per day. This makes the supply curve vertical.The effect of increased demand thus entirely fell on price which accounts a large increase fromP* to P1. Answer b
(Pdf) Business Economics : Assignment_3
ECONOMICS ASSIGNMENT3Water being one of the basic necessity generally has an inelastic demand. Even with ahigher price people cannot adjust their demand for water much. The water however is used forvarious purposes. A good that have several alternative uses has a greater flexibility in demand.When price of water rises to a very high level people stop wastage of water and reduce use ofwater as much as possible. This makes demand elastic after at certain price ranges (Cowen andTabarrok 2015). Another factor that might contribute to an increase in elasticity of residentialwater is availability of water from alternative sources. If people find, it is less costly to obtainwater from some neighbored region then the residential water demand might become elastic atcertain price range. Answer cFigure 2: Effect of excise tax on water suppliers (Source: as created by Author)
(Pdf) Business Economics : Assignment_4

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