logo

Economic Assignment (Doc)

15 Pages1362 Words134 Views
   

Added on  2020-03-23

Economic Assignment (Doc)

   Added on 2020-03-23

ShareRelated Documents
Running head: ECONOMICS ASSIGNMENT Economics AssignmentName of the StudentName of the UniversityAuthor Note
Economic Assignment (Doc)_1
1ECONOMICS ASSIGNMENT Table of ContentsAnswer 1:.........................................................................................................................................2Answer 2:.........................................................................................................................................4Answer 3:.........................................................................................................................................7Answer 4:.........................................................................................................................................9Answer 5:.......................................................................................................................................12Answer 6:.......................................................................................................................................12References......................................................................................................................................14
Economic Assignment (Doc)_2
2ECONOMICS ASSIGNMENT Answer 1: Changes in quantity demanded: Keeping all other factors constant, when the price of hat changes, the quantity demanded of thesame changes, with the change being in the opposite direction as that of the change in price (hatbeing a normal commodity). This phenomenon is known as the change in quantity demanded ofhats: Figure 1: Change in quantity demanded (Source: As created by the Author) In this case, the movement takes place along the same demand curve as can be seen from theabove diagram.
Economic Assignment (Doc)_3
3ECONOMICS ASSIGNMENT Change in demand: If the other factors, excluding the direct price of hats, change, including income, price ofsubstitutes, consumers’ preferences and others, then there is a change in demand for hats: Figure 2: Change in demand (Source: As created by the author) As can be seen from the above diagram, in this case the entire demand shifts inward or outward(here, it shifts outward as can be due to an increase in the income of the consumers), with theconsumers buying different quantity at the same level of price.
Economic Assignment (Doc)_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Assignment on economics PDF
|27
|5204
|103

ECONOMIC PRINCIPLES Name of the University Author's Note
|14
|1500
|382

Principles of Managerial Economics
|11
|1665
|37

Economics
|7
|663
|92

Economics of Globalization
|7
|653
|232

BEO1105 Economic Principles | Victoria University | Melbourne Australia
|14
|2006
|43