Microeconomics Assignment: Solutions & Detailed Economic Analysis

This document provides detailed solutions to several microeconomics questions. Topics covered include opportunity cost, demand and supply analysis, price elasticity of demand, and market structures. The solutions include explanations of economic principles and graphical illustrations to support the answers. Specific scenarios, such as the impact of price changes on solar panel demand, the effect of increased housing supply, and the consequences of government regulations on yoga services, are analyzed. The document also discusses the short-run and long-run cost considerations for firms in a perfectly competitive market. It uses real-world examples and diagrams to explain key concepts and their practical implications.