Study on Concept of Economics

Added on - 02 Feb 2020

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CONCEPT OF ECONOMICS1
TABLE OF CONTENTSINTRODUCTION..........................................................................................................................3Question 1....................................................................................................................................3Question 2....................................................................................................................................4a) Expected effect of the flood on the price of bottled water.......................................................4b) Effects of an anti price gouging law........................................................................................4Question 3....................................................................................................................................4a) Pricing decision of monopolist and deadweight loss of monopoly.........................................4b) Explaining why Qantaslink to charge prices higher than competitive level on the monopolyroute.............................................................................................................................................5Question 4....................................................................................................................................5CONCLUSION...............................................................................................................................7REFERENCES................................................................................................................................82
INTRODUCTIONThe term economics is regarded as the social science that is concerned with describing aswell as analyzing the production, distribution as well as consumption of the goods and services.The focus of economics is on behavior as well as interactions of the economic agent and themanner in which economies perform (De Jong, 2013). Economics is concerned with thecondition wherein choices are being made in relation with the use of scarce resources, when toutilize them and the purpose of using. In other words economics is related with studying thechoices in the situation of scarcity. In the present study the concept of economics have beendiscussed. The study includes application of the key economic concepts to organization andeconomic decision making. Further it covers the main issues faced by economic and businessmanagers within 21 century. It makes evaluation of the instruments of microeconomic policy.Question 1a)OutputFixed CostVariable CostTotal CostAverageTotal CostAverageVariable CostMarginalCost010010001105151555210152512.57.510310304013.3101541050601512.5205107585171525b)OutputFixedCostVariableCostTotalCostAverageTotalCostAverageVariableCostMarginalCostSellingpriceTotalsalesProfit010010001600110515155516161210152512.57.51016327310304013.310151648841050601512.5201664451075851715251680-53
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