This economics assignment addresses core principles of economics, covering topics such as opportunity cost, demand and supply analysis, and market equilibrium. The assignment begins with a definition of opportunity cost and provides a personal example to illustrate the concept. It then delves into the effects of price changes on supply and demand, including the impact of substitute goods. The assignment continues with an analysis of a news article, applying economic concepts like the law of demand, changes in demand, and the nature of goods (normal vs. inferior). The assignment also examines market dynamics, including excess supply and the impact of shifts in demand and supply curves on equilibrium price and quantity. Furthermore, it explores price elasticity of demand and its implications on revenue. Finally, the assignment concludes with an examination of firm behavior in competitive markets, including shutdown decisions and long-run profit scenarios.
![[object Object]](/_next/static/media/star-bottom.7253800d.svg)
