giving the properties‚ advantages‚ and disadvantage of each of them. 3. Explain the central components of microeconomics: demand‚ supply‚ and market equilibrium. 4. Define the elasticity of demand. Assignment 2 There four types of market structures that exist‚ and these are perfect competition‚ monopolistic competition‚ monopoly and oligopoly. These categories have been made to help people understand how businesses operate and how prices‚ outputs and profits are determined. The four market
Premium Monopoly Economics Perfect competition
THE BEHAVIOR OF PERFECTLY COMPETITIVE MARKET *We now come to one of the most important topic in econ: how firms respond to the price signals that the market sends them. - common sense would tell that if price goes up – prod’n will increase. * but now‚ armed with our knowledge about prod’n and cost‚ we can achieve a much sharper understanding of the supply behavior of competitive firms and industries. *the questions in this chapter would be: How exactly does a business enterprise behave
Premium Economics Microeconomics
Commercial 1 : Cigarettes and a Gun Smoking is perceived as harmful to the public. Three young boys were smoking together. One uses gun lighter‚ which signifies danger. Closely looking at their faces‚ I assume that they were smoking because of depression. This advertise is passing on a negative influence to upcoming generation. The advertise was created by the Center for Diseases Control‚ to inform non-smokers about the dangers of smoking. It compares cigarettes to bullets in a gun as a way to explain
Premium
“The policy of diversion of mentally disordered offenders is sound. The problems are in the detail of its scope and application.” Discuss. Diversion is a ‘decision- making process at various stages of the criminal justice system’[1] which enables offenders to avoid being prosecuted‚ imprisoned and punished but alternatively identified and treated in a different way. The treatment of mentally disordered offenders is a controversial area which provokes differences in opinion as to whether they should
Premium Mental disorder Mental health Psychiatry
elasticity of demand In the real world‚ prices of different products vary day by day‚ however‚ the effect it has on the demand is a concept that is very important to understand. When a consumer has an ability or willingness to buy a certain number of products at a given price‚ it is known as demand. Elasticity of demand is the measure of change in quantity demanded of a product when there is change in factors that effect demand. There are 3 main types of elasticity of demand; Price elasticity demand‚ Income
Premium Price elasticity of demand Supply and demand Consumer theory
Features of Perfectly Competitive Market The following seven features characterize perfectly competitive free markets: 1. There are numerous buyers and sellers‚ none of whom has a substantial share of the market. 2. All buyers and sellers can freely and immediately enter or leave the market. 3. Every buyer and seller has full and perfect knowledge of what every other buyer and seller is doing‚ including knowledge of the prices‚ quantities‚ and quality of goods being bought or sold.
Premium Monopoly Economics Competition
Electronic Cigarettes Is More Beneficial And Cheaper Than Traditional Smoking Electronic cigarettes are simply devices‚ which are utilized by smokers in order to replace conventional cigarettes. This seems to be a healthier way to smoke as manufacturers claim that this will really help people stop and reduce addiction. Instead of smoke‚ people will inhale the vaporized nicotine generated by this device. Propylene Glycol is used to produce the vaporized nicotine. This is referred to as nicotine solution
Premium Smoking Nicotine Tobacco
Critically assess the part played by personality in making some individuals more prone to ill health than others. Health is most often described as being about the absence of illness or disease. However‚ health is not simply about physical symptoms‚ but it also encompasses our mental health and social well-being. The most common definition of health is that provided by the World Health Organisation (WHO). “Health is a state of complete physical‚ mental and social well-being and not merely the
Premium Personality psychology
Meanings and Definition of Demand: The word ’demand’ is so common and familiar with every one of us that it seems superfluous to define it. The need for precise definition arises simply because it is sometimes confused with other words such as desire‚ wish‚ want‚ etc. Demand in economics means a desire to possess a good supported by willingness and ability to pay for it. If your have a desire to buy a certain commodity‚ say a car‚ but you do not have the adequate means to pay for it‚ it will
Premium Supply and demand
How to tackle alcohol abuse There are many market failures associated with alcohol such as increased anti-social behaviour‚ an increased cost on healthcare and reduced productivity. A minimum price is the best way to tackle market failures associated with alcohol. Market failure occurs when an economy fails to deliver and efficient allocation of resources; a minimum price is set above the equilibrium in order to raise the price of the good. A minimum price can act as a deterrent for the good and
Premium Economics Market failure Market