Microeconomics Assignment

INSTRUCTIONS: I need these 4 (5) questions answered by midnight tonight (3/5) no later than 12:15. Each question must be greater than 75 words in length. The book being used is ECON MICRO 3 by William A. McEachern,  I will need a reference for this as well. I am willing to pay $10.00.

 

1. What are the weaknesses and strengths of the various forms of business? Why do corporations tend to be so much larger than sole proprietorships or partnerships? Why is it so difficult to determine the objectives of the government?

2. In the mid-1970s no one had a personal computer at home. Today many people do. Using demand and supply curves show the market for personal computers in the mid-1970s and today. Explain the difference between then and now.

3. How are opportunity cost and scarcity related?

4. Explain how scarcity and choice are related. Economic theory says that a rise in the price of a good will cause people to buy less of it. If the price of meat increases and John Doe buys more meat, has the theory been refuted? Explain.

1. What does money have to do with specialization and comparative advantage?

Specialization is performed by a group with a particular skill set, and comparative advantage states that individuals with lower opportunity cost can produce a specific “output,” with minimal cost. Therefore, an individual can focus on his/her specialization and excel at that “output” by using the law of comparative advantage. Money relates to specialization and comparative advantage by making “outputs” more accessible/available to a greater percentage of the population. Also, it acts as a way for those who do not produce a way to acquire an “output.”

2. What are the weaknesses and strengths of the various forms of business? Why do corporations tend to be so much larger than sole proprietorships or partnerships? Why is it so difficult to determine the objectives of the government?

3. In the mid-1970s no one had a personal computer at home. Today many people do. Using demand and supply curves show the market for personal computers in the mid-1970s and today. Explain the difference between then and now.

4. How are opportunity cost and scarcity related?

5. Explain how scarcity and choice are related. Economic theory says that a rise in the price of a good will cause people to buy less of it. If the price of meat increases and John Doe buys more meat, has the theory been refuted? Explain.

INSTRUCTIONS: I need these 4 (5) questions answered by midnight tonight (3/5) no later than 12:15. Each question must be greater than 75 words in length. The book being used is ECON MICRO 3 by William A. McEachern, I will need a reference for this as well. I am willing to pay $10.00.