Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

Problem Set: Scarcity, Choice and Economic systems - Coursework Example

Comments (0) Cite this document
Since all the resources are assumed to be limited, so that if all the resources are devoted in the production of the technology that will save life…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER94.9% of users find it useful
Problem Set: Scarcity, Choice and Economic systems
Read TextPreview

Extract of sample "Problem Set: Scarcity, Choice and Economic systems"

Download file to see previous pages A decrease in the in the supply of coffee is represented by the leftward shift of the original supply curve from S0S0 to S1S1 (Stilwell, Frank, and Mike Beggs 148). The immediate effect of the decrease in the supply of coffee in the global market is a shortage in the ruling price P e. this shortage will force the price upwards resulting to a fall in the quantity demanded and eventually a new equilibrium price will be established at P3.on the other hand when the price increases as a result of the fall in the quantity supplied, the quantity of the coffee that will be demanded will also fall shifting the equilibrium quantity from Q e to Q 3.
b) Equilibrium is a situation when the quantity of the commodity that is demanded in the market at a particular period of time is the same as the quantity that is supplied at the same period of time (Buechner 18). The quantity that is supplied at $1000 is far much less than the quantity that is demanded at the same price and therefore equilibrium cannot be at the price of $1000 since the quantity that is demanded is not equal to the quantity that is supplied at this price.
c) Destruction of the significant number of apartment will cause a fall in the quantity that is supplied and as a result the price of the rooms will increase forcing the demand to fall. A decrease in the quantity supplied is represented by a shift in the supply curve from S0 to S1. Increase in the price as a result of the fall in the supply is represented by a shift from P0 to P1 and as a result the equilibrium quantity will shift from Q0 to Q1.
When the price increases from P 1 to P 2 there will be an increase in the quantity of the denim jeans that is supplied from Q 1 to Q 2 and thus this situation is known as a movement along the supply curve.
When the income of the household decreases, there will be a fall ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Problem Set: Scarcity, Choice and Economic systems Coursework”, n.d.)
Problem Set: Scarcity, Choice and Economic systems Coursework. Retrieved from
(Problem Set: Scarcity, Choice and Economic Systems Coursework)
Problem Set: Scarcity, Choice and Economic Systems Coursework.
“Problem Set: Scarcity, Choice and Economic Systems Coursework”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Problem Set: Scarcity, Choice and Economic systems

Problem Set

...that the deficit should not be settled during the downturn. Ken: Debts can only be reduced when the government spends less. Unless this is undertaken, a country can go into default, thus limiting its sources of credit in the future. 5. Daniel Kahneman describes the cognitive and emotional factors that affect the decisions made by individuals and firms in the economic context. He believes that psychology plays a role in the making of decisions. Kahneman supports the experimental and survey based techniques of behavioural economics. This is, however, contradictory to the beliefs of classical economists who favoured revealed rather than stated preferences. References KRITSER, H. M. (2002) Legal...
4 Pages(1000 words)Essay

Problem Set

...PROBLEM SET WEEK INSTRUCTIONS: For each of the questions there is only one choice. Click in the check box to register the best answer. When complete, post this document to your Individual Forum by Day 7. Four histograms are displayed below. For each item, match the description to the appropriate histogram Histogram 1 Histogram 2 Histogram 3 Histogram 4 1. A distribution for a set of quiz scores where the quiz was very easy is represented by: A. Histogram I B. Histogram 2 C. Histogram 3 D. Histogram 4 The next three questions refer to the following situation: A drug company developed a new formula for their headache medication. To test the...
2 Pages(500 words)Assignment

Introduction of economic scarcity

...ECONOMIC SCAR When economic scar arises, the resources get limited and it becomes all the more important to distribute these resources wiselyin order to make the most out of them. On this island, people are not aware of the dangers of scarcity because they have never seen any scarcity in economic terms. Resources are abundant and sufficient for the existing population. However with new inventions and discoveries, scarcities are likely. How so When a new invention comes, the old becomes obsolete and loses its value. People start demanding new stuff and if are not producing it, you are very likely near extinction. For example when computers...
2 Pages(500 words)Essay

Econ 157 Problem Set

...growth. Example: in African continent warm climate, water scarcity and infertile soils restrict production of foods and nutrients requirement of the country. Institutions theory advocates that quality of institutional structures determine the productivity of countries’ factors of production and economic growth alternatively. Early economists who proposed institutions theory were also related to capitalism. Part C The control group in this study comprises of the families who are living in the same village but did not apply for Grameen loans. It is a simple comparison involving two groups of households and minimum amount of data analyzing. The variability of household consumption is assumed to be...
2 Pages(500 words)Assignment

Problem Set

...number Issues of history and Political Science in the United s The health care system that was passed by the United State Congress in 2010 does not allow the prohibiting of coverage to individuals based on pre-existing conditions. It also insists on taking of insurance covers by those who lack them. As such, the necessity to purchase of health insurance cover that does not discriminate on existing conditions lies in the surety of obtaining affordable health care at any time. This means accessing health care when it is truly needed and in the appropriate way since according to Rosenbaum and Rosenbaum it is unlimited (463). As a result, those suffering from various genetic and chronic illnesses that they cannot control, no...
4 Pages(1000 words)Essay

Problem Set

...MODULES 7, 8, 10, AND 11 – PROBLEM SET Complete problem 2 on page 94. 2.What percentage of people have IQs below 70? Above 130? Are the percentages the same? Figure 7.4 Normal Curve Showing Means and Standard Deviations for a Variety of Common Scores: P(IQ < 70) = P(z < -2) = 0.0228 or 2.28% P(IQ > 130) = P(z > 2) = 1 – P(z < -2) = 1 – 0.9772 = 0.0228 or 2.28% About 2.28% of people have IQs below 70. About 2.28% of people have IQs above 130. Yes, the percentages are the same. Complete problem 10 on page 101. 10.The mean human gestation period is 266 days. Actual time to delivery is approximately normally distributed with a standard deviation of about 12 days. Marcelle...
1 Pages(250 words)Assignment

Problem set

...PROBLEM SET of Chapter 2 Question 5 pg 57 Chapter 5 Q18 pg 190 In the case of this sentence, and in relationshipto the Grice’s Maxim’s, there was a combined lack of maxim of maxim of relation and maxim of manner. It is just strange and a bit humorous that a question requiring explanation for the presence of the biscuits to be answered by ‘they are just lying there’. This is a form of ambiguity and unnecessary prolixity. Such an answer was irrelevant, lacked order and was ludicrous. The humour comes to the idea of the biscuits being in the wrong place without explanation. The second issue is equally far from the expected. By co-operative principle, this answer was not informative and was clearly out of...
5 Pages(1250 words)Assignment

Module 3 Problem Set

...1. What is the independent variable in this study? What are the dependent variables? Each variable has some missing data. 2. Describe how many are missing on each variable? When considering what to do about the missing values on each variable, consider if you really can guess what agency a person came from. Next, for the continuous variables, 3. What percentage of values are missing (if more than 5% are missing, what might this mean?); (2) is there a pattern to the missing scores? 4. Include information from the Output file of your SPSS Explore analyses to provide specific number and % of missing values on each of the dependent variables. 5. Based on this, what recommendation would you make for what to do about the missing... What is...
1 Pages(250 words)Assignment

Macro Eco Problem SET

... Topic: MACRO ECONOMIC PROBLEM SET Q1) Gross domestic product (GDP) is a flow. The measurement of a flow is after everyone year, which represents the total value of transactions during an accounting period and so is gross domestic product. Q2) Various components will affect the gross domestic product. Examples of such include; payment of tuition as it will add on the GDP as payment for a service. Payment of a teen to mow lawn will also affect the GDP, as it is a service offered. Spending of the pharmaceutical companies in search of Ebola vaccine will also add affect the GDP, as it is a new service offered hence will contribute to the GDP. The government hiring more police officers will bring a new service in the industry... Topic: MACRO...
2 Pages(500 words)Coursework

Write problem set

...Sur Problem set Question a) Unemployment Rate = Unemployed Employed + Unemployed Where, Labour force = Unemployed + employed Thus, Unemployment rate = 12,332/(12,332 +143,322) * 100= (12,332/155654) * 100 = 7.923% Labour Force Participation Rate = Labour Force Working Age non-institutionalized Population = 155654/244,663 * 100 = 63.62% Employment Rate = Employed Labour force = 143,322/155654 * 100 = 92.08% b) Unemployment rate ignores two categories as follows: i. It does not...
3 Pages(750 words)Speech or Presentation
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Coursework on topic Problem Set: Scarcity, Choice and Economic systems for FREE!

Contact Us