19 Jan Water is necessary for life. Is the marginal benefit of a glass of water large or small? Give an example of some action from your real life that has both a monetary and nonmonetary opport
macro economics multi-part question and need an explanation and answer to help me learn.
Follow the instructions 100% and answers should be correct 1000%
Requirements: AS REQUIRED | .doc file
Assignment 1
ECON201 (2nd Term 2022-2023)
Instructions PLEASE READ THEM CAREFULLY
This assignment is an individual assignment.
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Assignments submitted through email will not be accepted.
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Students must mention question numbers clearly in their answers.
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All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
Submissions without this cover page will NOT be accepted.
Assignment 1 Questions
Water is necessary for life. Is the marginal benefit of a glass of water large or small? Give an example of some action from your real life that has both a monetary and nonmonetary opportunity cost.
What does the invisible hand? of the marketplace do? Explain the two main reasons of market failure and give an example of each.
How does a price ceiling set below the equilibrium level affect quantity demanded and quantity supplied?
What would be the impact of imposing a price floor below the equilibrium price? If a price floor benefits producer, why does a price floor reduce social surplus?
Illustrates the market for Pizza has the following demand and supply
schedules:
Graph the demand and supply curves. What is the equilibrium price and quantity in this market?
If the actual price in this market were above the equilibrium price, what would
drive the market toward the equilibrium?
If the actual price in this market were below the equilibrium price, what would
drive the market toward the equilibrium?
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