Answers to economics questions (in 1 day) posted hourly but price will be fixed at AUD 20

Provide the answers to the following Economics questions. You must be well versed with Economics in order to be selected for this task. Question 1 A) Define the price elasticity of demand in words, and state the formula for it 2 marks B) Assume Iphones have a price elasticity of demand of 1.2 How would demand for Iphones change if the price of the product decreased by 10%? Would total revenue for Iphones increase or decrease? 3 marks Total marks for Question 1 5 marks Question 2 A) Governments sometimes intervene in markets to change the equilibrium price in the market through a price floor or price ceiling. Explain why a Government might want to do that. 5 marks B) View the video on FLO “Rent control in New York” [login to view URL] . Draw and label a diagram showing the impact of rent control compared to a free market for rent. Clearly indicate via the diagram all the points and areas of economic interest-: (i) The equilibrium, consumer surplus and producer surplus if the market were free. 3 marks (ii) The equilibrium, consumer surplus and producer surplus after the rent control is imposed. 3 marks (iii) Describe who are the winners and the losers in the rent control, as compared to a free, market. 5 marks (iv) Is a black market likely to develop in New York for rent controlled apartments? Why? And how is this likely to occur, given it is against the law to charge other than the rent controlled rent? (Hint: See Seinfeld Season 2 “The Apartment” episode for an idea) 4 marks Total marks for Question 2 20 marks Question 3 For each of the following concepts, define the concept. Then give an example of it using a product or product category in your industry -: (i) Total utility 2 marks (ii) Marginal utility 2 marks (iii) The Law of diminishing marginal utility. 4 marks (your industry may not sell their products directly to the end consumer. In that case, select any end product that is consumed directly by the end consumer that your product or product category significantly contributes to. ) Total for Question 3 8 marks Question 4 For each of the following concepts, define the concept. Then illustrate that concept, using your industry. (i) Long run 3 marks (ii) Short run 3 marks Total for Question 4 6 marks Question 5 A) What are economies and diseconomies of scale? 2 marks B) Do you think economies of scale are important in your industry? Support your answer with reasons. 4 marks Total for question 5 6 marks Question 6 A) Describe the characteristics of a pure/perfect competition market. B) Explain how your industry compares against each of those important characteristics.