University | Singapore University of Social Science (SUSS) |
Subject | ECO202: Economic Ideas and Models for Business |
ECO202: Economic Ideas and Models for Business Assignment, SUSS, Singapore Classify X in terms of its price and income elasticities of demand and establish the relationship between product X and product Y
Question 1
Note: For all sub-questions of Question 1, your answer should not exceed 500 words excluding figures and tables.
(a) Consider the following information for a product X and a related product Y:
Quantity of X traded | Price of X | Income of Consumers | Price of Y |
12,000 | $1.00 | $10,000 | $1.00 |
16,000 | $0.80 | $9,000 | $1.20 |
Classify X in terms of its price and income elasticities of demand and establish the relationship between product X and product Y. How does knowledge on the price elasticity of demand, the income elasticity of demand and the cross-price elasticity of demand helps a firm in making business decisions. Explain with suitable examples.
(b) The demand and supply functions of rice is given as P = 200 – 0.5Q and P = 100 + 0.5Q, respectively. Solve for the equilibrium price and quantity in the rice market. If the government implements a price floor of $180 per unit of rice, appraise the efficiency of the rice market by computing the consumer surplus, the producer surplus and the deadweight loss (if any) in the rice market. Support your answers with a suitable rice market diagram and comment on the winner and loser under this policy.
(c) To discourage the consumption of a product, the government should impose a tax on the consumers instead of the producers. Do you agree? Explain with a suitable market diagram.
Question 3
To discourage the consumption of a product, the government should impose a tax on the consumers instead of the producers. Do you agree? Explain with a suitable market diagram
Buy Custom Answer of This Assessment & Raise Your Grades
Introducing our comprehensive academic assistance services tailored specifically for Singaporean students studying at the Singapore University of Social Sciences (SUSS). We offer expert guidance in a range of areas including GBA (Group-Based Assignments), final year exam assignments, case study writing help, and assignment writing service. In ECO202: Economic Ideas and Models for Business at SUSS, Singapore, we understand the importance of classifying X in terms of its price and income elasticities of demand, as well as establishing the relationship between product X and product Y. Our team of experienced professionals can provide you with the knowledge and support needed to excel in this subject. Don't let the complexity of your coursework hinder your success. Singaporean students can confidently pay our experts to take help in their course. Unlock your academic potential and achieve remarkable results with our reliable services.
- NSG3EPN Assignment Two instructions rubric – Contemporary nursing practice :Engagement in Professional Nursing, LTU Singapore
- HFS201 GBA (Group-based Assignment) SUSS: July 2024 – Workplace Evaluation and Design
- Business Accounting & Finance – (VM) – A3 Assignment, UOM, Singapore
- HRM3010S: Managing People At Work, Assignment, UCD, Singapore
- HFS351: Safety Management and Audit, End-of-Course Assessment, SUSS, Singapore
- HFSY217: Emergency Preparedness and Response Planning, TMA (Tutor-Marked Assignment), SUSS
- CMM315: TMA (Tutor-Marked Assignment) – Peacebuilding and Security, SUSS, Singapore
- Harley Davidson utilized different entry mode strategies in pursuit of internationalization: Sustainable, Assignment, UoN, Singapore
- Nursing Patients With Chronic Illness, Assignment 3, LTU, Singapore: Jason Bundhoo is a 42-year-old car driver from Triolet
- DSM: R for Data Science, Coursework 2, UOL, Singapore: In this coursework assignment you should return to this dataset and perform an appropriate investigation into building a statistical model
UP TO 15 % DISCOUNT