Free «Principles of Microeconomics» Essay

Principles of Microeconomics

Gloria should advice her boss to maintain the prices as the museum is perfectly inelastic. The increase in price will not affect the increase in demand therefore no change in revenue.  

Bread or bottled water

For a perfectly elastic good, the infinitely small change in the price of a commodity leads to an infinitely large positive change in the quantity demanded. Higher demand will shift the equilibrium point higher changing the marginal revenue of the restaurant.

Floppy disks-à bolognaàpeanut butteràbread

The quantity demanded of Peanut butter is largely dependent on the price of bread which is the primary complementary good of peanut butter. Likewise, bologna is a primary complementary good of bread.

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A drop in the tuition fees of state universities will lead to the higher demand for education which will subsequently shift the demand curve to the right. However, the supply curve does not shift because the number of state universities will not be increased. This condition will create a situation where the high demanded will force the market to shift the price back up in order to achieve equilibrium. Therefore, the price will not be lower but higher, meaning education will not be accessible for all.  

A ban on imported televisions will lead to an increase in the price of domestic televisions as their demand will increase. Subsequently, the increase in the quantity demanded for televisions will lead to an increase in the production to meet the high demand.

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The indifference curve is sloped because each point along the curve renders the same level of satisfaction (utility) to the consumer.

The rule states that the Marginal rate of substitution (MRS) is equal to the price ratio (P1/P2).

This shows the point where the indifference curve is tangential to the budget constraints. At this point, the consumer is receiving the highest utility. 

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