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# I want both of the essays to be more than 200 words (no need to exceed too much

by | Mar 7, 2022 | Economics

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I want both of the essays to be more than 200 words (no need to exceed too much more than 200 words). The textbook pages you need for the “AND” and “Advanced Analysis” parts will be attached below. Please ask me if there are any questions. Here is the instruction from my prof.:
Essays Mandatory 30 points (qualitative and quantitative) 30% – Minimum of 200 words.
You must answer the listed two essays as per below–therefore you need to be prepared or better know how to write the answers for both. 1 – Explain the law of Supply. Why does a supply curve slope upward? List and explain fully each of the variables that determine and shift the entire supply curve? Distinguish between a change in the quantity supplied and the change or shift in the supply curve noting the cause of each by illustrating them in a diagram? Or
2 – Explain the law of Demand. Why does a Demand curve slope downward? List and explain fully each of the variables that determine and shift the entire demand curve? Distinguish between a change in the quantity demanded and the change or shift in the demand curve noting the cause of each by illustrating them in a diagram? AND
3 – Discussion questions and problems chapter 4 (it will be again covered next class meeting) pages 93/94 as listed below:
Draw a supply and demand graph and identify the areas of consumer surplus and producer surplus. Given the demand curve, what impact will an increase in supply have on the amount of consumer surplus shown in your diagram? Explain why.
Use the ideas of consumer surplus and producer surplus to explain why economists say competitive markets are efficient. Why are below- or above-equilibrium levels of output inefficient, according to these two sets of ideas?
ADVANCED ANALYSIS Assume the following values for Figures 4.7a and 4.7b page 85. Q1 = 20 bags. Q2 = 15 bags. Q3 = 27 bags. The market equilibrium price is \$45 per bag. The price at a is \$85 per bag. The price at c is \$5 per bag. The price at f is \$59 per bag. The price at g is \$31 per bag. Apply the formula for the area of a triangle (Area = ½ x Base x Height) to answer the following questions. LO2
a. What is the dollar value of the total surplus (producer surplus plus consumer surplus) when the allocatively efficient output level is being produced? How large is the dollar value of the consumer surplus at that output level?
b. What is the dollar value of the deadweight loss when output level Q2 is being produced? What is the total surplus when output level Q2 is being produced?
c. What is the dollar value of the deadweight loss when output level Q3 is produced? What is the dollar value of the total surplus when output level Q3 is produced?

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