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Can anyone help me with is assignment? Much appreciated! ECON 2200 - Microeconomics Supply and Demand Assignment (10%) Select a market that is of interest.
Can anyone help me with is assignment? Much appreciated!
ECON 2200 - Microeconomics Supply and Demand Assignment (10%) Select a market that is of interest. Use what you know about this industry and knowledge from this course to answer the questions below. Markets that might be of interest (or select your own market of interest): 1. Housing market (or housing rental market) in Oshawa Market for mobile phone service or mobile phones Market for tablets (i.e. iPad, Samsung Galaxy Tab, etc.) Market for community college business programs Market for retail gasoline for cars a. Explain what you believe is the elasticity of demand. Is it elastic or inelastic? Explain why? b. Provide an estimate of price and quantity for this industry based on recent data. Choose your parameters (i.e. for a recent year for a specific market like Canada, U.S. or global). c. If there were a 10% price increase estimate the new industry quantity based on your statement in answer a. about whether or not this industry would be elastic or inelastic. Calculate the elasticity coefficient based on your estimates and the industry revenue before and after the price increase. (4 marks) 2. Identify and explain one factor that has caused a shift in the demand curve. Illustrate the impact on the market using supply and demand curves. (2 marks) 3. Identify and explain one factor that has caused a shift in the supply curve. Illustrate the impact on the market using supply and demand curves. (2 marks) 4. Identify and explain one government intervention relating to this market. Explain the government's economic objective and illustrate the impact on the market using supply and demand curves. (2 marks)Step by Step Solution
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