Critical Thinking - Free Plagiarism Required

Assignment Questions Q1. Consider a competitive market for which the quantities demanded and supplied (per year) at various prices are given as follows: Price Demand Supply (SAR) (Millions) (Millions) Pa 60 22 14 80 20 16 100 18 18 120 16 20 a. Calculate the price elasticity of demand when the price is SAR 80. When the price is SAR100. (2.5Marks) b. Calculate the price elasticity of supply when the price is SAR 80. (2.5Marks) c. What are the equilibrium price and quantity? (2Marks) d. Suppose the government sets a price ceiling of SAR 80. Will there be a shortage, and, if so, how large will it be? (2Marks) Q2. Critically assess the view that an understanding of the principles of scientific decision- making is fundamental to the success of a modern economy. (3Marks) Q3. If consumers expect the price of some good to rise next week, then we generally observe the price of the good rising this week. Explain this fact using a graph with proper labelling (3Marks) Q4. 'Opportunity cost is both subjective and speculative. As such the concept of opportunity cost has no place in the scientific decision making process.' Discuss. (2 5Marks) Q5. Would a research study on the effects of playing online games on children's cognitive development be considered a positive or normative statement? (2.5marks)