AFE4001-B: Business Economics - Management Assignment Help

Assignment Task

COURSEWORK BRIEF

You should provide answers to ALL the questions:

Question 1:

(a) Explain the notions of market equilibrium/disequilibrium and underlying factors influencing demand and supply and resultant changes to market equilibrium prices and quantity for normal goods.

(b) The elasticity of demand for energy- ‘Electricity, and Gas’- is relatively price inelastic in the UK and other European countries. Will a change in supply have a large or a small impact on the equilibrium price, quantity, and total revenue of the firm?

Note: Use necessary diagrams to answer your question-1 for both parts- (a) and (b).

Question 2:

(a) Describe the key assumptions that characterize a perfectly competitive market and explain the profit maximization condition of a competitive market. Use an appropriate diagram as deemed necessary to support your answer.

(b) Draw a diagram for a perfectly competitive industry with firms earning normal profits in the long run. Assume that all firms in the industry use oil as key inputs. Using an appropriate diagram, illustrate an increase in the price of inputs. Will firm level profits increase or decrease and will market supply increase or decrease?

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