MBAF504 : Microeconomics Supply and Demand - Management Assignment Help

Assignment Task:

Task:

MBAF504 Assignment #1 Microeconomics Supply and Demand

1. What feature of the world market for crude oil make it a competitive market?

2. The money price of a textbook is $90 and the money price of the Wii game Super Mario Galaxy is $45.
a. What is the opportunity cost of a textbook in terms of the Wii game?
b. What is the relative price of the Wii game in terms of textbooks?

3. Consider the initial effect of each of the following events on the underlined market. First indicate what the shifter (or external shock) is. Use an ARROW to show whether there is an increase or decrease in demand (D) or supply (S), and equilibrium price (P), equilibrium quantity (Q). Use the space provided to graph the appropriate shifts or movements. Be sure to label the axis, curves and equilibrium points.

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