Micro and Macro Economics - Law of Demand - Law of Supply - Economics Assignment Help

Assignment Task:

Q.1 Define Economics. Differentiate between Micro and Macro Economics

Q2 Suppose the price of PEPSI increases and price of COKE remains constant but its demand changes due to change in the price of PEPSI. Answer the following questions:
a) Is Law of Demand applicable under the above case on COKE?
b) Is it called shifting of or movement in demand of COKE?
c) Draw the graph of COKE.

Q3.Suppose price of Tapal Tea remains constant but due to increase in the price of sugar demand of Tapal goes down, answer the following questions:
a) Is it substitution effect or complementary goods effect on Demand of Tapal?
b) Is it called shifting of or movement in demand of sugar?
c) Draw the graph of Tapal

Q4. Explain Law of Supply with table and graph and mention its assumptions in points only.

Q5. “Utility cannot be measured”. Do you agree with it according to the Law of Diminishing Marginal Utility?
Yes or no. Explain the Law with table and diagram also mention its assumptions and Limitations.

Q6. Draw the graph and what will be impact on Equilibrium Price and Quantity under each case separately:
a) Suppose Supply remains constant and demand is shifted due to increase income
b) Suppose Demand remains constant and supply is shifted due to increase in cost of production.
c) Suppose Supply remains constant and demand is shifted due to decrease in price of its substitute goods.
d) Suppose Demand remains constant and supply is shifted due to decrease in tax on import of raw material.

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