Chat Now Available 24/7
Log in
Chat Now
Log in
Order Now

Custom Writing Help For You!

Special Discounts Offers! 20-30% Off!

Posted: April 26th, 2019

simple 4 questions of Principles of Economics

Question description

Question 1 Suppose that unexpected low temperatures in the major wine grape producing regions of Tasmania caused a decline in both the supply and quality of grapes used for producing premium Tasmanian wines.   Use a supply and demand analysis to predict what effect this will have on the market for premium Tasmanian wines.  You must include a detailed graphical analysis as part of your solution.  Carefully label and explain your diagram.      Question 2  The market for wheat has the following demand and supply schedules:  Price ($/tonne)Quantity Demand(100tonnes)Quantity Supplied(100tonnes)41352651045368181768988531109391211000133a) What is the equilibrium price and quantity in this market?b) Suppose a price floor was implemented in this market equal to $8/tonne.  Calculate the excess demand or excess supply created by the price floor. c) Calculate the reduction in consumer surplus caused by the price floor  Question 3 Suppose that there are four consumers willing to pay the following amounts for haircuts:  Dave: $14; Charlie $4; Alice: $16; Kitty: $10.  Suppose that there are four barbers with the following costs for cutting hair:  Firm A: $6; Firm B: $12; Firm C: $8; Firm D: $4.  In addition, assume that each barber has the capacity to produce only one haircut.  a) How many haircuts should be given to maximize efficiency?  Explain. b) Which Barbers should cut hair?  Explain. c) How large is the maximum possible total surplus?  Question 4  Suppose that you are thinking about starting a fishing business.  The fixed cost of the business is the cost of a fishing rod, which is $15. (Note: the rod cannot be used for anything except fishing.) The variable costs are bait, which is $1 per fish caught and your time.  The opportunity cost of your time is $10 per hour.  The table shows the relationship between hours spent fishing and number of fish caught.  HoursNumber of Fish Caught110218324428530              a) Suppose that you can sell each fish for $5.  How many fish will you catch to maximise profit? Explain.  b) Suppose that you purchase your rod and begin fishing (the resell value of the fishing rod is zero).  Suddenly, the price of fish drops to $2.10 each.  How many fish will you catch to maximise profits?  Explain.  

Order for this Paper or similar Answer/Assignment Writing Service

Place your order by filling a guided instructions form in 3 easy steps.

Check Prices
Order Now

Why choose our Study Bay Services?

Like every student, Focusing on achieving the best grades is our main goal

Top Essay Writers

We have carefully cultivated a team of exceptional academic writers, each with specialized expertise in particular subject areas and a proven track record of research writing excellence. Our writers undergo rigorous screening and evaluation to ensure they hold relevant advanced degrees and demonstrate mastery of English grammar, citation style, and research methodology. Recent projects completed by our writers include research papers on topics such as sustainable energy policy, cognitive behavioral therapy, and molecular genetics.

Student-Based Prices

We prioritize attracting highly skilled writers through competitive pay and strive to offer the most cost-effective services for students. References from recent years include surveys of customer satisfaction with online writing services conducted by the American Customer Satisfaction Index between 2018 to 2022, demonstrating our commitment to balancing affordable costs with high standards of work through positive reviews and retention of expert writers.

100% Plagiarism-Free

We guarantee 100% original and plagiarism-free final work through a thorough scanning of every draft copy using advanced plagiarism detection software before release, ensuring authentic and high-quality content for our valued customers. To note, we also do not generate assignment content with AI tool, thus you a guaranteed 0% similarity index for your final research paper.

How it works

When you decide to place an order with Study Pro Essay, here is what happens:

Calculate Your Order Check Prices

Complete the Order Form

You will complete our order form, filling in all of the fields and giving us as much detail as possible.

Assignment of Writer

We analyze your order and match it with a writer who has the unique qualifications to complete it, and he begins from scratch.

Order in Production and Delivered

You and,the support and your writer communicate directly during the process, and, once you receive the final draft, you either approve it or ask for revisions.

Giving us Feedback (and other options)

We want to know how your experience went. You can read other clients’ testimonials too. And among many options, you can choose a favorite writer.