BBM 102: Consider Figure 1 below, which depicts the rubber market in Malaysia At the initial market equilibrium: Microeconomics Assignment, WOU, Malaysia
University | Wawasan Open University (WOU) |
Subject | BBM 102: Microeconomics |
Question 1
Consider Figure 1 below, which depicts the rubber market in Malaysia. At the initial market equilibrium, the total quantity produced is 500 kg per year and the average price is RM7 per kg.
(a) A sudden increase in demand for rubber causes the demand schedule to shift from D to D*. Explain the adjustments in prices and quantity that would take place after the increase in demand
(b) Calculate the price elasticity of supply for rubber, and comment on the degree of elasticity
(c) There is a sudden and drastic change in weather conditions, causing the supply of rubber to fall from S to S’ (Figure 2 above). Compute the price elasticity of demand, and comment on the degree of elasticity
(d) Seeing that prices have increased to RM17, the government considers setting a price ceiling policy to stabilize prices. Explain the effects of this policy if the price is fixed at RM18
(e) Elaborate on the effects of the price ceiling policy if the price is fixed at RM10. Explain if your answer differs from part (d)
Question 2
(a) Explain the effects of a price floor policy on the welfare of producers and consumers
(b) Elaborate on the concept of economies of scale
Question 3
(a) Contrast between perfect competition and oligopoly (20 marks)
(b) Distinguish between monopoly and monopolistic competition
Are You Searching Answer of this Question? Request Malaysian Writers to Write a plagiarism Free Copy for You.
Get Help By Expert
Assignment helpers Malaysia is the one-stop website for all your BBM 102: Microeconomics homework needs. We have a team of highly skilled writers who are available 24*7 and they provide MGT646 Quantitative Research Methods Assignment, DQS156 Principles Of Economics Assignment, HBU131 National Kesatria III Assignment, etc many more at a most reasonable price.
Recent Solved Questions
- MGT555: In 2021, the price charged for bottled drinks/box is RM10 for passion fruit, RM8 for mango, and RM6 for calamansi: Business analytics Report, UiTM, Malaysia
- PYG Berhad inventory is held on average for 50 days, account receivable is collected in 20 days, and account payable: Fundamentals of Finance Assignment, MUM, Malaysia
- CDCT2203: This assignment aims to evaluate the learner’s knowledge by discussing the impact of ICT on the public and assessing: Information Technology and Environment Assignment, OUM, Malaysia
- To build knowledge and current development on Management Information System during Covid 19 pandemic: Management Information System Assignment, AIMST, Malaysia
- In order to have a valid contract, all parties to a contract must have the capacity to enter into a contract: Principles of Business and Corporate Law, HU, Malaysia,
- UEEN1043 : You are asked to demonstrate a program that uses the concept of encapsulation, inheritance, and polymorphism and the technique of operator overloading in OOP: Object-Oriented Concept and Programming Techniques Assignment, UTAR, Malaysia
- Generate a frequency count and histogram with a normal distribution curve for Pretest science scores: Educational Statistic Assignment, UMT, Malaysia
- WUC203/03: What are the two advantages and two disadvantages of food delivery service: Writing Skills for University Studies Assignment, WOU, Malaysia
- BNNS6263: Haemophilia is a known genetic disorder in Malaysia, with about more than 1000 cases reported in 2018: Haemopoietic & Oncology Nursing Assignment, LUC, Malaysia
- CDCP2101: Happy Market is a sundry shop that sells everyday products to customers. The owner of the shop wants to have a program: C Programming Assignment, OUM, Malaysia