BBM102/03: You are a government economist analyzing the market for iPhones Consider the following events below: Microeconomics Assignment, WOU, Malaysia

University Wawasan Open University (WOU)
Subject BBM102/03: Microeconomics

Question 1

  • You are a government economist analyzing the market for iPhones. Consider the following events below
  1. The price of mobile phone batteries falls
  2. iPhones become less popular among consumers
  • Prices of other mobile phone brands decrease
  1. iPhone sellers expect prices of iPhones to fall in the future
  2. New health evidence showing that prolonged usage of mobile phones leads to negative health effects
  3. More productive ways of making phones are found

Discuss the effects of each of these events on the prices and quantity of iPhones produced.

  • Consider the following table below:

Calculate the price elasticity of demand for Product 1 and Product 2

Question 2

Malaysia has a minimum wage policy to protect the well-being of workers. There have been suggestions by politicians to increase the minimum wages. Discuss the effect of such a policy on the wage rate and employment of workers?

Question 3

A company is thinking about significantly expanding its production capacity. Determine the variables needed for this expansion. Identify the sources of information needed to estimate the impact of the expansion on profits?

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