GECO 5113 Economics Assignment: Demand, Elasticity, Indifference Curves & Production Analysis

Questions

1. Demand show the ability and willingness to buy a specific quantity of goods and services in the given period of time at particular price, ceteris peribus. Examine the law of demand using graph illustration and how does it affect market behaviour.
   (25 Marks)
2. Cross-price elasticity of demand, A measure of the responsiveness of the demand for a goods to changes in the price of a related goods. Use cross elasticity of demand to analyse the effect between complements and substitutes goods. Supports your answer with graphical illustration and economic implications. (25 Marks)
3. Consumer preferences determine which of these goods will be consumed. Different consumers generally will have indifference curves of different shapes. Examine the concept of indifference curves and their relevance to individual behaviour. (25 Marks)
4. The most important measures of productivity are total product, average product, and marginal product. Use the relevant illustration or example to show the relationship between total product curve, average product curve, and marginal product curve to identify the stage of production. Analyse the law of diminishing marginal returns in the stage of production. (25 Marks)

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