Each student is required to do TWO (2) questions one of whic
Each student is required to do TWO (2) questions one of which or two of which must be from the Macroeconomics topics. PS: Points will be deducted for failure to use appropriate diagrams to clarify answers as well as failure to provide supporting evidence for claims and assertions in your answers to your questions including the essay type questions. PS: A total of five (5) points will also be deducted for all late assignments. PS: This assignment is graded out of 20 points as such each of the two (2) questions of each student will be graded out of 10 points. Students are required to use suitably labeled diagrams where necessary in their answers Topic#1-Scarcity, Resource Allocation, the Central Economic Problem and Economic Systems. Each question in this section will be graded out of 10 points. (1a)What are auctions? (1b)Is there a conceptual difference between markets and auctions? Why or Why not? (1c)Do auctions take advantage of shortages in markets? Carefully explain your answer. How? (1d)When and why do shortages develop in markets? Carefully explain your answer with the use of a supply-demand diagram (1e)Do shortages develop in auctions as well? (1f)How do auctioneers know which consumers want or need a resource “most”? (1g)Do markets use the same measure used in auctions to determine which consumers want or need a resource “most”? (1h)How do markets determine which consumers are more desperate to buy a commodity in a market? Carefully explain your answer with the use of a supply-demand diagram (1i)How do markets determine which producers are more desperate to sell a commodity? Carefully explain your answer with the use of a supply-demand diagram (2a)What are the trade-offs to merchants of consumers who purchase their commodities with cash versus those who pay for them with credit and debit cards? (2b)What is the opportunity cost to merchants to accept cash payments versus creditdebit card payments for the commodities they sell? (2c)Do banks tax merchants for accepting creditdebit card payments? Why or Why not? (2d)Do consumers who pay in cash to merchants subsidize those consumers who pay with creditdebit cards? Why or Why not?
Collepals.com Plagiarism Free Papers
Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS
Why Hire Collepals.com writers to do your paper?
Quality- We are experienced and have access to ample research materials.
We write plagiarism Free Content
Confidential- We never share or sell your personal information to third parties.
Support-Chat with us today! We are always waiting to answer all your questions.
