Originality Report .5 pt (No higher than 30%.. Anything above 60% will be carefully assessed and with a high probability that you will be requested to re-submit)
– Content Relevancy .5 pt (100% relevant content to the subject matter)
– Content Volume .5 pt (it must be at least 200 words of writing per question)
All explanations must be based on your own words, Not copy and paste from the internet
Answer the following questions:
– Some economist believe that in order to really understand macroeconomics, you must first understand microeconomics. How does microeconomics relates to macroeconomics?
– What is the law of demand? Give two examples of how you have observe the law of demand at work in the “real world.” How is the law of demand related to the demand curve?
– Why is the price elasticity of demand for Coca-Cola greater than price elasticity of demand for soft drinks generally?
– Some restaurants offer “all you can eat” meals. How is this practice related of diminishing marginal utility? What restrictions must the restaurant impose on the customer in order to make a profit?
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