ECON 510: Economics
Make-up Assignment
Instructions
- Reply your answer script to mehassan@ksu.edu.sa before the….
- This is a Make-up Assignment
- Last date for submission is 09 December 2021 until 23:59.
- Sharing answers with others is strictly prohibited and any similarity with the answers of other candidates or sources (including the internet or textbooks) will be penalized.
Marks Scheme
| Problem | LOs Tested | LOs Achieved | Total /Achieved Points | Comments | ||
| Full | Partial | Not | /5 | |||
| 1 | 1, 2, 3 | /1 | ||||
| 2 | 1, 2, 3,4 | /2 | ||||
| 3 | 1, 2, 3, 4 | /1 | ||||
| 4 | 3,4 | /1 | ||||
DECLARATION
Problem 1. Explain “why markets are usually a good way to organize economic activities’? [Max Marks: 1]
Problem 2. Identify each of the following statements as TRUE or FALSE with reasonable justification and correct the FALSE statement(s): [Marks: 0.4 x 5 = 2]
- The shares and foreign exchange markets are considered as best examples of monopoly markets.
- A firm, enjoying the economies of scale as well as the economies of scope, can sell her products above the prevailing market prices in perfect competition.
3.A firm in competitive market can attract the consumers by spending significant amount on advertisement and publicity of her products.
4.The competitive market has a downward (negative slope) demand curve.
5.A dramatically decrease in the oil prices will result more investments into electric cars manufacturing industry.
Problem 3. Explain briefly the factors influencing the market demand and market supply? And how the elasticity concept can help in forecasting the future markets? [Marks = 1]
Problem 4. Demonstrate, how the elasticity concept can help in forecasting the future markets?
