If you don’t have a background in Economics or business management, ECON 100 Introduction to Economics can be a perplexing program for you. Even though Economics as a discipline is a simple relative study of economic elements within a geography, its sub doctrines can be considerably complex. There are a range of concepts that the students are required to study as a part of the discipline. The students are expected to study the economic behaviours of individuals and firms with respect to an economy as a whole. In case you are wondering ‘how do I write my economics assignment in such stringent deadlines? You should know that you won’t get inspiration from looking at the question file.
In case you have been struggling with your economics assignment, you need to know that the basic of an economics assignment is thorough research. you will also require a mentor who can guide you and resolve your doubts. At My Assignment Services, we have experts who can assist you with all your problems related to solving economics assignments. This blog is all about how to write the ECON 100 Introduction to Economics assessment III. Although the task comprises of some problem-solving exercises and report writing, but we will only discuss the most important concepts that will help you turn in your best work. Moreover, we also have expertise in writing economics assignments exactly according to the marking rubric and instructions provided by your university. So if you would like to get your work done by our expert, just let us know. Let’s first look at the questions below and then move over to the topics of discussion.
Shortened to YED, income elasticity of demand is one of the fundamental and important concepts which shows how an income change impacts quantity demanded. Let’s understand by with a simple example. If the income of Kritia rises by 5% in a year and her demand for clothing increases by 10%, then YED calculated for clothing will be 2%. This is a positive relationship that involves normal goods. Should the same figure is negative, then the goods would automatically be called as inferior. This is how economists measure how elastic the demand for a particular good is to the change in income of a person. Given below is a figure to help you understand this better:
Now, read the first question; it is entirely based on this concept. Could you figure out her YED for both beef and rice? The income elasticity of demand for rice comes out to be negative 0.30, which implies this is an inferior good. The quantity of rice demanded by Kritia will fall with the rise in her income.
Here’s the calculation:
Income elasticity of demand for rice = % change in quantity demanded / % change in income
= (1/5 * 100%) / ($2000/$3000 * 100%)
= 20 / 67
On the contrary, the YED for beef shows a positive relationship, meaning that beef is a normal good for Kritia. Here are the working steps:
Income elasticity of demand for beef = % change in quantity demanded / % change in income
= (1.5/2 *100%) / ($2000/$3000 * 100%)
Production Possibilities Curve is an economic model that illustrates all the different combinations of two goods that are possible to produce after considering the opportunity cost, economic growth, and the availability of resources. Our economics assignment help experts suggest that you also understand these concepts underlying PPC in order to write the ECON 100 Introduction to Economics assignment answers.
There are two types of PPC curves, namely, contracted and concave PPC. When a certain amount of goods/resources are underutilised, the output decreases which is illustrated by a point on the interior of the PPC. Whereas, any point lying on the curve is an indication of efficient combinations of output. Lastly, an impossible combination generally falls outside the PPC. Economic growth is reflected by an outward shift of the curve. This concept is the one where many students have gotten stuck and availed our economics assignment help.
Now, the question asks why the curve is concave. This is primarily because the opportunity cost has increased. Furthermore, when an economy has a high scarcity of resources, it must decrease the production of capital goods. Next, the production possibility frontier would shift towards the right as with a better technology, more capital intensive goods can be produced while the consumption goods remain unchanged.
Were you able to go through the questions now? We discussed production possibility frontier and prices elasticity of demand, which are the two major concepts you need to be well-versed with. If you want further assistance for completing your ECON100 Introduction to Economics assignment, then do go through the economics assignment samples available on our website. My Assignment Services provides instantaneous and 24*7 economics assignment help to students pursuing this subject at various levels of education. We write 100% plagiarism-free papers and strictly follow marking rubrics to complete students’ papers. Get in touch with our experts today to avail a fresh copy of the ECON100 assignment. Simply fill the form and one of our customer support representatives will contact you in the shortest time.
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