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Principles of Microeconomics

Learning Goal: I’m working on a micro economics question and need an explanation and answer to help me learn.

Please do not copy directly from the internet as Plagiarism is not allowed

Read the questions carefully and answer them in detail.

1. Plot the Quantity demanded and Quantity Supplied on graph. Show the equilibrium price and quantity.

Price per unit Quantity Demanded Quantity Supplied Shortage and Surplus
4 50 15
7 40 25
11 30 40
13 20 55
16 10 65

2. Below is a production possibilities table for consumer goods (burger) and capital goods (French fries). Show these data graphically. Is production at a point outside the production possibilities curve currently possible?

Type of Production/

Alternatives

 Burger French fries
A 0 30
B 2 25
C 4 18
D 6 9
E 8 0

3. How do the oil prices affect the economy? Write in about 400-500 words. You can take help from the below-mentioned link and write its summary in your own words.

https://www.frbsf.org/education/publications/doctor-econ/2007/november/oil-prices-impact-economy/

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