Microeconomics - The Power of Supply and Demand & Production, Cost and Market Structure

MBA student and need your help with a nine-page (9 page) Microeconomics written assignment. The assignment is due Friday, December 11 by 10:00 p.m. I was informed that it could be written within 24 hours of my payment. Please confirm whether the attached attached assignment can be completed within 24 hours. I also attached the in-class PowerPoint slides, electronic course textbook, and the requisite articles necessary to complete the assignment. Please only use the attached sources. Please advise with your availability. I am also available by phone and or email ([email protected]). Economics Due Date: By Friday, December 11, 2015 The first question involves short answers that should be no longer than two pages for each of parts (a), (b), and (c), including figures. Answers to the second question should be no longer than seven pages (double spaced, minimum font 12), including figures. Please do not waste time learning a computer graphing program. Properly labelled, handdrawn graphs are acceptable. 1. Because socks and shoes are often worn at the same time, they are assumed to be complements. (a) If both the equilibrium price of socks and the equilibrium quantity of shoes have risen, which is more likely to explain why: a reduction in the price of leather, or a fall in the price of cotton? Explain your answer using words and carefully labelled diagrams. Be sure to explain why you chose the answer you did! (b) Government research has led to the invention of something called a “sandal” that does not require socks. What implications might this innovation have for Canadian sock and shoe markets over the span of a year? (c) Television ads report that “eating whole wheat pasta has led some people to wear socks and sandals”. How might this affect the market for socks and shoes? (15 marks each) 2. “Junk-food Tax Not on Manitoba’s Menu After Government Study Showed Problems”, “Ecuador to Tax Fast Food in an Effort to Halt Soaring Obesity Rate”, and “Biggest American Indian Tribe in US Introduces Country’s First Junk Food Tax” provide conflicting views of how a tax on junk food might work. Explain how such a tax might work, and why you believe a junk-food tax will or will not accomplish its objectives. Make sure you discuss how the elasticity of demand affects the issue. (55 marks)