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Microeconomics

Microeconomics

relates to chapters 5 (The Elasticity of Supply and Demand) and 6 (Consumer Choice and Demand) respectively.. You will be answering questions related to the purpose of Microeconomics and the applications of concepts for economic measurements.

Your assignment is worth 5 pts, and each of the questions must have at least 200 words per answer supported by more than the textbook reference, it must come from the FNU Library (2 references.) In addition your answers must prescribe to APA format.. You must submit a cover page, each question in a page by itself, and your references page must be also in a page by itself. And, please do not forget to reference your in-text.

Your work will be submitted via “SafeAssign” which is software designed to detect “plagiarism”.. It is important that you review/edit your submission and maintain a 30% or lower matching before finally submitting it.

Answer the following questions:

  • Why is the price of 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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