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    Syed Jodat Askari Zaydi
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    This document contains an economics assignment from the College of Business Management. The 4-question assignment requires students to: 1) Define a competitive market and describe a non-competitive market. 2) Explain the law of demand and the three reasons for the negative price-quantity relationship. 3) Discuss the determinants of demand with examples. 4) Determine if spinach is an inferior or normal good for Popeye and how his demand curve would be affected by a decline in income. Students must complete the assignment by handwriting their answers on foolscap sheets.

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    This document contains an economics assignment from the College of Business Management. The 4-question assignment requires students to: 1) Define a competitive market and describe a non-competitive market. 2) Explain the law of demand and the three reasons for the negative price-quantity relationship. 3) Discuss the determinants of demand with examples. 4) Determine if spinach is an inferior or normal good for Popeye and how his demand curve would be affected by a decline in income. Students must complete the assignment by handwriting their answers on foolscap sheets.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    11 views1 page

    Assignment 2

    Uploaded by

    Syed Jodat Askari Zaydi
    This document contains an economics assignment from the College of Business Management. The 4-question assignment requires students to: 1) Define a competitive market and describe a non-competitive market. 2) Explain the law of demand and the three reasons for the negative price-quantity relationship. 3) Discuss the determinants of demand with examples. 4) Determine if spinach is an inferior or normal good for Popeye and how his demand curve would be affected by a decline in income. Students must complete the assignment by handwriting their answers on foolscap sheets.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    INSTITUTE OF BUSINESS MANAGEMENT

    COLLEGE OF BUSINESS MANAGEMENT

    ECO 104 Micro and Macro Economics

    Assignment # 2

    Read Chapter 4 carefully before solving the assignment.

    Q. 1. What is a competitive market? Briefly describe a type of market that is not perfectly competitive.

    Q. 2. What is law of demand? Explain why there exists a negative relationship between the price of a product and its quantity
    demanded? Note: discuss the three reasons why the law holds. (Income, substitution effects and law of diminishing marginal
    utility)

    Q. 3. Discuss the determinants of Demand in details with examples.

    Q. 4. Popeye’s income declines, and as a result, he buys more spinach. Is spinach an inferior or a normal good? What happens to
    Popeye’s demand curve for spinach?

    Note: The Assignment should be hand written on the foolscap sheets

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