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ECN 111 ASSIGNMENT QUESTIONS

QUESTION 1IN YOUR OWN WORDS, please define, describe and use an example for the following term (see below).The term (including example) should be no more than 50 words.-Description of term (in your own words)- Integration of exampleTerm: price elasticity of demand (*** Instead using an example of this term, calculate the following: point X has a price of $15 and a quantity demanded of 15. Point Y has a price of $10 and a quantity demanded of 18)QUESTION 2IN YOUR OWN WORDS, please define, describe and use an example for the following term (see below).The term (including example) should be no more than 50 words.-Description of term (in your own words)- Integration of exampleTerm: Monopolistic CompetitionQUESTION 3IN YOUR OWN WORDS, please define, describe and use an example for the following term (see below).The term (including example) should be no more than 50 words.-Description of term (in your own words)- Integration of exampleTerm: MonopolyQUESTION 4IN YOUR OWN WORDS, please define, describe and use an example for the following term (see below).The term (including example) should be no more than 50 words. -Description of term (in your own words) – Integration of exampleTerm: OligopolyQUESTION 5IN YOUR OWN WORDS, please define, describe and use an example for the following term (see below).The term (including example) should be no more than 50 words. -Description of term (in your own words) – Integration of exampleTerm: Sunk CostQUESTION 6Please answer the following question in your own words (between 100-150 words).Why wouldn’t it make sense for an individual earning $500/ hour and working 10 hours a day to spend 3 hours (taken from the 10 hours) to shovel snow from their driveway?FYI- To hire someone to shovel snow costs $30/ hour.- Justification and Accuracy of Answers (opinion, point articulation)- Spelling and Grammar (typos, grammar style, tone, flow)QUESTION 7Please answer the following question in your own words (between 100-150 words).How long can a business operate when achieving ‘diseconomies of scale’? Explain your answer using a specific example/ scenario.- Justification and Accuracy of Answers (opinion, point articulation)- Spelling and Grammar (typos, grammar style, tone, flow)

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