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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 (mbatutoring101@gmail.com).
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)

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