The basic economic problem
-Write an introduction about the application of the appropriate economic theory and how is it related to the basic economic problem.
-Please use diagrams where applicable, it is require for this assignment to show the undressing of the work.
A.The basic economic problem applies to all countries, no matter what the economic system.
I. Explain the basic economic problem as it applies to a typical manufacturing.
II. How useful is the production possibility curve as a theoretical tool in helping explain the basic economic problem?
B. Using demand and supply diagrams explain the likely effects in the scottish egg market when:
I. Numerous cases of salmonella food poisoning involving egg consumption in Scotland have recently been reported.
II. The government have decided to remove all subsidies to egg producers throughout Europe.
C. Assume egg prices fall. Explain the concept of price elasticity of demand and the effect on total revenue in the Scottish egg market depending upon wether demand is price elastic or inelastic when prices fall.
D. Argue the case that the model for perfect competition is to simplistic and that the monopolistic or imperfect market structure is more appropriate in the real world.
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