Microeconomics
MBALN 611
BUSINESS ECONOMICS
ASSIGNMENT 1
Due Date: End of Week 3
Microeconomics (100 marks)
Answer the following questions on microeconomic concepts. The assignment requires you to engage in independent academic research. Your responses should include source citations and a reference list using the Harvard Referencing System. All sources used in the preparation of this assignment should be listed in your reference list.
Please be aware that your answers will be checked for plagiarism using Turnitin. Your answers should be presented in your own words. Direct quotes should be used sparingly and referenced appropriately. Please make sure to adequately paraphrase any sources used to pass the Turnitin evaluation.
Word total for all questions should be between 2500 and 3000 words
Question 1 (30%) (750-1000 words)
Since the recent Great Recession of 2007-2009, there has been increasing disillusionment with the free market system. Briefly define “free market system” and identify and describe at least three of its major concepts or attributes. Then, critically analyze the view that the free market system is the best and only realistic alternative for determining the allocation of resources in an economy. Provide evidence to support your analysis.
Question 2 (20%) (300-500 words)
Every society, regardless of its wealth and power, must make certain choices about production and distribution. Specifically, every society faces three basic economic decisions:
What goods and services to produce and in what quantities? How to produce these goods and services, or how to use the economy’s resources? Who gets these goods and services
Briefly explain how these questions are answered in your country. How does the availability of resources in your country influence the economic decisions fo individuals, organizations, and government?
Question 3 (50%) (1250-1500 words)
Evaluate the economic efficiency of different market structures and their effect on consumers. To answer this question:
1. Explain market efficiency 2. Identify and distinguish between the different types of market structures; compare and contrast the similarities and differences between their characteristics 3. For each market structure, provide an industry example and evaluate the economic efficiency of each (market structure) and the effect of each (ma
just do question 1 and 2
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Market efficiency
The main reason why investors put money in the market is to generate returns. However, in some cases, the main target of investors is not to earn returns. Instead, some of them target beating the market, something that is extremely difficult. The market efficiency as defined by Eugene Fama (1970) says that prices fully reflect available information on a particular market or stock at any given time. This is perhaps why the investor cannot outperform……………..
APA
1,176 Words
