Economic questions

Topic: Economic questions
Order Description
The coursework is a serie of 8 questions where each has to be answered with 300 words , the questions are the following :
1: In what way does specialization reduce the problem of scarcity?
2: if you were the owner of a clothes shop how would you set about deciding what prices to charge for each garment at the end-of-season sale ?
3: why are both the price elasticity of demand and the price elasticity of supply likely to be greater in the long run?
4: “both short run and lung run average cost curves may be shaped but the explanations for their respective shapes are quite different ” explain this statement
5: think of three examples of monopolies(local or national) and consider how contest able their markets are.
6: are there any shops in your area that stay open later than others ? If so does this affect the price they charge ? Why do you think this ?
7: in 1974 the uk economy shrank by 1.1 percent before shrinking by a further 0.5 per cent in 1975. However actual gdp rose by 13.4 per cent in 1974 and by 26.3 per cent in 1975. What explains this apparently contradictory results ?
8 :explain whether it would be desirable to have zero unemployment

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