This ECO 121principles of Microeconomics assignment entails Oman services case study. So, suppose food services at Oman decides to reduce the price of coffee products sold. How would that affect the market for the Starbucks at the corner of Grand Mall?
ECO 121principles of Microeconomics : Oman services case study
2. Use supply and demand analysis to determine the effect on the market for each event below. Illustrate each situation graphically and indicate explicitly what happens to price and quantity in each case. [1+1+1+2=6 marks]
A. Suppose food services at Oman decides to reduce the price of coffee products sold. How would that affect the market for the Starbucks at the corner of Grand Mall?
B. Due to COVID 19 consumer prefer to order home delivery of food. How would this impact on prices of home delivery services.
C. Many people lost jobs and they travel out of the country. How this would impact the demand and supply of home rental market.
ECO 121principles of Microeconomics : Oman services case study
D. How does increase in electric cars will impact on demand curve of patrol?
E. Explain how market equilibrium changes when there is an increase only in the demand.
3. The following table givens the schedule for TP of labor. Find out corresponding AP and MP. [6 marks]
Explain difference between returns to a factor and returns to scale in tabular form on basis of any six differences.
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