ECON 201 Assignment No. 1 Price of product and Economist Questions Q.1. We knows that a change in the price of a product causes a movement along the demand
ECON 201 Assignment No. 1 Price of product and Economist Questions Q.1. We knows that a change in the price of a product causes a movement along the demand curve. Suppose consumers believe that prices will be rising in the future. How will that affect demand for the product in the present? Can you show this graphically? Q.2. Suppose, as an economist, you are asked to analyze an issue unlike anything you haveever done before. Also, suppose you do not have a specific model for analyzing that issue. What should you do? Hint: What would a carpenter do in a similar situation?All instructions in the attachments Assignment No. 1
Course: Macroeconomics(ECON201)
Student name:
Academic Year:1439-1440 H
Student ID:
Semester: 2nd
Student grade: / 3
CRN:
Level of the marks:
Instructions:
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This Assignment must be submitted on Blackboard (WORD format only) via
the allocated folder.
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Email submission will not be accepted.
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You are advised to make your work clear and well-presented; marks may be
reduced for poor presentation. This includes filling your information on the
cover page.
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Assignment will be evaluated through BB Safe Assign tool.
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Late submission will result in ZERO marks being awarded.
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The work should be your own, copying from students or other resources will
result in ZERO marks.
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Use Times New Roman font 12 for all your answers.
➢ Be two to four pages in length, which does not include the cover page, abstract
or required reference page, which are never a part of the content minimum
requirements.
Assignment Questions
Q.1. We knows that a change in the price of a product causes a movement along the demand
curve. Suppose consumers believe that prices will be rising in the future. How will that affect
demand for the product in the present? Can you show this graphically? (1.5 Marks)
Q.2. Suppose, as an economist, you are asked to analyze an issue unlike anything you have
ever done before. Also, suppose you do not have a specific model for analyzing that issue.
What should you do? Hint: What would a carpenter do in a similar situation? (1.5 Marks)
Answer:-
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