I need a microeconomics expert with a U.S. IP address (or a VPN that can change the IP address to New Jersey) to log into my online account and help complete my 20-question multiple choice / true or false quiz for me. I need someone who is very knowledgeable about microeconomics because the questions are custom made by the professor which means that the answers probably won’t be able to be easily found online on sites like Chegg, Quizlet, Brainly, or CourseHero.

The exam is this upcoming Monday – June 8 from 12 pm – 2pm EST (New Jersey time). However, if you know what you’re doing, the exam probably can be completed in under 25 minutes.

Please do NOT bid if you don’t think you can be available during this time to complete the quiz. I will provide my login info to the tutor after I select him or her.

Below are General Topics that the Quiz Will Cover (PLEASE DO NOT COMPLETE THESE QUESTIONS):

Fill out your answers to the questions below as you do the assigned readings and watch the assigned videos for the indicated modules. This assignment will help you prepare for Exam#1 and future exams. Submit both the questions and the answers (with the answers in bold or a different color).

Module 1. INTRODUCTION TO ECONOMICS AND KEY CONCEPTS

• What is microeconomics about?
• What is the difference between microeconomics and macroeconomics?
• Why should someone study microeconomics?
• Watch the video Top 10 Principles (Links to an external site.) (or you can read the transcript (Links to an external site.) ). Which of the 10 principle did you find most interesting or surprising? Why?

Module 2. THINKING LIKE A MICROECONOMIST AND PERSONAL DECISIONMAKING

• Define “opportunity cost”. What is your opportunity cost of going to the movies?
• What does it mean that people should think “marginally” and ignore “sunk costs”? Give an example.
• Explain the “law of diminishing marginal utility”.
• What is the difference between a positive and a normative statement?
• If you are relatively wealthy, should you buy insurance against (a) large losses, and/or (b) small losses? Why?
• Does it make good economic sense to work while in college? Why or why not?
• Should you try your best at everything you do? Why or why not? Use economic concepts to explain.
• Explain one economic principle that might guide you in making a decision regarding which charity to donate to.

Module 3. ECONOMIC MODELS AND THE BENEFITS OF TRADE

• In the Circular Flow diagram, what do households supply, and what do they demand? What do firms provide and demand?
• What is the difference between “absolute advantage” and “comparative advantage”? Which concept is more important to international trade? Why?

Module 4. DEMAND AND SUPPLY

• What does a demand curve show? What does a supply curve show?
• What are the determinants of demand for a good or service (i.e., the factors that can shift the demand curve)?
• What are the determinants of the supply curve for a good or service (i.e., factors that can shift the supply curve)?
• What are the determinants of demand for labor (i.e., the factors that can shift the labor demand curve)?
• What are the determinants of the supply curve for labor (i.e., factors that can shift the labor supply curve)?
• Does a change in consumers’ tastes lead to a movement along the demand curve for a good or a shift in the demand curve? Does a change in price lead to a movement along the demand curve or a shift in the demand curve?
• Define the following terms: normal good, inferior good, substitutes, complements
• Popeye’s income declines, and as a result, he buys more spinach. Is spinach a normal or inferior good? What happens to Popeye’s demand curve for spinach?
• Soda and pizza are complements because they are often enjoyed together. When the price of soda rises, what happens to the supply, demand, quantity supplied, quantity demanded, and the price in the market for pizza?

Note: Questions 10 and 11 require supply and demand graphing. You may need to draw on paper, take a picture, and insert the image in your submission.

10. Draw a supply-and-demand graph for cotton sweatshirts to show the effect of a hurricane in South Carolina that damages the cotton crop. Does this result in a supply shift, demand shift, or both? Why? What happens to equilibrium price and quantity?

11. A technological advance reduces the cost of manufacturing smart phones.Draw a supply and demand graph to show what happens to the market for smart phone cases(not smart phones). Label all curves and your axes appropriately.

Module 5. ELASTICITY

1. What does the price elasticity of demand measure and how is it calculated?

2, If the price elasticity is greater than 1, is demand elastic or inelastic? Why?

3. List two characteristics of a product that would tend to make its demand be elastic.

4. If demand for a product is elastic, how will an increase in price change the total revenue from sales of the product?

5. What does the price elasticity of supply measure?

6. What is the price elasticity of supply of new Picasso paintings?

7. Is the price elasticity of supply usually larger in the short run or long run? Why?

8. Estimate (educated guess) the elasticity of demand for gasoline. Explain your reasoning underlying your estimate. Based on your estimate, what would be the reduction in gas consumption if the price of gas rose from $3 to $3.30 per gallon.

9, Suppose the gasoline tax is increased. Will gasoline sellers, workers, or consumers be most impacted? Use the concept of elasticity to explain your answer.