ECON6000 Economic Principles and Decision Making

Module 1

1. Draw a graph of the demand curve for a normal good like noodles
2. Suppose income increases, will consumers buy more noodles; explain
3. Why can we not get enough of organic food and products? Why is organic food more expensive than their inorganic counterpart?

Module 2

1. Technology and wage inequality – explain how the Information Technology revolution like
   computer and network affects low and high skilled workers and their wages?
   (AND)
2. Is there anything wrong in raising minimum wages?
   (Or)
3. Calculate the Price Elasticity of Demand using midpoint formula with the following details.
   For an increase in price from ‘G’ to ‘H’, has the elasticity increases or decreased?
   G = (Quantity) 1800, (Price) 120
   H = (Quantity) 1600, (Price) 130