I. Explain how the reopening of the economy after the Covid-19 lockdowns and then the war...

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I. Explain how the reopening of the economy after the Covid-19 lockdowns and then the war in Ukraine has impacted the supply and demand of petrol. Using a business sector of activity (e.g. technology, transportation, retail, ...) of your choice as an example, further explain the consequences of these changes on price, consumption and economic profitability for consumers and companies. Tips: You must consider the impact on supply and demand in a first step, then how this impacts the economy. Reference is required in this question with a goal of 10 unique academic/professional references. Structure this response as an essay with an introduction and conclusion. A graph or two can be included. II.1. The Peto Company manufactures pet food cans. Fixed costs are $100 to run the business. Fill in for fixed cost (FC), total cost (TC), average variable cost (AVC), average total cost (ATC), marginal cost (MC). Qty 0 100 200 300 400 500 600 VC $100 $300 $500 $700 $800 $120 FC TC AVC ATC MC (10 Marks) II.2. Explain the characteristics of perfect competition in terms of demand, price, quantity and profits at equilibrium. Why does perfect competition achieve productive and allocative efficiency? What are the limitations that prevent this market structure from developing in real life? II.3. Critically evaluate and explain: A firm in a perfectly competitive market should always shut when its marginal revenue is below its average cost (equivalent to average total cost). a. b. The intersection of marginal revenue and marginal cost determines the quantity at which a business in a perfectly competitive market is profitable. I. Explain how the reopening of the economy after the Covid-19 lockdowns and then the war in Ukraine has impacted the supply and demand of petrol. Using a business sector of activity (e.g. technology, transportation, retail, ...) of your choice as an example, further explain the consequences of these changes on price, consumption and economic profitability for consumers and companies. Tips: You must consider the impact on supply and demand in a first step, then how this impacts the economy. Reference is required in this question with a goal of 10 unique academic/professional references. Structure this response as an essay with an introduction and conclusion. A graph or two can be included. II.1. The Peto Company manufactures pet food cans. Fixed costs are $100 to run the business. Fill in for fixed cost (FC), total cost (TC), average variable cost (AVC), average total cost (ATC), marginal cost (MC). Qty 0 100 200 300 400 500 600 VC $100 $300 $500 $700 $800 $120 FC TC AVC ATC MC (10 Marks) II.2. Explain the characteristics of perfect competition in terms of demand, price, quantity and profits at equilibrium. Why does perfect competition achieve productive and allocative efficiency? What are the limitations that prevent this market structure from developing in real life? II.3. Critically evaluate and explain: A firm in a perfectly competitive market should always shut when its marginal revenue is below its average cost (equivalent to average total cost). a. b. The intersection of marginal revenue and marginal cost determines the quantity at which a business in a perfectly competitive market is profitable.

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1 Following the lockdowns caused by Covid19 the economy remained dormant for some time After that a war broke out in Ukraine which caused a shift in both the supply and demand of gasoline Prices have ... View the full answer