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    Economics Real Life Examples by Phi Long Bui - Google Drive

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    Akshat Lal

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    Economics Real Life Examples by Phi Long Bui - Google Drive

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    Akshat Lal
    56 views1 page

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    56 views1 page

    Economics Real Life Examples by Phi Long Bui - Google Drive

    Uploaded by

    Akshat Lal

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    Economics Real life examples by Phi Long Bui - Google Drive 29/04/24, 9:42 PM

    Economics Real life examples by Phi Long Bui : Sheet1


    B C D

    Real life Examples by Phi Long Bui Follow me on I


    Microeconomics
    either allocate more resource for Ipad instead of iphones (single firm PPC), or choose between more food or housing
    trade-offs by society
    (country ppc). Choose to create between capital good or consumer goods
    inward shift in PPF Flooding in Indonesia. Droughts in Irelands causing potatoe famine in 1850
    commodities Grain, oil beef, electrcity, potatoes
    Increase in advertising-caused demand to increase for yeezy shoes in Poland. Population increase (tourism in iceland)
    demand increase
    increased demand for housing. Increase in price of Colacola causes increase in demand for pepsi

    Irelands potatoie famine in 1850, decreased supply. Increase in taxation (cigarettes in singapore by 3% specifc tax),
    supply decrease
    Louisiana oil spill decreased supply of seafood.

    elastic PED products Luxury car, luxry products, Louis Vuitton, Iphones, Tesco breads
    inelastic PED products Cigarettes, neccesities foods such as salt and Oils
    elastic YED normal products luxury cars (Mercedes instead of Polonez)
    inelastic YED normal products necessity goods (Fods such as sal and cooking oil)
    YED inferior products Inferior: second hand goods. Market of badoxx shoes decreased (low quality shoes)
    positive XED - substitutes Pepsi and coca cola
    negative XED - complements hot dogs and hot dog buns. Playstation and playstation games
    elastic PES products Manufactured goods (Iphones, playstation, cars)
    inelastic PES products Primary commodities- wheat, potatoes
    indirect tax Specific tax: Singapore excise tax for cigarettes. Fat Tax in India. Ad volorem tax: 6% excise tax for soft drinks in Malaysia

    Taxi drives in tawin get 115,000 Taiwan dollars if they switch to hybrid cars. Malaysia has RM1.2 subsidy on wheat floor. US
    subsidy subsidies cotton, they are the biggest exporter. China subsidies electric cars to combate rising air pollution. Obama and
    China subsidies the production of electric cars

    Foreigners can only buy proprty abouv Rm2million in malaysia. The government of usa destoryed cherries to get rid of the
    surpus which the government bought (Price floor on cheeries). EU has common agricultural policy that adds price floor on
    price floor products (Its inefficient but farmers pressure governments and claim that they need it). Minimum wage laws in USA is
    $7.25. Vietnam set price floor on their food (caused people to fear that they are going towards a commnd economy and fear
    it will damage business confidene). Wales put a price floor on alcohol to reduce alcohol consumption

    Malyasia set a RM2.5 as price ceilling for cooking oils- government tried to ensure that producers are not charging
    price ceiling consumers to much. Rent controls in new york city and australia. US imposed maximum price on petrol in 1970. In
    california, people believe that housing are too expensive and pressured governments to lower the price.

    negative externalities of consumption Cigaretees excise tax in singapore. AD valorem tax in malaysia 6% soft drinks. South africa introduced sugar tax in 2018
    and policies with the aim to reduce obesity by 10%. Scotland is imposing price ceiling to reduce negative externalities on cigarettes.

    negative externalities of production


    air pollution (EU), coal powered factories (China), coal stations, Factories polluting into thhe ocean (Zara scanadal)

    https://docs.google.com/spreadsheets/d/1Sne6-4JVCeyQ_kn3fhLGHeBmUIHxSqDGEPU3anXIKJ0/htmlview#gid=689876116 Page 1 of 1

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