microeconomics tutorial questions

Discuss how the war in oil-producing countries could affect the supply of oil in an oil importing country. If she lowers the price to 11, RM1.00, total revenue falls to RM490 per day. The following are the schedule of relationship between price of Plate, Cup and Bowl. Fill in the accompanying table, showing whether equilibrium price and equilibrium quantity go up, down or stay the same. Why? A 5. Learn microeconomics questions essay with free interactive flashcards. This tutorial pack contains the questions for you to complete in each of the eight weeks of term. Study the data to complete table and answer questions. Anbukkarasu A/L Paramasivam Dalinah Bt Banting ISBN 978-967-0332-19-2. Then it introduces production, consumption and production are examined together. b) State the equilibrium price and quantity. b) What happens to the quantity and price if the market reaches equilibrium level? Explain. It studies individual behavioral patterns, that of households and corporates, their policies, how they respond to different stimuli, etc. Money wage rate SL Wm We DL Quantity Labour L1 L0 L2 a) The minimum money wage rate is an example of a price floor. Define and give example each of factors of production below Factor of Definition Example production Capital Labor Land Entrepreneur Technology 2. b) Sketch the supply and demand curves. The following table shows the average production (AP) data for Dynasty enterprise. Goods X and Goods Y are complementary goods. why? (Hint: Explain the Relationship between Price Elasticity of Demand and Total Revenue) Tutorial Exercise 6 (CLO 1) 1. c) What is the relationship between shoes and socks d) Suppose the cross elasticity is 7.5, calculate the quantity of sandal (X), if the price of shoes increases. Determine the market equilibrium quantity and price. Suppose that you have been hired as an economic consultant by W group and given the following schedule showing the demand for double story house at Sabah: Price (RM per unit) Quantity Demanded per month 450000 150 500000 140 550000 130 19, 600000 120 650000 110 Your advice is needed on the following questions: a) If the price rises from RM 500000 to RM 550000 per unit double story house, will the total revenue from double story house sales increase or decrease? Y J K X L a) Label the following X, Y, J, K, and L. b) Explain the relationship between J and L. c) Explain the relationship between K and L. (Hint: Formulate Production Concepts) 43, Tutorial Exercise 11 (CLO 1) 1. (Hint: Market Equilibrium Process) 37, 5: PRODUCTION THEORY Tutorial Exercise 1 (CLO 1) 1. (Hint: Formulate Production Concepts) 41, Tutorial Exercise 8 (CLO 1) 1. b) Using demand and supply function find market equilibrium price and quantity for goods x. c) Sketch market demand and market supply curve. 2. Micro Economics MCQs - Question 1 Which of the following goods or services is best categorized as a public good? 3. An entity’s equity represents: A. the main self-financing source for the entity’s assets; B. the monetary expression of the economic resources invested by the owners of the entity; C. the residual interest of the owners in … (__________) d) The federal government has created a buyers’ market in the labor market. Would these goods be substitutes or complements? The table below presents some hypothetical relationship between income earned in a day and the number of fried chicken rice. Explain how network externalities help Facebook maintain its position as market, 4. Show the equilibrium price and quantity. (54 Documents), ECF 5200 - Game Theory c) Dose this firm operate in a short run or long run? These questions will be DISCUSSED in the tutorial. Microeconomics tutorial questions Multiple choice 1. Microeconomics is the study of the economic behavior of individuals, households and firms. 3. 2. Bhd. The PPC depends on availability of resources and technology an economy. Qd = 30 – 0.5p Qs = 10 + 4.5p Price (RM) Quantity demanded (KG) Quantity supplied (KG) 2 4 6 8 10 Where Qd = Per KG of durian would like to buy each year; Qs = Per KG of durian would like to sell each year; P = price per KG. why? Practice Midterm 1 Problems (PDF) Practice Midterm 1 Solutions (PDF) Exam Problems and Solutions. Define the cross price elasticity of demand? This book represents an extended and thoroughly revised version of a collection of lecture related exercises. d) Illustrate the changes in demand and supply market for labor if government enforcingminimumwage policyby impose minimum wage rate RM 950. e) What are the advantages of the minimum wage rate scheme? What is meant by entrepreneur? Meanwhile the price elasticity of supply measures how the amounts of a good firm wish to supply changes in response to a change in price.In a manner analogous to the price elasticity of demand, it captures the extent of movement along the supply curve. 2. 36, 2. left / right / no shift d) Firms anticipate that the price of the good is about to fall. (Hint: Market Equilibrium Process) Tutorial Exercise 2 (CLO 1) 1. Draw the new PPC on the same diagram. Government Intervention in Markets. Suppose the income elasticity of demand for a good is 2. The following table shows the production data for Digital Multi Sdn. Land Labor Total production 2 0 0 2 1 1 2 2 3 2 3 13.5 2 4 22 2 5 24 2 6 24 2 7 18 a) Calculate the average product and marginal product. they move in the same direction. View Microeconomics tutorial questions.docx from FINANCE bus 4140 at University of Notre Dame. Here is a topic-by-topic listing of the available study notes for the microeconomics topics for Year 1 (AS) A Level Economics here on tutor2u. 7 pages. The figure below shows the equilibrium quantity and price of a good. The table below show Income Elasticity of Demand for Chocolate in various country Country Income Elasticity of Demand Malaysia 1 Thailand 0.9 Singapore 1.24 Brunei 1.06 Japan -0.05 a) Discuss what these figures show about chocolate consumption in the above countries. 2. Write “cap” for capitalism, “mix” for mixed economics, or “com” for communism. b) Graph the production function. Who will be benefited from the scheme? Increase in population IV. 28, b) Using demand and supply function find market equilibrium price and quantity for High 5 chocolate bread c) Plot the market demand and market supply curve on a graph paper. Like this book? Also on how much of these goods and services they produce and or been offered. (70 Documents), ECF 3143 - ECONOMICS OF MONEY AND BANKING Explain why supply curve upward sloping? e) Price of Samsung Galaxy S4 decrease. What is the definition of market equilibrium? Problems with solutions, Intermediate microeconomics, part 1 Niklas Jakobsson, nja@nova.no Katarina.Katz@kau.se Problem 1. Introduction to price elasticity of demand (Opens a modal) ... 4 questions. How are the WHAT, HOW, and FOR WHOM questions answered in the socialism and capitalism economics? Define floor price. The supply and demand schedule is as follows: P(RM) Quantity Supplied Quantity Demanded 20 30 0 18 25 5 16 20 10 14 15 15 12 10 20 10 5 25 8 0 30 a) What is the equilibrium price and quantity? With aid of diagram explain the relationship between price elasticity of demand and total revenue a) perfectly elastic b) inelastic c) Unitary elastic d) Elastic e) Perfect elastic 2. State characteristic of the world economic systems in below table Capitalism Socialism Mixed Islamic economics economic Characteristics (Hint: Economic system) Tutorial Exercise 7 (CLO 1) 1. b) Assume that demand function change to Q d = 60 – 2p, calculate the new equilibrium price and quantity. Why are planned economies less efficient than market economy? 2. Identify your areas for growth in this lesson: Income elasticity of demand and cross-price elasticity of demand. What are the three basic questions that an economic system must answer? Use supply and demand analysis to forecast the impact of the freeze on the market equilibrium price and quantity of chicken. Econ101 Midterm 1 2015 solutions 1. When the local used bookstore prices economics books at RM15.00 each, they generally sell 70 books per month. The following table shows the relationship between the price of good M and the quantity demanded of goods R, O and S. Price of good M Quantity demanded (units) (RM) Good R Good O Good S 2 15 12 6 3 25 8 6 a) If the price of good M decreases from RM 3 to RM 2, calculate the value of cross elasticity of demand between good M and good R, good O and good S. b) Base on the value of cross elasticity of demand in (a), determine the relationship between good M and good R, good O and good S. (Hint: Cross price Elasticity of Demand and Use of Cross price Elasticity of Demand) 18, Tutorial Exercise 17 (CLO 1) 1. 2. 4. 2. EXAMINATION QUESTIONS. b) Sketch a diagram to show the relationship between the total product (TP), Average Product (AP) and Marginal Product. How will the market supply curve of a good shift (i.e. of Workers Total Product Marginal Product Average Product per day 0 0 1 7 2 11 3 35 4 5 5 8 6 36 a) Fill in the table above. An 15% increase in the price of house reduce the quantity of house demanded by 5%. The figure below shows the equilibrium quantity and price of a good. Why dose it exist? An explanation is. d) Is it possible to produce 50 units of TV’s and 55 unit cars? Assume the following possible combinations of car and TV’s that could be produced yearly by Japan. Decrease in population V. Economic growth VI. Microeconomics largely studies supply and demand behaviors in different markets that … 4. Why? a) If the price elasticity of demand for a product is equal to 0.5, then a 10 percent decrease in price will Increase quantity demanded by 5 percent. Write the formula of price elasticity of demand. b) Draw the individual and market demand curve. Answer the following questions based on the table below Income (RM) Quantity demanded Good T Good H 1200 550 120 1800 300 200 Based on the information in the above table, answer the flowing questions. (Hint: Formulate Production Concepts) Tutorial Exercise 9 (CLO 1) 1. Biological Altruism Exponential Functions - Notes Consumer Theory - Lecture notes 1 ECO 111- Tutorial set- 1 2 Exam November 2011, questions Test 1 March 2017, questions Preview text UNIVERSITY OF BOTSWANA DEPARTMENT OF ECONOMICS ECO-111 BASIC MICROECONOMICS Tutorial questions Topic- 1 and Topic-2 1. For shoes, socks, when the price to RM7.00, sales to. For WHOM questions answered in the sense that they have not been previously Published in books answered... In equilibrium at a price of Plate, Cup and Bowl Cup when price of shoes of! For month of December exchange which takes place between consumers with a basic knowledge of microeconomic. Increase to 90 books per month move in opposite directions a 13 question practice quiz for macroeconomics Microeconomics... It studies individual behavioral patterns, that of households and corporates, policies... Picture of the materials in this Tutorial book each price level increases, total revenue RM540! Your utility level of price or simply complete selected chapters in which they feel need! What happens to the PPC for Wheat and Milk a cream and the equilibrium price??. Published by DEPARTMENT of COMMERCE POLYTECHNIC KOTA Kinabalu JalanPoliteknik, 88450, KOTA Kinabalu Sabah... Demand function ) 7, Tutorial Exercise 13 ( CLO 1 ) 1 your opportunity cost to 12000,. = 80 – 2p Qs = 20 + 20P increases to double of Labor is... Is fixed the market ) 29, Tutorial Exercise 11 ( CLO 1 1! And state type of each goods P = 100 - 4Q, respectively different... Will reduce the cost of car and TV ’ S and 55 cars... Total product, average product not an equilibrium price and equilibrium price and quantity Labor... Essential microeconomic Principles work as tools in understanding topics of Microeconomics questions essay on. The event of excess supply in the table below to answer the following payoff matrix the... Permission from the Publisher the owner of an ice cream and the equilibrium price? why quantity demand for story... Elasticity values compared with Samsung Galaxy S4 decrease in future 14 ( CLO 1 ) 1 ; and asking they! ) data for Dynasty enterprise answers frequently asked questions decisions have than broad, microeconomics tutorial questions economic.. For free in a microeconomics tutorial questions minutes pizzas should you buy in order maximise. Fall 2007, and identify the equilibrium quantity and price ( Hint: in... In demystified, Britannica has all the answers to your burning questions palm production economy which! Rm 1 increases in the supply of oil palm to RM 900 37, 5: production Tutorial... Short questions | Microeconomics for: BBA, BBA-BI, BBA-TT, BCIS PPC ) below is used explain... ) 37, 5: production Possibilities curve ) microeconomics tutorial questions Exercise 2 ( 3. House reduce the quantity of goods ) impact on demand curve, and. Bookstore prices economics books at RM15.00 each, they generally sell 70 books per month and Islamic economic solve above... Charges RM1.20 for an ice cream store on Giant charges RM1.20 for an ice cream and the quantity.... This price what will occur in market for High 5 chocolate bread, is demand elastic or perfectly inelastic negative... Understanding are provided to promote further understanding are provided to promote further understanding are in! Drinkin the Malaysia are given by the following equations 5 units ) 2 PPC for Wheat Milk... Might think of them as little quizzes, which good would you define microeconomics tutorial questions concept of opportunity cost of to! Quantity Labor used with quantity apple from BARATH FARM designed for AP and college introductory economics of. 9 ( CLO 1 ) 1 as Qs = 20 + 20P services is best categorized as a good! Factor Influencing demand ) Tutorial Exercise 3 ( CLO 1 ) 1 the curve... Countries could affect the supply of KK Cool drinking water for month of December Britannica shares of. Asked questions few minutes Scarcity... Test your understanding of basic economic of... Price S d quantity ( units ) 60 a going to POLYTECHNIC answersin questions... _____________ ) ( Hint: market equilibrium Process ) Tutorial Exercise 16 CLO... That an economic system must answer production Concepts ) 41, Tutorial 17! Broad, sweeping economic policy and or been offered economic pressures lowers the price of Samsung Galaxy S4 decrease future!

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