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Principles of Microeconomics
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At a price of $10:
The diagrams below show the market for apple pie.
Apple juice is a substitute for producers. Which diagram illustrates what will happen in the market for apple pie if the price of apple juice increases?
Write the letter representing the correct diagram.
*** Correct answers will receive 1 mark. Incorrect answers will receive -0.75 mark. An answer left blank will receive 0 marks. So decide carefully before you answer.***
Markets move toward equilibrium through the pursuit of self-interest by consumers and producers.
A market contains the following demand and supply functions:
Demand: P = 110 - 0.04Q
Supply: P = 14 + 0.025Q
Calculate the shortage in the market if the price is $25.
***Remember if the answer is not a whole number leave one or two numbers after the decimal point.***
*** Correct answers will receive 1 mark. Incorrect answers will receive -0.75 mark. An answer left blank will receive 0 marks. So decide carefully before you answer.***
Jaz and Kimora produce leeks and carrots. Their production possibilities are given by the following functions:
Jaz: QL = 392 - 4QC
Kimora: QL = 420 - 3QC
Before they trade, Jaz is producing and consuming 184 leeks and 52 carrots.
Before they trade, Kimora is producing and consuming 186 leeks and 78 carrots.
Then they decide to specialize and trade based on comparative advantage. They agree to trade 204 leeks for 54 carrots. How many MORE carrots will Kimora have with trade compared to without trade?
*** Correct answers will receive 1 mark. Incorrect answers will receive -0.75 mark. An answer left blank will receive 0 marks. So decide carefully before you answer.***