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Principles of Microeconomics

Principles of Microeconomics

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The following diagram shows the market for wheat.

At a price of $10:

There will be a shortage of 10 000 bushels.

There will be a surplus of 8000 bushels.

There will be a shortage of 8000 bushels.

There will be a surplus of 4000 bushels.

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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.

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***

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.

False

True

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Suppose that supply of a good increases and demand for the good decreases. What will happen to the equilibrium price and quantity?

The price will increase, but quantity may increase, decrease, or stay the same.

❌

The price will decrease and quantity will decrease.

❌

The price will increase and quantity will increase.

❌

The price will decrease, but quantity may increase, decrease, or stay the same.

✅

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The market for orange juice is in equilibrium. Then the price of oranges increases. What will be the effect in the orange juice market?

Demand will decrease, increasing the price and decreasing the quantity.

❌

Supply will increase, decreasing the price and increasing the quantity.

❌

Supply will decrease, increasing the price and decreasing the quantity.

✅

Demand will decrease, decreasing the price and decreasing the quantity.

❌

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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.***

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***

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.***

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Jaz and Kimora produce leeks and carrots. Their production possibilities are given by the following functions:

Jaz: Q_L= 392 - 4QC

Kimora: Q_L= 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?

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***

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.***

An economy produces goods A and B. If the opportunity cost of producing good A remains constant when more of good A is produced, then the opportunity cost of producing good B must also remain constant when more of good B is produced.

False

True

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