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    Midterm 1

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    I. PPF: Production Possibilities Frontier A. Scarcity B. Tradeoffs C. Growth D. Efficiency E. Opportunity cost F. Models are simplified versions of reality 1. Making some unrealistic assumption II. PPF Model A. Only 2 goods: computers and cars (don’t care about the cost yet) B. Resources and technological levels are constant C. Downward slope D. Moving to the right‚ more cars‚ less computers 1. Scarcity: more for one good‚ less for the other 2. Tradeoffs: not both‚ only either or E

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    Maria Van Gelder Jones International University Economic Theory and Application Assignment 4.1 Technical Questions: 1‚ 3 and 5 of Chapter 9 & 10 Chapter 9 1. The following graph: (not able to recreate‚ but in the text)‚ shows a firm with a kinked demand curve a. What assumption lies behind the shape of this demand curve? The kinked demand curve assumes that other firms will follow price decreases and will not follow price increases. For instance‚ in an oligopoly model‚ based

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    Question 1 1.   According to the law of demand states that‚ other things remaining unchanged:  Answer | a. | as price decreases‚ demand decreases. | | b. | as price increases‚ demand increases. | | c. | price has no effect on quantity demanded. | | d. | as price decreases‚ quantity demanded increases. | | e. | None of the above. | 1 points   Question 2 1.   At any price‚ the market demand curve: Answer | a. | is flatter than the flattest individual demand curve

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    Price of Soft drinks and (4) Location 1 for urban and 0 for otherwise. This data included 30 observations. Table 1.1 Sample Data: The Demand for Pizza | | | | | | | College | Y | X1 | X2 | X3 | X4 | 1 | 10 | 100 | 14 | 100 | 1 | 2 | 12 | 100 | 16 | 95 | 1 | 3 | 13 | 90 | 8 | 110 | 1 | 4 | 14 | 95 | 7 | 90 | 1 | 5 | 9 | 110 | 11 | 100 | 0 | 6 | 8 | 125 | 5 | 100 | 0 | 7 | 4 | 125 | 12 | 125 | 1 | 8 | 3 | 150 | 10 | 150 | 0 | 9 | 15 | 80 | 18 | 100 | 1 | 10 | 12 | 80 |

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    Introduction to Economics Economics: A social science -A study of how people make decisions regarding the allocation of scarce resources to satisfy unlimited wants. Scarcity: Basic problem of Economics -Due to lack of resources (time‚ productive forces‚ etc) some opportunities must be forgone Opportunity cost -Next best alternative forgone when an Economic decision is made Can only forego known alternatives No choices/options will mean no cost Ceteris Paribus: ‘Other things being

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    floor/minimum price for a good‚ e.g. rice. (Fig. 1). Price Band for Rice (Fig. 1) P S pmax Price Band pmin D 0. Q If there are good conditions for growing rice one year‚ supply will increase. This will lower the price of rice‚ and possibly causing a surplus‚ where producers produce more than consumers are willing and able to purchase‚ i.e. supply > demand

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    by the proportional change in price: e = (ΔQd/Qd) / (ΔP/P). Quantity demanded increases from 800 to 1200. Thus the change in quantity demanded‚ ΔQd‚ is (1200 – 800) = 400. To get the proportional change in quantity demanded‚ we have to divide ΔQd by the reference level of Qd. Our rule is to use the average of the beginning and ending values as the reference level. Thus Qd is the average of 1200 and 800‚ which is 1000. If we then divide ΔQd by Qd‚ we have 400/1000 = 0.4. Price decreases from

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    [international] trade. P 0 1 2 3 4 5 6 7 8 QD 16 14 12 10 8 6 4 2 0 QS -- -- 0 4 8 12 16 20 24 b) If the US now allows free trade and P=$2.00 on the world market and we assume no transportation costs‚ how much cloth will the US consume‚ produce and import with free trade? When the price is 2‚ The cloth will be consumed 12 tons‚ and produced 0 tons. So the U.S. market is shortage and should import (12-0) 12 tons. c) Now

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    answer key for problem

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    minimum point of the AVC. 1 b − = 15 = 50 2 2a 1500 Vertex = Another way of verifying this information – the intersection point of MC(q) and AVC(q) AVC(q) = MC(q) 1 2 1 1 1 2 2 1 q − q + 3= q − q +3 1500 15 500 15 2 2 1 1 − q + q =0 1500 15 2 1 q(− q+ ) 1500 15 q = 50 AVC = $1.33 iii) Graph (a) and (b) together with the total cost function. iv) Graph (c)‚ (d)‚ (e) and (f) together‚ and label the intersection point obtained in (ii) (Don’t worry about drawing to scale)

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    Chapter 7 1) For each of the following graphs‚ identify the firm’s profit-maximizing (or loss minimizing) output. Is each firm making a profit? If not‚ should the firm continue to produce in the short run? In the first graph‚ the firm is losing money‚ but it should not shut down because P > AVC. So the loss minimizing choice is to stay in business in the short run. To shut down would lead to higher losses equal to fixed costs and these losses would be more than the current losses. In the

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