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Economics of Enterprise
A manufacturer of detergent claims that the contents of boxes sold weigh on average at least 16 ounces. The distribution of weight is known to be normal, with a standard deviation of 0.4 ounce. A random sample of 16 boxes yielded a sample mean weight of 15.84 ounces calculate the P-value of the test
Economics of Enterprise
The probability that a rose bud blooms is p. In a random sample of 500 rose buds, 240 of them
bloomed.
With the data obtained in a random sample, a hypothesis test at the 1% level of significance is
carried out to determine whether p is different from 0.45.
a) State the null and alternative hypothesis [2]
b) Calculate the test Statistics [2]
c) What is the p-value of the test? [2]
d) Supporting your answer, state the conclusion of the test
bloomed.
With the data obtained in a random sample, a hypothesis test at the 1% level of significance is
carried out to determine whether p is different from 0.45.
a) State the null and alternative hypothesis [2]
b) Calculate the test Statistics [2]
c) What is the p-value of the test? [2]
d) Supporting your answer, state the conclusion of the test
Economics of Enterprise
Demand for Orange Juice is given as
Qd = 5000 – 2500 P + 1200 I + 650 E – 255 Ps
Suppose Income is I = Rs.500, Expectations E = 55, and Price of Ps = Rs 25.
a. Find the Demand Equation.
b. Using the demand function from part a.,
Calculate Elasticity of Demand for price range of Rs.125 and Rs.155.
c. What will be the ‘Price Elasticity of Demand’ at P = Rs.125?
d. Interpret the Elasticity of Demand calculated in (C) above.
Qd = 5000 – 2500 P + 1200 I + 650 E – 255 Ps
Suppose Income is I = Rs.500, Expectations E = 55, and Price of Ps = Rs 25.
a. Find the Demand Equation.
b. Using the demand function from part a.,
Calculate Elasticity of Demand for price range of Rs.125 and Rs.155.
c. What will be the ‘Price Elasticity of Demand’ at P = Rs.125?
d. Interpret the Elasticity of Demand calculated in (C) above.
Economics of Enterprise
Demand for Orange Juice is given as
Qd = 5000 – 2500 P + 1200 I + 650 E – 255 Ps
Suppose Income is I = Rs.500, Expectations E = 55, and Price of Ps = Rs 25.
a. Find the Demand Equation.
b. Using the demand function from part a.,
Calculate Elasticity of Demand for price range of Rs.125 and Rs.155.
c. What will be the ‘Price Elasticity of Demand’ at P = Rs.125?
d. Interpret the Elasticity of Demand calculated in (C) above.
Qd = 5000 – 2500 P + 1200 I + 650 E – 255 Ps
Suppose Income is I = Rs.500, Expectations E = 55, and Price of Ps = Rs 25.
a. Find the Demand Equation.
b. Using the demand function from part a.,
Calculate Elasticity of Demand for price range of Rs.125 and Rs.155.
c. What will be the ‘Price Elasticity of Demand’ at P = Rs.125?
d. Interpret the Elasticity of Demand calculated in (C) above.
Economics of Enterprise
The lockdown around the world has caused the rapid growth in the electronic market as people have shifted from conventional methods to the new methods for imparting knowledge and staying connected. If demand and supply function are given as:
Qd= 65 – 10P Qs= -35 + 15P
a. Find the equilibrium price and quantity and show it on labeled D/S diagram.
b. How do you interpret market equilibrium: (i) if P= Rs.6? (ii) if P=2?
c. Show on the Demand-Supply diagram in (a), the graphical interpretation of your answer of (b).
Qd= 65 – 10P Qs= -35 + 15P
a. Find the equilibrium price and quantity and show it on labeled D/S diagram.
b. How do you interpret market equilibrium: (i) if P= Rs.6? (ii) if P=2?
c. Show on the Demand-Supply diagram in (a), the graphical interpretation of your answer of (b).
Economics of Enterprise
1. Suppose the demand equation for computers by Teetan Ltd for the year 2017 is given by Qd= 1200-P and the supply equation is given by Qs= 120+3P. Find equilibrium price and analyse what would be the excess demand or supply if price changes to Rs 400 and Rs 120.
2.a. A business firms sells a good at the price of Rs 450.The firm has decided to reduce the price of good to Rs 350.Consequently, the quantity demanded for the good rose from 25,000 units to 35,000 units. Calculate the price elasticity of demand.
2.b. “There is a high cross elasticity of demand between new and old cars”. Discuss the statement by explaining the features of cross elasticity of demand. Also compare and contrast cross elasticity with other types of elasticities of demand.
Economics of Enterprise
Using the definition of a price taker as your guide, explain why each of the following
industries meets or does not meet the criteria?
i) University Education
ii) Wheat Industry
iii) Restaurants
industries meets or does not meet the criteria?
i) University Education
ii) Wheat Industry
iii) Restaurants
Economics of Enterprise
53. For each of the following production functions, determine whether returns to scale are decreasing, constant, or increasing.
i) Q = 2k + 3L + KL
ii) Q = 20 K0.6 L0.5
iii) Q = 100 + 3K + 2L
iv) Q = 5Ka Lb, Where a+ b = 1
v) Q = K/L
i) Q = 2k + 3L + KL
ii) Q = 20 K0.6 L0.5
iii) Q = 100 + 3K + 2L
iv) Q = 5Ka Lb, Where a+ b = 1
v) Q = K/L
Economics of Enterprise
17. Given the following supply and demand equations
QD = 100 – 5P
QS = 10 + 5P
a) Determine the equilibrium price and quantity.
b) If the government sets a minimum price of $10 per unit, how many units would be supplied and how many would be demanded?
c) If the govt. sets a maximum price of $5 per unit, how many units would be supplied and how many would be demanded?
d) If the demand increases to
Q’D = 200 – 5P
Determine the new equilibrium price and quantity.
QD = 100 – 5P
QS = 10 + 5P
a) Determine the equilibrium price and quantity.
b) If the government sets a minimum price of $10 per unit, how many units would be supplied and how many would be demanded?
c) If the govt. sets a maximum price of $5 per unit, how many units would be supplied and how many would be demanded?
d) If the demand increases to
Q’D = 200 – 5P
Determine the new equilibrium price and quantity.
Economics of Enterprise
26. Which of the following pairs of goods are substitutes and which are complements?
Insulation and heating oil
Hot dogs and mustard
Television and videocassette recorder
Rice and potatoes
Insulation and heating oil
Hot dogs and mustard
Television and videocassette recorder
Rice and potatoes
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#340153 on Dec 2023
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