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Microeconomics
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Microeconomics
Suppose you are told that electronic cigarettes cause health problems such as depression and problems with arteries. You also are told that electronic cigarettes do NOT produce second-hand smoke, meaning that e-smoking (called “vaping”) by one person does not harm a person standing nearby. How might economists respond?
a.
A standard welfare economist would say that e-smoking imposes an externality if health insurance is pooled and premiums are shared.
b.
A standard welfare economist would say that e-smoking does not increase social costs, unless having health insurance makes people more likely to use electronic cigarettes.
c.
A behavioral economics would ask if people who use e-cigarettes become addicted.
d.
All of the above.
a.
A standard welfare economist would say that e-smoking imposes an externality if health insurance is pooled and premiums are shared.
b.
A standard welfare economist would say that e-smoking does not increase social costs, unless having health insurance makes people more likely to use electronic cigarettes.
c.
A behavioral economics would ask if people who use e-cigarettes become addicted.
d.
All of the above.
Microeconomics
i) Given the following demand and supply functions determine the equilibrium price and quantity
Qd = 14-2P; Qs= 2+4P
ii) What factors cause the occurrence of an inverse demand curve
Qd = 14-2P; Qs= 2+4P
ii) What factors cause the occurrence of an inverse demand curve
Microeconomics
Given the demand function Qd = 400 - Q2
Compute the price elasticity of demand when P= 10, and comment on the elasticity of the good.
Compute the price elasticity of demand when P= 10, and comment on the elasticity of the good.
Microeconomics
KEY QUESTION How will each of the following changes in demand and/or supply affect equilibrium price and equilibrium quantity in a competitive market; that is, do price and
quantity rise, fall, or remain unchanged, or are the answers indeterminate because they depend on the magnitudes of the shifts? Use supply and demand diagrams to verify your
answers.
a. Supply decreases and demand is constant.
b. Demand decreases and supply is constant.
c. Supply increases and demand is constant.
d. Demand increases and supply increases.
e. Demand increases and supply is constant.
f. Supply increases and demand decreases.
g. Demand increases and supply decreases.
h. Demand decreases and supply decreases.
quantity rise, fall, or remain unchanged, or are the answers indeterminate because they depend on the magnitudes of the shifts? Use supply and demand diagrams to verify your
answers.
a. Supply decreases and demand is constant.
b. Demand decreases and supply is constant.
c. Supply increases and demand is constant.
d. Demand increases and supply increases.
e. Demand increases and supply is constant.
f. Supply increases and demand decreases.
g. Demand increases and supply decreases.
h. Demand decreases and supply decreases.
Microeconomics
Assume that in the market for tulips, there are hundreds of buyers and sellers of tulips, all of the tulips are identical, and is extremely easy for anyone to become a tulip farmer and sell tulips. This market would most likely be characterized as _____________ market.
Microeconomics
Q.Bring out the effects of following upon
equilibrium price and equilibrium quantity
a. A more rise in demand than supply.
b. A less rise in demand than supply.
c. More decrease in demand than fall in supply.
d. A less fall in demand than decease in supply.
e. more fall in demand but less rise in supply.
equilibrium price and equilibrium quantity
a. A more rise in demand than supply.
b. A less rise in demand than supply.
c. More decrease in demand than fall in supply.
d. A less fall in demand than decease in supply.
e. more fall in demand but less rise in supply.
Microeconomics
Rent ($ per month) Quantity Demanded (per month) Quantity Supplied (per month)
1,100 20,000 0
1,200 15,000 5,000
1,300 10,000 10,000
1,400 5,000 15,000
1,500 2,500 20,000
1,600 1,500 25,000
Suppose that a price ceiling of $1,200 rent per month is imposed in the Vancouver housing market, what will be the effect of this on housing market in Vancouver?
Suppose that the government imposed a tax of $1000 on homeowners, show and explain the effect on consumer surplus, producer surplus, Dead Weight Loss, government revenue and market efficiency.
Why would the city of Vancouver impose rent controls?
Who are rent controls meant to help? Does it help those people that it is intended to help?
Do you agree or disagree with the use of government-imposed rent controls? Explain (Your opinion)
How government can intervene in free market? Write only government entry/interventions strategies.
1,100 20,000 0
1,200 15,000 5,000
1,300 10,000 10,000
1,400 5,000 15,000
1,500 2,500 20,000
1,600 1,500 25,000
Suppose that a price ceiling of $1,200 rent per month is imposed in the Vancouver housing market, what will be the effect of this on housing market in Vancouver?
Suppose that the government imposed a tax of $1000 on homeowners, show and explain the effect on consumer surplus, producer surplus, Dead Weight Loss, government revenue and market efficiency.
Why would the city of Vancouver impose rent controls?
Who are rent controls meant to help? Does it help those people that it is intended to help?
Do you agree or disagree with the use of government-imposed rent controls? Explain (Your opinion)
How government can intervene in free market? Write only government entry/interventions strategies.
Microeconomics
Suppose favorable weather increased the supply of tomatoes so that the price of tomatoes fell from US$45 a ton to US$35 a ton and quantity sold increased from 300 tons to 420 tons. What is the value of the price elasticity of demand? Show your work.
Microeconomics
You win 10,000.00 in a basket ball pool . You have a choice between spending the money now and putting it away for a year in a bank account that pays 5 percent interest. What is the opportunity cost of spending in 10,000.00 now?
