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Assignment For Freshman Social (2022)

1. The document provides instructions for an individual assignment in introduction to economics for Haramaya University students. It includes 8 questions covering topics like consumer behavior, production costs, profit maximization, market structures, and macroeconomic policies. Students are asked to calculate equilibrium points, solve optimization problems, and discuss concepts. The submission date for the assignment is August 18, 2022.

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Henok Berhanu
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45 views2 pages

Assignment For Freshman Social (2022)

1. The document provides instructions for an individual assignment in introduction to economics for Haramaya University students. It includes 8 questions covering topics like consumer behavior, production costs, profit maximization, market structures, and macroeconomic policies. Students are asked to calculate equilibrium points, solve optimization problems, and discuss concepts. The submission date for the assignment is August 18, 2022.

Uploaded by

Henok Berhanu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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HARAMAYA UNIVERSITY

COLLEGE OF BUSINESS AND ECONOMICS

Freshman program

Assignment of introduction to economics

Individual assignment

Submission date: 18/08/202

1. Take that Mr. Kebede family has a monthly budget of Br.340 for purchase of Milk, Fish and
Meat. Prevailing prices are Br.20/kg for milk, Br.40/kg for Fish and Br.50/kg for Meat.
Furthermore the total utility schedule is given below:
Consumption (Kg) Milk Fish Meat
1 70 80 160
2 130 160 290
3 170 210 410
4 205 250 510
5 230 285 590
6 250 315 650
7 260 335 680

Based on the above given

a) Calculate the utility maximizing level of each commodity


b) Calculate the total utility at equilibrium point.

2. If the utility function is given by U(X,Y) =X0.6Y0.25 subject to budget constraint 8X+5Y=680
then find ;
a) Level of X and Y that can maximize utility
b) Maximum utility
c) Calculate MRS xy and interpret the result
3. The production function of XY Company, an auto spare parts manufacturer, is estimated to be
Q = 30K0.5 L0.5. If the prices of capital (r) and labor (w) are Br.20 and Br.30 per unit
respectively, what is the minimum possible cost for producing 180 units?
4. If the total cost function and total revenue function are TR=1200Q-2Q2 and TC=Q3-
61,25Q2+1528.5Q+2000 respectively, then find;
a) The profit maximizing level of output
b) Level of price required to maximize output
c) Maximum profit
d) Level of output that equate marginal revenue and marginal cost
5. List and discuss types of oligopoly market structure ?
6. If the marginal cost of production is MC =-4Q3+6q-80 and fixed cost of production is 90 birr,
then find;
a) TC of production
b) Equation for AC,AVC, and AFC
7. Calculate GDP and GNP given the following information
Components Measured in thansounds birr birr
I. Private final consumption expenditure………………………..15000
II. Government final consumption expenditure…………………….11500
III. Gross fixed capital formation……………………………………1000
IV. Increase in stock…………………………………………………… …..200
V. Exports………………………………………………………………….500
VI. Imports………………………………………………………………….700
VII. Capital consumption allowances ……………………………………….650
VIII. Net indirect taxes……………………………………………………….500
IX. Net factor income from abroad…………………………………………(-500)
X. Subsidies………………………………………………………………… 100
8. Explain fiscal policy, monetary policy and income policy for stabilization?

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