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    Individual and Group Assignment On Economics

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    negussieteklemariam
    This document outlines an individual assignment with 14 questions covering topics in microeconomics including production possibility curves, demand and supply, elasticities, consumer choice, and cost functions. It also outlines a group assignment with 7 questions covering macroeconomic topics such as economic systems, differences between micro and macroeconomics, measuring national income and GDP, the business cycle, and macroeconomic policy instruments. The individual assignment requires calculation and graphing of economic concepts while the group assignment involves defining, explaining, and discussing macroeconomic ideas.

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    Individual and Group Assignment On Economics

    Uploaded by

    negussieteklemariam
    60 views2 pages
    This document outlines an individual assignment with 14 questions covering topics in microeconomics including production possibility curves, demand and supply, elasticities, consumer choice, and cost functions. It also outlines a group assignment with 7 questions covering macroeconomic topics such as economic systems, differences between micro and macroeconomics, measuring national income and GDP, the business cycle, and macroeconomic policy instruments. The individual assignment requires calculation and graphing of economic concepts while the group assignment involves defining, explaining, and discussing macroeconomic ideas.

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    Assignment paper on economics

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    Individual and group assignment on economics

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    This document outlines an individual assignment with 14 questions covering topics in microeconomics including production possibility curves, demand and supply, elasticities, consumer choice, and cost functions. It also outlines a group assignment with 7 questions covering macroeconomic topics such as economic systems, differences between micro and macroeconomics, measuring national income and GDP, the business cycle, and macroeconomic policy instruments. The individual assignment requires calculation and graphing of economic concepts while the group assignment involves defining, explaining, and discussing macroeconomic ideas.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    60 views2 pages

    Individual and Group Assignment On Economics

    Uploaded by

    negussieteklemariam
    This document outlines an individual assignment with 14 questions covering topics in microeconomics including production possibility curves, demand and supply, elasticities, consumer choice, and cost functions. It also outlines a group assignment with 7 questions covering macroeconomic topics such as economic systems, differences between micro and macroeconomics, measuring national income and GDP, the business cycle, and macroeconomic policy instruments. The individual assignment requires calculation and graphing of economic concepts while the group assignment involves defining, explaining, and discussing macroeconomic ideas.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Part I: Individual Assignment:

    1. Why you have to learn this course (Use examples and logic to explain its importance for
    you)
    2. Discuss scarcity, shortage, and choice
    3. Explain the production possibility curve (PPC)
    4. Assume that a certain simplified economy produces only two goods, X and Y, with given
    resources and technology. The following table gives the various possible combinations of
    the production of the two goods (all units are measured in millions of tons).
    Production Possibility Good X Good Y Opportunity Cost of Good X
    A 0 100
    B 2 90
    C 4 0
    D 6 20
    a) Calculate the opportunity cost of the production of good X at each point. What law
    does the trend in those values exhibit?
    b) What changes are required for this economy to shift the PPF outward?
    5. Suppose the individual demand function of a product is given by:
    Q=20 – 2P and there are about 100 identical buyers in the market. Then the calculate the market
    demand function
    6. Show graphically the shift in the demand curve due to the change in some factors
    affecting it (show it at least for 3 main factors)
    7. Explain price, income and cross elasticities for both demand and supply
    8. What are factors affecting supply?
    9. Based on the following table which indicates expenditure of the household on a
    commodity, answer the questions that follow (The price of the good is Br.10)
    Income
    (Br / month) Quantity Demanded
    (units / month)
    10,000 50
    20,000 60
    30,000 70
    40,000 80
    50,000 90
    A) Calculate income elasticity of demand, if income increases from Br.10, 000 to Br.
    20,000 and if income increases from Br.40, 000 to Br. 50,000.
    B) Is this a normal or an inferior or a luxury good? Justify.
    C) Does the proportion of household income spent on this good increase or decrease as
    income increases? Why?
    10. When the price of tea in a local café rises from Br. 10 to 15 per cup, demand for coffee
    rises
    from 3000 cups to 5000 cups a day despite no change in coffee prices.
    A) Determine cross-price elasticity.
    B) Based on the result, what kind of relation exists between the two goods?
    11. Discuss the approaches measuring utility and indifference curve
    12. A firm's production function is described by the following equation 𝑸=𝟏𝟎,𝟎𝟎𝟎𝑳−𝟑𝑳 𝟐
    where L stands for the labor units
    a. Calculate the output maximizing labor level.
    b. What is max. output
    13. Given a utility function U =X 0.5 Y 0.5 and if the consumer has birr100 to spend on two
    goods X and Y with prices birr 3 and birr 5 respectively. Then drive,
    a. The equation of the budget line and sketch the graph.
    b. Utility maximizing combinations of X and Y and use the indifference curve to
    show the max. point
    c. Calculate the marginal rate of substitution of X for Y (MRSX,Y) at equilibrium and
    interpret your result.
    14. Suppose that the short-run production function of a certain cut-flower firm is given by:
    Q=4KL-0.6K2 -0.1L2 where Q is the quantity of cut-flower produced, L is labor input and
    K is fixed capital input (K=5).
    a. Determine the average product of labor (APL) function.
    b. At what level of labor does the total output of cut-flower reach the maximum
    c. What will be the maximum achievable amount of cut-flower production?
    15. Explain the relationship between short-run production and cost functions
    16. Explain and summarize each market structure

    Part II: Group Assignment (5 to 10 members per group; if you already


    have previously formed a group you can continue with it)
    1. Explain in detail the three types of economic systems. Briefly explain which type of economics
    system you prefer to operate under as a technology professional and why. Give a brief
    justification.
    2. Briefly define Micro and macroeconomics and explain the difference
    a. Explain the goals of Macroeconomics.
    b. Discuss the types of National incomes and the approach to measure each.
    c. Discuss nominal vs real GDP
    d. Define GDP deflator and CPI, and compare both
    e. Discuss the business cycle in detail (use your examples to explain each business cycle)
    f. Discuss the problems of Macro economics
    g. Discuss the macroeconomic policy instruments in detail.

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