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Consumption Economics Worksheet

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15 views3 pages

Consumption Economics Worksheet

Uploaded by

Tamara Recinos
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Independence Junior College – Science Department

Associate Degree in Agribusiness

Agriculture Economics Worksheet – Consumption

Name: _________________________________________ Date: __________________

1. We look at demand for a product from the __________________________ point of view. [1 pt.]

2. Define the term utility. [2 pt.]


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3. Carlos just won his first youth football game and decide to celebrate with some ice cream.
a. Complete the consumption table below: [6 pts.]
# of Scoops Total Utility (Utils) Marginal Utility
1 7
2 10
3 18
4 20
5 10
6 7
b. At what point should Carlos stop consuming ice cream? Justify your answer. [3 pts.]
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4. Explain the relationship between price and quantity demanded. [2 pts.]


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5. Eco-friendly products such as bamboo toothbrushes and straws are becoming popular due to global
warming. How will this affect the demand for regular toothbrushes; which determinant of demand is the
cause of this change? [4 pts.]
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6. Describe how the change in a consumer’s income can drastically change the demand for certain
goods/services. Use a real life example to illustrate your point(s). [4 pts.]
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7. If the price of milk increases, the price of cereal will more than likely (increase/decrease) as well.
Which determinant of demand is responsible for this? [2 pts.]
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8. Use the table below to answer the questions that follow:


Demand Schedule for Tomatoes
Price ($) Quantity Demanded (lbs)
10 300
8 450
6 700
4 1200
2 2000

a. When the price is at $6, how much tomato is demanded? [1 pt.]


________________________________________________________________________

b. Plot a graph to show the demand curve for tomatoes. [6 pts.]

9. Use the table below to answer the questions that follow:


Demand and Supply Schedule for Tomatoes
Price ($) Quantity Demanded (lbs) Quantity Supplied (lbs)
10 300 2000
8 450 1200
6 700 700
4 1200 450
2 2000 300
a. Why is it that when the price is at $2 there is a demand for 2000lbs of tomato but only 300 lbs is
supplied? [2 pts.]
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b. Plot a graph to show the demand and supply curves for tomatoes. [12 pts.]

c. What is the Equilibrium Market Price (EMP) for tomatoes; what does this represent? [5 pts.]
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