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Questions

Uploaded by

tahiriqbal7252
Copyright
© © All Rights Reserved
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Download as DOCX, PDF, TXT or read online on Scribd
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Questions

Q No 1. Explain the term “ Equilibrium “ what are the types of equilibrium use
suitable examples and graphs. Explain production Possibilities curve.
Q No 2. Differentiate between
(1) Microeconomics and Macroeconomics.
(2) Partial Equilibrium and General Equilibrium
(3) Change in Demand and Change in Quantity Demanded
(4) Change in Supply and Change in Quantity Supplied.
Q No 3. Which of the following cause demand to increase ( use graphs) An increase
in consumers’ income, an increase in the price of substitutes, an increase in the
price of complements , an increase in the number of consumers in the market.
Q No 4. Will the supply curve shift to the right or the left if
(a) t echnology improves or (b) input prices increase.
Q No 5. A producer is willing to a market with an output Q, according to the
relationship
QS = 25P – 10 where P is the price
The demand function for the product is
Qd = 200 -5p where Qd is the quantity demanded at price p
(a) What is the equilibrium price and quantity. Also draw graph.
(b) If the producer supply function changes to.
Qs =200 – 25
Q No 6. Suppose the demand and supply curves for eggs in the United States are
given by the following equations:
Qd = 100 – 20P
Qs = 10 +40p
Where Qd = millions of Dozens of eggs Americans would like to buy each year;
Qs = millions of dozens of eggs U>S. farms would like to sell each; and P = price
per dozens of eggs.
a) Fill in the following table:

(PRICE PER DOZEN) QUANTITY DEMANDED (Qd) QUANTITY SUPPLIED


( Qs)

$ .50 ……………………… ……………………


$ 1.00 ……………………… ……………………
$1.50 ……………………… ……………………
$2.00 ……………………… ……………………
$2.50 ……………………… ……………………
B) Use the information in the table to find the equilibrium price and quantity.
c) Graph the demand and supply curves and identify the equilibrium price and
quantity.
Q No 7. Suppose the market demand for pizza is given by
Qd = 300 – 20P and the market supply for pizza is given by
Qs = 20P – 100, where P = price ( per Pizza ).
a. Graph the supply and demand schedules for pizza using S5 through S15 as the
value of P.
b. In equilibrium, how many pizzas would be so I and at what price?
c. What would happen if suppliers set the price of pizza at S15?
d. Suppose the price of hamburgers, a substitute for pizza, doubles .this leads to a
doubling of the demand for pizza.
e. Find the new equilibrium price and quantity of pizza.
Q No 8. Let the demand and supply functions as follows:
Qd = 21 – 3p
Qs = -4 +8P
Q No 09. Qd = 51 – 3p
Qs =6P-10
Q No 10. Qd = 30 – 2p
Qs = -6+5P

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