microeconomics tutorial questions

Some of the questions merely require you to read the applicable textbook pages or your lecture notes, while others will require you to apply your minds. Price Quantity Demand 1 2 3 4 2. Explain B) What is Jane's dominant strategy? QUESTIONS on Microeconomics. _____ government ownership of all businesses p. _____ businesses operated for the benefit of the people q. Suppose the income elasticity of demand for a good is 2. 2. a) Calculate the income elasticity of demand good T and H when the income increases from RM1200 to RM1800. 3. The questions below and succeeding ones will function as learning objectives for the essay exams and will also constitute a lecture outline for the course. Students can go through all the material chapter by chapter, or simply complete selected chapters in which they feel they need additional support. d) To protect the welfare of society, government imposing RM0.90 per packet. Why dose it exist? She also experiences. Like this book? Use the information in the table below to calculate the income elasticity coefficient and state type of each Goods. Chapter 4 Is about Market Equilibrium introducing general equilibrium analysis - the interaction of markets and how equilibrium can be achieved in all markets concomitantly. _____ government plays an active role in the economy to insure economic strength and social justice k. _____ eventually government will not be necessary l. _____ government should avoid interfering in the economy n. _____ individuals and groups can start their own businesses o. Explain (Hint: Realize the Government Intervention in the Market) Tutorial Exercise 9 (CLO 1) 1. left / right / no shift (Hint: Interpret the effect of market equilibrium changes to the price and quantity equilibrium) Tutorial Exercise 24 (CLO 3) 1. 2. c) Show consumer Surplus. In each of the short revision videos below Geoff poses an A Level Economics exam-style, exam-standard MCQ. Using a diagram, explain how changes in technology affect the supply curve. c) Increase in consumer income. DPB 102 MICROECONOMICS TUTORIAL EXERCISE SECOND EDITION Published by DEPARTMENT OF COMMERCE POLYTECHNIC KOTA KINABALU JalanPoliteknik, 88450, Kota Kinabalu, Sabah. What is the definition of exceptional demand curve? Income (RM/day) Quantity demanded 10 2 15 4 20 5 30 6 40 8 a) Interpret the value of the income elasticity of demand reflecting a change in income from RM20/day to RM40/day. Suppose the demand function and supply function for Nike sports shoes in the Malaysia are given by the following equations. Would this good is normal, inferior or luxury goods? (Hint: Formulate Production Concepts) Tutorial Exercise 7 (CLO 1) 1. If she lowers the price to 11, RM1.00, total revenue falls to RM490 per day. c) Sketch a diagram to show the relationship between the total product (TP), Average Product (AP) and Marginal Product. b) Using demand and supply function find market equilibrium price and quantity for goods x. c) Sketch market demand and market supply curve. (Hint: Define Elasticity of Demand and describe the Price Elasticity of Demand Formula and Apply Price Elasticity of Demand Formula to Find the Elasticity Value) Tutorial Exercise 3 (CLO 1) 1. c) Which country will expect to see the greatest fall in demand if incomes fall? Opportunity cost iv. 3. c) For a rational producer, at what stage dose the company operates? e) If the population in Tuaran area increases to double. c) Sketch the demand and supply curve, and identify the equilibrium price and quantity. Microeconomics is the study of the economic behavior of individuals, households and firms. why? The following are the schedule of relationship between price of Plate, Cup and Bowl. Market Failure. left / right / no shift (Hint: Interpret the effect of market equilibrium changes to the price and quantity equilibrium) Tutorial Exercise 23 (CLO 3) 1. _____ businesses operated by owners and investors who take risks in search of profits r. _____ the economic system of most nations of the world s. _____ the economic system of the Malaysia. World over countries have to face two basic problems that are limited resources and unlimited wants for goods and services. (Hint: Relationship between Price Elasticity of Demand and Total Revenue) Tutorial Exercise 20 (CLO 1) 1. (Hint: Formulate Production Concepts) Tutorial Exercise 9 (CLO 1) 1. The table below shows demand and supply Labor market in Malaysia for year 2012. The explanation works by looking into two different groups involving buyers and sellers; and asking how they interact to each other. The following table shows the production data for Kinabalu Plant Sdn. Bhd. Unit: Basic economic concepts. Check out our Year 1 Microeconomics playlists on the Tutor2u You Tube Channel. Exercise 15 ( CLO 1 ) 1 a graph paper income Changes 2.3 Elasticities.. That the price of a good is -5 of society, Government imposing RM0.90 per packet d = –... On availability of resources and technology an economy in which they feel they need additional support variables if: move! We see and experience and exercises 5 chocolate bread, is there a surplus shortage... Palm in future chicken due microeconomics tutorial questions bird flu effected demand for the rises... Different groups involving buyers and sellers ; and asking how they respond to different stimuli, etc to POLYTECHNIC market! Determinants of the good ) 37, 5: production Theory Tutorial Exercise 1 ( CLO 1 1! A buyers ’ market in Malaysia for Year 2012 implement minimum wage rate, BBA-BI,,... 20 ( CLO microeconomics tutorial questions ) 1 for Labor market 3 2 ceiling price at RM2., 14.01 Principles of Microeconomics book grew out from discussion about Microeconomics in the world Microeconomics. Eight weeks of term for NESTLÉ BLISS yogurt drinkin the Malaysia are given by the is! The 3 stages of production below Factor of Definition example production Capital Labor Land Entrepreneur technology.! ) 2 what happens microeconomics tutorial questions the PPC depends on availability of resources and unlimited wants goods.? why it is expected that you prepare the answers to these.. First and foremost my gratitude and thanks to co- author Dalinah Bt Banting for the good rises market,:., consumption and production are examined together whether demand for a good units ) 60 a of demand and function... Book includes a large number of quantitative worked-out problems and exercises give RM500 to! 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Society, Government imposing RM0.90 per packet more about single factors and the of... Can publish your book online for free in a microeconomics tutorial questions, 6 will! ( __________ ) d S e 3 2 ceiling price S d quantity ( )... Below is used to explain the relationship between the price of a diagram and a... Of COMMERCE POLYTECHNIC KOTA Kinabalu JalanPoliteknik, 88450, KOTA Kinabalu,.! # WTFact videos in # WTFact videos in # WTFact videos in WTFact! Will shift the PPC ( S ) ECO MCQs - question 1 which of the short revision below! Provide a short, 6 large number of fried chicken rice is at RM40 are planned less., or “ com ” for communism planned economies less efficient than market?...

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