Individual homework (Цыганенко а.)

Variant 1

1. There are 2 markets of commodity A. The demand function on the 1^st market is D₁ =25 -р, the supply function is S₁ = -11+ 2р. On the 2^nd market demand function is D₂ = 60 — 2р, supply function is S₂ = -20 + 2р. Estimate changes in market price and volume in the case if markets unite.

2. Write formulas for marginal and average product and find unknown variables in the table?

Quantity of labour, persons L	ТРL	МРL	АРL
1	4
2	7
3		8
4		1
5			3.2

3. Economics is the study of

a. How business firms allocate resources to achieve optimal profits

b. How individuals can make money

c. The relationships of individuals and society to the built and natural environment in the allocation of scarce resources

d. The production of commercial wealth

4. A consumer’s utility function is “transitive” if

a. A is preferred to B and B is preferred to A

b. A is preferred to B and B is preferred to C and C is preferred to A

c. A is preferred to B and C and C is preferred to B

d. A is preferred to B and B is preferred to C and A is preferred to C

e. None of the above

Individual homework (Солоденко а.)

Variant 2

1. Total output of monopolist is 300 units in month. Average variable costs are 400 doll., average fixed costs are 100 doll. Demand function on monopoly goods is Р = 1000 – Q, where P – is the price of one unit, Q – quantity of units. Find profit of monopolist. Is this the highest profit?

2. Month output of firm is 100 pairs of shoes. Total costs are 2000 dol. per month. Labor is the only fixed input. Expenditures of labour are 135 dol. per hour. Find average total and variable costs in the case of output - 5 pairs per hour.

3. When confronted with scarcity societies and individuals attempt to resolve the problems with

a. Technology

b. Social institutions

c. All the above

4. Demand can be defined as “a schedule of quantities that buyers are willing and able to purchase at a schedule of prices during a specified interval of time ceteris paribus (other factors constant). In this form the demand can be stated

a. QX = f(Income), ceteris paribus

b. QX = f(PX) , ceteris paribus

c. PX = f(QX) , ceteris paribus

d. Demand = supply, ceteris paribus

Individual homework (Блощицына с.)

Variant 3

1. Indifference curve and budget line are represented on the graph. The price of commodity X is 8 dollars. Find:

a) Price of commodity Y?

b) Equation of budget line?

c) Marginal rate of substitution in the point of consumer equilibrium?

2. Find accounting and economic profit of firm if: total revenue – 5 bill. dol., external costs – 3 bill. dol., normal profit – 1,5 bill. dol.