- •Practice Assignment № 1
- •2) Which of the following best explains a linear production possibilities curve?
- •3) Which of the following statements best explains why a nation's consumption possibilities line lies outside of its production possibilities line?
- •4) How is a nation's production possibilities curve affected in the long run by a boom in both new and existing housing sales in the present?
- •5) The sacrifice or opportunity cost associated with an individual's consumption of an additional good:
- •7) Production efficiency is achieved:
- •Practice Assignment № 2
- •Variant № _____
- •Practice Assignment № 3
- •Practice Assignment № 4
- •Variant № _____ Main Requirement to the Design of the Assignment
- •Initial Data
- •List of the Tasks:
- •Individual data
- •Practice Assignment № 5
- •Individal assignment № 6 market structure analisys
Practice Assignment № 3
VARIANT № _____
TASK
1. Using your variant individual data from the schedule and the following demand function: QDa = 60 - 2Pa +4Pb +0,5I calculate price demand elasticity coefficient, income elasticity of demand and cross-elasticity coefficient. Make a conclusion on every case result. (NB! You should remember about ceteris paribus condition under every calculating: one factor influence can be determined just under all else equal).
Variant |
Pa1 |
Pa2 |
Pb1 |
Pb2 |
I1 |
I2 |
1 |
1 |
10 |
2 |
5 |
1000 |
2600 |
2 |
2 |
20 |
1 |
4 |
1300 |
2650 |
3 |
3 |
9 |
3 |
2 |
1200 |
2700 |
4 |
4 |
18 |
4 |
7 |
1100 |
3000 |
5 |
5 |
8 |
7 |
14 |
1050 |
1000 |
6 |
6 |
16 |
8 |
11 |
2050 |
1300 |
7 |
7 |
17 |
6 |
9 |
2300 |
1200 |
8 |
8 |
14 |
5 |
9 |
2500 |
1100 |
9 |
9 |
6 |
23 |
15 |
2600 |
1050 |
10 |
10 |
12 |
27 |
19 |
2650 |
2050 |
11 |
11 |
5 |
9 |
13 |
2700 |
2300 |
12 |
12 |
10 |
17 |
25 |
3000 |
2500 |
13 |
13 |
4 |
13 |
10 |
1000 |
2600 |
14 |
14 |
8 |
25 |
20 |
1300 |
2650 |
15 |
15 |
3 |
18 |
24 |
1200 |
1050 |
16 |
16 |
6 |
14 |
16 |
1100 |
2050 |
17 |
17 |
11 |
20 |
23 |
1050 |
2300 |
18 |
18 |
13 |
28 |
15 |
2050 |
2500 |
19 |
19 |
21 |
19 |
12 |
2300 |
2600 |
20 |
20 |
24 |
21 |
13 |
2500 |
2650 |
21 |
21 |
25 |
4 |
5 |
2600 |
1050 |
22 |
22 |
26 |
6 |
8 |
2650 |
2050 |
23 |
23 |
15 |
8 |
3 |
2700 |
2300 |
24 |
24 |
17 |
22 |
21 |
3000 |
2500 |
25 |
25 |
28 |
8 |
4 |
2150 |
3500 |
2. The level of personal income (In0) in basic period is $1000. The number of consumers (N0) is 1200 persons. Total demand for the good (QD0total) is 24000 units. Using information about these values in current period (presented in the following schedule by variants) calculate income elasticity coefficient and make a conclusion about good’s characteristics. What changes in individuals’ quantity demanded you can expect if you know that the level of personal income will change by R%?
Variant |
In1, $ |
N1, persons |
QD1total, units |
R, % |
1 |
1500 |
1000 |
25000 |
-5 |
2 |
1400 |
900 |
26000 |
7 |
3 |
1300 |
800 |
24500 |
-9 |
4 |
1200 |
700 |
20000 |
20 |
5 |
1100 |
600 |
21000 |
-10 |
6 |
950 |
500 |
22000 |
15 |
7 |
900 |
650 |
23000 |
8 |
8 |
850 |
700 |
23500 |
-9 |
9 |
1900 |
750 |
28000 |
12 |
10 |
2000 |
800 |
27000 |
-14 |
11 |
2100 |
850 |
23500 |
15 |
12 |
2050 |
900 |
20000 |
-5 |
13 |
1550 |
950 |
21000 |
24 |
14 |
1450 |
1000 |
22500 |
14 |
15 |
1350 |
1050 |
23000 |
-16 |
16 |
1250 |
1100 |
22200 |
18 |
17 |
1150 |
1150 |
29000 |
-19 |
18 |
955 |
1250 |
28500 |
21 |
19 |
980 |
1300 |
27000 |
-15 |
20 |
1850 |
1340 |
26500 |
10 |
21 |
1090 |
1360 |
26000 |
9 |
22 |
1020 |
1370 |
28000 |
-6 |
23 |
1490 |
1380 |
27000 |
4 |
24 |
2410 |
1500 |
23500 |
9 |
25 |
890 |
1050 |
20000 |
-11 |