Subject Code : TECO103
Country : Australia
Assignment Task

 

Question 1 

Suppose that your demand schedule for CD is as follows:

a) Calculate your price elasticity of demand as the price of CD increases from $8 to $10 if i) your income is $10 000 and ii) your income is $12 000. (2.5 marks)

b) Calculate your income elasticity of demand as your income increase from $10 000 to 12 000 if i) the price is $12 and ii) the price is $16.

 

Question 2

The market for tickets to symphony can be described by the following demand and supply curve: Q D= 20 000- 90p, Qs=10 000+110P

a) What are the equilibrium price and quantity in the ticket market?

b) Lovers of classical music persuade the government to impose a price ceiling of $40 per ticket. How many tickets are now sold in the market? Does this policy get more or fewer people to attend classical music concerts?

 

Question 3

a) Suppose a firm has the following total cost function TC = 100 + 2q2 . If price equals $20, what is the firm’s output decision? What are its short-run profits?
b) Suppose a monopolist has TC = 100 + 10Q + 2 Q2 , and the demand curve it faces is p = 90 - 2Q. What will be the price, quantity, and profit for this firm?

 

 

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