ECON649_ECON991 Workshop Questions S1_ 2017

ECON649_ECON991 Workshop Questions S1_ 2017 -...

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ECON649/ECON991 Session 1, 2017 Workshop Exercises Department of Economics
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MACQUARIE UNIVERSITY FACULTY OF BUSINESS AND ECONOMICS ECON649 /ECON991 Workshop No. 1 – HELD IN WEEK 5 DURING USUAL LECTURE TIME Introduction, Demand and Supply Analysis and Elasticity of Demand 1. Frost et al., Ch1, Questions and Problems, Q2, p 23. 2. Frost et al., Ch 3, Questions and Problems, Q5, p 87. 3. How is the law of diminishing marginal returns related to the shape of the short-run marginal cost curve? 4. A retired wharf labourer complains that he can no longer visit his local hotel five times a week. Since the price of his favourite beer went up to $2 a glass from $1.60 cents, he has been dropping in only four times a week. Assuming the man in question consumed the same amount of beer per visit before and after the price change, calculate the price elasticity of his demand for hotel dispensed beer. 5. Frost et al., Ch 4, Questions and Problems, Q7, p 115.
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