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micro_problem_set#2

micro_problem_set#2 - Changes in supply and demand can be...

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Problem set #2 Principles of Microeconomics 2252 Due February 17 th , 2011 This problem set is to be done in Excel. In the Excel spreadsheet, a dialog box will appear asking you to “do some practice problems” or “take test,” choose “take test” this ensures randomly assigned numbers. When you answer a question, go to the answer sheet to input your answer. The answer sheet will tell you whether your answer is the correct one. 1. Do questions 1, 2, 6, 7, 10 and 11 in the eq98 Excel file Hints: equilibrium price and quantity can be found by using goal seek and setting excess demand equal to 0 by changing the price of spaghetti.
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Unformatted text preview: Changes in supply and demand can be negative, 0, or positive. 2. Do questions 1-7 on the elas98 Excel file. Hints: percentage changes must be multiplied by 100. 3. Do questions 3, 4, 9, 11, 14 and 17 in the csps98 Excel file. Hints: You can find the demand and supply intercepts by setting market demand equal to 0. What consumers pay and producers receive (receipts) is found by multiplying price and quantity. If prevailing price is below the equilibrium level, then combined consumer and producer surplus may be more than two triangles....
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