5 marks ii identify the equilibrium price and the

[5 marks]
ii) Identify the Equilibrium price and the quantity of tomatoes [2 marks]
B. Discuss TWO (2) factors that can cause a left ward shift of the demand curve and ONE
(1) factor that may cause a rightward shift of the supply curve. [9 marks]
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C. The tomatoes that RADA has purchased will be distributed to outlets in other parishes.
Could we assume that there is a national shortage of tomato? State your opinion on the
matter. [4 marks]
[Total 20
marks]
[Question 2] [Unit -4][Objective-1, 4]
A. Write the formula for each of the following costs
i. Total cost
ii. Marginal cost
iii. Average fixed cost
iv. Average total cost
v. Total fixed cost
vi. Variable cost [3 marks ]
Output level Variable Cost
$
Total Cost
$
Marginal
Cost
$
Average
Fixed Cost
$
Average Total
Cost
$
0 0 86 - - -
1 86 172 86
2 96 182
3 130 216
4 136 222
B. Copy and complete the table to show FOUR cost for each level of output [11 marks]
C. With the aid of a diagram, explain the relationship between ‘marginal cost’ and ‘average
total cost’ [6 marks]
[Total 20 marks]
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[Question 3] [Unit- 5][Objective-1, 2, 3, 4]
A. Define the term market structure [2 marks]
B. LIST TWO types of market structure that operates in your country and outline the
key characteristics of any ONE. [ 4 marks]
C. State TWO assumptions on which monopolistic competition is based and give ONE
example of a monopolistic competition industry in Jamaica [6 marks]
D. Compare monopoly and perfect competition [8 marks]
[Total 20 marks]
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COUNCIL OF COMMUNITY COLLEGES OF JAMAICA
[PROGRAMME] DEGREE EXAMINATIONS
SEMESTER 2 – 2021 MAY
PROGRAMME:
COURSE NAME:
CODE:
YEAR GROUP:
DATE:
TIME:
DURATION: 2 HOURS
EXAMINATION TYPE: FINAL
Solutions
Section A
1 D 11 A 21
2 A 12 A 22
3 A 13 B 23
4 C 14 D 24
5 D 15 C 25
6 D 16 B 26
7 B 17 A 27
8 C 18 A 28
9 C 19 B 29
1
0
D 20 C 30
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Section B
[Question 1] Unit- 3[Objective-1, 2, 6]
A.
Quantity Supplied (000 lb.) MARKET
SUPPLY
(000 lb.)
PRICE OF
TOMATO
$
MARKET
DEMAND
(000 lb.)
FARMER Q FARMER R FARMER Y
30 500 250 150 125 600
40 400 100 360 40 410
50 300 130 100 70 300
60 200 185 125 100 500
70 100 220 180 200 525
[1 mark each, total 5 marks]