ECON 111: INTRODUCTORY ECONOMICS
Tutorial # 07
Assume that the steel industry demand curve is represented by the function
q = f(9) = 18 - 3p.
where p and q are measured in “thousands of $ per tonne” and "tonnes of steel per day",
ECON111 Tutorial 1
Questions for Review
1. What is the opportunity cost of going to college?
2. Water is necessary for life. Is the marginal benefit of a glass of water large or small?
3. Explain the two main causes of market failure and give an
Objectives for Chapter 8 Price Floors and Ceilings
At the end of Chapter 8, you will be able to:
1. Define price ceiling and draw it on the demand supply graph.
2. Gives some examples of price ceilings.
Analyze the results of price ceilings.
Tutorials Econ111 2014
Tutorials are a very important component this subject. The
information I introduce you to in lectures are developed real
learning occurs in your tutorials. I expect that you will attend all
tutorials. Each week I have set questions
Econ 111 Tutorial Week 4
Week 4: Supply and Demand
(i) Taylor and Frost, Chapter 3: Problems 3 and 5; Chapter 4: Problem 3.
(ii) Multiple choice questions
26 34 42
Refer to the above figure. If price in this market
FACULTY OF BUSINESS
MARK343: International Marketing
Semester One, 2015
Offshore Campus (INTI International College Subang)
Pre-requisites: MARK101 or MARK213 or MARK293
Contact Hours: 3 hour lecture
CHAPTER 6Supply, demand and government policiesMULTIPLE CHOICE
A price ceiling that is not binding:
A. is a detriment to society
B. will cause a shortage
C. will cause a surplus
D. has no effect
2. In Graph 6-1, a price ceiling that is not bi
CHAPTER 1Ten lessons from economics MULTIPLE CHOICE
6. For society, a good is not scarce if:
A. all members of society can have all they want of it
B. at least one individual in society can obtain all he or she wants of the good
C. firms are producing at
CHAPTER 7Consumers, producers and the efficiency of markets
1. A group of people are bidding on an internet auction for a used car. Each bidder will not bid more
than a maximum amount that is unique to them. This maximum is called:
A. a s
Multiple Choice questions on chapters 1 and 2
The adage, "There is no such thing as a free lunch," is used to illustrate the principle that
goods are scarce.
people face tradeoffs.
income must be earned.
households face many decisions.
CHAPTER 3Interdependence and the gains from tradeMULTIPLE CHOICE
4. A countrys consumption possibilities frontier can be moved outside its production possibilities
A. by producing a greater variety of goods and services
B. by allocating resource
FRAMINGHAM STATE COLLEGE
PRINCIPLES OF MICROECONOMICS
PROBLEM SET NUMBER 9
My Name is? _
Using the material covered in CHAPTER 13.
Chapter 13 discusses many types of costs: opportunity cost, total cost, fixed cost, variable cost,
average total cost, an
CHAPTER 4The market forces of supply and demandTRUE/FALSE
2. Supply and demand determine prices and prices allocate the economys scarce resources.
TOP: What is a market?
3. A market is a group of buyers and sellers of a particular
1. Market outcomes cannot be improved by government policies.
2. In a market characterised by externalities, the market equilibrium fails to maximise the total benefit
CHAPTER 5Elasticity and its application
1. The concept of the slope is the best way to measure the responsiveness of demand to changes in its
demand and its determinants
TOP: The price elasticity of
Mid Session Information Econ111.2024 Change of information
The mid session will be held on the 25th September for all Econ111 students
please note the different times that will apply for different locations.
Students with family names A to L co
Framingham State College
Department of Economics and Business
Principles of Microeconomics Section D
Practice Final Exam Spring 2006 VERSION 1 WITH ANSWERS
This exam provides questions that are representative of those contained on your exam. This te
Page 1 of 18
EC 131 - Principles of Microeconomics
All ques?ons should be answered in the following pages. Nothing here requires a very
long answer. Graphs many ;mes help, as does neatness.
What is the Coalition's direct action climate change policy? - ABC Ne.
1 of 4
By Daniel Miller
Updated Thu 24 Apr 2014, 7:38pm
The Government wants to replace Labor's carbon tax with its
Mankiw: Priciples od Economics
Consumers, Producers, and the Efficiency of Markets
What is consumer surplus, and how is it measured?
ANSWER: Consumer surplus measures the benefit to buyers of participating in a market. It is
Econ 251 (Tutorial Submissions)
Tutorial Group: 2
1. What is meant by the concept of economic growth?
Economic growth refers to a rise in GDP per capita or how much a person earn for total of the country or
region. If the
Economic and Financial part
The GDP of New Zealand is 158.7 billion dollars and GDP per capita is 35,000 dollars in 2014(CIA).
New Zealands economy has a sizable service sector, accounting for 63% of all GDP activity in
2.0 Environmental Analysis
Our target country is New Zealand, which is located in Oceania and southeast of
Australia, natural gas, iron and agricultural products, such as dairy products, sheep, beef,
fruits and vegetables, are the basis of the countrys we
As part of the marketing mix, promotion includes all activities that involve
communicating with the customer about the product and its benefits and features.
Brand awareness is a measure of how well your brand is known within its t
Q5: Is there any Australian product that you personally think might succeed in an
overseas market if you were to export it? Describe the product (it can be either a good
or service), identify the market and make a case as to why it might be a successful
New product strategy:
Develop a communication with Chinese dishes that incorporate avocados
Integrating a new slogan: soft like butter, healthy like fruit
Highlighting on health benefits of avocados
Offer tasting of dish
Over the past 30 years the government has transformed New Zealand from an agricultural
economy dependent on concessionary British market access to a more industrialized, free market
economy that can compete globally
the economy of
The term community service refers to any act that is performed for the benefit of the community
at large. For community service, I would like to do the activity of cleaning up trash, planting trees
or anything related to increasing the quality of environm
Foreign direct investment has helped many countries to develop in Asia. Still there is
some reluctance to accept or attract foreign direct investment in certain countries.
Foreign direct investment is also known as the international direct invest
School of Accounting, Economics and Finance
ECON111: Introductory Microeconomics
Session 2, 2015
Offshore Campus (Inti International College Subang)
Q1. For each of the following situations in the wheat market, determine whether the
quantity demanded changes, or the demand curve shifts and determine the direction of
the change. How will it affect the equilibrium price and output of the whea
Questions for Review: Q5
If demand is elastic, how will an increase in price change total revenue? Explain.
Elasticity of demand is the responsiveness of demand of a certain goods towards the change its
determinants. When the quantity demanded
The government has decided that the free market price of cheese is too low. After a binding
price floor was imposed in the market, farmers has complain the price floor has reduced their
total revenue. Explain why this happened and demonstrate y
Date: 18th August 2015
1. Draw a production possibilities frontier representing the economys possible production of milk
and eggs. Now show that what will happen to the frontier or the production point under each of
the following circumstances.
1. Old farmer McDonald gives bagpipe lessons for $20 an hour. One day, he spends 10 hours
planting $100 worth of seeds on his farm. What opportunity cost has he incurred? What cost
would his accountant measure? If these seeds yield $200 worth of cr