Assignment Part 1:
Problem 1: You are asked to advice on the relationship between two products. The only information you know is that if you increase the price of your product from OMR 1.600 to OMR 2.000, the demand for your competitors' product increases from 1,000 units to 1,400.
(a) Name the economic tool you will use to help your advice?
(b) What is the relationship between yours and your competitor's product? Show all working.
Problem 2: Calculate the missing values in the following table. Show all formula and calculations in detail.
|
Output (Units)
|
TC (OMR)
|
AC(OMR)
|
MC (OMR)
|
|
0
|
55
|
|
|
|
1
|
85
|
|
|
|
2
|
110
|
|
|
|
1
|
130
|
|
|
|
4
|
|
40
|
|
|
5
|
|
42
|
|
|
6
|
280
|
|
|
|
7
|
|
|
90
|
|
8
|
|
|
110
|
|
9
|
610
|
|
|
|
10
|
|
|
150
|
Problem 3:
The demand function for a product is QD = 1000 -20P
(a). Make a table to show the demand schedule for the product when prices are $0, $10, $20, $30 and $40.
(b). Draw a diagram to show the demand curve that represents the demand schedule that you have made.
(c). Make a new table to show the demand schedule for the demand function QD = 1000 -10121 when prices are $0, $10, $20, $30 and $40.
(d). Add the demand curve that represents the new schedule to the diagram that you drew in part 2.
(e). Explain two factors that might have caused the change in the slope of the original demand curve.
Assignment Part 2:
Problem 1:
(a) Define any four types of unemployment.
(b) Calculate the unemployment rate based on the information provided below:
|
Total population
|
50000
|
Women
|
4000
|
Sick elderly people
|
400
|
|
Children
|
6000
|
Employed
|
25000
|
Retired people
|
2500
|
Problem 2: Define the following terms:
a) Inflation
b) Sustainable development
c) Economies of scale
d) Budget deficit
Problem 3: Study the cost diagram below. Write four relationships between the cost curves.
Problem 4: What role does government play in influencing businesses? State four points.
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