Đề thi giữa kỳ môn Kinh tế chính trị (Hệ Chất lượng cao)

Tài liệu giúp sinh viên tham khảo và đạt điểm cao trong bài thi giữa kỳ môn Kinh tế chính trị.

78 39 lượt tải Tải xuống
Chia sẻ Báo cáo tài liệu

Môn: Kinh tế vi mô (KT101)

Trường: Đại học Cần Thơ

Thông tin:

1 trang 9 tháng trước

Tác giả:

Profile Thu Hoàn
lOMoARcPSD| 36271885
lOMoARcPSD| 3627188
Midterm exam, group M05 (First semester, year 2021 - 2022)
Course: Microeconomics (KT103H)
Your fullname
Your student code:
Ordinal no:
Score
Your
signature
Instructions: Write your answers in the spaces after the questions. For maximum score,
show all work. Writing an answer without showing work may not receive full score.
Exam 2.
Q 1. A vegetable fiber is traded in a competitive world market, and the world price is $9
per pound. Unlimited quantities are available for import into the United States at this
price. The U.S. domestic supply and demand for various price levels are shown as
follows:
Price
US supply (million Lbs)
US demand (million Lbs)
3
2
34
6
4
28
9
6
22
12
8
16
15
10
10
18
12
4
a. What is the equation for demand? What is the equation for supply?
b. At a price of $9, what is the price elasticity of demand? What is it at a price of $12?
c. In a free market, what will be the U.S. price and level of fiber imports?
Q 2. Steve has a utitily function from consuming X and Y as follows U = X
0,5
Y
0,5
. He has
an income of $12 and price of X and Y are, respectively, $1 and $2.
a) What is the market basket (X,Y) that the Steve will choose to maximize his utility?
b) Prove that if both prices of X and Y are doubled and income is doubled, then, the
individual consumes the same market basket as in question b)
| 1/1
| | Tải xuống

Có thể bạn quan tâm:

Preview text:

lOMoAR cPSD| 36271885 lOMoAR cPSD| 3627188
Midterm exam, group M05 (First semester, year 2021 - 2022)
Course: Microeconomics (KT103H) Your fullname Ordinal no: Score Your signature Your student code:
Instructions: Write your answers in the spaces after the questions. For maximum score,
show all work. Writing an answer without showing work may not receive full score. Exam 2.
Q 1. A vegetable fiber is traded in a competitive world market, and the world price is $9
per pound. Unlimited quantities are available for import into the United States at this
price. The U.S. domestic supply and demand for various price levels are shown as follows: Price US supply (million Lbs) US demand (million Lbs) 3 2 34 6 4 28 9 6 22 12 8 16 15 10 10 18 12 4
a. What is the equation for demand? What is the equation for supply?
b. At a price of $9, what is the price elasticity of demand? What is it at a price of $12?
c. In a free market, what will be the U.S. price and level of fiber imports?
Q 2. Steve has a utitily function from consuming X and Y as follows U = X0,5Y0,5. He has
an income of $12 and price of X and Y are, respectively, $1 and $2.
a) What is the market basket (X,Y) that the Steve will choose to maximize his utility?
b) Prove that if both prices of X and Y are doubled and income is doubled, then, the
individual consumes the same market basket as in question b)