Microeconomic - Bài Tập Cá Nhân về Cung và Cầu (EBDB) môn Kinh tế vi mô | Trường Đại học Kinh Tế Quốc Dân

MICROECONOMIC INDIVIDUAL ASSIGNMENT
NAME: NGUYEN THI NGOC ANH - 11220737 CLASS: EBDB4
Exercise 1: Demand and supply of fridge are shown in the table below: Prices (Dola/ unit) 100 120 140 160 180 200 Quantity Demanded (units) 1000 900 800 700 600 500 Quantity Supplied (units) 300 400 500 600 700 800 1. What are the de 1 m 20 a 𝑎n +d 𝑏 an = d9 s 0 u 0 p ply → e { q 𝑎 u = a − ti
5 ons, equilibrium price and equilibrium quantity for fridge ?
Base on the date: {100𝑎+𝑏 = 1000 • QD = aP + b
𝑏 =1500 → QD = -5P + 1500
120𝑎′+𝑏′=400 → {𝑎′=5
Base on the data: {100𝑎′+𝑏′=300 • Qs = a’P + b’
𝑏′=−200 → QS = 5P – 200 PD = 300 – 0,2Q PS = 0,2Q + 40 • Equilibrium price :
PS = PD → 300 – 0,2Q = 0,2Q +40 → Q0 = 650 ( units ) • Equilibrium quantity :
Qs = QD → -5P + 1500 = 5P -200 → P0 = 170 ( Dola/units )
2. What are the surplus and shortage of fridge at the price of $ 200 and $ 110 ? • The surplus and shortage: ➢ At the price of $ 200: QD = -5.200 + 1500 = 500 QS = 5.200 -200 = 800
→ QD < QS → The surplus of fridge: 800 – 500 = 300 ( units ) ➢ At the price of $ 110: QD = -5.110 + 1500 = 950 QS = 5.110 – 200 = 350
➔ QD > QS → The shortage of the fridge: 950 – 350 = 600 ( units )
3. Suppose the supply of fridge is constant, what happened for demand for fridge if price of
electricity increase? Given that quantity demanded for fridge change 300 units at each price
level, what are new equilibrium price and new equilibrium quantity for fridge?
• If there’s an addition of 300 units in demand at each level of price, the new equilibrium
price and quantity are $200/unit and 800 units respectively.
• If there’s a decrease of 300 units in demand at each level of price, the new equilibrium price
and quantity are $200/unit and 800 units respectively.
At Qd = 0, P = a = 240 ($/unit) P = 240 – 0.2Qd
P = 40 + 0.2Qs (Supply is constant) → 0.4Qe = 200
→ Qe = 500 (units), Pe = 140 ($/unit)
4. Suppose government imposes a tax of $ 10 per one units of fridge sold, what are new
equilibrium price and new equilibrium quantity for fridge? PD = 300 – 0,2Q PS = 0,2Q + 40
Assume tax is levied on 1/ unit of production:
PST = PS + T = 0.2Q + 40 + 10 = 0.2Q + 50
New equilibrium: PST = PD → 0.2Q + 50 = 300 – 0.2Q
➔ Q = 625 ( Units ) → P = 0.2.625 + 50 = 175 ( $/units )
5. Suppose government supports for the sellers the amount of $ 10 per one units of fridge sold,
what are new equilibrium price and new equilibrium quantity for fridge?
New equilibrium price and quantity: P = 300 – 0.2QD
At QS = 0, P = c = 30 ( $/units ) ➔ P = 30 + 0.2QS
Pe = 300 – 0.2QD = 30 + 0.2QS, QD = QS = Qe
➔ Qe = 675 ( units ), Pe = 165 ( $/units ) Exerxise 2:
With the aid of diagrams, show how each of the following events affects the supply and/or demand
curve for motor cycles. In each case, show and state the effect on the equilibrium price and quantity.
1. An increase in Vietnamese personal income tax rates
If an increase in Vietnamese personal incom tax rates, personal income will be reduced and people
maybe can’t need motor cycles until personal income increases
Effect of the increase in Vietnamese income tax rates causes the shift the demand curve to the left.
In this case, the equilibrium price and quantity will be shifted to the lefthand side of the old equilibrium price and quantity
2. An increase in the price of steel.
If the price of steel increases, consumer will shift to use other materials which is cheaper than steel to replace for them.
Effect of the increase in the price os steel causes the shift the supply curve to the left.
In this case, the equilibrium of price and quantity will be shifted to the left hand side of the old
equilibrium price and quantity.
3. An improvement in technology in motor vehicle production at the same time as a recession hits the Vietnamese economy
When technology in motor wehicle production improve, supply will increase
In the case, the equilibrium of price and quantity will be shift the right hand of the old equilibrium price and quantity. Multiple choice 1) A market:
A: reflects upsloping demand and downsloping supply curves.
B: entails the exchange of goods, but not services.
C: is an institution that brings together buyers and sellers.
D: always entails face-to-face contact between buyer and seller.
2) The law of demand states that:
A: price and quantity demanded are inversely related.
B: the larger the number of buyers in a market, the lower product price.
C: price and quantity demanded are directly related.
D: consumers will buy more of a given product at high prices than they will at low prices.
3) Represented graphically, the market demand curve is:
A: steeper than any individual demand curve that comprises it.
B: greater than the sum of the individual demand curves.
C: the horizontal sum of individual demand curves.
D: the vertical sum of individual demand curves.
4) Which of the following will not cause the demand for product K to change?
A: A change in the price of close-substitute product J.
B. An increase in consumer incomes.
C: A change in the price of K.
D: A change in consumer tastes.
5) If consumer incomes increase, the demand for product X:
A: will necessarily remain unchanged.
B: may shift either to the right or left.
C: will necessarily shift to the right.
D: will necessarily shift to the left.
6) The law of supply indicates that:
A: producers will offer more of a product at high prices than they will at low prices.
B: the product supply curve is downsloping.
C: consumers will purchase less of a good at high prices than they will at low prices.
D: producers will offer more of a product at low prices than they will at high prices. 2-2
7) An improvement in production technology will:
A: tend to increase equilibrium price.
B: shift the supply curve to the left.
C: shift the supply curve to the right.
D: shift the demand curve to the left.
8) of the following statements is incorrect?
A: If demand increases and supply decreases, equilibrium price will rise.
B: If supply increases and demand decreases, equilibrium price will fall.
C: If demand decreases and supply increases, equilibrium price will rise.
D: If supply declines and demand remains constant, equilibrium price will rise.
9) If there is a shortage of product X, we can predict that:
A: fewer resources will be allocated to the production of this good.
B: the price of the product will rise.
C: the price of the product will decline.
D: the supply curve will shift to the left and the demand curve to the right, thereby eliminating the shortage.