Bbus504 Economics And Society Assessment Answer
Question 1: Supply & Demand
a) A consumer is having pizza for dinner and their marginal benefit per slice is given in the table below. If a slice of pizza costs $4 then how many slices should this consumer purchase? If instead, the pizza parlour only charged an entrance fee of $12 how many slices should this consumer eat?
|
Slice |
1st |
2nd |
3rd |
4th |
5th |
|
Marginal Benefit |
$7 |
$5 |
$3 |
$1 |
-$1 |
b) Consider the below demand and supply schedules for widgets and carefully illustrate this market to scale. Include all labels, intercepts and graphically calculate equilibrium price and quantity.
|
Price |
Quantity Demanded |
Quantity Supplied |
|
$5 |
10 |
1 |
|
$7 |
8 |
2 |
|
$9 |
6 |
3 |
c) Consider the table in b) and assume that the government now introduces a price ceiling of $7 and calculate the impact this policy will have on the market for widgets.
d) Sketch the market for bicycles. Now assume that the market for bicycles experiences the following shocks: 1) A study links bike riding with prostate cancer (this impacts only 50% of bike users) and 2) A new robotic bike assembly process has been invented (100% of bike firms adopt this new process). Add the impact of this shocks to your market for bicycles sketch.
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