Section “a”Answer the below questions. Each question carries 10 marks.
1) Discuss the supply schedule and the various factors affecting the supply in the market.
2) Explain the Price elasticity with appropriate formulae. Also, explain how it will differ forelastic & inelastic goods.
3) Demand of a product is usually very sensitive to economic variables, such as the prices and consumer income. This responsiveness of demand is elasticity.
Compute elasticity in the below scenarios:a. Three days ago, the price of envelopes was $7 a box, and Julie was willing to buy 80 boxes. Today, the price has gone up to $7.75 a box, and Julie is now willing to buy 18 boxes. Is Julie’s demand for envelopes elastic or inelastic? What is Julie’s elasticity of demand? b. If Neil’s elasticity of demand for hot dogs is constantly 0.9, and he buys 4 hot dogs when the price is $1.50 per hot dog, how many will he buy when the price is $1.00per hot dog?
4) Explain the different types of Costs in a tabular format & with a well-labelled diagram
5) Describe the various factors affecting demand and also draw the demand curve if it is perfectly inelastic and the demand for cardiac bypass surgery, given that the government pays the full cost for any patient. Section “B” Answer the below questions. Each question carries 20 marks.
6) Show in a diagram the effect on the demand curve, the supply curve, the equilibrium price, and the equilibrium quantity of each of the following events.
a. The market for newspapers in your town Case 1: The salaries of journalists go up. Case 2: There is a big news event in your town, which is reported in the newspapers.
b. The market for St. Louis Rams (a professional football team) cotton T-shirts Case 1: The Rams win the Super Bowl competition.
Case 2: The price of cotton increases. c. The market for the Krugman and Wells economics textbook Case 1: Your professor makes it required reading for all of his or her students.
Case 2: Printing costs for textbooks are lowered by the use of synthetic paper. 7) Asian-based telecom operator recently announced that it was launching Virgin Mobile as a new telecom brand within the country. It would operate in conjunction with Etisalat and Du. Assuming the trend continues, and the government opens the market for private and ©Al Tareeqah Management Studies – 2020 4 foreign players. You are required to – a. Apply your understanding and concepts from microeconomics, to investigate and summarize the major characteristics of the emerging market form in the telecom industry. b. Describe and analyze the pricing policies that you would expect to find in this industry.
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