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    Economics Group Assignment

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    teddy
    This group assignment from St. Mary's University involves answering 8 questions related to economics. Students must complete the assignment before December 20, 2022 and submit it to their instructor. The assignment must be done in groups of 6 students or less and no copying is allowed.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Economics Group Assignment

    Uploaded by

    teddy
    208 views3 pages
    This group assignment from St. Mary's University involves answering 8 questions related to economics. Students must complete the assignment before December 20, 2022 and submit it to their instructor. The assignment must be done in groups of 6 students or less and no copying is allowed.

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    eco

    Original Title

    Economics group assignment (1)

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    This group assignment from St. Mary's University involves answering 8 questions related to economics. Students must complete the assignment before December 20, 2022 and submit it to their instructor. The assignment must be done in groups of 6 students or less and no copying is allowed.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    208 views3 pages

    Economics Group Assignment

    Uploaded by

    teddy
    This group assignment from St. Mary's University involves answering 8 questions related to economics. Students must complete the assignment before December 20, 2022 and submit it to their instructor. The assignment must be done in groups of 6 students or less and no copying is allowed.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    St.

    Mary’s University

    Faculty of Business

    Department of Economics
    Introduction to Economics Group Assignment

    Name:

    ID. No:

    Department:

    Program: Degree

    Instructions:

     This is the only group assignment of this course


     Number of students in one group is not more than 6.
     This assignment is to be completed and submitted to instructor before December 20/2022
    or deadline to submit these assignments will be December 20/2022.
     Any kind of copy is series consequences.
     Do all questions and show all necessary steps and explain it if it is necessary.

    1|Pa ge Compiled by Assefa Belay (MSC in Economics)


    1. Given the Total Utility function (T U) = 150x+40x2- x3, then
    A. Derive marginal utility function and find the value of x at which total utility is maximum.
    2. Suppose the generic demand function of a hypothetical good is given by:
    Qd = 250 + 0.75Y- 0.35P + 0.25Py + 500, where Y is income, Py is price of the related good
    and P is price of the good .Y =1500. P=3, Py =2 then
    A. Find quantity of demand
    B. Calculate price elasticity of demand and interpret your result
    C. Calculate income elasticity of demand and identify the types of goods.
    D. Calculate cross price elasticity of demand and identify the nature of the good
    3.Assum that the total expenditure of a consumer on two goods X and Y is birr 2000 and
    prices of good X and Y are birr 50 and birr 40 respectively .Then formulate his budget
    equation and sketch the graph.
    4.Suppose individual demand and supply function for acmmodity are given respectively as
    Qd =100-20P and Qs =40P-120, where Q refers to the quntity and p refers to price . If there
    are 20 buyers and 10 suppliers of the commodity ,then
    A. Find market demand and market supply functions.
    B. Find equilibrium quantity of product .
    C.What is equlibrium price of a product ?
    5. Complete the following table by finding Marginal Product & Average Product.
    Labor Output Marginal Average product
    product
    0 0

    1 2

    2 6

    3 12

    4 16

    5 21

    2|Pa ge Compiled by Assefa Belay (MSC in Economics)


    6. Complete the following table by finding , , , , ,
    Out put Fixed Variable Total Average Average Average Marginal
    cost Cost Cost Cost Fixed Variable Cost
    ( ) ( ) ( ) ( ) Cost Cost
    0 100 0

    1 100 120

    2 100 160

    3 100 220

    4 100 280

    5 100 360

    6 100 420

    7 100 520

    8 100 600

    9 100 680

    10 100 720

    7. Suppose that, for perfectly competitive firm of marginal cost function is given

    by: MC = Q2-2Q+20, then

    A. Find the equilibrium level of output, if price per unit of a good produced is birr 44.
    B. Find total amount of MC, Total Cost and Total revenue
    C. Find maximum amount of profit
    8. A consumer has 300 birr to spend on two commodities , the first time costs 10 birr and the
    second one cost 15 birr. Suppose that the utility of the consumer be defined by

    U(x,y) =5x0.6 y0.4 where x is the first item and y is second commodity .

    3|Pa ge Compiled by Assefa Belay (MSC in Economics)

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