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ECO101 ASSIGNMENT
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SSC351 Study Guide

ECO101 ASSIGNMENT

Answer the following questions and submit the assignment latest by August 30, 2003. The assignment must be typed using font size 11 (Arial) in double spacing. When constructing graphs, please use graph papers, cut them into size, and paste them on the appropriate pages. Bind your assignment. Don't forget to write your name, student number, group, and date of submission on the cover page.

IMPORTANT: YOU MUST CONSTRUCT YOUR OWN SENTENCES USING YOUR OWN WORDS. REMEMBER TO CONSTRUCT COMPLETE SENTENCES WHEN ANSWERING THE QUESTIONS. DO NOT COPY FROM YOUR FRIENDS.

  1. Write between 40 and 50 words your understanding of the word economics.
  2. Why is it necessary for university students to study economics?
  3. What is the difference between microeconomics and macroeconomics?
  4. The following is the demand and supply schedule for pencils. Use the information to respond to the questions that follow:

Price

($)

Quantity Demanded (units)

Quantity Supplied (units)

10

200

155

20

195

160

30

190

165

40

185

170

50

180

175

60

175

180

70

170

185

80

165

190

90

160

195

100

155

200

    1. Copy the above schedule and from the information given, plot the demand and supply curves on the same graph. Use a suitable scale and label your graph accurately.
    2. From the graph, explain the shape of the demand curve. Relate your answer to the law of demand.
    3. From the graph, explain the shape of the supply curve. Relate your answer to the law of supply.
    4. What are the equilibrium price and the equilibrium quantity of the above product?
    5. Calculate the price elasticity of demand for the above product and answer the following:
      • Explain the percentage change in price.
      • Explain the percentage change in quantity demanded.
      • Make a conclusion based on (i) and (ii) above.
      • What is the price elasticity of demand coefficient?
      • Write your conclusion based on (iv) above.
    1. Calculate the price elasticity of supply for the above product and answer the following.
      • Explain the percentage change in price.
      • Explain the percentage change in quantity supplied.
      • Make a conclusion based on (i) and (ii) above.
      • What is the price elasticity of supply coefficient?
      • Write your conclusion based on (iv) above.

5.  Draw and accurately label 5 different graphs to illustrate the following.

      • Perfectly price elastic demand.
      • Price elastic demand.
      • Price unit elastic demand.
      • Price inelastic demand.
      • Perfectly price inelastic demand.

6.  Copy the following table.

q

FC ($)

VC ($)

TC ($)

MC ($)

AC ($)

AFC ($)

AVC ($)

0

55

0

         

1

 

30

         

2

 

55

         

3

 

75

         

4

 

105

         

5

 

155

         

6

 

225

         

7

   

370

       

8

   

480

       

9

 

555

         

10

 

705

         

  1. Complete the table by filling in the correct data ($) in each of the empty spaces.
  2. Using the date from the table, construct a graph consisting of the AC, AVC, AFC, and MC curves. Label the graph correctly.

7.  Get any news from any local newspapers between 11 August and 16 August that relates to any economic topics you have studied in class. From the news article, please write in about 100 words your views using the economic knowledge you acquired so far. Only one news article is required.

END OF ASSIGNMENT