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Intro to Eco assignment

The document outlines an economics assignment that includes various discussion and workout questions focusing on the allocation of scarce resources, central economic problems, utility concepts, consumer equilibrium, indifference curves, production functions, market structures, demand elasticity, and profit maximization. Each question requires clear explanations and necessary calculations to demonstrate understanding of economic principles. The assignment is worth 20% of the overall grade.

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7 views1 page

Intro to Eco assignment

The document outlines an economics assignment that includes various discussion and workout questions focusing on the allocation of scarce resources, central economic problems, utility concepts, consumer equilibrium, indifference curves, production functions, market structures, demand elasticity, and profit maximization. Each question requires clear explanations and necessary calculations to demonstrate understanding of economic principles. The assignment is worth 20% of the overall grade.

Uploaded by

wondwosen.asegid
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Introduction to Economics Assignment (20%)

Instruction: Provide clear explanations for discussion questions and show all the necessary steps
for workout questions.

1. Explain why economics deals with allocation and efficient utilization of scarce resources
only?
2. Discuss the central problems of an economy in detail, with the help of examples.
3. Explain the concept of cardinal utility and ordinal utility?
4. discuss the equilibrium condition of the consumer in the one commodity case and the two
commodity case
5. Explain the reasons why the indifference curve has a negative slope and convex to the
origin.
6. explain production and the production function, stages of production and the returns to
scale
7. Discuss the similarities and differences between oligopoly and monopolistically
competitive market structure?
8. The demand for tickets to an Ethiopian Camparada film is given by D(p)= 200,000-
10,000p, where p is the price of tickets. If the price of tickets is 12 birr, calculate price
elasticity of demand for tickets and draw the demand curve.
9. Given market demand Qd = 50 - P, and market supply P = Qs + 5;
A. Find the market equilibrium price and quantity?
B. What would be the state of the market if market price was fixed at Birr 25 per unit?
C. Calculate and interpret price elasticity of demand at the equilibrium point.
10. given TC = 10 +2Q2 +40Q and the TR = 10Q2 +20Q
A. compute the TFC, TVC, AVC And AFC functions of the producer
B. compute MR and AR function of the producer
C. how much output should be produced to maximize profit of the producer
D. how much is the profit/ loss of the producer

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