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Problem Solving Exercise in Microeconomics and Macroeconomics

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Added on  2022-11-22

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This document contains a problem-solving exercise in microeconomics and macroeconomics. It covers topics such as the equilibrium price of apricots, production possibilities frontier, and monopolistically competitive market. The document also includes diagrams and references to support the explanations.

Problem Solving Exercise in Microeconomics and Macroeconomics

   Added on 2022-11-22

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Running head: PROBLEM SOLVING EXERCISE IN MICROECONOMICS AND
MACROECONOMICS
Problem Solving Exercise in Microeconomics and Macroeconomics
Name of the Student
Name of the University
Course ID
Problem Solving Exercise in Microeconomics and Macroeconomics_1
PROBLEM SOLVING EXERCISE IN MICROECONOMICS AND MACROECONOMICS
1
Table of Contents
Question 1..................................................................................................................................2
Question a...............................................................................................................................2
Question b..............................................................................................................................3
Question c...............................................................................................................................3
Question d..............................................................................................................................4
Question e...............................................................................................................................5
Question f...............................................................................................................................5
Question 2..................................................................................................................................6
Question a...............................................................................................................................6
Question b..............................................................................................................................7
Question c...............................................................................................................................7
Question d..............................................................................................................................7
Question e...............................................................................................................................8
Question 3..................................................................................................................................8
Question a...............................................................................................................................8
Question b..............................................................................................................................9
Question c...............................................................................................................................9
Question d............................................................................................................................10
References................................................................................................................................11
Problem Solving Exercise in Microeconomics and Macroeconomics_2
PROBLEM SOLVING EXERCISE IN MICROECONOMICS AND MACROECONOMICS
2
Problem Solving Exercise in Microeconomics and Macroeconomics_3
PROBLEM SOLVING EXERCISE IN MICROECONOMICS AND MACROECONOMICS
3
Question 1
Question a
Given the demand and supply functions for apricots are
P=200−0.4 QD
P=20+ 0.5 QS
Equilibrium occurs where demand and supply equates.
200−0.4 QD=20+ 0.5QS
¿ , 0.4 Q+0.5 Q=200−20 ( At equilibrium , QD=QS=Q )
¿ , 0.9 Q=180
¿ , Q= 180
0.9
¿ , Q=200
Equilibrium price of apricots can be obtained from either using the demand or using the
supply function.
P¿=200− ( 0.4 ×QD )
¿ 200− ( 0.4 ×200 )
¿ 200−80
¿ 120
Problem Solving Exercise in Microeconomics and Macroeconomics_4

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