Campus Worksheet

May 2016 1ECON1000 Open CampusWorksheet #1 (Covers Units 1 to 5)Question 1Classify

May 2016 1

ECON1000 Open Campus

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Worksheet #1 (Covers Units 1 to 5)

Question 1

Classify

the following as microeconomics or macroeconomics and provide a justification

for your choice.

(a) Research into why the growth rate of total production increased.

(b) A theory of how consumers decide what to buy.

(c) An analysis of IBM’s share of the personal computer market.

(d) Research on why interest rates in a country was unusually high.

(a) The local pizza restaurant is advertising a special. If you buy one individual sized

pizza, you get the next one at 25% off, the third one for 50% off and the fourth

one for 75% off. Your marginal benefit from eating pizza is shown in the table

below:

# Pizzas Marginal Benefit (MB) Marginal Cost (MC)

0 0

1 7 6

2 4 4.5

3 2 3

4 1 1.5

(i) If the price of a pizza is $6 how many should you buy?

(ii) Provide an example to justify your choice.

(b) John Amaker owns orange groves and hires pickers for a two-week period. The

output from the orange groves are shown in the table below:

Pickers Oranges picked

1 1000

2 2000

3 3000

4 3900

5 4700

6 5400

(i) What is the marginal product of the 2nd picker? the 6th picker?

(ii) When does diminishing returns start to set in? Explain.

May 2016 2

Question 3

Suppose that in an hour an American worker can produce 100 shirts or 20 computers,

while a Chinese worker can produce 100 shirts or 10 computers. If each country has 4

hours available, (put shirts on horizontal axis)

a) Graph the production possibilities curve for the United States. (3 marks)

b) Suppose that without trade the labour in each country spend half their time

producing each good. Identify this point on your graph. (2 marks)

c) If these countries were open to trade, which country would export shirts? Explain.

(6 marks)

 

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