Scribd Logo
Upload

Welcome to Scribd!

  • 53 views

    Subject Code:: Prepared by

    Uploaded by

    Darmmini Mini
    This document contains two economics tutorials from past exams. The first tutorial provides a cost schedule for an electrical firm and asks the student to complete the table with calculations for total, fixed, variable, average and marginal costs. It also asks the student to determine if the firm is operating in the short run or long run based on having fixed inputs. The second tutorial provides market demand and supply schedules for mangoes and asks the student to complete the table, plot the data on a graph, and identify the equilibrium point and surplus/shortage areas. It also provides data on individual and market demand for coffee from 2011-2015 and asks the student to calculate total market demand and state the law of demand and determinants of demand.

    Copyright:

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

    Subject Code:: Prepared by

    Uploaded by

    Darmmini Mini
    53 views6 pages
    This document contains two economics tutorials from past exams. The first tutorial provides a cost schedule for an electrical firm and asks the student to complete the table with calculations for total, fixed, variable, average and marginal costs. It also asks the student to determine if the firm is operating in the short run or long run based on having fixed inputs. The second tutorial provides market demand and supply schedules for mangoes and asks the student to complete the table, plot the data on a graph, and identify the equilibrium point and surplus/shortage areas. It also provides data on individual and market demand for coffee from 2011-2015 and asks the student to calculate total market demand and state the law of demand and determinants of demand.

    Original Title

    MINNE ITE

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document contains two economics tutorials from past exams. The first tutorial provides a cost schedule for an electrical firm and asks the student to complete the table with calculations for total, fixed, variable, average and marginal costs. It also asks the student to determine if the firm is operating in the short run or long run based on having fixed inputs. The second tutorial provides market demand and supply schedules for mangoes and asks the student to complete the table, plot the data on a graph, and identify the equilibrium point and surplus/shortage areas. It also provides data on individual and market demand for coffee from 2011-2015 and asks the student to calculate total market demand and state the law of demand and determinants of demand.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    53 views6 pages

    Subject Code:: Prepared by

    Uploaded by

    Darmmini Mini
    This document contains two economics tutorials from past exams. The first tutorial provides a cost schedule for an electrical firm and asks the student to complete the table with calculations for total, fixed, variable, average and marginal costs. It also asks the student to determine if the firm is operating in the short run or long run based on having fixed inputs. The second tutorial provides market demand and supply schedules for mangoes and asks the student to complete the table, plot the data on a graph, and identify the equilibrium point and surplus/shortage areas. It also provides data on individual and market demand for coffee from 2011-2015 and asks the student to calculate total market demand and state the law of demand and determinants of demand.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 6

    BEC10103 – INTRODUCTION TO ECONOMICS

    SUBJECT CODE:
    BEC10103

    SUBJECT NAME:
    INTRODUCTION TO ECONOMICS

    TUTORIALS ECONOMICS

    PREPARED BY:

    NAME:
    DARMMINI MARIMUTHU

    MATRIX NUMBER / ID
    2122020020037

    PREPARED FOR:
    SIR MOHD AZRUL
    BEC10103 – INTRODUCTION TO ECONOMICS

    TUTORIAL 1
    (FEB 2018 SESSION) PAST YEAR EXAM
    PART 1

    INSTRUCTION
    1.Given below is the cost schedule of an electrical firm operating in Shah
    Alam.
    QUANTITY TOTAL TOTAL TOTAL AVERAGE AVERAGE AVERAGE MARGINAL
    OUTPUT COST FIXED VARIABLE VARIABLE FIXED TOTAL COST
    (TC) COST COST COST COST COST (MC)
    (TFC) (TVC) (AVC) (AFC) (ATC)

    0 20 20 0 _ _ _ _

    1 35 20 15 15 20 35 15

    2 45 20 25 12.50 10 22.50 10

    3 50 20 30 10 6.67 16.67 5

    4 55 20 35 8.75 5 13.75 5

    5 60 20 45 9 4 13 5

    a) Show calculations and complete the table above.


    Calculations

    TC = TFC +TVC AVC= TVC/Q AFC=AFC/Q ATC= ATC/Q MC= TC/Q

    i. 20-20 = 0 0 / 0 = -- 20 / 0 = -- 20 / 0 = -- --

    ii. 35–20 = 15 15 / 1 = 15 20 / 1 = 20 35 / 1 = 35 (35-20)/(1-0)=15

    iii. 45-20 = 25 25 / 2 = 12.50 20 / 2 = 10 45 / 2 = 22.50 (45-35)/(2-1)=10

    iv. 50-20 = 30 30 / 3 = 10 20 / 3 = 6.67 50 / 3 = 16.67 (50-45)/(3-2)=5

    v. 55-20 = 35 35 / 4 = 8.75 20 / 4 = 5 55 / 4 = 13.75 (55-50)/(4-3)=5

    vi. 65-20 = 45 45 / 5 = 9 20 / 5 = 4 65 / 5 = 13 (65-55)/(5-4)=10

    b) Is the firm operating in short run long run period? Give a reason for your
    answer .
    ➢ Short run. Because they have fixed input and variable inputs.
    BEC10103 – INTRODUCTION TO ECONOMICS

    TUTORIAL 2
    (FEB 2016 SESSION) PAST YEAR EXAM
    PART 1
    INSTRUCTION
    A) The following is the market demand and supply schedule at each
    price level for mangoes on Newtown.

    PRICE MARKET MARKET SURPLUS/SHORTAGE


    (RM PER KG) DEMAND(KG) SUPPLY (KG) /EQUILBRIUM
    1 160 8000 0 SHORTAGE

    2 140 7000 1000 SHORTAGE

    3 120 6000 2000 SHORTAGE

    4 100 5000 3000 SHORTAGE

    5 80 4000 4000 EQUILIBRIUM

    6 60 3000 5000 SURPLUS

    7 40 2000 6000 SURPLUS

    8 20 1000 7000 SURPLUS

    9 0 0 8000 SURPLUS

    i. Complete the table above


    Market supply – market demand
    1. 0 – 8000 = - 8000 (shortage) FALLS
    2. 1000 – 7000 = - 6000 (shortage) FALLS
    3. 2000 – 6000 = - 4000 (shortage) FALLS
    4. 3000 – 5000 = - 2000 (shortage) FALLS
    5. 4000 – 4000 = 0 (Equilibrium)
    6. 5000 – 3000 = 2000 (surplus) RISES
    7. 6000 – 2000 = 4000 (surplus) RISES
    8. 7000 – 1000 = 6000 (surplus) RISES
    9. 8000 – 0 = 8000 (surplus) RISES
    BEC10103 – INTRODUCTION TO ECONOMICS

    ii. Plot the demand and supply quantities on a graph paper


    iii. What are the equilibrium price and quantity traded in the market for
    mangoes? Using the same graph, identify and label the equilibrium
    point as E, surplus area and shortage area.
    BEC10103 – INTRODUCTION TO ECONOMICS

    B) Brazil is the one of the largest producers in produang coffee. Below


    is the demand of coffee per kilogram (kg) in the market individual
    A,B and C from year 2011 to 2015.

    YEAR INDIVIDUAL INDIVIDUAL INDIVIDUAL MARKET


    A B C DEMAND
    A 2011 80 40 50 170

    B 2012 60 70 50 180

    C 2013 55 45 50 150

    D 2014 70 60 50 180

    E 2014 60 55 50 165

    i) Calculate and complete the table above

    MARKET DEMAND = ∑ INDIVIDUAL DEMAND


    a) Individual A + Individual B + Individual c
    2011 = 80 + 40 + 50
    = 170
    b) 2012 = 60 + 70 + 50
    = 180
    c) 2013 = 55 + 45 + 50
    = 150
    d) 2014 = 70 + 60 + 50
    = 180
    e) 2015 = 60 + 55 + 50
    = 165
    BEC10103 – INTRODUCTION TO ECONOMICS

    ii) State the law of demand and three (3) determinates of demand.

    ➢ The law of demand is states that the higher of price of a product. The
    lower is the quantity demanded for that product and vice versa, ceteris
    paribus.

    iii) Three (3) determinates of demand.

    ➢ Price of related goods

    ➢ Consumer income

    ➢ Consumer’s fashion , taste and preferences

    ➢ Population

    ➢ Expectation about future prices

    ➢ Advertisements

    ➢ Festive season and climate

    ➢ Level of taxation

    ➢ Supply of money in circulation

    You might also like

    pFad - Phonifier reborn

    Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

    Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


    Alternative Proxies:

    Alternative Proxy

    pFad Proxy

    pFad v3 Proxy

    pFad v4 Proxy