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    Basic Economics Task Performance (Prelims)

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    godwill oliva
    The document contains instructions for a basic economics task performance exam with 5 questions. Question 1 asks to differentiate between a rightward and leftward shift of the supply curve. Question 2 provides market demand and supply schedules for commodity X and asks to find the equilibrium price, quantity, and plot surplus and shortage. Question 3 asks to determine the price elasticity of demand for 3 scenarios. Question 4 and 5 ask to plot hypothetical demand and supply schedules for pork and bangus respectively based on given price and quantity data.

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    Basic Economics Task Performance (Prelims)

    Uploaded by

    godwill oliva
    337 views1 page
    The document contains instructions for a basic economics task performance exam with 5 questions. Question 1 asks to differentiate between a rightward and leftward shift of the supply curve. Question 2 provides market demand and supply schedules for commodity X and asks to find the equilibrium price, quantity, and plot surplus and shortage. Question 3 asks to determine the price elasticity of demand for 3 scenarios. Question 4 and 5 ask to plot hypothetical demand and supply schedules for pork and bangus respectively based on given price and quantity data.

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    BM-pre elim

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    The document contains instructions for a basic economics task performance exam with 5 questions. Question 1 asks to differentiate between a rightward and leftward shift of the supply curve. Question 2 provides market demand and supply schedules for commodity X and asks to find the equilibrium price, quantity, and plot surplus and shortage. Question 3 asks to determine the price elasticity of demand for 3 scenarios. Question 4 and 5 ask to plot hypothetical demand and supply schedules for pork and bangus respectively based on given price and quantity data.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    337 views1 page

    Basic Economics Task Performance (Prelims)

    Uploaded by

    godwill oliva
    The document contains instructions for a basic economics task performance exam with 5 questions. Question 1 asks to differentiate between a rightward and leftward shift of the supply curve. Question 2 provides market demand and supply schedules for commodity X and asks to find the equilibrium price, quantity, and plot surplus and shortage. Question 3 asks to determine the price elasticity of demand for 3 scenarios. Question 4 and 5 ask to plot hypothetical demand and supply schedules for pork and bangus respectively based on given price and quantity data.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    BASIC ECONOMICS TASK PERFORMANCE (PRELIMS)

    1. Differentiate a shift to the right and a shift to the left of the supply curve. Defend your
    answer (10 points)

    2. Plot the following hypothetical market demand and supply schedules for commodity X: (20
    points)

    Quantity Demanded (Units) Price Quantity Supplied ( Units)


    (Pesos)
    250 P 40.00 750
    375 35.00 700
    400 30.00 600
    500 25.00 500
    600 20.00 400
    800 15.00 300
    900 10.00 200
    1000 5.00 100

    a) What is the Equilibrium Price?


    b) What is the Equilibrium Quantity?
    c) Plot the Surplus
    d) Plot the Shortage

    3. Solve and tell whether the elasticity is elastic, inelastic or unitary. (30 points)

    a. An increase in the price of good B from P10,00 to P15,00 cause the quantity demanded
    for good A to decrease by 20% from level of 80 units.
    b. An increase in Jose’s income from P3000 to P3500 causes his demand for steak to
    increase from 5 to 6 kilos a month.
    c. Steak sells at a price of P50.00 per kilo. An increase in the price of steak by 10% causes
    your demand to decrease from 10 to 8 kilos a month.

    4. Plot the following hypothetical demand schedule of pork in the market:

    Price of Beef (Per Kilo) Quantity Demanded (In Kilos)


    P 150.00 90
    P140.00 100
    P 100.00 130
    P75.00 150
    P60.00 170
    P40.00 200

    5. Plot the following hypothetical supply schedule of pork in the market:

    Price of Bangus (Per Kilo) Quantity Demanded (In Kilos)


    P 120.00 700
    P100.00 650
    P 90.00 600
    P75.00 500
    P60.00 400
    P40.00 300

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