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SECTION B: Answer one question from this section
Question 1
A. Draw the Supply and Demand diagrams for market A for each of the following. Then use your diagrams to illustrate the impact of the following events. In each case. determine what happens to price and quantity in each market.
- A and B are substitutes, and the price of good B rises
- A and B satisfy the same kind of desires. and there is a shift in tastes away from A and towards B
- A is a normal good and incomes in the community increase
- There is a technobgical advance in the production of good A
- B is an input used to produce good A. and the price of B rises.
B. Suppose that an economy’s PPF is a straight line. rather than a bowed out. concave curve. What would this say about the nature of the opportunity cost as production is shifted from one good to the other?
Question 2
Complete the following table, stating the formula used in completing each column
| Quantity of Shoes | Fixed Cost | Variable Cost | Total Cost | Average Fixed Cost | Average Variable Cost | Marginal Cost |
| 1 | 13 | 38 | ||||
| 2 | 28 | |||||
| 3 | 70 | |||||
| 4 | 64 | |||||
| 5 | 110 | |||||
| 6 | 108 | |||||
| 7 | 133 | |||||
| 8 | 185 |
