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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.

  1. A and B are substitutes, and the price of good B rises
  2. A and B satisfy the same kind of desires. and there is a shift in tastes away from A and towards B
  3. A is a normal good and incomes in the community increase
  4. There is a technobgical advance in the production of good A
  5. 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