Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
BCO115. Microeconomics, Exercises. Supply, Demand, Equilibrium
Exercise 1
The following curves describe the market for pizza:
Qs= -40+11p
Qd= 40-5p
- Draw the curves in an (x-y) diagram.
- Calculate the equilibrium algebraically.
- Calculate the consumer surplus and producer surplus when the price equals the equilibrium price.
- If the price of mozzarella cheese goes down, the supply curve will shift to the by 20 units. What are the new equilibrium price and quantity?
Exercise 2
The equation for the demand curve of hamburgers is Qd = 80-12p and the equation of the supply curve of hamburgers is Qs = -20+8p.
- Draw the supply and demand curves in a graph and show the market equilibrium.
- Calculate the equilibrium price and quantity algebraically.
- Calculate the consumer surplus and producer surplus when the price equals the equilibrium price.
- Now imagine that the demand curve shifts to the right and at every price the consumers demand 20 more hamburgers. Rewrite the new demand function and, using algebra, calculate the new equilibrium price and quantity.
Exercise 3
The following curves describe the market for cars in Spain:
Qd=72-3p
Qs=-34+7p
- Draw the supply and demand curves in a graph and show the market equilibrium.
- Calculate the equilibrium price and equilibrium quantity algebraically.
- When the market price equals the equilibrium price, what are the consumer surplus and the producer surplus? Show them graphically. Calculate the consumer surplus and producer surplus algebraically (Hint: use the formula for the area of a triangle).
Exercise 4
The demand function for a Barcelona football match is Qd=400,000-1,000P+2,000Ps where Ps is the price of watching the match on the TV.
- If we assume that Ps=20, calculate the quantity demanded when P=200.
- b. Considering that the Camp Nou has a maximum capacity of 100,000, and maintaining Ps=20, what would be the equilibrium price of Barcelona tickets?
- Maintaining Ps =20, what is the consequence of the club charging a price of 200 instead of the equilibrium price for tickets? Will the market be in equilibrium?
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. 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