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BUS302 – Microeconomics – Midterm Review
Week 5 – Term 4 – 2020
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Please respond to the following questions:
Each response should be a minimum of 200 words.
Scarcity:
- What do economists mean when they discuss “scarcity”? (10/100)
- Scarcity forces society to confront three critical issues. List those issues and explain how they are related to the problem of scarcity. (10/100)
Markets and prices
- What are the roles of markets and prices in an economy? (15/100)
- What is the law of demand and how do we illustrate it? (15/100)
- What is the law of supply and how do we illustrate it? (10/100)
- Explain what would happen to the equilibrium price and quantity of oranges if the supply of oranges increased while the demand for oranges decreased. (10/100)
- Suppose that the quantity demanded and quantity supplied in the market for milk is as follows:
Price per
Gallon Quantity
Demanded Quantity
Supplied
$5 1,000 5,000
$4 2,000 4,500
$3 3,500 3,500
$2 4,100 2,000
$1 6,000 1,000
a. What is the equilibrium price and quantity of milk?
b. If the government places a price ceiling of $2 on milk, will there be a shortage or surplus of milk? How large will it be? How many gallons of milk will be sold? (20/100) - If the percentage change in quantity demanded is greater than the percentage change in price, can you determine if the demand is elastic, unit elastic, or inelastic? Explain your answer. (20/100)
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