Summative Assignment 1
Brief and guidelines
• Solve all of the following questions.
The maximum grade of this assignment is 100.
This assignment carries a 30% weight of the final grade for this module.
• Submit one single document and not lots of different files.
1. Consider market supply curve which passes through the intercept and from which the market equilibrium data is known, this is, the price and quantity of equilibrium PE = 50 and QE=2000. (20 points)
a. Considering those two points, find the equation of the supply.
b. Draw a graph of this line.
2. Considering the previous supply line, determine if the following demand function corresponds to the market demand equilibrium stated above. QD = 3000 – 2p (15 points)
3. The production function of a firm is described by the following equation Q = 10,000L− 3L where L stands for the units of labour. (20 points).
a) Draw a graph for this equation. Use the quantity produced in the y-axis, and the units of labour in the x-axis.
b) What is the maximum production level?
c) How many units of labour are needed at that point?
4. Solve the following system of equations (10 points).
50x +20y =1800
10x + 3y =300
5. Consider the demand and supply functions for the notebooks market. (20 Points).
a. Make a table with the corresponding supply and demand schedule.
b. Draw the corresponding graph.
c. Is it possible to find the price and quantity of equilibrium with the graph method?
d. Find the price and quantity of equilibrium by solving the system of equations.
6. Supply and demand functions show different relationship between the price and quantities supplied and demanded. Explain the reason for that relation. (15 points).
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