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    Economics 10 Problem Set 2 Deadline:: Scenario Price Quantity

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    Sellsky jaskdjsa
    This document provides instructions for Economics Problem Set 2 which is due on September 29. It includes 2 questions on calculating elasticity of demand using price and quantity data from scenarios A and B. It also includes solving for the equilibrium price and quantity using supply and demand equations and analyzing the effects of imposing a price ceiling.

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    Download as PDF, TXT or read online from Scribd

    Economics 10 Problem Set 2 Deadline:: Scenario Price Quantity

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    Sellsky jaskdjsa
    20 views1 page
    This document provides instructions for Economics Problem Set 2 which is due on September 29. It includes 2 questions on calculating elasticity of demand using price and quantity data from scenarios A and B. It also includes solving for the equilibrium price and quantity using supply and demand equations and analyzing the effects of imposing a price ceiling.

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    This document provides instructions for Economics Problem Set 2 which is due on September 29. It includes 2 questions on calculating elasticity of demand using price and quantity data from scenarios A and B. It also includes solving for the equilibrium price and quantity using supply and demand equations and analyzing the effects of imposing a price ceiling.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    20 views1 page

    Economics 10 Problem Set 2 Deadline:: Scenario Price Quantity

    Uploaded by

    Sellsky jaskdjsa
    This document provides instructions for Economics Problem Set 2 which is due on September 29. It includes 2 questions on calculating elasticity of demand using price and quantity data from scenarios A and B. It also includes solving for the equilibrium price and quantity using supply and demand equations and analyzing the effects of imposing a price ceiling.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    Economics 10

    Problem Set 2
    Deadline:
    September 29, Thursday
    I.

    Elasticity of Demand.
    1.
    Scenario
    A
    B

    Price
    1600
    1580

    Quantity
    400
    900

    a. Solve for the Elasticity of Demand


    b. True or false: The product is most probably a necessity.
    2.

    Scenario
    Price
    A
    1600
    B
    1620
    a. Solve for the Elasticity of Demand

    Quantity
    400
    390

    b. True or false: The product is most probably a necessity.


    II.

    Illustration and Computation


    1. Given the following equations:
    Q d = 30 P
    Q s = 5 + 4P
    Where:
    Qd = Quantity demanded of rice (in 000 kgs/mo)
    Qs = Quantity supplied of rice (in 000 kgs/mo)
    P = Price of Rice (Php/kg)
    a. Solve for the equilibrium price and quantity. Draw a graph of the
    supply and demand. (*Note: In the equilibrium point, the supply is
    equal to the demand.)
    b. If a price ceiling of Php4/kg is imposed, what will happen? How much
    is the surplus or shortage.

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