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Practice Questions Economics

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Practice Questions Economics

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Revision Practice

Created by

Sukanya Mcleish
Sukanya Mcleish
Jamaica

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Practice Questions Economics
 

Practice Questions EconomicsOnline version

Revision Practice

by Sukanya Mcleish
1

Calculating Production Cost

Complete the missing values in the production cost table below by calculating the values for (i), (ii), and (iii).


2

Illustrating Cost Curves

Using a well-labelled diagram, complete the following.

3

Demand and Supply: Market equilibrium

On that same diagram, show the following:

  1. Market Equilibrium
  2. Equilibrium Price
  3. Equilibrium Quantity
4

Elasticity of Demand

A commuter rail system increases its monthly transit pass price from $60 to $75. As a result, ridership falls from $10,000 commuters to $9,500 commuters.

  • Calculate the price elasticity of demand.
  • State whether the demand is elastic or inelastic and why.
5

Elasticity of Demand

What are the different types of Elasticity of Demand?

6

Price Elasticity of Supply

Due to an unexpected global shortage of microchips, the market price of premium gaming laptops jumps from $1,500 to $2,000. Despite the massive price hike, manufacturers are only able to increase their production output from $50,000 units to $52,000 units over the quarter.

  • Calculate the price elasticity of supply using the initial value method (simple percentage change).
  • Interpret your result. Explain the factors that cause the increase in production to be this low.
7

Market Structures

List three characteristics of each type of market structure identified.

8

Market Structures

List three characteristics of each type of market structure identified.
 
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