- Task: Assignment 1 Question One a) Explain how resources are allocated in a free market system. [5 Marks] b) Differentiate between private costs and social costs. [4 Marks) c) Explain measures that can be adopted by the government to encourage innovations amid fear of externalities. [6 Marks] d) There are 10 ,000 identical individuals in the market for commodity X, each with a demand function given by Qd_(x)=12-2P_(x) , and 1000 identical producers of commodity X,each with a function given by Qs_(x)=20P_(x) i.Find the market demand function and the market supply function for commodity X. [2 Marks] ii.Find the market demand schedule and market supply schedule of commodity X and from them find the equilibrium price and equilibrium
- politician Based on the corporate valuation model the value of a company's operations is 1,200 million ( 1,2 bIn) The company's balance sheet shows 80 million in accounts receivable, 60 million in inventory;and 100 million in short-term investments that are unrelated I to operations. The balance sheet also shows 90 million in accounts payable, 120 million in notes payable, 300 million in long- term debt, 50 million in preferred stock, 180 million in retained earnings , and 800 million in total common equity. If the company has 30 million shares of stock outstanding, what is the best estimate of the stock's price per share?
- Define the following terms as used in agricultural economics. (1 Mark) (i) Marginal Utility. (1 Mark) (ii) Opportunity cost. (1 Mark) (iii) Price elasticity of demand. (1 Mark) (iv) Market equilibrium. (1 Mark) (v) Indifference curve. QUESTION 2 a) Explain the difference between a movement along the demand curve and a shift in the demand curve. (4 Marks) b) Using diagrams,illustrate the effects of an increase in the price of a substitute good on the demand for another good. (6 Marks)
- Question one (Compolisary) the fillswing fundamental concepts. (i) Scarcity and Cheice (4 marks) (10) Opportanity cost ( ) marks) (iii)Production possibility fruetier (1) marks) (4 marks) b) The following economic functions have been derived by the Finance Manager of the Kenya Tea Limited: Q_(A)=3P^2-4PandQ_(B)=24-P^2 where prepresents price and Q is quantity Required: (i) Which of the two functions represents a demand curve, supply curve and why? (3 marks) (ii) At what values of price and quantity Is the market in equilibrium? (4 marks) (iii)Explain, with the aid of a diagram, the effict on the demand and supply functions indicated in (a) above of a simultaneous decrease in cost of proficien and an increase in the price of a complementary good. (4 marks) Question Two a) Discuss what you understand with consumer sourceipty and indicate in limits b) (i) Defleas in ledifference curve (6 marks) (2 marks) (ii) Illustrate and claudy explain the reture of indifference carves for perfect substitution and for complementary good (4 marks) (iii) Explain the property of convexity to the origin of an indifference canse ( ) marks) Question Three a) State the law of variable proportions and highlight to hay ansumptions (7 marks) b) Using an illustration discuss the main stages of production amociated with the law of variable proportion. Which stage will you recommend for production __ (it marks)
- QUESTION FIVE a) The market for sugar is represented by the following models: Q_(d)=90-0.5P and Q_(s)=-30+1.0P i. Find the levels of output and price at which the market is at equilibrium (4 marks) ii. What would happen to the market when government fixes price at the following levels: P=36,P=30,P=48 (4marks) 111 What would be the new market condition if Price elasticity of demand changed to 0.75 (4 marks) iV What would happen to the market if price elasticity of supply is unitary (4 marks) Identify and Explain the three distinct Economics systems (4 marks)
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