Economics

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1. Define the following economic terms:
a) Opportunity Cost
b) Marginal Analysis
Use diagrams and/or examples where appropriate.

2. From 2013/14 Exam Paper (Semester I)
Using appropriate diagrams illustrate the price and quantity effects of the following:
a) Demand and supply both (simultaneously) increase
b) Demand increases while (simultaneously) supply decreases
c) Demand decreases while (simultaneously) supply increases
d) Government increases income tax levels
e) Costs of production decrease due to technology

3. From 2012/13 Exam Paper (Semester I)
a) What factors influence the price elasticity of demand for a product and in what
way?
b) How is price elasticity useful when analysing the effect of price changes on total
revenue?

4. a) Explain the difference between short-run production and long-run production.
b) What is the difference between the ‘law of diminishing returns’ and ‘returns to
scale’??

5. From 2013/14 Exam Paper (Semester I)
a. Using diagrams illustrate the long-run equilibrium position of a firm operating
under perfect competition.
b. Typically how will price and quantity levels under this competition model
compare to monopoly?
The graphs used in the answers must be the same style as in the attachment slides. I have attached a lot of material but it is just to let you know what type of graphs are to be used. Ideally, your graphs will be drawn using the drawing tools in Word and the link below demonstrates. However, if you are having difficulty and wish to draw the graphs by hand you must scan and paste them into your answer document. The scanned graphs can be inserted throughout the document where required or entered together as an appendix to the core document.

Please label all graphs included in your answers clearly. A graph is not complete without a title and labels on each of its axis and curves telling me what it measures.
This is not an essay style assignment. It is more to replicate an exam.

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