Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Chapter 5, Problem 9SPA
To determine
Identify the role of fair rules and fair results in the allocation methods of resources.
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Refer to the above diagram for the milk market. If the price were $2.00 per gallon, then there would be :
BN7.3 (c) (d)
Survivor 1 & Survivor 2 are lost in the Woods. The Quantities of Good A &
Good B are in Fixed Supply. The Edgeworth Box below shows all the possible
allocations of these 2 Goods & can be used to answer the following Questions:
For each statement below, note whether the Statement is True or False & Why?
Good B
Survivor 2
B
A
Good A
c) Point A is less efficient than Point B. True or False?
Survivor 1
d) If Survivor 2 has more of Good A than Survivor 1, then Survivor 1 prefers
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The following table shows the demand and supply of tickets of a football game which will be held at Shah Alam Stadium.
Unit Price (RM)
Market Demand (units)
Market Supply (units)
20
5000
3500
40
4000
3500
60
3000
3500
80
2000
3500
100
1000
3500
a) On your foolscap paper, draw the demand and supply curves. Label all axes, all curves and the equilibrium point. (6m)
b) How much is the equilibrium price and equilibrium quantity? (2m)
c) At which price will there be a surplus of 2500 tickets? (1m)
d) What will happen when the market price is RM40? Show your answer on the same diagram. (3m)
e) Why is the supply of tickets fixed at 3500? (1m)
Chapter 5 Solutions
Macroeconomics
Ch. 5.1 - Prob. 1RQCh. 5.1 - Prob. 2RQCh. 5.1 - Prob. 3RQCh. 5.1 - Prob. 4RQCh. 5.2 - Prob. 1RQCh. 5.2 - Prob. 2RQCh. 5.2 - Prob. 3RQCh. 5.2 - Prob. 4RQCh. 5.2 - Prob. 5RQCh. 5.2 - Prob. 6RQ
Ch. 5.3 - Prob. 1RQCh. 5.3 - Prob. 2RQCh. 5.3 - Prob. 3RQCh. 5.4 - Prob. 1RQCh. 5.4 - Prob. 2RQCh. 5.4 - Prob. 3RQCh. 5.4 - Prob. 4RQCh. 5 - Prob. 1SPACh. 5 - Prob. 2SPACh. 5 - Prob. 3SPACh. 5 - Prob. 4SPACh. 5 - Prob. 5SPACh. 5 - Prob. 6SPACh. 5 - Prob. 7SPACh. 5 - Prob. 8SPACh. 5 - Prob. 9SPACh. 5 - Prob. 10SPACh. 5 - Prob. 11APACh. 5 - Prob. 12APACh. 5 - Prob. 13APACh. 5 - Prob. 14APACh. 5 - Prob. 15APACh. 5 - Prob. 16APACh. 5 - Prob. 17APACh. 5 - Prob. 18APACh. 5 - Prob. 19APACh. 5 - Prob. 20APACh. 5 - Prob. 21APACh. 5 - Prob. 22APACh. 5 - Prob. 23APACh. 5 - Prob. 24APACh. 5 - Prob. 25APACh. 5 - Prob. 26APACh. 5 - Prob. 27APA
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