经济学原理练习题 2

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1、ECO1503:PrinciplesofEconomicsFall2009ASSIGNMENT2Distributedon:Tuesday,October13,2009*DueDate:1:00pm,Tuesday,October27,2009Question1.(10marks)Inarecentfarewar,WestJetreducedthepriceofitsone-wayairfarefromVancouvertoWinnipegfrom$198to$138tomatchAirCanada

2、.WestJetmatchedthefarereluctantly,sayingitwouldcostthecompanymillionsofdollarsinrevenueforthoseticketstobesoldforless.AirCanada,ontheotherhand,believedthefarecutwouldincreaseitsrevenueevenifrivalairlinesmatchedthelowerfares.Whatdifferentassumptionsabou

3、ttheunderlyingpriceelasticityofdemandforairlineticketsonthatroutedideachairlinebelievetrue?Question2.(10marks)BaseduponthefollowingPriceElasticityestimatesofpriceelasticityofdemand,whichmarketsareProductofDemandthebestmarketstotaxifthegovernment'sgoali

4、storaiseGasoline0.8taxrevenue?Why?Papertowels2.2Strawberries1.5Alcohol0.6Yachts3.2*Penaltiesforlatesubmissions:-Upto30minutes:25%oftotalawardedmarks-Upto60minutes:50%oftotalawardedmarks-Over60minutes:100%oftotalawardedmarksECO1503–Fall2009–Assignment21

5、Question3.(10marks)Usethelawofdiminishingmarginalutilitytoexplainwhyapizzaparlourmightpricepizzasinthefollowingway:"Buyonepizzafor$12,getthesecondpizzafor$6."Whynotsimplycharge$9perpizzainstead?Question4.(20marks)Refertothefigurebelowandanswerthefollow

6、ingquestions.a.Identifytheareasofconsumerandproducersurpluswhenthemarketpriceequals$20.b.Identifytheareasofconsumerandproducersurpluswhenapricefloorequalto$30isimposed.c.Identifythedeadweightlossintheabovediagramwhenapricefloorequalto$30isimposed.d.Ide

7、ntifytheareasofconsumerandproducersurpluswhenapriceceilingequalto$10isimposed.e.Identifythedeadweightlossintheabovediagramwhenapriceceilingequalto$10isimposed.ECO1503–Fall2009–Assignment22Question5.(10marks)Aone-daytickettoSeaWorldcosts$37,butatwo-dayp

8、asscosts$42.Whatistheaveragecostperdayforaone-daypass?Foratwo-daypass?WhatisthemarginalcostofaseconddayatSeaWorld?WhymightSeaWorldchargesuchapriceforasecondday'sentrancetothepark?Question6.(20marks)Completethefollowingtabledescribingthe