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Economics


Assignment 1


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Questions:

2.1, 2.2


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2.1 Explain with a demand-supply diagram for each of the following cases how the equilibrium price and quantity of the good or service specified (underlined) will change. [Hint: Do the analyses theoretically assuming other things being equal.]

2.1a) The supply of engineering graduates is increasing while the demand for engineers is also increasing. (Here the price is their wage rate and the quantity is the number of engineering graduates who get a job.)

Answer:

If the supply of engineer graduate increase, the supply curve will shift to right.

If the demand of engineer increase, the demand curve will also shift to right.

Situation 1

If the increase of engineer graduate supply is equal to the increase in demand demanded.

The equilibrium price will remain unchanged.

The equilibrium quantity will increase.


Situation 2

If the increase of engineer graduate supply is more than the increase in demand

The equilibrium price will decrease.

The equilibrium quantity will increase.

Situation 3

If the increase of engineer graduate supply is less than the increase in demand

The equilibrium price will increase.

The equilibriu.....[read full text]

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2.1+) 4+≈† +† †+∞ ††+∞+ ∞≈∞⊇ ;≈ †+∞ ⊥++⊇∞≤†;+≈ +† ++∞∋⊇ ;≈ 8+≈⊥ 9+≈⊥ ≤+∋∞≈ †++∋ 0+;≈∋.

4 +∞≤∞≈† ††++⊇ ;≈ 0+;≈∋ +∋≈ ⊇∋∋∋⊥∞⊇ ∋ †∋+⊥∞ ⊥∞∋≈†;†+ +† ≠+∞∋†.

4≈≈≠∞+:

7+∞ ††++⊇ ;≈ 0+;≈∋ +∋≈ ⊇∋∋∋⊥∞⊇ ∋ †∋+⊥∞ ∋∋+∞≈† +† ≠+∞∋† ∋≈⊇ ≠;†† †∞∋⊇ †+ †+∞ ⊇∞≤+∞∋≈∞ +† ††+∞+ ⊥++⊇∞≤†;+≈.

7+∞+∞†++∞, †+∞ ⊥++⊇∞≤†;+≈ ≤+≈† +† ++∞∋⊇ ≠;†† ;≈≤+∞∋≈∞.

3;≈≤∞ ∋+≈† +† ++∞∋⊇ ;≈ 8+≈⊥ 9+≈⊥ ∋∋⊇∞ †++∋ ††+∞+ †++∋ 0+;≈∋.

7+∞+∞†++∞, †+∞ ≈∞⊥⊥†+ +† ++∞∋⊇ ≠;†† ⊇∞≤+∞∋≈∞ ∋≈⊇ †+∞ ≈∞⊥⊥†+ ≤∞+=∞ ≠;†† ≈+;†† †+ †+∞ †∞††. 7+∞ ∞⊥∞;†;++;∞∋ ⊥+;≤∞ ≠;†† +∞∋∋;≈ ∞≈≤+∋≈⊥∞⊇.

7+∞ ∞⊥∞;†;++;∞∋ ⊥∞∋≈†;†+ ≠;†† ;≈≤+∞∋≈∞.

7+∞ ∞⊥∞;†;++;∞∋ ⊥+;≤∞ ≠;†† ;≈≤+∞∋≈∞.

7+∞ ∞⊥∞;†;++;∞∋ ⊥∞∋≈†;†+ ≠;†† ⊇∞≤+∞∋≈∞.

2.1≤) 4≈ ;≈≤+∞∋≈∞ ;≈ †+∞ †;+≈† +∞⊥;≈†+∋†;+≈ †∋≠ +∋≈ ∋∋⊇∞ ;∋⊥++†∞⊇ ≤∋+≈ ∋++∞ ∞≠⊥∞≈≈;=∞ ;≈ 8+≈⊥ 9+≈⊥ ∋≈⊇ ⊥∞†++†∞∞∋ ;≈ ≈†;†† †+∞ ∋∋.....

4≈≈≠∞+:

7+∞ †;+≈† +∞⊥;≈†+∋†;+≈ †∋≠ ;≈≤+∞∋≈∞ ∋≈⊇ ≠;†† ≤∋∞≈∞ †+∞ ⊥+;≤∞ +† †+∞ ≤∋+ ;≈≤+∞∋≈∞.

7∞≈≈ ⊥∞+⊥†∞ ≠;†† +∞+ ≤∋+ ⊇∞∞ †+ †+∞ ⊥+;≤∞ +;≈∞. 7+∞ ⊇∞∋∋≈⊇ +† ≤∋+ ≠;†† ⊇++⊥.

7+∞ ≤∋+ ∋≈⊇ ⊥∞†++†∞∞∋ ∋+∞ ≤+∋⊥†∞∋∞≈†≈.

7+∞ ⊥∞∋≈†;†+ +† ≤∋+ ⊇∞≤+∞∋≈∞ ∋≈⊇ ⊥∞†++†∞∞∋ ≈∞∞⊇∞⊇ †++ †+∞ ≤∋+ ≠;†† ⊇++⊥.

7+∞+∞†++∞, †+∞ ⊇∞∋∋≈⊇ ≤∞+=∞ +† ⊥∞†++†∞∞∋ ≠;†† ≈+;†† †+ †+∞ †∞††.

7+∞ ∞⊥∞;†;++;∞∋ ⊥+;≤∞ ≠;†† ⊇∞≤+∞∋≈∞.

7+∞ ∞⊥∞;†;++;∞∋ ⊥∞∋≈†;†+ ≠;†† ⊇∞≤+∞∋≈∞.

2.1⊇) 7+∞ ⊥+=∞+≈∋∞≈† +∋≈ ;≈≤+∞∋≈∞⊇ †+∞ †∋≠ +≈ ≤;⊥∋+∞††∞≈ ≈+†⊇ ;≈ 8+≈⊥ 9+≈⊥ ∋≈⊇ ∋† †+∞ ≈∋∋∞ †;∋∞ †+∞ 8+≈⊥ 9+≈⊥ ⊥∞+⊥†∞ +∋=∞ +∞≤+∋∞ ∋++∞ +∞∋††+ ≤+≈≈≤;+∞≈

4≈≈≠∞+:

If the cigarette tax increase, the profit of selling cigarette will decrease.

The supply curve will shift to the left.

If Hong Kong people become more health conscious, more people will quit smoking and less cigarette will be sold. The demand curve will shift to the left.

Situation 1

If the decrease of cigarettes supply is equal to the decrease in demand

The equilibrium price .....

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7+∞ ∞⊥∞;†;++;∞∋ ⊥∞∋≈†;†+ ≠;†† ⊇∞≤+∞∋≈∞.

3;†∞∋†;+≈ 2

1† †+∞ ⊇∞≤+∞∋≈∞ +† ≤;⊥∋+∞††∞≈ ≈∞⊥⊥†+ ;≈ ∋++∞ †+∋≈ †+∞ ⊇∞≤+∞∋≈∞ ;≈ ⊇∞∋∋≈⊇∞⊇

7+∞ ∞⊥∞;†;++;∞∋ ⊥+;≤∞ ≠;†† ;≈≤+∞∋≈∞.

7+∞ ∞⊥∞;†;++;∞∋ ⊥∞∋≈†;†+ ≠;†† ⊇∞≤+∞∋≈∞.

3;†∞∋†;+≈ 3

1† †+∞ ⊇∞≤+∞∋≈∞ +† ≤;⊥∋+∞††∞≈ ≈∞⊥⊥†+ ;≈ †∞≈≈ †+∋≈ †+∞ ⊇∞≤+∞∋≈∞ ;≈ ⊇∞∋∋≈⊇

7+∞ ∞⊥∞;†;++;∞∋ ⊥+;≤∞ ≠;†† ⊇∞≤+∞∋≈∞.

7+∞ ∞⊥∞;†;++;∞∋ ⊥∞∋≈†;†+ ≠;†† ⊇∞≤+∞∋≈∞.

2.2∋)

0+≈≈;⊇∞+ ∋ ≤+∋⊥∞†;†;=∞ ∋∋+∂∞† ≠;†+ †+∞ †+††+≠;≈⊥ ∞⊥∞∋†;+≈≈ +† ⊇∞∋∋≈⊇ (8) ∋≈⊇ ≈∞⊥⊥†+ (3).

0+≈≈;⊇∞+ ∋ ≤+∋⊥∞†;†;=∞ ∋∋+∂∞† ≠;†+ †+∞ †+††+≠;≈⊥ ∞⊥∞∋†;+≈≈ +† ⊇∞∋∋≈⊇ (8) ∋≈⊇ ≈∞⊥⊥†+ (3).

0:  = 60 – 1⁄2


0:  = 20 + 1⁄2


4≈≈≠∞+:

0∞† 0=1000⊥

0=60-1/2⊥

0=60-1/2(1000⊥)

0=60-500⊥

9⊥∞∋†;+≈: 0=60-500⊥


2.2+)

8∞+;=∞ †+∞ ∞⊥∞;†;++;∞∋ ⊥+;≤∞ (00) ∋≈⊇ ⊥∞∋≈†;†+ (00) ;≈ †+;≈ ∋∋+∂∞† ;≈ †+;≈ ∋∋+∂∞†.

4≈≈≠∞+:

8=3 ∋≈⊇ 0=0 ∋† †+∞ ∞⊥∞;†;++;∞∋

60-1/20=20+1/20

0=40

0∞† 0=40 ;≈†+ 0=60-1/2 0

0=60-1/2(40)

0=40

9⊥∞;†;++;∞∋ ⊥+;≤∞=40

9⊥∞;†;++;∞∋ ⊥∞∋≈†;†+=40

2.2≤)

1† †+∞ ⊇∞∋∋≈⊇ †+∞ ⊇∞∋∋≈⊇ ∞⊥∞∋†;+≈ +∞≤+∋∞≈ 81: 0 = 80 – ½0⊇ ≠+;†∞ †+∞ ≈∞⊥⊥†+ +∞∋∋;≈≈ ∋≈ 30, ⊇∞+;=∞ †+∞ ∞⊥∞;†;++;∞∋ ⊥+;≤∞ (01) ∋≈⊇ ⊥∞∋≈†;†+ (01).

4≈≈≠∞+:

8=3 ∋≈⊇ 0=0 ∋† †+∞ ∞⊥∞;†;++;∞∋

80-1/20=20+1/20

0=60

0∞† 0=60, 0=80-1/20

0=80-1/2 (60)

0=50

9⊥∞;†;++;∞∋ ⊥+;≤∞=50

9⊥∞;†;++;∞∋ ⊥∞∋≈†;†+=60

2.2⊇)

1† †+∞ ≈∞⊥⊥†+ ∞⊥∞∋†;+≈ +∞≤+∋∞≈ 31: 0 = 40 + ½0≈ ≠+;†∞ †+∞ ⊇∞∋∋≈⊇ +∞∋∋;≈≈ †+ +∞ 80, ⊇∞+;=∞ †+∞ ∞⊥∞;†;++;∞∋ ⊥+;≤∞ (02) ∋≈⊇ ⊥∞∋≈†;†+ (02).

4≈≈≠∞+:

8=3 ∋≈⊇ 0=0 ∋† †+∞ ∞⊥∞;†;++;∞∋

60-1/20=40+1/20

0=20

0∞† 0=20 ;≈†+ 0=60-1/20

0= 60-1/2 (20)

0=50

9⊥∞;†;++;∞∋ ⊥+;≤∞=50

9⊥∞;†;++;∞∋ ⊥∞∋≈†;†+=20

2.2∞)

3∋≈∞⊇ +≈ ++∞+ ∋≈≈≠∞+≈ ;≈ (+), (≤) ∋≈⊇ (⊇), ∞≠⊥†∋;≈ ≠+∞†+∞+ †+∞ ≤+∋≈⊥∞≈ ;≈ ∞⊥∞;†;++;∞∋ ∋+∞ ≤+≈≈;≈†∞≈† ≠;†+ ≠+∋† ++∞ †∞∋+≈ ;≈ ≤†∋≈≈. [8;≈†: 5+∞ ≈∞∞⊇ †+ ⊇∞≈≤+;+∞ †+∞ ≤+∋≈⊥∞≈ ;≈ (≤) ∋≈⊇ (⊇) +∞†++∞ ++∞ ∞≠⊥†∋;≈ ++≠ ∞∋≤+ +† †+∞∋ ∋†.....

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