Microeconomics

Table of Contents

1. Topic pack - Microeconomics - introduction
2. 1.1 Competitive Markets: Demand and Supply
3. 1.1 Competitive Markets: Demand and Supply - notes
4. 1.1 Competitive markets - questions
   1. Market structures - self-test questions
   2. Market structure - short answer
   3. Price as a signal - short answer
   4. Demand - self-test questions
   5. Demand - short answer
   6. Supply - short answer
   7. Demand and supply - short answer
   8. Markets and prices - self-test questions
   9. Market equilibrium - numerical
   10. Demand and supply - data response
   11. High Food Prices
   12. Oil - the rise and rise
   13. New Zealand dairy prices increase
   14. Orange juice will soon be a luxury
   15. The true face of global warming
   16. How much is a 2p worth? Actually 3p
   17. Labour mobility
5. 1.1 Competitive markets - simulations and activities
6. 1.2 Elasticities
7. 1.2 Elasticities - notes
8. Section 1.2 Elasticities - questions
9. Section 1.2 Elasticities - simulations and activities
10. 1.3 Government intervention
11. 1.3 Government Intervention - notes
12. 1.3 Government intervention - questions
13. 1.3 Government intervention - simulations and activities
14. 1.4 Market failure
15. 1.4 Market failure - notes
16. Section 1.4 Market failure - questions
17. Section 1.4 Market failure - simulations and activities
18. 1.5 Theory of the firm
19. 1.5 Theory of the firm - notes (HL only)
20. Section 1.5 Theory of the firm - questions
21. Section 1.5 Theory of the firm - simulations and activities
22. Print View

Market equilibrium - numerical

Question 1

For a linear demand function of Qd = 155 - 5P, calculate the values of quantity demanded for prices from $1 to $20.

Question 2

For a linear supply function of Qs = -25 + 10P, calculate the values of quantity supplied for prices from $1 to $20.

Question 3

Plot the demand and supply diagram for the values for quantity demanded and supplied calculated in questions 1 and 2.

Question 4

Using simultaneous equations calculate the equilibrium price and output. Show your working.

Question 5

The demand function changes to Qd = 125 - 5P.

1. Calculate the new values for quantity demanded for prices from $1-$20.
2. Calculate the new equilibrium price and output using simultaneous equations
3. Plot the new demand curve as D2 on the demand and supply diagram. Use the diagram to confirm your answers to part (b).

Question 6

The supply function now changes to Qs = -15 + 15P.

1. Calculate the new values for quantity supplied for prices from $1-$20.
2. Calculate the new equilibrium price and output using simultaneous equations
3. Plot the new supply curve as S2 on the demand and supply diagram. Use the diagram to confirm your answers to part (b).

Question 7

Suggest two reasons for:

1. The change in the demand function from Qd = 155 - 5P to Qd = 125 - 5P.
2. The change in the supply function from Qs = -25 + 10P to Qs = -15 + 15P.