MBA-513 Foundations of Economics Assignment

Reference no: EM133027021

MBA-513 Foundations of Economics - Canadian University Dubai

LO1 Demonstrate the determinants of price and quantity changes in the markets.
LO2 Evaluate Consumer Choices using Utility Theory.

Question 1
The demand and supply for rice in Japan are represented by:

P=500-2Qd and P=-40+Qs

(a): What is the market equilibrium price (in Yen per unit) and quantity in rice market in Japan.

(b): Suppose the government of Japan wants to support rice producers in the country. It institutes a minimum price for rice (price floor) of 160 Yen per unit. How much rice would the producers produce and how much would the government need to take off the market to keep the price at 160 Yen per unit?

Question 2
John has income of $1000 per month that he can spend on food (F, represented on the horizontal axis) or other goods (composite good C, and represented on the vertical axis). The price of food is $2 per unit, and price of composite food is $1 per unit.

(a): Write the equation for John's budget line.

What is the slope of the budget line?

(b): Could John possibly afford to buy 450 units of composite good and 280 units of food? Why or why not? Explain

Attachment:- Foundations of Economics.rar

Reference no: EM133027021

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