PRINCIPLES OF MICROECONOMICS

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NEAPOLIS UNIVERSITY, PAFOSUNDERGRADUATECOURSEWORK COVER SHEET
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SUBMISSION STATEMENTI declare that this submission is my own work. I agree to the use of electronic academicmisconduct detection mechanisms. I have not submitted it in substantially the same formtowards the award of a degree or other qualification, or in a previous piece ofcoursework. It has not been written or composed by any other person; acknowledgementhas been made for any assistance given and all sources have been appropriatelyreferenced or acknowledged. I am fully aware of the potentially serious consequencesfor submitting work that is not entirely my own.Signed:…………………………………………………….. Date:…………………..(Type your name if submitting electronically)LATE SUBMISSION (to be completed only if the coursework is late)Neapolis University operates a late submission penalty policy. Coursework submittedlate without an approved extension, shall be penalised as follows: for each day followingthe deadline, 5 marks shall be removed from the overall graded mark.Please tick as appropriate:
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SCHOOL OF BUSINESSSEMESTER 1 (2011/2012)FIRST COURSEWORK FOR ECON-101, PRINCIPLES OF MICROECONOMICS
INSTRUCTIONS TO CANDIDATESa) The coursework paper comprises 4 pages.b) The weight, in percentage points, carried by each question is shown at the end of thequestion.c) You must submit a single file comprising the coursework paper and your answers.d) The coursework is due on Wednesday 09 November.e) You will submit a print-out to the Course Officer Ms Christiana Ioannou.Question 1 (25 marks, 5 marks per case)How will the market demand curve for a ‘normal’ good shift (i.e. left, right or no shift) in each ofthe following cases?(a) The price of a substitute good falls(b) Population rises(c) Tastes shift away from the good(d) The price of a complementary good falls(e) The good becomes more expensiveQuestion 2 (20 marks, 5 marks per case)How will the market supply curve of a good shift (i.e. left, right or no shift) in each of thefollowing cases?(a) Costs of producing the good fall(b) Alternative products (in supply) become more profitable(c) The price of the good rises(d) Firms anticipate that the price of the good is about to fallQuestion 3 (18 marks, 6 marks per case)Page 3 of 4How will the following changes affect the market price of wheat flour (assuming that the market isinitially in equilibrium)? In each case, sketch what happens to the demand and/or supply curvesand, as result, what happens to the equilibrium price.
(a) People consume more bread..
(b) The discovery of a new cheaper wayof milling flour
(c) The prices of other grains rise.Question 4 (46 marks)Page 4 of 4The demand and supply schedules for wheat in a free market are as follows:
Price per tonne (£)
120
160
200
240
280
320
360
400
Tonnes demanded perweek
725
700
675
650
600
550
500
425
Tonnes supplied per week
225
300
400
500
600
750
1000
1300
(a) Draw the demand and supply curves on the following diagram (6 marks)1201602002402803203604000 200 400 600 800 1000 1200 1400 1600Quantity (tonnes per week)Price (£ per tonne)(b) What is the equilibrium price? (6 marks)
(c)
Suppose the government fixes a maximum price of £200 per tonne. What will be theeffect? (10 marks)Suppose that supply now increases by 150 tonnes at all prices. Enter the new figures (7marks).
(d)
Price per tonne (£)
120
160
200
240
280
320
360
400
Tonnes demanded per week
725
700
675
650
600
550
500
425
(old) Tonnes supplied per week
225
300
400
500
600
750
1000
1300
(new)Tonnes supplied perweek
(e) How much will price change from the original equilibrium (assuming that thegovernment no longer fixes a maximum price)? How much more will be sold? (8marks)

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