Instructions – PLEASE READ THEM CAREFULLY
This assignment is an individual assignment.
The due date for Assignment 1 is by the end of Week 3 (23/7/2022).
The Assignment must be submitted only in WORD format via the allocated folder.
Assignments submitted through email will not be accepted.
Students are advised to make their work clear and well presented. This also includes filling in your information on the cover page.
Students must mention question numbers clearly in their answers.
Late submitted assignments will NOT be entertained.
Avoid plagiarism; the work should be in your own words; copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
All answers must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
Submissions without this cover page will NOT be accepted.
Assignment Questions:(Marks: 15)
Q1. Compute the percentage changes for the following (enter your responses as integers):
(3 Marks) [Ch. 1]
Q2. Maps are a good non-economic example of using assumptions to make things simpler. Which of the following are assumptions used to make maps useful?
(2 Marks) [Ch. 1]
Q3. Consider a student studying for a biology exam. Would you expect study time to be subject to diminishing returns? Suppose productivity is measured as the anticipated increase in the exam score. Construct a numerical example in which the first hour is twice as productive as the second hour, which is twice as productive as the third hour, and so on up to five hours of study. (2 Marks) [Ch. 2]
Q4. If the florist below shows the marginal benefit that a florist earns from keeping his store open one more hour. The florist has a marginal cost of &70 per hour. For the last five weeks he has stayed open 24 hours.
Marginal Benefit per Hour
a. Do you think the florist’s decision to stay open 24 hours is optimal? Why?
(1.5 Marks) [Ch. 2]
b. How many hours do you advise him to stay open? Why? (1.5 Marks) [Ch. 2]
Q5. If the demand and supply curves for boxes are: D = 100 – 8P and S = 22 + 4P, where P is the price of boxes.
Does the law of supply apply for the market of boxes? Why? (3 Marks)
Calculate the equilibrium quantity and price? (2 Marks)
note for question 2 question number 2 is not completed, to complete the question there are options as follows :
A- the earth is flat
B- the roads are flat
C- directions , such as north and south , cannot be determined
E- A and B are both correct
Note: I need to focus on the answers differentiation for me and others, so my answers will not be similar than the others to avoid the rule violation of my college’s system.