â– Late submitted assignments will NOT be entertained.

â– 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.

â– All answered 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]

Initial Value

100

50

10

New Value

112

54.0

12.5

Percentage Change

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.

Hours

18

19

20

21

22

23

Marginal

Benefit per

Hour

100

80

70

60

30

20

24

10

a. Do you think the floristâ€™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.

a. Does the law of supply apply for the market of boxes? Why? (3 Marks)

b. Calculate the equilibrium quantity and price? (2 Marks)

[Ch. 3]

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