04 Jun Question 1. An economic principle is that people respond
Question
1. An economic principle is that people respond to incentives. Identify the incentives and discuss the possible outcomes. a) The city of Winnipeg decides to set a rather high regulated parking fee in downtown in order to reduce traffic congestion.
2. The purpose of this exercise is to acquaint you with some simple mathematical relationships and how they translate into graph. Economic models can come under the form of equation such as Y=F(L), Y is dependent variable, L is independent variable, F is function. when equation are sufficiently simple, they can be put under the form of a curve in a graph. consider the equation Y=2xL, where Y is the number of apple pies that Jonathan can cook in L hours. this equation describes the process of producing apple pies. d) Identify a few assumptions that underlie your apple pie production model. e) Are your assumptions realistic.
3. How each of the following changes in demand and/or supply affect equilibrium price and equilibrium quantity in a competitive market; that is do price and quantity rise, fall, remain unchanged, or are the answerd indeterminate, depending on the magnitudes of the shifts in supply and demand? You should rely on supply and demand diagrams to verify answers. a) scientists reveal that consumption of oranges decreases the risk of diabetes, and at the same time, farmers use a new fertilizer that makes the orange trees MORE productive. b) a) MORE changes to LESS.
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