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BMME5103/OCT2011/F-FA damp A INSTRUCTIONS: 1. THERE ARE daimon (2) QUESTIONS IN THIS PART. 2. declaration BOTH QUESTIONS. interrogative sentence 1 recruit that the get and supply run shorts for comfortably X be: Qd= 50-8P ; Qs= -17.5+10P a. b. c. d. What argon the equilibrium outlay and metre? [4 marks] What is the market place resultant exercise if wrong is RM2.75? What do expect to chance? Why? [4 marks] What is the market outcome if price is RM4.25? What do expect to pop false? Why? [4 marks] What happen to equilibrium price and quantity if the pay heed at function becomes Qd=59-8P? [4 marks] e. What happen to equilibrium price and quantity if the supply function becomes Qs=-40 + 10P (the use up is Qd=50-8P)? [4 marks] [TOTAL: 20 MARKS] Question 2 a. b. Explain why agonistical markets are efficient. [4 marks] With the assist of a diagram, compare the performance of monopoly and better competition. [6 marks] Which market twist gives the best resul t for producers? [4 marks] Which benefits consumers more? [4 marks] Which gives the great total bare(a) for society over-all? Why? [2 marks] [TOTAL: 20 MARKS] c. d. e. 1 BMME5103/OCT2011/F-FA PART B INSTRUCTIONS: 1. THERE ARE FIVE (5) QUESTIONS IN THIS PART. 2. ANSWER THREE (3) QUESTIONS ONLY.

Question 1 Given that the demand function of the in effect(p) Z Qz= 500-6Pz -2Ps+ 0.6Y where Qz= quantity demanded for good Z (millions of tones) Pz = price of good Z (RM) Ps = price of good S (RM) Y = national income (millions of Ringgit) a. From the data given in the defer below, fill in the blanks and draw th e demand curvature when Ps=RM40 and Y is RM! 950 million Price good Z (RM) 10 20 30 40 50 [4 marks] b. anticipate that Pz=10, Ps=40 and Y =950, what is the price snapshot of demand of good Z if Pz increases to RM20? [4 marks] c. Assuming that Pz=10, Ps=40 and Y =950, what is the fluff elasticity between good Z and S if Ps increases to RM70? [4 marks] d. Assuming that Pz=10, Ps=40 and Y=950, what is the income elasticity when Y increases to RM1100 million? [4...If you want to get a broad essay, coif it on our website: BestEssayCheap.com

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