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Microeconomics Assignment II Overview

This document contains instructions for an assignment on principles of microeconomics. It provides two questions regarding supply and demand analysis for cake and labor markets. For each market, students are asked to: 1) Draw and analyze the demand and supply curves based on given functions; 2) Graphically analyze how price and quantity would change if the actual price is above or below equilibrium; and 3) Analyze how exogenous factors would impact the market. The document outlines formatting requirements and submission deadlines for the assignment.

Uploaded by

Biswajeet Mohapatra
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80 views1 page

Microeconomics Assignment II Overview

This document contains instructions for an assignment on principles of microeconomics. It provides two questions regarding supply and demand analysis for cake and labor markets. For each market, students are asked to: 1) Draw and analyze the demand and supply curves based on given functions; 2) Graphically analyze how price and quantity would change if the actual price is above or below equilibrium; and 3) Analyze how exogenous factors would impact the market. The document outlines formatting requirements and submission deadlines for the assignment.

Uploaded by

Biswajeet Mohapatra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

PRINCIPLES OF MICROECONOMICS (HSS1021)

ASSIGNMENT – II
ND
2 SEMESTER B.TECH. (BRANCH ------) – MAY-2023
DATE OF ASSIGNMENT GIVEN: -
DATE & TIME OF ASSIGNMENT SUBMISSION: - As per the schedule attached

Q. No. Question CO PO Level*


1. Suppose the market demand and supply function for Cakes per day in Rourkela city is given as
Qd = 180-25P and Qs = - 40+30P, where Qd, Qs and P refers to quantity demanded, quantity
supplied and price respectively.
a) Draw the demand and supply graph and show the market equilibrium price and quantity.
CO2 PO6 L3
b) Graphically analyse the market situation if the actual price of Cake is Rs. 6/-. What will happen
to the price of Cake in the given situation? CO2 PO6 L4
c) By constructing appropriate demand and supply model graphically analyse the effect of
increased price of refined wheat flour and the doctor’s statement that more consumption of
CO2 PO6 L4
Cakes is not good for health on demand, supply, price, quantity demanded and quantity supplied
of Cakes.
2. a) The supply and demand function for labour in the local labour market is given below:
QdL = 1600 – 2W and QsL = -200 + 4W,
Where QLd= Quantity demanded of labour (in No),
QLs= Quantity supplied of labour (in No), and CO2
W = Wage rate (in Rs.) PO6 L3
Plot the demand and supply functions of labour in a graph and determine the equilibrium wage
rate and quantity demanded and supplied for labour in local labour market.
b) Graphically analyse the labour market situation if the actual wage rate of labour is Rs.400/.
Determine its impact on the wage rate? CO2 PO6 L4
c) Graphically analyse the labour market situation if the actual wage rate of labour is Rs.200/.
Determine its impact on the wage rate? CO2 PO6 L4
*Blooms Taxonomy Level: L1: Remembering; L2: Understanding; L3: Applying; L4: Analyzing; L5: Evaluating;
L6: Creating

N.B.:-
1. Assignment answer preferably is written on both sides of A4 size (Xerox) paper, but not in a notebook.
2. The top of the first page of the assignment answer sheet must cover Name, Regd. No., Branch, and Section.
3. Assignment answers must be handwritten.
4. During any emergency, students are advised to submit the assignment in Faculty chamber-------, on or before the due
date.
5. Students are directed not to drop the assignment answer sheet in the faculty room if the door is locked/closed.

(STUDENTS ARE ADVISED TO KEEP A SET OF PHOTOCOPIES OF THE ASSIGNMENT ANSWER BEFORE
SUBMISSION, FOR FUTURE REFERENCE)

DATE & TIME OF ASSIGNMENT SUBMISSION

Sem Branch SEC Date/Day of submission Time of submission


2nd
2nd
2nd
2nd
2nd

USE BOTH SIDES OF THE PAPER FOR WRITING

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