Microeconomics 214 / Mikro ekonomie 214
Tutorial 2 / Tutoriaal 2
Tutorial periods / Tutoriaalperiodes
Afrikaans: Dinsdag 13:00 CGW Schumanngebou 104
English: Thursday 13:00 CGW Schumann Building 104
English: Friday 14:00 CGW Schumann Building 104
The questions will be discussed in the tutorial periods. Answers/memos will NOT be available
on Sunlearn. / Die vrae sal in die tutoriaalperiodes bespreek word. Antwoorde/memo’s sal
NIE op Sunlearn beskikbaar wees NIE.
1.
Short run costs – revision will be done. Section 13.6 on work programme. Perfect
competition – revision will be done. Section 13.7 on work programme. / Korttermyn
koste – hersiening sal gedoen word. Afdeling 13.6 op werkprogram. Volmaakte
mededinging – hersiening sal gedoen word. Afdeling 13.7 op werkprogram.
2.
Use indifference curve analysis and distinguish clearly between the substitution and
income effects of a decrease in the price of an inferior good. / Gebruik
indifferensiekurwe analise en onderskei tussen die substitusie en ikome efffekte van ‘n
prysverlaging van ‘n minderwaardige produk.
3.
Serena earns R110 000 in the current period and will earn R120 000 in the next period.
/ Serena verdien R110 000 in die huidige periode en sal R120 000 in die volgende
periode verdien.
What is the interest rate that will allow her to spend exactly R210 000 in the current
period? / Wat is die rentekoers wat haar sal toelaat op presies R210 000 in die huidige
periode te spandeer?
What is the interest rate that would allow her to spend exactly R241 000 in the future
period? / Wat is die rentekoers wat haar sal toelaat op presies R241 000 in die
toekomstige periode te spandeer?
3.1
3.2
4.
Theresa spend all of her income R3 000 on goods X and Y. Her utility function is
given by 𝑈(𝑋, 𝑌) =𝑋 0.5 𝑌 0.5 . The price of good X is R40, and the price of good Y is
R100. How much of each good should Theresa buy to maximise her utility? / Theresa
spandeer haar hele maandelikse inkome van R3 000 op produkte X en Y. Haar
nutsfunksie word gegee deur U(X,Y) = 𝑋 0.5 𝑌 0.5 . Die prys van produk X is R40, en die
prys van produk Y is R100. Hoeveel van elke produk moet Theresa koop om haar nut
te maksimeer?
5.
Would the cross-price elasticity of demand be positive or negative for the following
pairs of goods: / Sal die kruispryselastisiteit van vraag negatief of positief wees vir
die volgende pare goedere:
Apples and oranges / Appels en lemoene
Airline tickets and the price of petrol / Vliegkaartjies en die prys van petrol
Computer hardware and software / Rekenaar hardeware en sagteware
Pens and paper / Penne en papier
5.1
5.2
5.3
5.4
6.
Given the following demand curve: / Gegewe die volgende vraagkurwe:
Q = 200 – 100P
Draw the demand curve, and indicate which portion of the curve is elastic, which
portion is inelastic, and where on the curve unit elasticity is. / Teken die vraagkurwe
en toon aan watter segment is elasties, watter segment is onelasties en waar op die
kurwe is eenheidselastisiteit.