1. Demand factors. Individual and market demand. The income effect and the substitution effect. Elasticity. Demand for factors of production
1. Demand curve
a) shows that consumers tend to buy more at low prices;
b) establishes a relationship between the price of a product and its demand;
c) the same for all goods and services;
d) this is a graph of statistical dependence, which is being developed by one of the government bodies.
2. Demand for a product is
a) the number of buyers who want to buy this product;
b) the number of buyers who applied for the purchase of this product;
c) the quantity of a good that consumers could buy with all the money they had;
d) the quantity of goods that buyers are willing and able to purchase in accordance with the money they have at a certain price.
3. When the demand for lumber increases, the demand for nails increases as it
a) unrelated goods;
b) interchangeable goods;
c) complementary goods;
d) subtitle products.
4. If platform shoes became fashionable again, then
a) the quantity demanded for shoes with thin soles will decrease;
b) the demand for platform shoes will increase;
c) the demand curve for platform shoes will shift to the left.
d) the demand curve for thin-soled shoes will shift to the right.
5. Tea replaces coffee in consumption, and cream complements. What happens in the respective markets (tea and creamer) if the price of coffee goes up?
a) The price of tea and cream will rise.
b) The price of tea and cream will go down.
c) The price of tea will rise and the price of cream will fall.
d) The price of tea will fall and the price of cream will rise.
6. What happens to the demand curve for skis (Figure 3), other things being equal, if the price of ski bindings rises? (a)
Rice. 3. Graphic change in supply and demand
7. Indicate the graph (Fig. 4) characterizing the decline in demand. (b)
Rice. 4. Graphical change in demand and the magnitude of demand
8. Demand in the market for goods at any given time is formed by
a) sellers
b) manufacturers;
c) buyers;
d) government agencies.
9. Demand curve
a) goes down from left to right;
b) always a curved line;
c) goes horizontally;
d) always a straight line.
10. The market demand curve shows
11. The amount of demand for a product is
a) the amount of money that all buyers are willing to pay for the product;
b) the quantity of a good that producers are willing and able to sell at a given price;
c) the quantity of goods that satisfies the needs of buyers;
d) the quantity of a good that consumers are willing to purchase at a given price.
12. If two goods are interchangeable, then an increase in the price of the first will cause
a) a decrease in demand for the second;
b) a decrease in the magnitude of demand for the second;
c) an increase in demand for the former;
d) an increase in the quantity demanded for the former.
13. Despite the constant increase in prices, the quantity of basic necessities purchased remained virtually unchanged. How will the demand curve (Figure 5) for these goods look like? (b)
Rice. 5. Demand curves
14. Indicate the graph (Fig. 6) characterizing the decline in demand. (in)
Rice. 6. Graphical change in demand and the magnitude of demand
15. What dependence reflects the law of demand?
a) A direct relationship between the quantity demanded and the price of a given product;
b) An inverse relationship between the quantity demanded and the price of a given commodity;
c) Direct dependence of the price on the quality of this product;
d) An inverse relationship between the quantity demanded and the number of buyers.
16. Demand for some product will not change if
a) the product will go out of fashion;
b) consumers expect price increases;
c) the number of buyers of this product will change;
d) there is no correct answer.
17. Demand in the economy
a) the quantity of goods that producers offer for sale at the appropriate prices;
b) the quantity of a good that people want to have, whether they can buy it or not;
c) the relationship between the quantity of a good that consumers are willing to buy and the price of that good;
d) the quantity of goods for the purchase of which buyers have the means.
18. Under equal conditions of price reduction, the demand for which of the goods is likely to increase the most?
b) lunch at a restaurant;
c) milk;
19. The shift in the demand curve for Pepsi-Cola to the left is most likely caused by
a) a decrease in the supply of Pepsi-Cola;
b) a decrease in the elasticity of demand for the price of Pepsi-Cola;
c) growth of incomes of the population;
d) a decrease in the price of Coca-Cola.
20. A shift in the demand curve for ice cream to the left and down is most likely caused by
a) a decrease in the price of wrapping paper;
b) the onset of winter;
c) a decrease in the supply of ice cream;
d) an increase in the price of ice cream.
21. The concept of "demand" for an economist is
a) the quantity of goods that producers offer for sale at appropriate prices;
b) the quantity of the product that consumers want to have;
c) the relationship between the quantity of goods that buyers are willing to buy and the price of this product;
d) the quantity of a good that buyers have enough money to buy.
22. The market demand curve shows
a) how will the consumption of the good decrease with a decrease in the income of buyers;
b) at what price will the vast majority of transactions be carried out;
c) that consumers tend to buy more goods at higher prices;
d) how much of the good consumers are willing and able to purchase per unit of time at different prices.
23. In which statement should the word "demand" be replaced by the expression "value of demand"?
a) when the prices of air tickets were raised, the demand for travel by rail increased.
b) in the summer of 1991, the expected increase in the price of bread caused a sharp increase in demand for pasta.
c) in the summer after the Chernobyl accident, the demand for strawberries in the Central grocery store in Kyiv fell sharply.
d) when airfare prices were raised, the demand for Aeroflot services fell.
24. Under equal conditions of price increase, the demand for which of the goods is most likely to decrease in demand the least?
b) milk;
c) tourist trip;
25. When the demand for timber increases, the demand for nails also increases. When the demand for wood decreases, the demand for nails decreases. Economists would say that wood and nails
a) non-related goods;
b) interchangeable goods;
c) elastic goods;
d) complementary goods.
26. A term that reflects the ability and willingness of people to pay for goods and services
b) need;
c) necessity;
d) creditworthiness.
27. With an increase in the price of goods A, the demand for goods B fell. These goods can be
a) butter and margarine;
b) coffee and tea;
c) cuckoo clock and apples;
d) gasoline and motor oil.
28. Ceteris paribus, a shift of the demand curve to the right for goods of an inferior category can be associated
a) with an increase in the prices of complementary goods;
b) with a decrease in prices for substitute goods;
c) with an increase in the price of a given product;
d) with a decrease in consumer income.
29. In the automotive market, the demand for the Ford car has increased dramatically. This event is related to
a) this brand of car has become fashionable;
b) the prices for Mercedes and Volvo rose sharply;
c) the price of Ford went down;
d) people's incomes have increased.
30. Goods, the quantity of demand for which may decrease with an increase in the income of buyers, are considered
a) normal goods;
b) luxury goods;
d) substitute goods.
school stage All-Russian Olympiad schoolchildren in economics
academic year 8 - 9 grade, assignments
Question 1-6. Is the statement true:
1. An increase in demand with a simultaneous decrease in supply will necessarily lead to an increase in price.
2. A person who has lost his job due to a recession in the economy increases cyclical unemployment.
3. Decreasing inflation is called deflation.
4. When regressive system taxation severity of taxation does not change with income growth.
5. Those who became indebted when prices were lower will be the least affected by unexpected inflation.
6. Microeconomics can be defined as a field economics, which studies the economic behavior of individual groups
Question 7- 17. Choose the only correct answer:
7) Which of the following is the main force that drives the free enterprise system?
A) the government
B) competition
B) taxes
D) turnover
8) Markets of perfect and monopolistic competition have in common:
BUT). differentiated goods are produced;
B). standard products are produced;
AT). each firm faces a horizontal demand curve for its product;
G). the market behavior of each firm depends on the reaction of its competitors;
D). There are many buyers and sellers in the market.
9) Indicate which definition of deflation is correct. Deflation is:
A) stabilization of the movement of the general level of market prices for goods and services;
B) slowing down the process of raising the general price level;
C) the weakening of inflation, which allows you to stabilize the purchasing power
the ability of money;
D) a steady decline in the general level of prices for goods and services.
10) Which of the above characteristics does NOT apply to command (planned)
economy?
A) competition
B) central planning
AT) state property to the means of production
D) state ownership of Natural resources
11) You know that manufacturers always strive to sell their products as expensive as possible, and buyers want to buy them as cheaply as possible. AT market economy this conflict is resolved:
A) as a result of competition;
B) with the help of the government;
C) through the exchange of experience between manufacturers and buyers;
D) after voter intervention
12) The market for goods and services is in equilibrium if:
A) demand equals supply
B) price equals cost plus profit
C) the level of technology changes gradually
D) the amount of supply is equal to the amount of demand
13) Anton and Roman agreed to jointly purchase materials and equipment for their farms. An economist would call this an example:
A) specializations;
B) division of labor;
B) barter
D) cooperation.
14) Innovation has led to a reduction in manual workers. The resulting unemployment refers to:
A) cyclic;
B) friction;
B) stagnant;
D) structural.
15) Lost profit, the most valuable thing that had to be sacrificed when choosing this good, is called:
A) marginal benefit
B) opportunity cost;
B) limitation;
d) None of the above apply.
16) The student receives a scholarship in the amount of 500 rubles. per month and moonlights at the department as a laboratory assistant with a salary of 1200 rubles. per month. If he refuses to work, then the opportunity cost of his free time per month will be:
C) 1200 rubles.
D) 1700 rubles.
17) At a price of 70 rubles. The publishing house sells 20,000 copies of a scientific journal per copy. If the price rises to 80 rubles. per copy, 10,000 copies will be sold. The general (gross) costs of the publishing house with the previous circulation amounted to 900 thousand rubles, and with the new circulation they will amount to 600 thousand rubles. Thus, as a result
increase in price, the publisher's profit will decrease:
A) for 0 rubles.
B) for 100 thousand rubles.
C) for 200 thousand rubles.
D) for 300 thousand rubles.
D) for 400 thousand rubles.
18. Select all correct answers:
When the demand for wood increases, the demand for nails also increases. When the demand for timber decreases, the demand for nails also decreases. Economists would say that wood and nails:
A) unrelated goods;
B) complementary goods;
19. TASK №1. What profit will the company "Exclusive" receive if the following data are known.
(There is only one correct answer for each option.)
1. The market demand curve shows:
1) how the consumption of the good will decrease with a decrease in the income of buyers;
2) at what price the vast majority of transactions will be carried out;
3) that consumers tend to buy more goods at higher prices;
4) how much of the good consumers are willing and able to purchase per unit of time at different prices.
2. Ceteris paribus, a shift of the supply curve to the right leads to:
1) to an increase in the equilibrium price and equilibrium quantity;
2) to a decrease in the equilibrium price and equilibrium quantity;
3) to an increase in the equilibrium price and a decrease in the equilibrium quantity;
4) to a decrease in the equilibrium price and an increase in the equilibrium quantity.
3. What happens in a competitive market if supply exceeds demand?
1) consumer demand will increase;
2) producers will increase the output of goods;
3) the market price will fall;
4) the market price will rise.
4. When the quantity demanded for timber increases, so does the demand for nails. When the demand for timber decreases, the demand for nails also decreases. Economists would say that wood and nails:
1) non-related goods; 2) interchangeable goods;
3) complementary goods; 4) elastic goods.
5. Increasing supply and demand at the same time:
1) will lead to an increase in the equilibrium price;
2) leave the equilibrium price unchanged;
3) lower the equilibrium price;
4) can lead to any of the above consequences.
6.From the list below, select a situation that can be represented by the following graph.
1) growth of electricity tariffs;
2) the chocolate market after a good harvest of cocoa beans;
3) reduction of the tax on the producer of goods;
4) the opening of new firms in the industry that produces this product
7. The figure shows the situation on the elite tea market: the demand line D has moved to a new position D1
This movement may be associated primarily with (co)
1) growth of incomes of the population;
2) changes in weather conditions due to the onset of autumn;
3) lower prices for elite coffee varieties;
4) a significant increase in the number of firms-suppliers of tea
9. From the list below, select a situation that can be represented by the following graph
.
1) an increase in the equilibrium price; 2) decrease in the seller's revenue;
3) an increase in the quantity of goods sold; 4) cancellation of the subsidy for this product
a) the dependence of the quantity of goods that consumers are willing to buy on its price in the market;
b) the dependence of consumer demand on income;
c) the dependence of the quantity of goods sold on the market on the price of it;
d) the dependence of the quantity of goods that producers want to supply on the market price.
2. Consumer demand is affected by:
a) technology;
b) the number of sellers;
c) traditions;
d) cost of resources.
3. With a price increase of 1%, the manufacturer increases supply by 4%. What is the supply elasticity coefficient?
a) 0.25; b) 1; at 3; d) 4.
4. Assume that the supply elasticity coefficient is 0.5 . It means that;
a) buyers will agree to buy the product at any price;
b) buyers' demand is inelastic;
c) the supply of goods is elastic;
D) the supply of goods is inelastic.
5. If the law of supply is violated, then the producer:
a) will not change the quantity supplied when the price increases;
b) will reduce the volume of supply when the price falls;
c) increase the volume of supply when the price rises;
d) in all the above cases, the law of supply is satisfied.
6. Increasing supply and demand at the same time:
a) will lead to an increase in the equilibrium price;
b) leave the equilibrium price unchanged;
c) lower the equilibrium price;
d) can lead to any of the above consequences.
7. "Prices act as signals to the market." It means that:
a) the price level affects the quantity of goods and services offered for sale;
b) low prices signal that there is no shortage;
c) high prices signal a healthy economy;
8. When the demand for timber increases, so does the demand for nails. When the demand for timber decreases, the demand for nails also decreases. Economists would say that wood and nails:
a) non-related goods;
b) interchangeable goods;
c) complementary goods;
d) elastic goods.
9. The government, protecting the interests of producers, has set a minimum price in the perfectly competitive market above the equilibrium price. Ceteris paribus, compared with the situation of non-intervention of the state in the economy, the volume of sales:
a) should increase
b) should decrease;
c) will not change in any way;
d) can both decrease and increase.
10. If the product market X is in equilibrium, then:
a) buyers and sellers can buy and sell goods at the prevailing price X as much as they want;
b) there is no upward or downward trend in prices;
c) the quantity demanded is equal to the quantity supplied;
d) all of the above are true.
11. Under equal conditions, a shift of the supply curve to the right leads to:
Test work on the topic
"Causes and consequences of market disruption"
a) the law of demand and the law of supply always operate;
b) the law of demand always operates;
c) the law of supply always operates;
d) the laws of supply and demand may not apply.
2. The market always comes into equilibrium when:
a) the number of buyers is equal to the number of sellers;
b) the amount of demand is equal to the amount of supply;
c) the state sets a fixed price;
d) both (b) and (c) are true.
3. It is known that the market has established a price for goods above the equilibrium price. When the market moves towards equilibrium, the following will occur:
a) an increase in the quantity demanded;
b) an increase in demand;
c) decrease in supply;
d) both (b) and (c) are true.
4. With a decrease in the supply of goods on the market:
a) its price and quantity increase;
b) its price and quantity are reduced;
c) its price increases and its quantity decreases;
d) its price decreases and its quantity increases.
5. An increase in the number of buyers and sellers in the market will lead to:
a) to reduce the quantity of goods sold;
b) to increase the quantity of goods sold;
c) lower prices.
d) the quantity of goods sold can either increase or decrease;
6. Farmers use milk to produce cottage cheese and butter. With a decrease in demand for cottage cheese with a constant demand for butter:
a) the price of cottage cheese will increase;
b) the price of oil will increase;
c) the price of oil will decrease;
d) the volume of cottage cheese sold will increase.
7. Do you think that the simultaneous increase in supply and demand will lead to:
a) an increase in the equilibrium price and equilibrium volume of sales;
b) to a decrease in the equilibrium price and an increase in the equilibrium volume of sales;
c) to an uncertain effect on price and a decrease in the equilibrium volume of sales;
d) to an uncertain effect on price and an increase in the equilibrium volume of sales?
8. In the second half of the 70s. coffee consumption in Western Europe per capita has fallen, and the price has risen. It means that:
a) the supply of coffee has decreased;
b) the demand for coffee has fallen;
c) both the demand for coffee and its supply increased at the same time;
d) the coffee supply curve is a vertical line, and people began to prefer coffee to tea.
9. Ceteris paribus, a shift of the supply curve to the right leads to:
a) an increase in the equilibrium price and equilibrium quantity;
b) to a decrease in the equilibrium price and equilibrium quantity;
c) an increase in the equilibrium price and a decrease in the equilibrium quantity;
d) a decrease in the equilibrium price and an increase in the equilibrium quantity.
10. What will happen in a market where there is competition if the amount of supply exceeds the amount of demand:
a) consumer demand will increase
b) producers will increase the output of goods;
c) the market price will fall;
d) the market price will rise.
11. When new manufacturers appear on competitive market, most likely:
a) the equilibrium price will increase;
b) demand will increase
c) supply will decrease
d) the equilibrium price will decrease.
Questions for reflection
Topic "How does the market work?"
At a price of 15 p. for a dozen chicken eggs, the monthly volume of demand for them is equal to the monthly volume of supply. Many consumers complain that the price is too high and are pushing the government to force sellers to charge only 13r. for ten. Predict the effect produced by government price controls on the egg market.
"Advances in technology benefit producers, not consumers." Do you agree with this statement? Explain your position.
Suppose that both oranges and tangerines are sold by their producers on the same national market. The initial equilibrium price and volume in the orange market are 3 r. for 1 kg. and 10000 kg per month. Answer the following questions:
a) What is initial income(revenue) of sellers of oranges?
b) Suppose the tangerine groves are damaged by pests. How will this affect the equilibrium prices and volumes of tangerines and oranges?
c) Assume that the supply of tangerines increases. How will this change total income orange sellers?
What happens in a competitive market if supply exceeds demand?
What happens when new producers enter a competitive market?
What do you think, what will lead to an increase in demand and supply at the same time?
What does the following statement mean: "For the market, prices act as signals."
When the demand for timber increases, the demand for nails also increases. When the demand for timber decreases, the demand for nails also decreases. What goods are timber and nails in relation to each other?
The government, protecting the interests of producers, set the minimum price in the perfectly competitive market above the equilibrium price. What will happen to the volume of sales, other things being equal, in comparison with the situation of non-intervention of the state in the economy?
Topic "How the market works"
Economic workshop
Based on the available data (see table), analyze the situation on the tomato market and answer the questions.
Table
| Price for 1 kr | Demand quantity (million kg per year) | Offer amount (million kg per year) |
| 10 | 10 | 3 |
| 12 | 9 | 4 |
| 14 | 8 | 5 |
| 16 | 7 | 6 |
| 18 | 6 | 7 |
| 20 | 5 | 8 |
b) What will take place - a shortage or excess of tomatoes on the market if the price is equal to 12 rubles; 20 r.?
c) Why and in what direction will prices for tomatoes from point (b) change in cases of shortage and surplus?
d) Show on the graph how the equilibrium price and equilibrium quantity will change if the Ministry of Health of Russia warns that the whites of the eyes turn red on the skin from the consumption of tomatoes. Explain why the price will not remain at its original level.
e) Show on the graph how the equilibrium price and equilibrium quantity will change if the government is in order to support Agriculture will introduce a subsidy for each kilogram of grown tomatoes.
Topic "How does the market work?"
Economic tasks.
Difficulty level I
The demand of the population for matches is described by the equation: Qd \u003d 7 - P. The supply function of matches: Qs \u003d -5 + 2P, where Qd - volume of demand (million boxes of matches per month); Qs - supply volume (million boxes of matches per month); R
- the price of 1 kg of bananas (in r.).
X
X X
X
№6
,
where Qd
demand: Qd = 800 - 6P (thousand units);
Topic "How does the market work?"
Economic tasks.
Difficulty level I
The demand of the population for matches is described by the equation: Qd \u003d 7 - P. The supply function of matches: Qs \u003d -5 + 2P, where Qd - volume of demand (million boxes of matches per month); Qs - supply volume (million boxes of matches per month); R - the price of one box of matches (r.).
Plot supply and demand graphs for this product, plotting the number of boxes of matches (Q) on the x-axis, and on the y-axis is the price of a box of matches (P). Comment on this build. Using the available data, determine (graphically and analytically) the parameters of the market equilibrium, i.e., the equilibrium price and the equilibrium number of matches.
The demand of the population for matches is described by the equation: Qd \u003d 7 - P. The supply function of matches: Qs \u003d -5 + 2P, where Qd - volume of demand (million boxes of matches per month); Qs - supply volume (million boxes of matches per month); R - the price of one box of matches (r.). Use these questions to answer the following question. What happens if the government of the country sets the price at 6 p. for a box of matches and will not allow sellers to sell their goods at a lower price?
Let's suppose that thanks to the activism of the members of the Society for the Protection of Animals, many people stopped buying leather jackets. However, sellers, despite this, managed to keep the price of leather jackets at the same level. Using supply and demand curves and the concept of market equilibrium, explain how the number of leather jackets sold has changed and why.
The demand for bananas is described by the equation: Qd = 2400 - 100R, and the supply of bananas - by the equation Qs = 1000 + 250R, where Q is the number of kilograms of bananas bought or sold per day; R - the price of 1 kg of bananas (in r.).
1) Determine the equilibrium parameters in the banana market (equilibrium price and quantity).
2) How many bananas would be sold at a price of 3 r. for 1 kg.?
3) How many bananas would be sold at a price of 5 r. for 1 kt?
The graph shows supply and demand in the market for a product. X
a) The graph shows that there is a linear relationship between the price of goods X and the amount of demand for it. Derive an equation describing the magnitude of demand for a product X as a function of the price of this product.
b) Determine the total revenue of all sellers operating in this market from the sale of goods X
№6
The demand curve for apples is described by the following equation: Qd = 1000 - 25R ,
where Qd - volume of demand (kg per week), P - the price of 1 kg of apples (r.). The supply curve for apples is described by the equation: Qs = -500 + 50Р, where Qs - supply volume (kg per week).
a) Determine the equilibrium price and quantity sold in the market for apples.
b) Determine the amount of shortage (or overproduction) that will take place at a price of 15 r. for 1 kg.
It is known that at a price of 600 r. the manufacturer agrees to sell 10 units. goods. The supply elasticity coefficient is equal to 1. At what price will the manufacturer agree to supply 20 units. goods?
The market is described by the equations:
demand: Qd = 800 - 6P (thousand units);
offer: Qs = 3P - 100 (thousand units),
where Q is the volume of demand (d) or supply (s), thousand units, P is the price of goods, p.
1. Find the equilibrium parameters (price, quantity) in the market.
2. What situation will arise in the market if the state fixes the price of goods at the level of 110 rubles?
Table 11 (in rubles)
Complete table 11 by entering the missing numbers and determine what the firm should do next?
3. Designate the coordinate axes and depict the production possibilities curve and explain how the law of increasing opportunity costs is reflected on it.
4. Competition in the economy:
a) exists only among consumers;
b) is a consequence of limited resources;
c) exists only in a society that uses money;
d) exists only among producers.
5. When the volume of demand for wood increases, the demand for nails also increases. When the demand for timber decreases, the demand for nails also decreases. This means that wood and nails:
a) non-related goods;
b) complementary goods;
c) interchangeable goods;
d) elastic goods.
6. An oligopolistic market is similar to a monopolistic competition market in that:
a) there are no barriers to entry into the industry;
b) there are insurmountable barriers to entry into the industry;
c) there is a small number of sellers;
d) the firm has monopoly power.
1. Describe the main types of economic systems. What type of economy can be attributed to Russia?
2. A task. Table 12 shows the volume of demand for ice cream at different price levels.
Table 12
|
Price per serving, rub. |
Volume of demand, thousand portions |
Revenue, thousand rubles |
Coefficient elasticity demand by price |
Calculate the coefficients of price elasticity of demand and indicate at what value of price the revenue will be maximum? At what price is demand elastic and at what price is it inelastic?
3. Designate the coordinate axes and depict the curves of average gross costs in the short and long periods and explain how they differ.
4. Which of the firms will have more freedom of action when setting prices for their products:
a) one of three firms in the industry;
b) the only producer of a product for which there are many substitutes;
c) the only producer of goods for which there are no substitutes;
d) one in 300 firms in the industry.
5. Public goods and services are:
a) goods and services from the benefits of using which no one can be excluded;
b) goods and services for which individuals pay voluntarily;
c) goods and services always associated with external costs;
d) goods and services provided by the private sector for the benefit of each individual.
6. "Prices act as signals to the market." It means that:
a) the price level affects the quantity of goods and services offered for sale;
b) low prices signal that there is no shortage;
c) high prices signal a healthy economy;
