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Basic Economics Task Performance (Prelims)

The document contains instructions for a basic economics task performance exam with 5 questions. Question 1 asks to differentiate between a rightward and leftward shift of the supply curve. Question 2 provides market demand and supply schedules for commodity X and asks to find the equilibrium price, quantity, and plot surplus and shortage. Question 3 asks to determine the price elasticity of demand for 3 scenarios. Question 4 and 5 ask to plot hypothetical demand and supply schedules for pork and bangus respectively based on given price and quantity data.

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383 views1 page

Basic Economics Task Performance (Prelims)

The document contains instructions for a basic economics task performance exam with 5 questions. Question 1 asks to differentiate between a rightward and leftward shift of the supply curve. Question 2 provides market demand and supply schedules for commodity X and asks to find the equilibrium price, quantity, and plot surplus and shortage. Question 3 asks to determine the price elasticity of demand for 3 scenarios. Question 4 and 5 ask to plot hypothetical demand and supply schedules for pork and bangus respectively based on given price and quantity data.

Uploaded by

godwill oliva
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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BASIC ECONOMICS TASK PERFORMANCE (PRELIMS)

1. Differentiate a shift to the right and a shift to the left of the supply curve. Defend your
answer (10 points)

2. Plot the following hypothetical market demand and supply schedules for commodity X: (20
points)

Quantity Demanded (Units) Price Quantity Supplied ( Units)


(Pesos)
250 P 40.00 750
375 35.00 700
400 30.00 600
500 25.00 500
600 20.00 400
800 15.00 300
900 10.00 200
1000 5.00 100

a) What is the Equilibrium Price?


b) What is the Equilibrium Quantity?
c) Plot the Surplus
d) Plot the Shortage

3. Solve and tell whether the elasticity is elastic, inelastic or unitary. (30 points)

a. An increase in the price of good B from P10,00 to P15,00 cause the quantity demanded
for good A to decrease by 20% from level of 80 units.
b. An increase in Jose’s income from P3000 to P3500 causes his demand for steak to
increase from 5 to 6 kilos a month.
c. Steak sells at a price of P50.00 per kilo. An increase in the price of steak by 10% causes
your demand to decrease from 10 to 8 kilos a month.

4. Plot the following hypothetical demand schedule of pork in the market:

Price of Beef (Per Kilo) Quantity Demanded (In Kilos)


P 150.00 90
P140.00 100
P 100.00 130
P75.00 150
P60.00 170
P40.00 200

5. Plot the following hypothetical supply schedule of pork in the market:

Price of Bangus (Per Kilo) Quantity Demanded (In Kilos)


P 120.00 700
P100.00 650
P 90.00 600
P75.00 500
P60.00 400
P40.00 300

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