Economics for Managers (BAM020)Solution.pdf
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Consider the market for wheat in the UK. The market is at equilibrium e1 (Quantity Q1 and Price P1) as the demand for wheat intersects with the supply of wheat. The market is served by a combination of UK wheat production and imports of wheat from outside the UK. Assume that the Government imposes a total ban on wheat imports.
a) Illustrate graphically (you need to use only one diagram - call it Figure 1) the market equilibrium point at e1 (see above) and the new equilibrium point at e2 (Quantity Q2 and Price P2) following the Government intervention.
b) Discuss and explain the effects of a ban on foreign wheat on UK supply and demand.
c) What is the difference between Quotas on imports and total Ban on imports?
d) What is the aim of the Quotas on imports and total Ban on imports?
You are given the following data (see Table 1) for a small company which produces bricks for house construction.
a) Fill in Table 1 – there is an Excel Version of Table 1 and you are advised to fill in Table 1 in MS Excel and then copy and paste Table 1 from MS Excel to MS Word. Use one decimal point for your calculations.
b) Illustrate graphically the Total Productivity (TP). Make sure you label the axes and the line.
Call it Figure 2.
c) Illustrate graphically on the same diagram, the Marginal Product of Labour (MPL) and the
Average Product of Labour (APL). Make sure you label the axes and the lines. Call it Figure 3.
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CAPITAL LABOUR PRODUCTIVITY
AVERAGE PRODUCT OF LABOUR 96 0 0 96 1 45 45.0 45.0 96 2 120 75.0 60.0 96 3 210 90.0 70.0 96 4 330 120.0 82.5 96 5 465 135.0 93.0 96 6 630 165.0 105.0 96 7 870 240.0 124.3 96 8 1170 300.0 146.3 96 9 1530 360.0 170.0 96 10 1950 420.0 195.0 96 11 2490 540.0 226.4 96 12 2940 450.0 245.0 96 13 3330 390.0 256.2 96 14 3600 270.0 257.1 96 15 3810 210.0 254.0 96 16 3900 90.0 243.8 96 17 3900 0.0 229.4 96 18 3750 -150.0 208.3 96 19 3540 -210.0 186.3 96 20 3240 -300.0 162.0
d) Discuss and critically evaluate the “law of diminishing marginal returns (or diminishing marginal product)”. As part of your discussion and critical evaluation, you may refer to the numbers, points of interest and trends of the completed Table 1 and Figures 2 and 3 to consolidate your arguments and discussion.
e) Discuss the inter-relationship of the Total Productivity (TP), Marginal Product of Labour (MPL) and the Average Product of Labour (APL) using Figures 2 and 3. How are all these curves interrelated, and what they tell us about productivity when labour increases and capital remains constant?
One of the main market paradigms discussed in Economics literature is the market of perfect competition. In your critical evaluation do you think that the perfect competition exist in the real world? Justify your answer by employing references from official sources.
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MARGINAL PRODUCT OF LABOUR
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