Microeconomics problem sets solutions Please see attached and following instructions for response. Search 12:14 PM Tue Feb 26
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2. Please, write legibly and submit your solutions on 8 % x 11 paper.
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5. You may work in pairs and submit joint solution sets. Simply copying another student’s (or group’s) work is cheating. Fordham’s
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1. One study found that the price elasticity of demand for soda is 0.81.
a. Is the demand for soda elastic, is it inelastic? If the price of soda increased by 10%, would consumer expenditure in soda
beverages increase? Briefly explain.
The same study also found that the price elasticity of demand for Coca Cola is 1.41.
b. Coca cola is a type of soda, so why isn’t its price elasticity the same as the price elasticity for soda as a product?
2. Suppose that you have been hired to analyze the impact on employment from the imposition of a minimum wage in the labor
market. Further suppose that you estimate the demand and supply functions for labor, where L stands for the quantity of labor
(measured in thousands of workers) and W stands for the wage rate (measured in dollars per hour):
Demand: W = 10 – 0.5*Ld;
Supply: W = (1/3)*Ls.
First, calculate the free market equilibrium wage and quantity of labor. Now suppose the proposed minimum wage is $15. How large
will the surplus of labor in this market be?
3. You are president of operations of a manufacturing firm that sells jeans pants in a competitive market. Your economist gives you the
following supply and demand functions:
Demand: P = 190 -0.5*Qd
Supply: P = Qs + 40
Quantity is measured in thousands of pants and price in dollars per pair of pants.
a. Find equilibrium price and quantity
b. Find consumer surplus and producer surplus when the market is in perfectly competitive equilibrium.
c. Find the deadweight loss a price cap of $80 would create in this market.
(dollars per cup)
(cups per hour)
4. The demand and supply schedules for coffee are given in the table. what is the price of a cup of coffee and how much
coffee is bought?
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