Econ201- project 2 – part 1
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Students must mention the question number clearly in their answers.
Avoid plagiarism.
All answers must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
Q1: Illustrate an example of your choice and discuss consumer surplus, producer surplus, Total surplus, and deadweight loss with the help of the graphs.
Q2: Calculate the consumer surplus, producer surplus, and total surplus in a market of airplane tickets if the Equilibrium price per ticket is SAR 160, the equilibrium Quantity is 80 tickets, the upper intercept of the demand curve on the y-axis is SAR 400 and lower intercept of the supply curve on the y-axis is zero. What will be the dead weight loss if the government imposes a tax of SAR 80 per ticket and the buyer and sellers share the tax of 50 percent each?
Q3: What do you mean by import tariff and import quota? Take an example and discuss the difference between tariffs and quotas with the help of graphs.
Q4: Provide the equation to calculate the GDP of a nation. Explain all four factors that contribute to the GDP calculation in detail.
Q2: to calculate only “Consumer, Producer, and Total Surplus” in the 2nd question of Assignment -2. There is no need to calculate deadweight loss after Tax.
Textbook:
- Mankiw, N. Gregory. Principles of Macroeconomics, 6th ed. Mason, OH: South-Western Cengage Learning, 2011. ISBN: 9780538453066 (hard copy); ISBN: 9781115468523 (eBook)
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