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Nottingham Microeconomics Exam 2011
Nottingham Microeconomics Exam 2010
Nottingham Microeconomics Exam 2008
Nottingham Microeconomics Exam 2009
Supply Demand Introduction Lecture
Nottingham Economics Tutor Calculus Review for Intermediate Microeconomics
Nottingham Economics Tutor Utililty Functions Lecture
- According to George Box, the statistician, “All models are wrong”. If this is the case why do economists continue to rely on formal models?
- Economic methodology is traditionally based on the natural sciences. How far are such methods appropriate to the study of a social science?
- How important is the realism of economic assumptions?
- (From Krugman, Wells and Graddy) Show in a graph the effect on the demand curve, the supply curve, the equilibrium price, and the equilibrium quantity for each of the following events.
- The market for the local newspaper. Event 1: the salaries of journalists go up. Event 2: there is a big news story in your city which is reported in the newspapers.
- The market for cotton shirts. Event 1: the summer is unusually hot. Event 2: the price of cotton increases.
- The market for crisps. Event 1: people realize how fattening they are. Event 2: people have less time to make themselves a cooked meal.
- The market for your favorite economics textbook. Event 1: your university makes the textbook required reading. Event 2: printing costs for textbooks decrease because paper becomes cheaper.
Problem Set question
- Exogenous movements in demand are needed in order to be able to recover the supply curve. Explain.
- What does it mean to say that quantity supplied must be equal to the quantity demanded? To what extent is this tautological? Is the supply and demand model falsifiable?
- How could you tell whether or not a market is a) competitive, b) in competitive equilibrium?
- The standard supply and demand model completely abstracts from the existence and nature of institutions which govern how people actually trade. Discuss, using examples, the extent to which is this a good and a bad thing.
- Is market equilibrium a real, observable, and feature of the world? A mere tendency? Or a more or less useful conceptual construct?
- Is free trade ever bad?
- “Voluntary trades only occur on the short side of the market”. Explain.
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