University of Guyana: ECN 1100: Introductory Microeconomics 2022/2023

DEPARTMENT OF ECONOMICS

COURSE NAME: INTRODUCTORY MICROECONOMICS

COURSE CODE: ECN 1100

TUTORIAL lECTURER: MS SAFRANA CAMERON

WORKSHEET #2

TUTORIAL OBJECTIVES 0UTLINE

On completion of this tutorial The tutorial session worksheet includes

session, you should be able to the following:
understand the following:
● Structured Questions
● Basic Algebra
● Simultaneous Equation
● Percentages
● Calculus Zoom Meeting ID :
● Slope of a Line/Gradient https://us05web.zoom.us/j/9
● Application of Mathematical 3261014566?
concepts in Economics pwd=WS9VYi9ib01QUTdXaS8
● PPF Curve wRWw1SStDZz09
● Opportunity Cost
Tutorial Times  Meeting ID: 932 6101 4566
Passcode: 1100
Monday         7:15    pm   to       8: 15  pm
Thursday   12:15    pm   to       1:15   pm  
Thursday     4:15     pm   to      5:15   pm
 Friday          9:15     am    to    10:15  am
 Friday          4:15     pm    to     5:15  pm

Access to Worksheet: 
https://drive.google.com/drive/u/1/folders/
1SR2Sh1miACbrXJnULL5mqw754eg_jDSP
University of Guyana: ECN 1100: Introductory Microeconomics 2022/2023

Question One: Solving Percentages

 
a)75% of 36   b) 2/3 expressed as a percent   c) 0.74 as a per cent.

d) Calculate the percentage change when price increases from $10 to $15

e) Calculate the percentage change when quantity demanded decreases from 25 to 20

f) If GDP for 2012 is 8900 and in 2013 it increases by 15 %. Calculate the new value for GDP

Question Two: Solving Expressions, Equations & Simultaneous Equation

a)5(2+x)+3(5x+4)-(x2) 2 b) 2(x+4)= -3(x+5) c) 5x + y = 17 

3x + y = 11                                

Question Three: Calculus

a) Solve the First Derivatives of the following functions:

(a) s =t2 + t2 (b) s= 4t ½   - 2.5t-2

(c) Using the first definitive fule find the Marginal Cost and Marginal Revenue for the two
functions:
(1)TC(q) = 10 + 10q (2)TR= 100Q − Q 2

Question Three: Slope of a Line

a) Find the slope of the following lines using calculus

(1)  y = 3 (b) y= 4x      (2) y = 3x3   
b) Work out the gradient of the straight line that passes through the points
 (2,3) (2,3) and (-10, 6) (−10,6). Interpret the gradient.

Question Five: Production Possibility Curve

0. Define the term PPF

a. What are the assumptions of the PPF curve?
University of Guyana: ECN 1100: Introductory Microeconomics 2022/2023

b. Illustrate on a graph a PPF curve and show the points where production is efficient,
inefficient and unattainable?
c. What factors cause a shift in the PPF curve?
d. What are the types of opportunity cost?
f. Answer the following questions using the table below

Resources used to Output of Petroleum Resources used to Output of

produce petroleum
0 0
1 10
2 20
3 30
4 40
5 50
produce rice Rice
0 0
1 150
2 250
3 325
4 375
5 400

(a) Using the table above plot the PPF with the information, place rice on the y axis and
petroleum on the x axis
(b) From the data above what is the opportunity cost of producing the first 10 units of
Petroleum?
(c) What is the opportunity cost of producing the next 10 units of petroleum?

(d) What happens to the opportunity cost of petroleum if its production continuously
increases?

(e) Suppose that the actual production levels were 20 units of petroleum and 250 units
of rice. What can you infer from this information?

(f) Suppose a requested an output combination of 55 petroleum and 150 rice. Is this
plan attainable? Explain your answer in not more than two lines.

(g)  New technology is developed in Petroleum production, so that each resource can
now produce more annually. What happens to the production possibilities curve? Illustrate
your answers graphically on the same diagram used in part (a)

“The End”