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Economics 100Assignment #3Worth 15% of your final mark
Section I – Supply and Demand (questions are worth a total of 10 marks per market)
For each market please:a)Graph the lines of the supply and demand equationsb)Calculate the equilibrium price or quantity (whichever seems easiest)c)Check your answer by plugging the equilibrium value you have calculated into both the supply and demand equations for that market.
1.Market for iPads in Regina
Demand: Q = 9200 – 10PSupply: Q = -400 + 5P
2.Market for tickets to see Elvis impersonator Rory Allen at Casino Regina
Demand: P = 340 – 0.25QSupply: P = 10.00 + 0.05Q
3.Market for Vinyl Music (i.e. old-style records) from Vintage Vinyl
Demand: Q = 10,000 – 300PSupply: Q = 400 + 100P
d)Now calculate what will happen if the government imposes a goods and service tax (paid by consumers at the time of purchase) in the following two markets:i.Market for iPads – a tax of $100/iPadii.Market for Rory Allen tickets – a tax of $9/ticket
e)In the Market for Vinyl Music calculate the impact of imposing an excise tax (paid by producers) of $5.00 for each vinyl record (See pg. 91 of the Hird textbook to learn about excise taxes).i.Market for Vinyl – an excise tax of $5.00 per recordNote: For questions d) and e) it is important to think about whether demand or supply is impacted.http://www.ukassignment.org/daixieEssay/jianadaessaydaixie/ Use your intuition to think about whether the equilibrium price and quantity would go up or down with the introduction of a tax. Also think about which curve would move and in what direction. This should allow you to incorporate the tax into the proper equation (either demand or supply).
Section II – Measuring Progress (each question is worth 5 marks)Please have a look at the executive summary of the report called: Canadian Environmental Sustainability Indicators, 2007 and answer the following questions. This report is available on-line from the Statistics Canada website at: 1.If you were responsible for creating a Genuine Progress Indicator for the Canadian Government how would you use the information presented in this report? 2.After reading the executive summary, do the indicators indicate that the quality of the environment in Canada is improving, deteriorating, or staying the same? Please explain your answer.Section III – Money Creation (each question is worth 5 marks)Darryl the Rancher sells ten head of cattle for a total of $8000. He takes his money and deposits it into a savings account at his local Credit Union. Please answer the following questions based on this action:1.If the Credit Union decides that it should keep 15% of Darryl’s deposit on-hand in a reserve fund, how much money could the Credit Union create by making loans to others in that community? (Assume that everyone in the community banks at the Credit Union and buys from only each other; i.e. they have a strong local economy. Also assume that the Credit Union continues to make loans until it can no longer do so without dipping into its reserves.)2.How much money is created from Darryl’s deposit if the Credit Union decides to lower the amount of deposits it keeps on hand as reserves from 15% to 10%?3.Imagine that instead of depositing all of his earnings into the Credit Union, Darryl stashes $3000 under his mattress. Assume that the Credit Union holds 10% of his deposit in reserve. How much money does his deposit now create? 4.Use the scenario in question 3. where Darryl deposits $5000 and the Credit Union holds 10% of the deposit in reserve. What would happen if the Credit Union loans $4500 of Darryl’s deposit to Shirley who uses it to buy a $4500 elevator for her disabled husband to get around in their home. Shirley purchases the elevator directly from Korea. How much money does the Credit Union create in that community by loaning out Darryl’s deposit?Section IV – Unemployment (each question is worth 2.5 marks)Please answer the following questions using the Statistics Canada data found at: (Note: if this link does not work for you visit and find the statistics labeled “Labour Force Information” and dated March 12, 2010. Use the Saskatchewan data in Table 4-8 to answer the following questions)1.What was the overall participation rate, employment rate, and unemployment rate for Saskatchewan in January 2010?2.How did each of these three rates change from January 2010 to February 2010? #4.In the sub-category of Saskatchewan residents aged 15-24 (both sexes) the unemployment rate decreased from January 2010 to February 2010. Why did it decrease?Section V – Inflation (each question is worth 2.5 marks)Please answer the following questions using the Statistics Canada data found at: (Note: if this link does not work, visit and search for ‘Consumer Price Index’. Use the ‘Consumer Price Index’ information dated February 18, 2010 and look for Table 9-8 which offers the data for Saskatchewan.)1.What was the overall rate of inflation for all goods from the period of January 2009 to January 2010?2.Which three goods saw the highest increase in price from January 2009 to January 2010? 3.Which three goods saw the highest decrease in price from January 2009 to January 2010? 4.Why do you think Statistics Canada also includes “special aggregate” measures of changes to CPI?Section VI – Saskatchewan Budget 2010-11 (see each question for mark value)The Government of Saskatchewan plans to release its 2010-11 budget on March 24th. Read the coverage of this budget in newspapers like the LeaderPost and answer the following questions:1.What is the Saskatchewan Government’s top priority in the 2010-11 budget? (4 marks)2.Judging by their budget priorities does the Saskatchewan Government appear to be worried about the possibility of a recession in Saskatchewan? Why or why not? (10 marks) (Hint: you may want to use the data in sections IV and V to assist with your answer)3.List three examples in the 2010-11 budget where the government is working to address a market failure. Note: List both the type of market failure and the policy they are using to address the failure. (6 marks)