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COLLEGE OF BUSINESS AND ECONOMICS. DEPARTMENT OF ECONOMICS Group Assignment 1. Discuss briefly implications of the following statements in the context of consumer behavior A. The marginal utility curve is downward /negatively sloped. B. IC has negative slope. C. IC has a convex shape. 2. Assume that in a market there are 100 buyers (consumers) with identical demand function; and 10 suppliers (firms) of a product with similar supply function. The demand and supply functions are given as follows: Qd=10-0.5P - Individual demand function and Q = 20 + 3P - Individual supply function Based information given above answer the following: A) Compute the market price (P) and equilibrium quantity (Q). B) Show the result (market equilibrium) on the graph. 3. Write the properties of an indifference curve? 4. Explain the difference between indifference curve and isoquant? 5. Discuss briefly Determinants of demand?
