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Consumers and Computers

Question 1) (10 marks), Read relevant section of book and answer the question.
For consumers, computers are a complement to computer software. Suppose the price of a computer
falls. Simultaneously, suppose that the number of companies selling computer software decreases
proportionately.
a) How do these changes affect the price and quantity of computer software?
b) Draw a hypothetical graph with proper labeling
Your answer must be in at least 100 words. Count # of Word and write here:
Question 2) (10 marks), Read relevant section of book and answer the question.
The below table gives the demand and supply schedules for cat food.
a) If the price is $3.00 per pound of cat food, will there be a shortage, a surplus, or is this price the
equilibrium price?
b) If there is a shortage, how much is the shortage?
c) If there is a surplus, how much is the surplus?
d) If $3.00 is the equilibrium price, what is the equilibrium quantity?
e) Draw a graph from given data with proper labeling.
Your answer must be in at least 100 words. Count # of Word and write here:

Question 3) (10 marks), Read relevant section of book and answer the question.
What factors determine the size of the price elasticity of demand?
Your answer must be in at least 100 words. Count # of Word and write here:
Question 4) (10 marks), Read relevant section of book and answer the question.
How are the cross elasticity of demand and income elasticity of demand similar and how are they
different from the price elasticity of demand?
Your answer must be in at least 100 words. Count # of Word and write here:

Question 5) (10 marks) Read relevant section of book and answer the question.
The table below gives Sharon’s demand for ground beef at two different income levels. Use the
midpoint method in this problem.
a. What is the percentage change in Sharon’s income?
b. What is the percentage change in the quantity demanded?
c. What is Sharon’s income elasticity of demand for ground beef?
d. Is ground beef a normal or an inferior good for Sharon?

Sample Solution

xperience— An initial demonstration was followed by a student performing the examination. One student interviewed the patient for a detailed medical history and other student performed a focused physical examination under my supervision. Rest of cohort were observing the examination. Reflection—History taking and examination were discussed and students received a verbal feedback on their approach to examine abdomen. Students then observed a demonstration of abdominal examination by me, while the rest observed and reflected on their performances. Theory—copy of my power point presentation were handed out to the students(appendix2). Kolb (1971) had introduced four distinct learning styles of learners in a given learner population. Kolb referred to these as diverging, assimilating, converging and accommodating. Figure 4, illustrates the learning abilities of Kolb’s four-part model in relation to the learning process associated with this SGT session. Fig 4 Kolb’s Model Sir William Osler’s dictum that “it is a safe rule to have no teaching without a patient for a text, and the best teaching is that taught by the patient himself” appears very true for this teaching session. Simulation based teaching Medical simulation has been increasingly used in Medical education over the past decade. It aims to imitate real patients, anatomical regions and clinical tasks to mirror the real life circumstances allowing trainee to practice their skills in a risk-free environment (Scalese. R,2007 ). There is a significant departure from traditional “See one do one “approach to simulation based training in recent years. Simulation has already been used in training as flight stimulator for pilots /astronauts and in warfare games, and now these models are used in medical education like critical care, anesthesia and emergency care. With continuing changes in health care has led to decrease availability of real patients as the learning opportunity & simulation fills this gap very effectively. One of the major advantage of simulation based learning is the ability to tailor the teaching needs, according to learner’s experience level and its reliability and transfera
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