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2019 JUPEB ECONOMICS BY SOLUTIONWAP TEAM

1.  In economics, the total revenue test is a means for determining whether demand is elastic or inelastic. If an increase in price causes an increase in total revenue, then demand can be said to be inelastic, since the increase in price does not have a large impact on quantity demanded.

(2b)

1. Indifference Curves are Downward Sloping

Virtually all indifference curves have a negative slope. That is, they slope downward from left to right. The slope of an indifference curve shows the rate of substitution between two goods, i.e. the rate at which an individual is willing to give up some quantity of good A to get more of good B. If we assume that the individual likes both goods, the quantity of good B has to increase as the quantity of good A decreases, to keep the overall level of satisfaction the same. Because both axes each represent one of the two goods, this relationship results in a downward sloping curve. This becomes pretty obvious if we look at the illustration below.

Indifference Curves Are Downward Sloping


2. Higher Indifference Curves Are Preferred to Lower Ones

Consumers will always prefer a higher indifference curve to a lower one. This is due to the basic economic assumption that “more is always better“. Just think about it, if someone were to ask you if you wanted a free slice of pizza or an entire pizza for free, what would you say? Who says no to free pizza, right? Now, of course it’s not always that simple, but in basic economic theory we can assume that consumers have a preference for larger quantities. This is reflected in the indifference curves. The higher the indifference curves are, the larger the quantities of both goods. And thus, the more preferable the indifference curve becomes. Check out the illustration below to see this.

Higher Indifference Curves Are Preferred to Lower Ones




3. Indifference Curves Cannot Intersect

It is impossible for two indifference curves to cross. To understand why this is the case, we can look at what would happen if they did intersect. As we know, all combinations of good A and good B that lie on the same indifference curve make the consumer equally happy. Therefore, if two indifference curves were to cross, they would both have to provide the consumer with the same level of satisfaction, because the exact point where they intersect (i.e. point A) is on both curves. Thus, all other combinations on both curves would have to provide the same level of satisfaction as well. However, if we compare point B and point C, we can clearly see that point C offers more of good A and good B (90 and 140) as compared to point B (80 and 130). As we already learned above, consumers always prefer larger quantities. Therefore it is impossible for both curves to provide the same level of satisfaction, which means they can never intersect.

Indifference Curves Cannot Intersect


4. Indifference Curves are convex (i.e. bowed inward)

In most cases indifference curves are bowed inward. This has to do with the marginal rate of substitution (MRS). We know that the marginal utility of consuming a good decreases as its supply increases (see also diminishing marginal utility). Therefore consumers are willing to give up more of this good in order to get another good of which they have little. Let’s look at the graph below to illustrate this. If a consumer has a lot of good B, the MRS is 3 units of good B per unit of good A. If she has more of good A, the MRS is 0.5 units of good B per unit of good A. In other words, if they have a lot of good B, they are more willing to trade some of it in to get an additional unit of good A and vice versa. Because of this relationship, the indifference curve is bowed inward (i.e. convex).

Indifference Curves Are Bowed Inward

2a. Indifference Curve
It is a curve that shows the combination of goods which gives the same level of satisfaction to the consumers so that an individual is indifferent. In other words, the consumer gives equal preference to all such combinations.

It is a graph that gives a consumer equal satisfaction, making the consumer indifferent. An indifference curve shows the combination of services which a consumer can prefer over the other.

For any consumer, utility function (U) is a function of the quantities of goods. Suppose there are two commodities x1 and x2. Then

U = f (x1, x2) = constant = U0.

On the indifference curve, the quality consumed of one commodity is compensated by the increase in the quantity consumed of the other commodity.

marginal rate of substitution



Assumption
Utility is cardinal.
Consumer is rational.
Goods consumed are substitutable.
Availability of more goods is always better.
A consumer will have transitivity in his choice. Suppose a consumer prefer item ‘A’ over ‘B’. Also, he chooses item ‘B’ over ‘C’. Then it must prefer item ‘A’ over ‘C’.
Properties of Indifference Curve
The difference curve has a negative slope.
Indifferent curves do not intersect.
They are convex from below, i.e., convex to the origin.
An indifference curve that lies to the right of another, yields more utility.
Marginal Rate of substitution
It is the rate at which the consumer is willing to give up commodity ‘X’ for one more unit of commodity ‘Y’. He tries to maintain the same level of satisfaction.

In simple words, it is the same as the utility gained for good Y as the utility lost for good X. One can calculate the marginal rate of substitution as

M.R.S. Y X = Δ X / Δ Y, on any point on the indifference curve.

Derivation of Formula Marginal Rate of Substitution
For any consumer, utility function (U) is a function of the quantities of goods. Suppose there are two commodities x1 and x2. Then

U = f (x1, x2) = constant = U0.

Taking total differential, we get

d U = ∂ f / ∂ x1 . d x1 + ∂ f / ∂ x2 . d x2 = d U0 = 0

⇒ f x1 d x1 + f x2 d x2

⇒ − d x2 / d x1 = f x1 / f x2 = (∂ U / ∂ x1 ) ÷ (∂ U / ∂ x2) = MU x1 / MU x2

The slope (d x2 / d x1) of the tangent at any point on an indifference curve is the rate at which x1 must be substituted for x2 or vice versa.

The negative of the slope (− d x2 / d x1) is the marginal rate of substitution of x1 for x2.



(source – econ 150)

Assumptions
The consumer is logical and knowledgeable to consume every unit of goods.
Goods are equal in size and shape.
No time gap between consumption.
No change in income, preference, taste, and fashion.
Utility is cardinal.
Marginal unit of money is constant.
Limitations
This law doesn’t apply to

Dissimilar units.
Unreasonable quantity.
Unsuitable time period.
Rare collections like coins, stamps etc.
Change in taste and fashion of the consumer.
Abnormal person.
Changing the income of the consumer.
Habitual goods.
Durable and valuable goods.

*QUESTION FIVE*

(a) The "Demographic Transition" is a model that describes population change over time. By "model" we mean that it is an idealized, composite picture of population change in these countries. The model is a generalization that applies to these countries as a group and may not accurately describe all individual cases.

5a)
The demographic transition theory is a generalised description of the changing pattern of mortality, fertility and growth rates as societies move from one demographic regime to another. The term was first coined by the American demographer Frank W. Notestein in the mid-twentieth century, but it has since been elaborated and expanded upon by many others.

There are four stages to the classical demographic transition model:

Stage 1: Pre-transition
Characterised by high birth rates, and high fluctuating death rates.
Population growth was kept low by Malthusian "preventative" (late age at marriage) and "positive" (famine, war, pestilence) checks.
Stage 2: Early transition
During the early stages of the transition, the death rate begins to fall.
As birth rates remain high, the population starts to grow rapidly.
Stage 3: Late transition
Birth rates start to decline.
The rate of population growth decelerates.
Stage 4: Post-transition
Post-transitional societies are characterised by low birth and low death rates.
Population growth is negligible, or even enters a decline.1.  In economics, the total revenue test is a means for determining whether demand is elastic or inelastic. If an increase in price causes an increase in total revenue, then demand can be said to be inelastic, since the increase in price does not have a large impact on quantity demanded.

(2b)

1. Indifference Curves are Downward Sloping

Virtually all indifference curves have a negative slope. That is, they slope downward from left to right. The slope of an indifference curve shows the rate of substitution between two goods, i.e. the rate at which an individual is willing to give up some quantity of good A to get more of good B. If we assume that the individual likes both goods, the quantity of good B has to increase as the quantity of good A decreases, to keep the overall level of satisfaction the same. Because both axes each represent one of the two goods, this relationship results in a downward sloping curve. This becomes pretty obvious if we look at the illustration below.

Indifference Curves Are Downward Sloping


2. Higher Indifference Curves Are Preferred to Lower Ones

Consumers will always prefer a higher indifference curve to a lower one. This is due to the basic economic assumption that “more is always better“. Just think about it, if someone were to ask you if you wanted a free slice of pizza or an entire pizza for free, what would you say? Who says no to free pizza, right? Now, of course it’s not always that simple, but in basic economic theory we can assume that consumers have a preference for larger quantities. This is reflected in the indifference curves. The higher the indifference curves are, the larger the quantities of both goods. And thus, the more preferable the indifference curve becomes. Check out the illustration below to see this.

Higher Indifference Curves Are Preferred to Lower Ones




3. Indifference Curves Cannot Intersect

It is impossible for two indifference curves to cross. To understand why this is the case, we can look at what would happen if they did intersect. As we know, all combinations of good A and good B that lie on the same indifference curve make the consumer equally happy. Therefore, if two indifference curves were to cross, they would both have to provide the consumer with the same level of satisfaction, because the exact point where they intersect (i.e. point A) is on both curves. Thus, all other combinations on both curves would have to provide the same level of satisfaction as well. However, if we compare point B and point C, we can clearly see that point C offers more of good A and good B (90 and 140) as compared to point B (80 and 130). As we already learned above, consumers always prefer larger quantities. Therefore it is impossible for both curves to provide the same level of satisfaction, which means they can never intersect.

Indifference Curves Cannot Intersect

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4. Indifference Curves are convex (i.e. bowed inward)

In most cases indifference curves are bowed inward. This has to do with the marginal rate of substitution (MRS). We know that the marginal utility of consuming a good decreases as its supply increases (see also diminishing marginal utility). Therefore consumers are willing to give up more of this good in order to get another good of which they have little. Let’s look at the graph below to illustrate this. If a consumer has a lot of good B, the MRS is 3 units of good B per unit of good A. If she has more of good A, the MRS is 0.5 units of good B per unit of good A. In other words, if they have a lot of good B, they are more willing to trade some of it in to get an additional unit of good A and vice versa. Because of this relationship, the indifference curve is bowed inward (i.e. convex).

Indifference Curves Are Bowed Inward

2a. Indifference Curve
It is a curve that shows the combination of goods which gives the same level of satisfaction to the consumers so that an individual is indifferent. In other words, the consumer gives equal preference to all such combinations.

It is a graph that gives a consumer equal satisfaction, making the consumer indifferent. An indifference curve shows the combination of services which a consumer can prefer over the other.

For any consumer, utility function (U) is a function of the quantities of goods. Suppose there are two commodities x1 and x2. Then

U = f (x1, x2) = constant = U0.

On the indifference curve, the quality consumed of one commodity is compensated by the increase in the quantity consumed of the other commodity.

marginal rate of substitution



Assumption
Utility is cardinal.
Consumer is rational.
Goods consumed are substitutable.
Availability of more goods is always better.
A consumer will have transitivity in his choice. Suppose a consumer prefer item ‘A’ over ‘B’. Also, he chooses item ‘B’ over ‘C’. Then it must prefer item ‘A’ over ‘C’.
Properties of Indifference Curve
The difference curve has a negative slope.
Indifferent curves do not intersect.
They are convex from below, i.e., convex to the origin.
An indifference curve that lies to the right of another, yields more utility.
Marginal Rate of substitution
It is the rate at which the consumer is willing to give up commodity ‘X’ for one more unit of commodity ‘Y’. He tries to maintain the same level of satisfaction.

In simple words, it is the same as the utility gained for good Y as the utility lost for good X. One can calculate the marginal rate of substitution as

M.R.S. Y X = Δ X / Δ Y, on any point on the indifference curve.

Derivation of Formula Marginal Rate of Substitution
For any consumer, utility function (U) is a function of the quantities of goods. Suppose there are two commodities x1 and x2. Then

U = f (x1, x2) = constant = U0.

Taking total differential, we get

d U = ∂ f / ∂ x1 . d x1 + ∂ f / ∂ x2 . d x2 = d U0 = 0

⇒ f x1 d x1 + f x2 d x2

⇒ − d x2 / d x1 = f x1 / f x2 = (∂ U / ∂ x1 ) ÷ (∂ U / ∂ x2) = MU x1 / MU x2

The slope (d x2 / d x1) of the tangent at any point on an indifference curve is the rate at which x1 must be substituted for x2 or vice versa.

The negative of the slope (− d x2 / d x1) is the marginal rate of substitution of x1 for x2.



(source – econ 150)

Assumptions
The consumer is logical and knowledgeable to consume every unit of goods.
Goods are equal in size and shape.
No time gap between consumption.
No change in income, preference, taste, and fashion.
Utility is cardinal.
Marginal unit of money is constant.
Limitations
This law doesn’t apply to

Dissimilar units.
Unreasonable quantity.
Unsuitable time period.
Rare collections like coins, stamps etc.
Change in taste and fashion of the consumer.
Abnormal person.
Changing the income of the consumer.
Habitual goods.
Durable and valuable goods.

*QUESTION FIVE*

(a) The "Demographic Transition" is a model that describes population change over time. By "model" we mean that it is an idealized, composite picture of population change in these countries. The model is a generalization that applies to these countries as a group and may not accurately describe all individual cases.

5a)
The demographic transition theory is a generalised description of the changing pattern of mortality, fertility and growth rates as societies move from one demographic regime to another. The term was first coined by the American demographer Frank W. Notestein in the mid-twentieth century, but it has since been elaborated and expanded upon by many others.

There are four stages to the classical demographic transition model:

Stage 1: Pre-transition
Characterised by high birth rates, and high fluctuating death rates.
Population growth was kept low by Malthusian "preventative" (late age at marriage) and "positive" (famine, war, pestilence) checks.
Stage 2: Early transition
During the early stages of the transition, the death rate begins to fall.
As birth rates remain high, the population starts to grow rapidly.
Stage 3: Late transition
Birth rates start to decline.
The rate of population growth decelerates.
Stage 4: Post-transition
Post-transitional societies are characterised by low birth and low death rates.
Population growth is negligible, or even enters a decline.




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