BBM102/03: Draw a demand and supply graph for the global market for crude oil and Explain the effects of the Russian-Ukraine war on market price: Microeconomics Assignment, WOU, Malaysia

University Wawasan Open University (WOU)
Subject BBM102/03: Microeconomics

 Question 1

  • Draw a demand and supply graph for the global market for crude oil.
  • Explain the effects of the Russian-Ukraine war on market price and quantity of crude oil.
  • Using an appropriate demand-supply diagram, discuss how global crude oil prices might affect the market for vegetables in Malaysia.
  • To protect consumers from fluctuating prices of vegetables, the government considers price control policies. Provide an example of a useful price control policy that can prevent prices from rising further. Explain the effects of this price control policy on the market?

Question 2

  • The 5th and 6th columns of the table are deliberately left empty. Calculate the average cost associated with each level of production and complete the 5th column of the above table
  • Calculate the profits associated with each level of production, and complete the 6th column of the table
  • Identify which production level maximizes profits.
  • Explain the type of market structure that this manufacturer might be operating in.
  • Elaborate on the possible outcome that can happen in the long run if this manufacturer continues making profits
  • Suppose that this manufacturer discovers a new technology that reduces labor costs significantly. We now have new information in the table below

Calculate the new average cost and total profit and complete the table

  • Sketch the new Average Cost function from the table and comment on the graph
  • If this new situation persists, explain what might happen to the industry in the future?

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