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Question 3 [Marks: 25! (1.3.1 The monetary transmission mechanism can be depicted in the form of a graph [1D] or using symbols. Explain, with the aid of symbols, the monetary transmission mechanism when interest rates increase [Note: Prices and wages are variable} (1.3.2 Explain, using the AllAS model, how the South African Government can use [15] fiscal policy as a tool to recover from the negative effects of this CUVIDl pandemic. lI"our answer must include the following: i The description of the type of fiscal policy required; {4} C An explanation of how the implementation of this tool will work their way through the economy to achieve the desired effect; {5} i The ADAS graph showing the implications of your recommendations. [5] Marks will be awarded for your ability to integrate theory with the scenario provided. l. The following table shows a lm's input, output and oosts in the short run. The price of each unit of output is H.200. (All costs and prices are in Tk.) Labor Quantity of Variable Total input Ouggut cost cost 0 O 0 500 l 4 20 520 2 S 40 540 3 13 60 560 4 19 80 580 5 26 100 600 a) What is the AF C of the rm when it employs l worker? b) What is the MC of the 2nd worker? c) What is the prot when the rm employs 3 workers? (1) What is the MP of the 4'\" worker? 6) Does this rm follow the law of diminishing marginal productfreturns, explain. 2. State the characteristics with an example of all the market structures discussed in class. 9) MARKET EQUILIBRIUM Suppose the demand for a product is given by p = d(q) = -0.4q + 300 and the supply for the same product is given by p = s(q) = 0.2q. For both functions, q is the quantity and p is the price, in dollars. a. Find the equilibrium point. (i.e. the market demand quantity and the market price) b. Find the consumer surplus at the equilibrium price. c. Find the producer surplus at the equilibrium price.5. Suppose the firm's production function is (1 = SOVLK. a. In the short run, the rm's capital is fixed at 10 units. What is the equation of the rm's short run demand for labor? How much labor would the firm hire to produce 500 units of output? How much labor would the rm hire to produce 1,000 units of output? How much labor would the rm hire to produce 1,500 units of output? b. Derive the rm's long run input demand functions for (i) labor and (ii) capital, in terms of output and input prices. To fund the demand equations, solve the rm's cost minimizing problem generalizing the price of labor as w and the price of capital as r. (b) The demand function of the company that make refrigerator is given by P = D(Q) = 36 - 4Q where P is the unit price in ringgit and Q is the quantity demanded in units of a thousand. The supply function for these refrigerator is given by P = S(Q) = 6+Q where P stands for the unit price in ringgit Q stands for the number of refrigerator that the supplier will put on the market, in units of a thousand. Determine the consumers' surplus and the producers' surplus if the market price of a refrigerator is set at the equilibrium price. [8 marks]