Fisherman Hake and equilibrium

Content
Exercise 10 Section 2
Market mechanism
Equilibrium
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Slide 1: Tekstslide
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Content
Exercise 10 Section 2
Market mechanism
Equilibrium

Slide 1 - Tekstslide

Read Source 4 on page 48

Slide 2 - Tekstslide

10 A
Example of fixed costs of fisherman Tom Hake
timer
1:00

Slide 3 - Open vraag

10 B
Give an example of variable costs of Tom Hake

Slide 4 - Open vraag

10 C Calculate the total profit of Tom Hake before the fishing quota

Slide 5 - Open vraag

Answers
A. Interest, permit, insurance premium, wages
B. Diesel, bait
C.
Turnover 100,000 X € 5 =                                                 € 500,000
Variable costs 100,000 X € 1.50 = € 150,000
Fixed costs                                             € 300,000
Total costs                                                                              € 450,000 -
Total profit                                                                              €   50,000

Slide 6 - Tekstslide

10 D
Does the fishing quota cause the supply curve to change or shift?
A
Change (movement along the curve)
B
Shift

Slide 7 - Quizvraag

Slide 8 - Tekstslide

10 E Calculate the total profit of Tom Hake after the fishing quota

Slide 9 - Open vraag

Answer
Turnover: 40,000 X € 8 =                                                          € 320,000
Variable costs 40,000 X € 1.25 =   €    50,000
Fixed costs                                             € 250,000 +
Total costs                                                                                     € 300,000 -
Total profit                                                                                     €   20,000 

Slide 10 - Tekstslide

New fish species are supplied. Some consumers switch to these new species. What happens to the price of cod

Slide 11 - Open vraag

Answer
The demand curve for cod shifts to the left. The price of cod decreases

Slide 12 - Tekstslide

Read the intro on page 49
Which curve immediately shifts as a result of the police's action
A
The demand curve shifts to the left
B
The demand curve shifts to the right
C
The supply curve shifts to the left
D
The supply curve shifts to the right

Slide 13 - Quizvraag