In June 2024
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The market clearing price.
The equilibrium quantity.
Explain graphically.
Which of the following items would NOT be included in the calculation of GDP?
[1] purchase of electricity by a household for home use
[2] merchandise exports by local firms
[3] purchase of a used car by Thomas for personal use
[4] purchase of new bicycles by a bicycle rental firm
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Suppose you are land advisor to the Ministry of Lands, advice the minister of Lands how rural development will be achieved through land reform, supportive policies and integrated development objectives.
What is meant by land reform? Give some examples of supportive policy measures that might accompany land reform and explain how we can integrate rural development into the national economy planning toachieve national development. (15)
Explain the three categories of returns to scale relating to the long-run average
cost curve
i. Solve the equilibrium price and quantity.
iii. Government officials fear that too much venison is being consumed at the market equilibrium, leading to concerns about population of deer. In response the government imposes a tax of RM2 on the producers of venison. Solve a new equilibrium after tax.
iii. Plot a new graph to show the movement of equilibrium price and quantity before and after tax.
iv. Calculate consumer and producer burden. Who will absorb most of the tax?
Ruma is a final year hotel management student, who is very much interested in starting her own business of bakery. Home baking is the trend now so she wants to start from a small business and then in future expand it. She is thinking of taking bank loan and has approached you for advice. What would you advise her?
. a) Obtain the market demand and supply functions and represent them graphically. b) Find the equilibrium price and quantity.Consider a market with 1,000 identical consumers with the following individual demand function p = 3 − qd and 1,000 identical sellers with the following individual supply function p = qs −1
. a) Obtain the market demand and supply functions and represent them graphically. b) Find the equilibrium price and quantity.
diagram to motivate your answer
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#339914 on Dec 2023