Search
Suppose Burger and Fries are complementary goods to a consumer. Now if the price of Burger increases (everything else stays the same) then what will happen to the equilibrium price and quantity of Fries. Explain using a diagram.
a) Suppose in winters demand of dry fruits increases. Further supply of dry fruit increases due to favorable environmental condition. Explain with the help of demand and supply curve, how price and quantity will respond
(b) Consider an economy can produce two goods butter and guns. Draw Production possibility frontier for butter and guns. Assume that scientific inventions have doubled the productivity of society's resources. Redraw the Production Possibility frontier
mr. green is a teacher that has a job at a school , he earns k560 per hour at this school and earns a k70 at his part time job per hour. the previous week mr eaned a k3500 in both after working for 20 hours. write down the simultanaous equation that represent the above information and how long did mr greeen work on his full time job and part time job respectively
Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium (i.e., supply equals demand in each case). Assume further that a good harvest impacts the world’s sugar cane crop. Sugar cane is a principal ingredient in rum, but it is not an ingredient in whiskey. Rum and whiskey are substitutes in consumption.
(i) Discuss the impact of the good harvest on each of the three markets.
(ii) Discuss the effect on the markets for each of the three products if the government implements a price restriction in the sugar cane market with the aim of protecting the farmers. How will this impact the revenues for sugar growers, rum producers and whiskey producers?
When the price of commodity B rises by 10%, the total revenue received by firms that sell commodity B rises by 5%. The demand for commodity B is therefore...
The production function for global electronics is Q=2k^0.5 L^0.5
Assume that the capital stock is fixed at nine units (i.e., K = 9). If the price of output (P) is Rs.6 per unit and the wage rate (w) is Rs.2 per unit, determine the optimal or profit maximizing rate of labor to be hired. What labor rate is optimal if the wage rate increased to Rs.3 per unit?
what determines the burden of tax between buyers and sellers and why
Do we need cashless transactions. What are the modes of cashless transactions
The inverse of the demand and supply functions for shoes is given by the
following equations respectively:
Demand: P = 1400 - 2Qd
Supply: P = 200 + 1Qs
1.1. Calculate the equilibrium price and quantity of shoes.
(5)
1.2. Assume that the price of shoes is R700. Use your answer in 1.1 to explain
the resulting situation in the market for shoes, and how equilibrium will
be restored without government intervention, ceteris paribus
Q. Which factor amount formula is applied evaluate Annual Equivalent Worth?
(i) Equal payment series capital recovery amount
(ii) Single payment compound amount
(iii) Single payment present worth amount
(iv) None of the above
