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A construct the budget constraint of this typical consumer(2pts)
Find the optimal consumption of X and Y(5pts)
Finally, in light of the unique socio-economic challenges facing the country, provide a few recommendations on how the South African government can best manage the push towards the fourth industrial revolution, so as to improve the employment of labour in the economy whilst subsequently providing a more inclusive and equitable economic structure.
labour within the South African government and asked to provide an essay / report on the impact of the
South African economy’s global integration on supply and demand mismatches in the labour market,
consequently discussing what this entails for wage inequality levels within the country. Government
has asked that you focus on the following aspects in your essay/report:
see the integration process affecting the mismatch between the demand and supply of
labour within the country?
It is observed that initially, increases in income cause the consumption of hamburgers to rise, but as the income continues to rise, the consumption of hamburgers starts to decline. What is the reason for this?
Also, illustrate in diagrams.
When avocadoes are in season, the quantity supplied is high, but the price is low. Why is it not in line with the law of supply?
Explain with diagram
Suppose that we have elicited the indifference relation ∼ and the strict preference relation > from a decision-maker. Define the weak preference relation >
given relations ∼ and >. That is, reconstruct the decision-maker’s weak preference statements from the decision-makers indifference and strict preference
statements
A pen shop sells pen for 8php each and sold 250 pens per day on average. They estimate that the price elasticity of demand for pen is (-) 1.6. Calculate the expected number of customers if they reduce the pen price to 7php each.
#340153 on Dec 2023