Microeconomics Answers

Briefly discuss the price elasticity of demand for tickets from Lusaka to Livingston between 200kwacha and 250 kwacha and clarify how bus fleets revenues are expected to respond to price increases

Work out the price elasticity of demand for tickets from Lusaka to Livingston between 200 kwacha and 250

You have one scarce hour to spend between playing for a tournament or taking classes in a tutorial for Rs. 500 per hour. You choose to play for tournament. What is the opportunity cost of playing?

Recently,theTransport Association of Zambia increased the price of bus fares for all long routes in

kwacha and 250 kwacha and clarify how bus fleetsrevenues are expected to respond to the

rises again from 250 kwacha to 300 kwacha? [5 Marks]

Zambia. Specifically, the price of tickets between Lusaka and Livingstone increased from 200 Kwacha to

c)Work out the Price Elasticity of Demand for tickets from Lusaka to Livingstone between 200

d)Briefly discuss the Price Elasticity of Demand for tickets from Lusaka to Livingstone between 200

between Lusaka and Livingstone.

250 kwacha. The demand equation

• A monopoly is a  A. single seller of a product that has no close substitutes.
•  B. single buyer of raw materials.
•  C. small group of producers with similar products.
•  D. large number of producers each with a small share of the total market output.

1. Use a supply and demand diagram for a specified market to demonstrate the effects of the specific shoots given in the cases below on the equilibrium price and quantity. Clearly explain the key adjustments in supply and demand curves that result. Show whether there is a shift in the demand curve, the supply curve or neither

Supply and demand