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Where, W=wheat yield (kg/ha), F=fertiliser (kg/ha) and L=Labour (hours/ha)
a) derive an expression for the least cost expansion path given that fertiliser cost R12 per kg and Labour cost R6 per hour.
b)if the wheat producer has a budget of R9000 to spend on fertiliser and Labour, how much of input should be used and what is the quantity of wheat he will produce?
c) Derive expression for the value of marginal product (VMP) of fertiliser and Labour given that wheat sells at R72 per kg.
If the price elasticity coefficient of a good is 1,8, what should a supplier do to generate more revenue?
/ 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: ▪ How does globalisations affect the demand for high and low skilled workers across the globe? ▪ Given that much of South Africa’s economic activity is based on the natural resources, do you think the country is ready to make the shift to a more technologically driven production process? ▪ As South Africa has a large contingent of unemployed and low skilled workers how do you see the integration process affecting the mismatch between the demand and supply of labour within the country?
Tourism could become an engine of growth and economic development. Discuss the current challenges facing tourism and the strategies proposed in the Fifth National Development Plan (NDP5) to promote and stimulate the tourism sector?
A) What are Dawit’s income and Price of good y (Py)
B) What is the simplified version of Dawit’s budget line equation?
C) If Dawit’s utility function is given by U(X; Y) = X0.5Y0.5, how many units of good X and good Y would he consume if he choose the bundle that maximize his utility subject to his budget constraint?
Expand the following in more details.
(a)Inaccessibility to quality education by some of the citizens.
(b)High levels of unemployment
(c)Low levels of technology.
Q-30,000-1000P
Where Q is hair dryer sales and P its price.
1. How many hair dryers could allied sell at Rs. 22.50 each? II. What price would Allied have to charge to sell 12,000 hair dryers?
III Calculate price elasticity of demand at price of Rs. 20
1. Suppose demand and supply for eggs are given by the following equation:
Qd = 100-20P
Qs = 10 at 40P
Where Qd = number of eggs purchased yearly
Where Qs = number of eggs farms would sell yearly
Where P = price per dozens of eggs
a) Fill in the following table
Price Per Dozen
Quantity Demanded (Qd)
Quantity Supplied (Qs)
5.00
6.00
6.50
7.00
7.50
b) Use the information to find the equilibrium price and equilibrium quantity,
c) Graph the demand and supply curves and identify the equilibrium price and quantity.
1. Suppose the demand for pizza is given by Qd = 300-20P and the market supply for pizza is given by Qs = 20P – 100 where P = price per pizza
a) Graph the supply and demand schedules for pizza using P100 through 150 as the value of pizza
b) In equilibrium, how many pizzas would be sold and at what price?
c) What would happen if suppliers set the price of pizza at 50? Explain the market adjustment process.
d) Suppose the price of hamburgers, a substitute for pizza doubles leading to a doubling of demand for pizzas (at each price consumers demand twice as much pizza as before). Show on a graph.
e) What is the new equilibrium price and quantity of pizza?
