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▪ How does globalizations affect the demand for high and low skilled workers across the globe? (250 words)
▪ 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? (250 words)
-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?
-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?
- Apart from the mismatches of supply and demand in the labour market, what other factors
are largely contributing to inequality levels within the country?
-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.
A the demand for milk will increase
B the demand for milk will decrease
C the supply of milk will decrease
D the supply of milk will increase
A rises
B falls
C remain unchanged
D becomes more positive
Consider the perfectly competitive market for Diesel. The aggregate demand for gasoline is. The aggregate demand for gasoline is
While the aggregate supply is
a)Work out the equilibrium price and quantity.
b)At the equilibrium level established in part a), calculate the consumer surplus, producer surplus and total surplus.It is established that most fuel stations are going out of business To address this problem, the government decides to set a minimum price of . What will be the new equilibrium price and quantity? What will be the new consumer surplus and producer surplus?Who gains and who loses from this regulation? Explain how the total surplus affected?
How can the impact of a decrease in the price of petrol on the demand curve for petrol be illustrated?
Suppose that the management of Sun City resort is trying to understand the income elasticity of their resort. As an advisor, they provide you with the following figures;
If the average income of visitors is R3 000 (which is the current income), then 45 000 visitors visit Sun City resort each year and if the average income increases to R5 000, then 60 000 visitors visit Sun City resort each year.
- Calculate the income elasticity of demand using the arc method.
- Based on your answer above (1), explain what type of a product (service) the resort is.
A monopoly is a
#340153 on Dec 2023