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What is the law of diminishing marginal product?(3 marks)
a. In which stages of production it manifest.
b. What is the logical justification for the law of diminishing marginal
What is the law of diminishing marginal product?(3 marks)
a. In which stages of production it manifest.
b. What is the logical justification for the law of diminishing marginal
Based on the given information, answer the following questions.
a. Compute the marginal utility of the two goods
b. At what amounts of consumption does diminishing marginal utility starts to occur for the two goods?
a. What do you think is the market structure for meter taxi transportation in Addis? Give your justificationsa.
Wage inequality and globalisation: Has the move towards a more integrated South
African economy brought with it greater demand and supply mismatches
▪ 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
▪ Apart from the mismatches of supply and demand in the labour market, what other factors
are largely contributing to inequality levels within the country?
For every two boxes of strawberries that she consumes, Millicent insists on having one pitcher of cream. She does not, however, insist on consuming the same amount every week. Her utility functions is U = min{s1, 2c1}min{s2, 2c2}, where s1 and s2 are the number of boxes of strawberries she consumes this week and next week and c1 and c2 are the number of pitchers of cream she consumes this week and next. Strawberries cost $2 a box and cream costs $1 a pitcher. She has a present value of $100 to spend on these goods in the next two weeks. The weekly interest rate is 1%. How many boxes of strawberries will she consume this week?
How would you relate the mangememt of your family with economics
If a firm is producing in the long run using capital and labor inputs, how the least cost
combination of the inputs will be determined? Show graphically and mathematically.
is meter taxi service similar with Ride, Feres and others. If you have to estimate the
demand for the transportation service you provide
a. And when should a monopoly firm shuts down? Justify your answer
