Microeconomics Answers

Which one of the following phrases represents the expression 5𝑛 − 4

[1] Four minus the product of five and a number. [2] Four less than five times a number. [3] The difference between four and five times a number. [4] The sum of five and a number decreased by four.

Discuss how you can apply the study of weather and climate in agriculture.

The quantity of coal supplied changes from 45 000 tons a month to 50 000 tons a month when the price changes from R1 500 to R1 600. Based on this information, which of the following statements are correct?

a.

The percentage change in the quantity of coal supplied is larger than the percentage change in the price of coal.

b.

The percentage change in the quantity of coal supplied is smaller than the percentage change in the price of coal.

c.

The supply of coal is price elastic.

d.

The supply of coal is not price elastic.

What is the consumer surplus and producer surplus for : Qd= 300-3p and Qs= 50+2p

With the aid of appropriate diagram examine the income and substitution effect for an increase in price of good x.

The connection of points B and D forms: 12) ______ A) a demand curve. B) an income-consumption curve. C) a shift from one demand curve.to another. D) a price-consumption curve. 

A permanent decrease in demand on competitive market

1.   Consider all the factors of production: labor, natural resources, capital, entrepreneurs, technology, and knowledge. Is each resource a vital part of the school you attend or the company for which you work? Which factors do you believe are most important to the goods and services provided by the organization?

Describe the course of events in a competitive market where there is a permanent decrease in demand and permanent increase in demand

The population in country C decreases due to lower birth rate . At the same time there is an increase in the cost of fertiliser for vegetables will be affected by these changes.clearly indicate how equilibrium price and equilibrium quantity will be affected by there change