Microeconomics Answers

Assume perfectly competitive CNG market if government intervention in market mechanism and set the price below the market clearing level what will be the resulting outcome of this policy?

If demand increases and supply declines the equilibrium price and quantity will both increases. Explain true or false?

5. A company in a purely competitive market has a short run total cost function given by

TC = 50 + 4Q + 1.5 Q². The unit price of the company’s product is Br. 13. A economist working on the efficiency of the company suggested that it has better shut down the business. Do you agree? Explain.

Why was agricultural sector declared as a critical industry and exempt from the hardest lock down regulations

how did South Africa overcome the public wage bill crises

1. What will be the elasticity of resource demand in the following cases? Describe each case. (6 marks)
2. unit wages rise by 10 percent and the number of employed workers falls by 5 percent.
3. unit wages rise by 4 percent andthe number of employed workers falls by 6 percent.
4. unit wages rise by 3 percent and thenumber of employed workers falls by 3 percent.

how did South Africa overcome the public wage bill crises

The quantity demAnded and the quantity supplied at R15 are 80kg and 110kg respectively. Determine the equation of demand and supply?

Provide a brief explanation of the public wage bill in South Africa

A decrease in the price of a product from R40,00 to R30,00 causes the quantity demanded to increase from 2 000 to 2 500 units. Using the arc elasticity of demand, the price elasticity of demand is