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The market demand for wheat is Q = 100 - 2p + 1pb + 2Y. If the price of wheat, p, is $2,
and the price of barley, pb, is $3, and income, Y, is $1000, what is the income elasticity of
wheat?
Suppose ice cream market is in equilibrium. If the price of milk falls, and all other variables are held constant, what would you expect for the new price and quantity of ice cream?
Land has been a huge debate in south Africa over the past 10 years with the EFF pushing for a land redistribution to all South African citizens. Without a doubt, many people in townships have created jobs and streams of income through invention of small businesses in their yards (i.e Residence, crèche, tarvens and Spazas). Critically discuss the impact of land use regulations on the formalization and sustainability of these small business.
A profit maximizing firm has a cost structure given as TC=q2+q+5. The firm operates in a perfectly competitive environment and faces a market price of GH10,(i.ep=10). The market conditions caused the price to increase by GH5. Comment on the welfare of the firm.
equilibrium point determines what
history about public sector wage bill
history about public sector wage bill
What is the foreign exchange market
Carefully discuss how an increase in the budget deficit may impact the private savings, private investment, and trade deficit. Carefully explain the process through which a larger budget will affect these macroeconomic variables.
(a) Can a firm be producing efficiently when the marginal product of labor is negative?
(b) Show mathematically that the ratio of the marginal product of labor and capital equals the
MRTS.
(c) When a firm uses different factors of production or least cost combination the optimum
combination of factors is achieved when MPL / PL = MPL / PL. intuitively explain this
statement.
(d) With reference to the indifference curve, explain the convexity assumption.
