Microeconomics Answers

Critically analyze the type of unemployment faced by youths given the steady economic development that the country has experienced. (250 words)

if the price of tea declines how would it affect the equilibrim price and quantity for coffee

Good(X): 1,2,3,4,5 (increasing)
Good(Y): 12,8,5,3,2(decreasing)

"Marginal rate of substitution (MRS) of X for Y will go on diminishing." I have a question on this sentence that is according to Good(X) and Good(Y) it is clearly seen that Y is decreasing or diminishing and X is increasing but the sentence tells 'MRS of X will go on diminishing' what is this? Could you please tell me on what basis and how can we say X is diminishing?

Kofi and Ama have 120 hours each and they can spend their time planting Rice or Maize.
You are told that the opportunity cost of producing one bag of rice for Ama is 1/3 bag of
maize and the opportunity cost of producing one bag of rice for Kofi is ¼ bag of maize.
Ama can produce 6 bags of maize when she uses all her resource for maize production
and 1Kofi can produce 8 bags of rice when he uses all his resource .Use this to answer
the following questions:

what is normal profit

Law of Diminishing Marginal Utility states that marginal utility from consuming each additional unit of a commodity declines as its consumption increases, while keeping consumption of other commodities constant. Here my doubt is that "keeping consumption of other commodities constant" means what? Here other commodities means which one? Please clarify this with an example.

without a price ceiling the equilibrium price was 10. the government implements a price ceiling of 8?

Somalia is the biggest producer of banana in the world. Bad weather conditions lead to a very low production. Show the effect on the world's banana market byusing demand and supply curve

What difference would it make to national income accounts if instead of purchasing a car for the use of its general manager, a company gives her extra salary to buy that car?

Malaysia petrol price changes weekly. Using elasticity to explain.