Using well labelled diagrams, explain how the equilibrium price and equilibrium quantity of apples will change as a result of the following; 2.2.1 A change in the wages of farm workers from R150 per day to R200 per day. (10) 2.2.2 A decrease in the price of fertilizers and a concurrent increase in the demand for apple juice.
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Expert's answer
2018-03-19T07:32:07-0400
2.2.1 Growth of wages of farm workers will rise both equilibrium price and quantity of apples. 2.2.2 A decrease in price of fertilizers will result in rising equilibrium quantity of apples, but will decrease their equilibrium price. If this price decrease will be significant, potentially this will decrease the demand of apple juice.
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Dear visitor, please use panel for submitting new questions
1.1.Lonewolf Ltd is the sole manufacturer and supplier of solar panels in the country. As a result of this the CEO claimed in a recent meeting that he set any price he wishes and sell as many units of his product as he wants at that price. Is this correct? Motivate your answer. 1.2.Explain using properly labeled diagrams, why a perfectly competitive firm will earn only normal profit in the long-run.
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I like your website and I think it could help me alot slot in my assignments
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