Other Economics Answers

This question is based on the following information which indicates the demand for airline tickets between Johannesburg and Cape Town for business travellers and holiday travellers.

Using the midpoint method, calculate the price elasticity for business travellers and holiday travellers if the price increases from R1 700 to R3 000. Which one of the following might be the reason for the difference between the price elasticity for business travellers and the price elasticity for holiday travellers?

•  A. It is easier for business travellers to change their plans than for holiday travellers
•  B. For business travellers travelling between Johannesburg and Cape Town, airline tickets are more of a necessity than for holiday travellers.
•  C. Fewer substitutes are available for holiday travellers than for business travellers.
•  D. It is easier for holiday travellers to deal with COVID-19 regulations.

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The admissions policy of Makopani University of Technology is to admit any student who is willing to pay the university's tuition fees. To increase its total revenue, the board of the university decides to reduce tuition fees. They

A. believe that the demand for education from the Makopani University of Technology is perfectly inelastic.

B. believe that the demand for education from the Makopani University of Technology is elastic.

C. are ignoring the law of demand.

D. believe that the demand for education from the Makopani University of Technology is inelastic.

• If the total revenue from the sales of a good rises by 10% when its price is increased by 10%, the demand for the good must A. be perfectly price inelastic.
•  B. be perfectly price elastic.
•  C. have a price elasticity of -1.
•  D. be unitary elastic.

You are given the following information about the demand for fresh tomatoes.

Using the midpoint method calculate the price elasticity of demand (using 2 decimal places) for the R30 to R32 price range. The price elasticity of demand for tomatoes is  

• The price elasticity for the demand for food is most likely to be _____ A. 2,6.
•  B. 0,3.
•  C. 5,2.
•  D. 1,8.

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Use the following demand schedule on pens to answer the question.

 Elas table pens What is the price elasticity of demand for pens in the price range R19 to R17?  

Evaluate the impact of agriculture sector on the economy and on local and global environment (In 5000 words)