Economics Answers

In the circular flow of income and spending in south africa , ___ firms in the factor market becomes ___ households, while ___ households in the goods market becomes ___ firms.

Using supply and demand diagrams, explain each of the following statements:

(A) Banning onion exports should decrease the domestic price of onions.

(B) Banning single use plastic will increase the price of cloth bags

what is microeconomy

Define terms of trade and explain how the terms of trade will be affected in south Africa by the increase in commodity prices

 Explain the two characteristics of the Cobb Douglas production 

function that make it particularly useful to macroeconomists

Explain the two characteristics of the Cobb Douglas production

function that make it particularly useful to macroeconomists

What is the law of demand

A researcher estimated the following equations in the demand and supply of shirts. D=200-25p S=16+11p. Calculate the equilibrium price and quantity.

A consumer consuming two commodities X and Y has the following utility function U=XY+2X. If the price of the two commodities are 4 and 2 respectively and his/her

budget is birr 60. (2pts)

A. Find the quantities of good X and Y which will maximize utility.

B. Find the MRSxy at optimum.

Aconsumer consuming two commodities x and y has the following utility functions U= xy + 2z. If the price of the two commodities are 4 and 2 respectively and his/her budget is birr 60.

Find the quantities of good x and y which with miximize utility

Find the MRSxy at optimum