Economics Answers

You operate a small wooden toy company making two products: alphabet blocks
and wooden trucks. Your profit is $30 per box of blocks and $40 per box of trucks.
Producing a box of blocks requires one hour of woodworking and two hours of
painting; producing a box of trucks takes three hours of woodworking but only one
hour of painting. You employ three woodworkers and two painters, each working
40 hours a week. How many boxes of blocks (B) and trucks (T) should you make
each week to maximize profit? Solve graphically (using millimetric paper) as a
linear program and confirm analytically.

Although rent control helps achieve the goals of economic ___________________ and economic security, it can conflict with the goal of economic ___________________.

In Heartland, the minimum wage is currently $4.00 per hour and the fast food industry is the only industry that pays the minimum wage. 50% of the workers in the industry are between 16 and 21 years old. The president of Heartland, concerned about decreasing the proportion of families with incomes below the poverty line, proposes increasing the minimum wage by 20%.

a. Assume the labor market for low skilled workers is perfectly competitive. Explain why an increase in the minimum wage might reduce employment in the fast food industry.
b. Use supply and demand analysis to describe the likely effect of this increase in the minimum wage on the price and quantity sold of meals at fast food restaurants?
c. If an increase in the Minimum Wage will cause the Equilibrium Quantity of Minimum Wage Labor to decrease, would you then suggest that the Minimum Wage should not be increased? Why or Why not?

Question.
1- Market research indicates that you can sell 40 000 tickets for the Sundowns-pirates clash at R10 each, or 30 000 tickets at R20 each .which option would you choose? What is the price elasticity of the demand for tickets for for this particular game? 5 (marks)

with regard to coal shortages and municipal debts, what forms of interventions do you think eskom can put in place in order to cover up for all the debts and continue operating?incorporate relevant graphs in your answer.

(a) You are the public relations head at Mutakalo, an HIV/Aids non-governmental organisation that is located in the Gauteng province, South Africa. In your capacity as the public relations head, propose the vision statement for the organisation

If technological change increases structural unemployment, why do most governments and economists encourage such change?

A consumer splits their income equally between two goods. If the price of one good increases by 10% and their income increases by 5%, show that the consumer’s optimal consumption bundle will change despite them being able to afford their original bundle. With using diagram.

the economy of new land is in short-run macroeconomic equilibrium the current real output is 400 billion in the full employment output is 500 billion the marginal propensity to consume is 0.8 is the economy experiencing a recessionary output Gap or an inflationary output explained

Identify the line item that does not appear on a Statement of Financial Position.

Select one:
a. Accounts Receivable
b. Cash and Cash Equivalent
c. Accounts Payable
d. Sales.