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discuss a factor that could cause an inward shift
Tom is a full-time lecturer at a private higher education institution and is considering a career in
carpentry. He wishes to pursue a career in carpentry (a childhood dream) which he has studied part-time
and is now equipped to take on clients. In his current position he earns a rate of R1000 per day and if he
were to pursue a career in carpentry he would earn R800 per day. Due to the flexibility of the
employment conditions at the higher education institution he works for, Tom can negotiate the number of
days he works at and will receive a rate of remuneration based on the number of days worked.
Question 1
1.1 Construct a production possibility frontier to illustrate Tom’s earnings potential between the two
careers if initially he was not working as a carpenter, then he worked one week per month, then two,
then three and finally four weeks per month (assuming only four weeks in a month). (5 marks)
carpentry. He wishes to pursue a career in carpentry (a childhood dream) which he has studied part-time
and is now equipped to take on clients. In his current position he earns a rate of R1000 per day and if he
were to pursue a career in carpentry he would earn R800 per day. Due to the flexibility of the
employment conditions at the higher education institution he works for, Tom can negotiate the number of
days he works at and will receive a rate of remuneration based on the number of days worked.
Question 1
1.1 Construct a production possibility frontier to illustrate Tom’s earnings potential between the two
careers if initially he was not working as a carpenter, then he worked one week per month, then two,
then three and finally four weeks per month (assuming only four weeks in a month). (5 marks)
c. Explain the combined effects of these events on Fiji’s real GDP and the price level, starting from a position of long-run (full employment) equilibrium.
What is a bicameral congress
Problem one
Most weeks, the demand for long-stem roses can be approximated by QD = 2400 - 50p, where QD is the total quantity demanded (in dozens) at price p (per dozen). Currently, roses are supplied by 100 identical growers, each having total costs C=0.25q2+0.5q+36, where q is the number of roses (again, in dozens) supplied by the grower. The $36 cost can be avoided on a daily basis.
(a) What is the short-run supply curve for each individual grower? Describe this curve both algebraically and graphically.
Most weeks, the demand for long-stem roses can be approximated by QD = 2400 - 50p, where QD is the total quantity demanded (in dozens) at price p (per dozen). Currently, roses are supplied by 100 identical growers, each having total costs C=0.25q2+0.5q+36, where q is the number of roses (again, in dozens) supplied by the grower. The $36 cost can be avoided on a daily basis.
(a) What is the short-run supply curve for each individual grower? Describe this curve both algebraically and graphically.
Economics
The data below show real wage levels at various percentiles of the wage distribution for
material-handling labourers in New Zealand.
Percentile 1975 1995
10th 4.26 2.97
50th 6.02 3.89
90th 10.44 9.07
A. Use the relative demand and supply model to explain the effect of increased immigrants into this labour market on relative wage and employment outcomes
material-handling labourers in New Zealand.
Percentile 1975 1995
10th 4.26 2.97
50th 6.02 3.89
90th 10.44 9.07
A. Use the relative demand and supply model to explain the effect of increased immigrants into this labour market on relative wage and employment outcomes
1.1 Construct a production possibility frontier to illustrate Tom’s earnings potential between the two careers if initially he was not working as a carpenter, then he worked one week per month, then two, then three and finally four weeks per month (assuming only four weeks in a month).
In the labour market for carpenters, the current market clearing market clearing rate is R 800 per day. With aid of a diagram, discuss the welfare effects of government intervention in the form of legislation sets the minimum wage rate for a carpenter at R1000 per day
Tom is a full-time lecturer at a private higher education institution and is considering a career in
carpentry. He wishes to pursue a career in carpentry (a childhood dream) which he has studied part-time
and is now equipped to take on clients. In his current position he earns a rate of R1000 per day and if he
were to pursue a career in carpentry he would earn R800 per day. Due to the flexibility of the
employment conditions at the higher education institution he works for, Tom can negotiate the number of
days he works at and will receive a rate of remuneration based on the number of days worked.
Discuss the underlying assumption of the shape of the above drawn diagram and comment on how
likely this could be true with respect the above scenario.
carpentry. He wishes to pursue a career in carpentry (a childhood dream) which he has studied part-time
and is now equipped to take on clients. In his current position he earns a rate of R1000 per day and if he
were to pursue a career in carpentry he would earn R800 per day. Due to the flexibility of the
employment conditions at the higher education institution he works for, Tom can negotiate the number of
days he works at and will receive a rate of remuneration based on the number of days worked.
Discuss the underlying assumption of the shape of the above drawn diagram and comment on how
likely this could be true with respect the above scenario.
2 Discuss the underlying assumption of the shape of the above drawn diagram and comment on how
likely this could be true with respect the above scenario.
likely this could be true with respect the above scenario.
