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3.6 You are given the following information about the demand for fresh tomatoes.
Price per kg Quantity demanded (kg)
R30 1 000
R32 850
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
[1] 0,26
[2] 1,00
[3] 2,25
[4] 2,51
Price per kg Quantity demanded (kg)
R30 1 000
R32 850
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
[1] 0,26
[2] 1,00
[3] 2,25
[4] 2,51
As a result of pressure from the Southern African Clothing and Textile Workers Union (SACTWU), the South African government has decided to increase the tariff on textiles. Explain who would gain and who would lose as a result of the decision taken by the South African government. (
Differentiate between an exchange rate and the foreign exchange market. (4)
4.2 Explain how changes in exchange rates can influence exports and imports in your country
Discuss ANY FIVE (5) arguments for and against the use of trade barriers by the government of your country
4.2 Explain how changes in exchange rates can influence exports and imports in your country
Discuss ANY FIVE (5) arguments for and against the use of trade barriers by the government of your country
In microeconomics, we expect the supply curve for the firm to slope upward to the right when drawn against price. The classical aggregate supply curve for the firm to slope upward to the right when drawn against price. The classical aggregate supply curve is based on this microeconomic theory of the firm but is vertical. Why ?
Suppose that, due for example to reconstruction after a war, the capital stock of a nation increases. Illustrate the effect that the increase in the capital stock would have on output, employment and the real wage in the classical model
Explain the concept of an aggregate production function. How would you expect the production function to be affected by an increase in the average and marginal productivity of labor for a given output level, owing, for example, to increased education of the labor force? How would such a shift in the production function affect the levels of output and employment in the classical model ?
Discuss the economic and social costs of unemployment in your country
Discuss with examples, ANY FIVE (5) types of unemployment that exist in your country.
Explain the term, unemployment and describe how it is measured
Define Gross Domestic Product (GDP) and discuss the problems associated with GDP as a measure of an economy`s total production
