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Under perfect discrimination, consumer surplus is.......
The situation in which buyers are able to affect the price of a good is referred to as......
Marginal revenue, shown graphically is the.....
The consumption of chicken changes from 10kg per month to 5kg per month due to salary increase of R500 from R2000 initially received monthly. What is the income elasticity of the demand for chicken?
Suppose that equilibrium price in this market were to REMAIN at P2 while equilibrium quantity INCREASES to Q4. Which of the following could account for such a change?
1.an increase in income, assuming this is a normal good.
2.an increase in the price of a complement combined with an increase in the price of a factor of production.
3.an increase in the price of a substitute combined with a technological innovation reducing production costs.
4.an increase in the price of a complement combined with a decrease in the price of a factor of production.
A firm demand curve is P =1-2Q. The firm has a current price of R1000 and it sells 100 units per day. What is the firms price elasticity of demand?
- how can we use the production possibility frontier to determine opportunity cost?
Define the concept of scarcity. Explain the significance of this concept in relation to the
concept of opportunity cost. Is opportunity cost and sacrifice the same thing? Would you
say that a sacrifice represents the cost of a particular decision?
What factors determine the level and trends of income inequalities?
What will the world look like after COVID-19 in Economics and Social? Give Your Opinion.
