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The cost of producing a certain item consist of P102 per unit for labor and material cost and P54 per
unit for other variable cost. The fixed cost per month amounts to P850,000. The item is sold at P740 each.
a. Determine the break-even quantity per month.
b. How many units must be produced each month in order that the net profit equals the cost?
c. What is the net profit it for a production of 4,000 units per month, in pesos?
Whaling was the chief occupation of New Bedford, Massachusetts, in the early nine
teenth century. Much whaling labor was highly skilled and the labor all lived in New
Bedford. Suppose that the market for whaling labor was competitive initially.
(a) True or False: If the owners of whaling ships in New Bedford band together to set
up a central hiring hall, the employment of whaling labor will fall and the income
of the owners will rise.
(b) True or False: If the owners now charge to each laborer a personal fee for entrance
to the hiring hall, their income will rise still further and employment will rise back
to the competitive level.
Why is competition good for the consumer from an economic insight perspective?
Explain any 5 characteristics of oligopoly
Explain the economic impact of covid 19 on the south African economy
Write up the asset, capital and liability accounts in the books of D Gough to record the following transactions:
20X9
June 1
- == 2
- == 5
- == 8
- == 12
- == 15
- == 19
- == 21
- == 25
- == 30
Started business with £16,000 in the bank.
Bought van paying by cheque £6,400.
Bought office fixtures £900 on credit from Old Ltd. Bought van on credit from Carton Cars Ltd £7,100. Took £180 out of the bank and put it into the cash till. Bought office fixtures paying by cash £120.
Paid Carton Cars Ltd a cheque for £7,100.
A loan of £500 cash is received from B Berry.
Paid £400 of the cash in hand into the bank account. Bought more office fixtures paying by cheque £480.
Explain the second fundamental theorem of welfare economic.
What is the rationale behind the rationing system for allocation of scarce resources?
Explain the concept of derived demand of the factor of production.
Campare and contrast marshallian theory with the ricardian theory of rent.
