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The cost of sunflower seeds has increased. Sunflower seeds are an input when sunflowers are produced. Explain verbally how this change will affect the market for sunflowers
Due to substantial increases in prices in Country A, the real income level of the population in Country A decreases. Show on a diagram how the decrease in the income level in Country A will affect the demand for meat, which is a normal good. Also indicate how the equilibrium price and equilibrium quantity of meat will change in Country A.
How did the kuznets consumption function criticise the Keynesian consumption function?
1.What key ingredients are necessary for the creation of economic demand? Of economic supply?
2.“Demand for a higher education is highest among the wealthy.This has led to an upward –sloping demand curve for college education.The higher the tuition charged, the greater is demand.”Discuss this statement.
3.Discus some of the microeconomic and macroeconomic factors a firm must consider in its own sales and profit forecasting.
4.“Output per worker is expected to increase by 10% during the next year.Therefore, wages can also increase by 10% with no harmful effects on employment, output prices, or employer profits.”Discuss this statement.
5.Do operating strategies of average cost minimization and profit maximization always lead to identical levels of output? Explain
We termed the classical view of the labor market an auction market . What assumptions
underlie this characterization
In the simplest possible Keynesian macroeconomic model …
a. government is important in distributing social grants.
b. households consume products sold in the goods market.
c. the labour market plays an important role.
d. social grants help people have income to spend on consumption goods like taxi rides.
e. wages are flexible.
Explain the relationship between profit maximization condition and the labor demand as shown by equation
Explain the concept of an aggregate production function. How would you expect the production function in Figure 3-1 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?
Peace Ltd, a chair manufacturing company, uses the allowance method of accounting for uncollectible accounts receivable. Transactions during the year:
(1) 5th Jan Sold goods @$2,000 on credit to Mr A (originally cost $1,400)
(2) 8th Jan Accepted a 60-day, 10% note for $2,000 from Mr A on account
(3) 20th Jan wrote off a $1,250 account from Open Co as bad debt
(4) 5th Feb Received from Mr A the amount due on his note of 8th Jan
(5) 14th Feb Reinstated the account of Open Co and recovered $1,000 in cash
(6) 24th Feb Sold goods @$10,000 on credit to Mr B (originally cost $7,700)
(7) 28th Feb It is estimated that 15% of the credit sales on 24th Feb will be uncollectible
Journalise the transactions given that the accounting period is set at monthly
The voluntary compliance of businesses with practices that are sustainable is known as ___________________.
