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1.1 Money is regarded as a factor of production. Do you agree with this statement? Support your answer. [02] 1.2 Use the production possibility frontier (PPF) to illustrate and explain the scarcity, choice and opportunity cost of a farmer who is producing maize and sorghum. Use your own values. [09] 1.3 Draw and explain the diagram showing the three major flows in the economy. [06] 1.4 Show the effects of the following on the demand curve: a) An increase in the number of awareness against consumption of coffee due to its health risk. [02] b) A increase in the price of tea (coffee is the substitute product) [02] c) An increase in the income of consumers for an inferior good. [02] d) A decrease in the price of cornflakes (Milk is a complementary product) [02
2.2 Suppose South African government decides to impose a tax on the chickens that are imported from the United States. Use a diagram to show and explain the welfare cost that will result from the imposition of import tariff. [06]
2.3 The demand function for good (X) is given by Qx= 100 – 0.7Pz + 1.5Y – 0.3Px Where: Qx = Quantity demanded for good X Px = Price of good X Pz = Price of good Z Y = Level of income
Calculate price elasticity of demand, income elasticity of demand and cross price elasticity of demand when Px = R80, Pz = R150 and Y = R300. Thoroughly interpret your results.
Suppose the market model is described by the following demand and supply functions: Qd= 200-2P+ 4i and Qs= -200 + 3P where i =50 Answer the following questions: a) Calculate the equilibrium price (P) and quantity (Q) and indicate your answers on the graph. [03] b) If the market demand decreases by 50% what will be the new clearing price and quantity for this market? [03] c) Indicate the effect of the changes in (b) on a graph and explain what will happen to market price and quantity.
Is acetic acid is belong to organic compounds or inorganic compounds, and why?
The velocity components in a two dimensional flow are :
U = 8x^2 y - 8/3 y^3 And
V = -8xy^3 + 8/3 x^3.
Show that these velocity components represents a possible case of an irrotational flow.
For the velocity components given as : u = ay sin xy, v = ax sin xy. Obtain an expression for the velocity potential function.
The stream function for a two-dimensional flow is given by ψ = 8xy, calculate the velocity at the point p(4, 5). Find the velocity potential function ϕ.
If for a two-dimensional potential flow, the velocity potential is given by ϕ = 4x(3y - 4), determine the velocity at the point (2, 3) . Determine also the value of stream function ψ at the poins (2, 3).
For the velocity potential function, ϕ = x ^ 2 - y ^ 2 find the velocity components at the point (4, 5)
The velocity potential function ϕ is given by ϕ = x2 - y^2. Find the velocity components in x and y direction. Also, show that ϕ represents a possible case of fluid flow.
