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ECS1501-25-EX10B
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When a cherry farm in Ficksburg adds a worker, the total cost of production increases by R24 000. Adding the worker increases total cherry output by 600 kilograms. Therefore, the marginal cost of the last kilogram of cherries produced is .
This question is based on the following diagram of the market for bread flour.
If the government decides, during level 1 of the of Covid-19 lockdown period to introduce price supports to raise the income of farmers, and as a result, the price of wheat is raised to P5, there will be an excess supply of
If the total revenue from the sales of a good rises when its price is increased, then the demand for the good must
This question is based on the following table.
Price
|
Quantity demanded
|
2,50
|
0
|
2,25
|
25
|
2,00
|
50
|
1,75
|
75
|
1,50
|
100
|
1,25
|
125
|
1,00
|
150
|
0,75
|
175
|
0,50
|
200
|
What is the price elasticity of demand between R1.25
and R1.00? Use the formula for arc elasticity. (Ignore the negative sign and round off to 2 decimal places.)
This question is based on the following table which shows the supply and demand schedules for face masks:
Price | Quantity supplied | Quantity demanded |
R20 | 400 | 700 |
R25 | 500 | 650 |
R30 | 600 | 600 |
R35 | 700 | 550 |
R40 | 800 | 500 |
What is the maximum number of face masks firms should produce?