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ECS1501-26-EX10C
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Which two sectors are included in the basic circular flow model?
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A cinema increases the price of its tickets from R100 to R120. Following the increase, the number of tickets demanded decreases from 1,000 to 700 per week. Using the percentage-change method, calculate the approximate price elasticity of demand and determine whether the cinema should expect total revenue to increase or decrease.
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If the market price is set below the equilibrium Price on a supply and demand graph, a shortage occurs.
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A price ceiling set above the market equilibrium price has no real effect on the market outcome.
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A decrease in the price of a good and an increase in consumer income both cause the same change on a demand graph.
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Social grants distributed by SASSA are primarily a government intervention aimed at addressing:
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The government imposes a tax on producers of a particular product. The tax increases the cost of production and causes the supply curve to shift to the left (from SS to SS1). Which statement best explains the likely effect, assuming demand remains unchanged?
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A farmer cultivates strawberries in a farm in Mpumalanga. What might cause the supply of strawberries to become less elastic?
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Mike, a baker, rents a building from Joshua to operate a bakery and pays R1,500 per month for its use. He employs two workers, paying each worker R1,200 per month to prepare dough and operate the baking machinery. The machinery is hired from David at a cost of R1,000 per month. In addition, Mike spends R1,000 per month on baking ingredients. From the sale of baked goods, Mike earns R10,000 in revenue per month. After covering all expenses, he is left with a profit of R4,100 per month. Use this scenario to identify the factors of production and answer the following question. Based on the information above, which amount represents the reward for entrepreneurship after accounting for the other factor payments?
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A market that generates large consumer and producer surpluses can be considered beneficial because it creates value for both buyers and sellers.
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