using well labelled diagram,explain how the
equilibrium price and the equilibrium quantity of apples will
change as a result of the following;
-a change in the wages of farm workers from R150 per day to R200
per day
-a decrease in the price of fertilizers and a concurrent increase
in the demand for Apple juice
Using a well-labelled diagram, explain how a shift in
preferences towards a situation where parents derive less utility
from children can affect the optimal fertility decisions.
Draw a well-presented and well-labelled supply and demand
diagram to show the welfare effects of rent control.
Using your diagram from part (a) construct a well-presented
table that shows the consumer surplus, producer surplus, total
surplus and deadweight loss both before and after the rent control
has been put in place.
According to your diagram has consumer surplus increased or
decreased? Briefly explain consumer surplus has decreased or
increased.
(C) Use well-labelled diagram(s) to analyze the effect of the
following cases on the market for apples.
(i) A fall in the price of pears.
(ii) Farmers use a new fertilizer that makes apple trees more
productive.
What is homeostasis ? Draw a simple labelled diagram and briefly
explain what are the components required in a generic homeostatic
system?
N.B. You may draw this diagram by hand or draw directly on the
computer. Please do not copy-paste images from the web or
textbooks. A rough sketch is satisfactory; does not necessarily
need to be coloured or of printable quality.
Using a well labeled diagram and words that refer to and
explain that diagram to describe the four steps necessary for a
monopolist to select its price and output to maximize profits in
the short run?
5. Explain (concisely) along with a labelled diagram the
following terms: a) local or relative extrema b) absolute extrema
c) turning points d) inflection point e) critical points