Other Economics Answers

13.Assume the total cost of a producer of a commodity in the short - run is given by the equation:

TC = 30,000 + 15Q2 + 5Q Where: TC = total cost, Q = level of out put

Using the given total cost find equations for:

(A)- Variable costs (B) - Fixed costs (C) - Average variable costs

(D) - Average fixed costs (E) - Average costs (F) - Marginal costs

1. Suppose, for a perfectly competitive firm, marginal cost function is given by:

   MC = Q2– 2Q + 20

Find the quantity produced (Q) at the equilibrium level of output, if price per unit of good produced is Birr 44

The population in country C decreases, due to lower birth rate. At the same time there is an increase in the cost of fertilizer which is used to grow vegetables. Explain how the market for vegetables will be affected by these changes. Clearly indicate how the equilibrium price and equilibrium quantity will be affected by these changes. Make use of a combinations of diagrams and verbal explanations.

Due to substantial increases in prices in Country A, the real income level of the population in Country A decreases, show 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 quantity of meat will change in Country A

1.   Described the categorisation of the subject matter as stipulated in the CAPS Economics policy. (12) 
2. Explain with an applicable example the economic approaches in studying economics.

You would like to buy a house, but you can only afford monthly payments of R500. Thirty-year loans are available at 6% interest compounded monthly. If you can make a R5 000 down payment, what is the price of the most expensive house that you can afford to purchase?

What is the theory of absolute advantage

Explain the main contribution for Irving Fisher, Economist of neo-classical school of Economic Thought and how his contributions have improved the modern day understanding and application of Economics.

( In 400 words)

Explain the main contribution for Alfred Fisher Marshall, Economist of neo-classical school of Economic Thought and how his contributions have improved the modern day understanding and application of Economics.

( In 400 words)