QUESTION ONE [20] “Economic systems are the means by which countries and governments organize, allocate and distribute goods, services and resources.” In terms of the above statement, compare and contrast the different economic systems. Include in your answer examples of contemporary economic systems. QUESTION TWO [20] For each of the following independent events, explain with the aid of a diagram, the effect on the equilibrium […]
Posted: April 21, 2024
QUESTION 1 Suppose a large steel manufacturing industry consists of D identical firms and the market demand curve is 𝑃𝑃 = 𝑘𝑘 − 𝑚𝑚𝑚𝑚. Each firm’s total cost is 0.5𝑐𝑐2 + 1. (a) Find the Cournot equilibrium quantity per firm. (5 marks) (b) Find the Cournot equilibrium market quantity and price. (3 marks) c) Find the Monopoly market quantity, markup, and elasticity of demand. (3 […]
Posted: April 17, 2024
Question 1: 1.1) Describe the difference between the terms Cost and Price. (4 Marks) 1.2) Gregory is given a weekly allowance of R50 to spend on his two favourite snacks, Coke and Lays chips. The price of Coke is R10 and the price of Lays chips is R5. He spends his entire allowance on these two goods. Using the information provided, complete the table below […]
Posted: April 16, 2024
1. Micro topic “Critically discuss the efficiency and equity implications of using income-contingent taxes or loans to fund tertiary education in South Africa.” In response to the above make sure to write on each of these themes: 1) economic rationale, 2) equity rationale, 3) theoretical/model rationale, and 4) South African context. 2. Macro topic: “Discuss the impact of public debt on government finances in developing […]
Posted: April 11, 2024
QUESTION ONE [20] “Modern technology, enables even perishable goods to be stored for longer periods of time.” In terms of the above statement, with the aid of suitable diagrams contained in the demand- supply model, examine how the above factor impacts the equilibrium price and quantity for consumers and suppliers. QUESTION TWO [25] Assess how the production possibility frontier illustrates the basic economic problem of […]
Posted: March 12, 2024
QUESTION ONE (35 MARKS) The patterns in demand can seem mysterious at first, but if you familiarize yourself with the ideas contained in customer demand theory, you can make reliable predictions about customer behavior. Many thinkers over many years developed this theory, and it helps anticipate reactions to changes in the way people market products and services. Source: Johnston, K. (2023). https://smallbusiness.chron.com/customer-demand-theory-37253.html Based on the […]
Posted: October 2, 2023
QUESTION 1 (20 MARKS) World food prices were already climbing, and the war made things worse, preventing some 20 million tons of Ukrainian grain from getting to the Middle East, North Africa and parts of Asia. Russian hostilities in Ukraine are preventing grain from leaving the “breadbasket of the world” and making food more expensive across the globe, threatening to worsen shortages, hunger and political […]
Posted: September 28, 2023
QUESTION ONE [30] “The aggregate demand curve, like the demand curves for individual goods, is downward sloping, implying that there is an inverse relationship between the price level and the quantity demanded of real gross domestic product.” In terms of the above statement, examine the three (3) reasons for the downward-sloping shape of the aggregate demand curve. QUESTION TWO [20] “Monetary policy is the macroeconomic […]
Posted: August 31, 2023
Question 1 (Marks: 100) The purpose of this assignment is: • to guide you in developing a good understanding of the nature and importance of the field of Economics; and • to build a solid understanding of the microeconomic principles of demand and supply. You have been tasked with developing a research report based on an economy of your choice anywhere in the world. The […]
Posted: August 23, 2023
SECTION A [55 marks] QUESTION 1 (10 Marks) Convert the following decimals into a percentage: a) 0.66 (1 mark) b) 1.75 (1 mark) c) 0.015 (1 mark) d) 0.001 (1 mark) The revenue of Thabo’s enterprise over two years is shown below. Calculate the percentage change in revenue from 2021 to 2022 Year 2021 2022 Revenue R1 500 000 R 1800 000 (3 Marks) Simplify the […]
Posted: August 13, 2023
