tutor2u - Online tutoring, home tutors & private tutors

Powered by tutorhub
maggie

price ceilings and floors

suppose the government set the price at R2. Would this constitue a price ceiling or a price floor? Determine the surplus in the market.

Economics
maggie
13 days ago
ongeka

Demand & supply curve, price floor or price ceiling and tax

Suppose the supply for milk is described by the following equations:Quantity demand=600_100p; Quantity supply=_150+150p (where P is the price in rand). Draw the demand & supply curves for milk when the price range from R1 to R6. Suppose the government set the price at R2. Would this constitute a price floor or a price ceiling? Determine the shortage or surplus in the market. Suppose the government imposes a tax of R1 per litre of milk. Derive the new supply and demand schedules. Make use of the same axis in the first question and draw the new supply graph showing the effect of the tax. Calculate the consumer surplus before the tax and after the tax and briefly explain the effect of the tax on consumer surplus.

Economics
ongeka
27 days ago
ongeka

income elasticity of demand

Income of households increases from R3500 to R4000 a month, the quantity demand for good A increases from 500 to 600 units, quantity for good B decreases from 900 to 700 units & the quantity for good Causes increases from 200 to 500 units a day, use the midpoint (arc) formula to calculate the income elasticity of demand for good A, good B & good C. Classify each of these three goods as normal or inferior. Explain your answer in these cases.

Economics
ongeka
27 days ago
hayyah Law
hayyah
29 days ago
tee.m Business Studies
tee.m
about 1 month ago
sr Economics
sr
about 1 month ago
tmudd

Looking for a Business Studies A Level tutor

Live in Emsworth area, anyone around the area?

Business Studies
tmudd
about 1 month ago
Imran Hussain

law of demand

non linear demand curve

Economics
Imran Hussain
about 1 month ago
young_s.k Economics
young_s.k
about 1 month ago
honeysah95 Economics
honeysah95
3 months ago