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Price effect is the summation of income effect and substitution effect
From the dozen seeds you planted in a small flower bed in front of your house, ten of them germinated and grew into plants. Liking how they look, you planted another dozen seeds in the same bed. This time, only seven of the seeds grew into plants.
i) What is the marginal product of From the dozen seeds you planted in a small flower bed in front of your house, ten of them germinated and grew into plants. Liking how they look, you planted another dozen seeds in the same bed. This time, only seven of the seeds grew into plants. a) What is the marginal product of the first planting? The second planting?first planting? The second planting?
Comparing the two values of the marginal product exemplifies which economic property?
Derive the indirect utility function form the given direct utility function. Use Roy’s identity to construct demand functions for the two goods x1 and x2. Are these same as demand functions derived from the direct utility function?
Consider a world with two agents, A and B. there are two goods 1 and 2. The utility functions of A and B are given as and.Their initial endowments are WA = (1,2) and WB (2,1)

Find the demand functions of A and B for prices P1 and P2 and incomes mA of A and mB of B.
it is orthodox to say people’s desire has no boundary from the time past, even in the face realistic limited resources, individual agents never stop to want more of economic output”.

In not less than 180, and not more than 250 words, validate the above statement and discuss with relevant details.
In economics, "the long run" is referred to as
[1] a period in which the amounts of labour are fixed.
[2] a period in which the amounts of capital are variable.
[3] a period in which the amounts of all factors of production can be changed.
[4] a period in which the amounts of all factors of production are fixed.
The market for organic cabbage is represented by
Assume that the market price for a 5kg bag of rice is R80 and the government has announced that a 5kg bag of rice cannot be sold for less than R100.
With the aid of a well labelled diagram, explain the effect the above government decision will have in the market for rice.
A small country produces sugar domestically but also imports from other countries. The domestic supply curve is Q(domestic) = 5P and the foreign supply curve is Q(foreign)=10P . The demand of sugar in this country is given by Qd=100-5P .

Give the coefficients of the aggregate (i.e. combined) supply curve for this market, expressed as Q(agrregart)= a+bp
Suppose Jimmy McMillan from the Rent Is Too Damn High Party wins the next mayoral race in New York City. He imposes a price ceiling on rent in New York City of $1,000 per month (for 1 bedroom). Discuss what the likely effects would be on the quality of rental housing available and why.
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