Answer to Question #74685 in Other Economics for Khulekani Magwaza
2.2.2 A decrease in price of fertilizers will result in rising equilibrium quantity of apples, but will decrease their equilibrium price. If this price decrease will be significant, potentially this will decrease the demand of apple juice.
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1.1.Lonewolf Ltd is the sole manufacturer and supplier of solar panels in the country. As a result of this the CEO claimed in a recent meeting that he set any price he wishes and sell as many units of his product as he wants at that price. Is this correct? Motivate your answer.
1.2.Explain using properly labeled diagrams, why a perfectly competitive firm will earn only normal profit in the long-run.
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