Notes Compiled by Mr K.Putuzo
Cell no: 073 762 3784
Office: 2nd floor music department- C115 practice room 10
Economics: A Southern African Perspective (2005) by P. Smith & others
CHAPTER 2: ECONOMIC SYSTEMS
A market economy overview
An economic system: i
Notes compiled by Mr K.Putuzo
Cell no: 073 762 3784
Office: 2nd floor music department- C115 practice room 10
TOPIC 1: INTRODUCTION TO ECONOMICS
1.1
WHAT IS ECONOMICS?
Define Economics: is the study of the use of scarce resources to satisfy unlimited huma
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University Library
Guide to Harvard style of
Referencing
6th Edition
September 2016
Contents
1.
GENERAL INTRODUCTION . 6
1.1 What is referencing . 6
1.2 The Harvard System at Anglia Ruskin University . 7
1.3 Reference list or Bibliography . 8
1.4 Word Cou
Change Management
Introduction
The globalization of organisations in conjunction to the increasing sophistication of
information processing technology leaves managers faced with more new ideas, products and
challenges than ever before. This is acknowledge
Tutorial 9 Inequality Optimization
1. Maximise the following utility function given as U ( x , y )=xy subject to
g ( x , y )=x 2+ y 2 1
2
2
2
2. Maximise U ( x , y )=x y subject to x + y =4, x 0, y 0
2
2
3. Minimise a cost function C ( x , y ) =5 x + 80 x
Tutorial 10 Integration
Calculate the integrals of the following functions to obtain the
objective function
1.
12 x dx
2.
dx2 x
3.
e x 3 dx
4.
3 x 2 ( 2 x 31 ) dx
5.
3 x +2 x
dx
x
6.
x 3 dx
7.
x dx
8.
9.
e x dx
3
(
)
3
( lnx x ) dx
2
x
x
10. ( x +2
Tutorial 2: Cramers Rule,
Jacobian and Hessian
1. Solve the following using Cramers Rule
a.
2 x 5 y =22;
3 x+7 y =2 5
b.
x3 y +5 z=14
2 x + y 6 z=20
3 x2 y+ z =0
c.
10 x2 y=20
8 x+ 3 y + 9=0
d.
x5 y +5 z=5
2 x4 z= y +12
4 x +2 y +5 z=12
2. Determine the f
Tutorial 7
You are presented with 7 firms (A, B, C, D, E, F and G) who compete in the same
market. Each firm sells two goods (goods x 1 and x 2 ). Below, the profit
functions of these firms are displayed.
2
2
2
2
A.
=16 x 1+ 12 x 2x 1x 2
B.
=25 x 1+18 x
Tutorial 5
1. Find the first-order and second-order partial derivatives of the following equations:
a.
y=3 x 31 +8 x21 x 25 x1 x 22+ 4 x 32
b.
z=5 x +3 x y10 x y 3 y
4
2
2
4
2. Calculate the determinant of the following matrices without using Laplace Expa
Tutorial 6
1. You are given the following utility function:
U ( x ) =x3 + x 210 x +8
x is the consumption of a beverage.
a. Calculate the values of x where the utility derived from its consumption is 0.
Where
b. What is the value of utility when no bevera
Tutorial 8
Solve the following Constrained Optimization Problems
1
1. Given a utility function U=2 x 12 + x 2
subject to usual budget constraint
of p1 x 1 + p 2 x 2=m .
Find the optimal values of the choice variables as well as the shadow
price.
Is the co
Introduction
The globalization of organisations in conjunction to the increasing sophistication of
information processing technology leaves managers faced with more new ideas, products and
challenges than ever before (Fritzenschaft, 2013). Thus, managers
The Drivers of Environmental Impact - IPAT
The world population is growing at a fast pace. Today, you are one of more than seven billion people
walking around planet Earth. This number is somewhat mind-blowing when you consider that the total
population o
According to the Department of Mineral Resources (2011), beneficiation, or value-added
processing, is the transformation of a raw material to a more finished product that has a higher
export sales value. From the outset one would think that of course Sout
Introduction
Sankar (2001:7) defines environmental economics as that part of economics which deals with the
interrelationship between environment and economic development and studies the way and means by
which the former is not impaired nor the latter imp
Tutorial 4
1. Define the equilibrium level of output and explain the difference between an equilibrium level of
GDP and a level of GDP that is in disequilibrium.
2. Use the graph below to explain the determination of equilibrium GDP by the aggregate
expen
International Trade:
14TH April 15th April
Import Duties
SA uses specific tariff and ad voleram duties (tariffs). Zimbabwe also uses the combination of
the two.
Import Duties:
Specific
Ad Voleram duties (tariffs)
Combination of the two
Features of the tar
Chapter 27 Trading with the World
The goods and services that we buy from people in other countries are called imports. The goods and
services that we sell to people in other countries are called exports. The value of exports minus imports is
called net e
Chapter 26 Monetary Policy
The primary objective of South Africas monetary policy is to protect the value of our currency so that the
economy can obtain balanced and sustainable economic growth. Financial stability is achieved through price
stability and
Chapter 24 The Keynesian Model
Fixed Price and Planned Expenditure
The Keynesian model is used to describe the economy in the very short run. It focuses on the point in time
where the business cycle is at a peak or a trough. This model assumes that firms
Chapter 25 Fiscal Policy
The National Budget
The annual statement of the outlays and tax revenues of the government of South Africa together with the
laws and regulations that approve and support those outlays and tax revenues make up the national budget.
Chapter 21 Money, the Price Level and Inflation
Money
Money is any commodity or token that is generally accepted as a means of payment. A means of payment is
a method of settling a debt. Money can be used as a means of payment, unit of account or store of
Chapter 20 Classical Model
The Classical Model
The separation of macroeconomic performance into real and nominal parts is the basis of a huge discovery
called the classical dichotomy. The classical dichotomy states that At full employment, the forces that
Chapter 22 Exchange Rates and the Balance of Payments
Foreign currency is the money of other countries regardless of whether that money is in the form of bank
notes, coins or deposits. The foreign exchange market is the market in which the currency of one
Chapter 19 Jobs and the Price Level
The Labour Force
The working age population is the total number of people aged 16 years and over who are not in jail,
hospital of some other form of institutional care. The labour force can be divided into employed and
Chapter 11: Monopoly
Market power is the ability to influence the market, specifically the market price, by influencing the total
quantity offered for sale. A monopoly is a firm that produces goods or services for which there are no close
substitutes and
Chapter 18 Measuring GDP and Economic Growth
GDP Definition
A countrys gross domestic profit is the market value of all the final goods and services produced within a
country in a given time period. Market value must be measured with a standard unit of va
Chapter 9: Output and Costs
Production is the process of transforming inputs (or factors) into outputs (goods and services.) Decisions in
the production process are dependent of the size of the decision and the time frame in which it must be
made. Size is