Friday 8 March
Room 2.29, Economics Building, Middle Campus
What we will cover:
Overview of the essay process
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The main aim of the labour market is to examine how wages and other conditions of
employment are governed by economics. What are the effects of a minimum wage law, why are
skilled workers preferred over non-skilled workers in some industries an
Chapter focuses on production and production functions.
Production is any activity that creates present or future utility.
Gives rise to the Production function which describes an input-output relationship between
fixed and variable outputs. In
This chapter focuses on the two other forms on imperfect competition, mainly oligopoly and
An oligopoly as you know is a market structure whereby a few large firms dominate or supply
the entire market.
Speaks about the market structure of perfect competition. We assume that every firms aim is
economic profit maximization (note here I didnt say just profit, I said Economic profit).
Economic profit is defines as the difference between total reve
In this chapter, we relate production theory to the related cost theory, so always keep that in
mind. Were linking the quantity of output produced to the cost of producing it.
Its all about how relevant productions in the short and long run impl
UNIVERSITY OF CAPE TOWN
SCHOOL OF ECONOMICS
Tutorial 1: Introductory thoughts, Schools of thought and Supply and Demand
Tutorial compiled by Corne van Walbeek
Homework questions: Due Friday 24 March 2017
Total marks: 72
Using an exam