QUESTION 3 40 Marks 3.1.1 Give TWO examples of Giffen…
QUESTION 3 40 Marks 3.1.1 Give TWO examples of Giffen goods. (2) 3.1.2 What should a producer do with his price if he is selling a product with relatively inelastic PED? (2) [4] 3.2 Study the table and answer the questions that follow: RIGHT CLICK ON THE BUTTON TO OPEN THE TABLE IN A NEW TAB: 3.2.1 Complete the missing values for A to J. (10) [10] 3.3 Study the table and answer the questions that follow: RIGHT CLICK ON THE BUTTON TO OPEN THE TABLE IN A NEW TAB: 3.3.1 Give the formula for calculating consumer equilibrium. (2) 3.3.2 Explain the law of diminishing marginal utility. (2) 3.3.3 Explain the choices that a consumer with a budget of R5 would have to make in order to achieve consumer equilibrium. (4) 3.3.4 Prove that the consumer then also achieved maximum satisfaction. (2) [10] 3.4 Explain FOUR different stakeholders of a business. (8) 3.5 With the aid of graphs, explain the supply relationship that exist between complementary products. (8) [40]
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