First year Uni Economics question. It would be great if you explained every bit in detail and possibly showed me how to draw the graph. Here is the complete question:
"Assuming that rice and noodles are substitutes, outline the effect of the following on the equilibrium PRICE and QUANTITY of RICE: an improvement in the technology for making noodles results in a fall in the price of noodles AND the wage rate to workers involved in growing rise increases. Use diagrams in your answer."
Thanks everyone. Much appreciated :DWhat is the effect of a wage increase and improved technology on equilibrium price and quantity?
Do your own homework.
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