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Use short notes and illustrations to answer the following questions:
i) Distinguish between an indifference curve and an isoquant
ii) Distinguish between substitution and income effect of a price fall for a normal good.
iii) Distinguish between internal and external economies of scale
iv) What is the law of diminishing returns and state the conditions under which it is tenable
v) The profit-maximizing output for a firm is at the point where MR = MC, illustrate and comment for the case of a firm that faces a downward-sloping demand curve.
Expansionary fiscal policy happens when the government cuts spending. How?
A. The correct duopolistic firm equilibrium o/p and price B. Equilibrium profit
What is culture and human capital? Human capital is the knowledge, experience and skills of employees and can be raised by investing into education, job training and health
It commonly refers to the combination of commercial banking and investment banking. It is a supermarket for both wholesaler n retailer financial services as it offers a huge range
Suppose you are the only market analyst in your company's management team. Your company belongs to the energy industry. It is an oil and gas company engaged in the exploration, d
Is dependency a problem in Less Developed Countries? Problem: DCs exploit Less Developed Countries by extracting their surplus value. This value becomes the difference among
explain why each of the following factors influence the own price elasticity of demand for a comodity 1. Consumer preferences 2. the narrowness of definiton of the commodity
how to apply for hotel industry in crm
Why are countries that let people respond to the inborn profit motive better off than those countries that do not?
QUESTION (a) "There is always an inverse relationship between price and quantity demanded of a good." Discuss. (b) Explain with appropriate diagram(s) the different factors
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