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Explain consumer sovereignty and why it might not be that extensive in real life.
Explanation of consumer sovereignty
Use of S/D model to show how changes in consumption patterns manipulate firms output and price
Consumer and supplier surplus to show optimal resource allocation
Relevant assumptions like perfect knowledge/information, homogenous goods, competitive outcome (price competition)
Question 1: i) Elaborate on how CPI is used to calculate inflation and what are the limitations of such a measure? ii) Growth is always beneficial. Discuss iii) Explain
How we constract the cost structure of firms
Product Markets: Markets where produced services and goods are bought and sold (distinguished from markets for factors of production). Production: Process by which human labour
average-marginal relationship
how do i make one on excel
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Balancing Needs and Resources planning is a balancing act. It involves the balancing of needs with resources towards set goals. Likewise, educational planning involves the bal
"Consider a market with n firms occupied in Bertrand competition. These firms have in common dissimilar marginal costs but any number of them may also have equivalent marginal cost
write down the assumotions and importance of game theory
Disadvantages of State Trading State trading has several disadvantages. (i) State trading is often afflicted by the corruption and inefficiency usually associated with the pu
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