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QUESTION
(a) Using diagrams where appropriate, explain the concepts of scarcity, choice and opportunity cost.
(b) Distinguish between positive and negative externalities, illustrating your arguments with appropriate examples where necessary.
(c) Define the concept of economies of scale and discuss the different sources of economies of scale.
(d) Using demand and supply analysis, explain the influence of the imposition of a maximum price and a minimum price on a product on price and quantity.
What are the restrictions of Lewis? The restrictions of Lewis: • Assumes complete employment in urban regions. Evidence recommend otherwise • Raised profits may be inves
you are appointed secretary of the treasury of recently indepent country called rugaria
Do you agree with the traditional theory that assumes profit maximization as sole objective of a business firm?
What do you mean by standard of living? Standard of living (SoL): It is incomer per capita (head) and it is determined by national income (GDP) divided through total pop
There are two agents, A and B. Both have preferences represented by a von Neumann-Morgenstern utility function u(c s j ) = ln (c s j ), where c s j is consumption of agent j in
What is dual economy and development in an economy? Development in an economy: Differentiated or uneven development arises while the benefits of growth are not shared ev
How is the social capital measured? Measurement of the socilal capital: Social capital is a latest, multidimensional, qualitative idea which is problematic to measure. Res
two political party called hawks show apoint ppf that the hawks might choose and a point the doves might choose
Define institutions in the context of business strategy, and explain the role of institutions when considering entering a foreign market. Explain the role of culture in how these i
The average amount of debt families have is 2.5 times their annual income with a standard deviation 0.75 times their annual income. How much debt does a family have to have (relati
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