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Problem 1:
a. Describe the term ‘inflation' and explain the relationship between money supply and inflation.
b. Describe the conditions and processes that are associated with the following types of inflation:
(i) Demand-pull; and (ii) Cost-push.
Problem 2:
a. What are the main reasons why a government might seeks to control a monopoly firm's profit?
b. Draw a diagram to compare long run output decisions for a monopolist and a perfectly competitive firm.
c. Describe why in some ways monopolies can be good for an economy.
Neutrality: Bureaucracy is apolitical and neutral. Prof. Frocderich mentions the following features of bureaucracy: (i) differentiation of functions, (ii) qualifications for o
In markets, the invisible hand allocates resources efficiently a. in all cases b. when there are positive externalities, but not when there are negative externalities c. when there
why does gap between the ATC curve and the AVC curve decreases as the level of output increases
P=140-4Q mc1=20+30q for plant 1 mc2=80+10q for plant 2 how many units should be produced by plant 1 and plant 2 to maximise profit for this monopoly?
Consider a non-renewable resource. There are two periods, now and later. The demand curve in each period (t = 1, 2) is Qt = 10 - Pt. The stock of the resource is 10 units. Extracti
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Gasoline Rationing - In the year 1974 and again in the year 1979, the government imposed price controls on gasoline. - This resulted in scarcity and gasoline was rationed.
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of
How would you construct an estimate of marginal cost, & ?C(w, y) , in each period? ?Y
Functions of the ADB: ADB finances principally specific projects in the region. It may make loans to or invest in the projects concerned. It may also guarantee loans granted t
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