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Question:
(a) As an advisor to government as well as that to a firm how will you make use of your knowledge on price elasticity of demand, income elasticity and cross price elasticity?
(b) Deadweight losses are associated only in the case of monopoly. Discuss.
(c) Distinguish among the various types of barriers that can exist under imperfect market structures.
(d) Oligopoly is always characterized by price stickyness, irrespective of whether it is a cooperative or competing one. Discuss.
briefly explain oppurtunity cost in decision making?
CLASSICAL VIEW ON UNEMPLOYMENT The classical economists as we observed in Unit 1 of this course, were of the view that full employment prevailed in the economy all the tim
FACTORS AFFECTING THE ABILITY OF TRADE UNIONS TO GAIN LARGER WAGE INCREASES FOR ITS MEMBERS The basic factor is elasticity of demand for the type of labour concerned. The ela
The Multiplier In his theory Keynes asserted that consumption is a function of income, and so it follows that a change in investment, which we may call ΔI, meaning an incremen
Total Cost (TC) This is the sum of fixed costs and variable costs i.e. TC = FC + VC.
what is a firm
Functions of Commercial Banks In modern economy, commercial banks have the following functions: i. They provide a safe deposit for money and other valuables. ii.
Question : i) Consider a discriminating monopolist is selling a product in two separate markets in which demand functions are: P 1 = 6 - Q 1 P 2 = 18 - 2Q 2 The mono
Gains From International Trade The gains from International trade are to make the participating countries better of than they would have otherwise been. This will be the res
Why does the demand curve slope downwards? As Figure above demonstrates, demand curve slopes downward to the right. Downward slope of the demand curve reads the law of demand i
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