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a) What do you understand by equilibrium National Income and to what extent is economic growth beneficial to an economy?
b) Explain using both diagrams and mathematical tools, why a 20% increase in investment leads to a higher percentage increase in National Income?
c) The best way to allocate scarce resources is by treating consumers as "kings". Discuss.
d) Differentiate between public and merit goods and explain using concrete examples, why the provision of both types of goods, needs government intervention.
MEANING OF MANAGERIAL ECONOMICS Managerial economics which is used synonymously with business economics is a branch of economics which deals with application of microeconomic ana
Arguments against Monopoly However monopolies have been accused of the following weaknesses. Diseconomies of scale While the monopolistic firm ca
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Suppose a given demand curve for massage therapy services. In the context of giving massage therapy services, list, and explain in detail, 5 different variables that may cause an i
NON-ACCELERATING INFLATION RATE OF UNEMPLOYMENT During 1970s economists encountered a puzzle in the sense that inflation and unemployment data did not fit into the Phi
Q. Proportion of Market Supplied - Determinants of Demand? Price elasticity of market demand moreover relies on the proportion of market supplied at the determined price. If le
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Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2.
1. Define 'Arc Elasticity'. 2. Explain the law of 'Diminishing marginal returns'. 3. What is 'Prisoner's Dilemma', of non cooperative game? 4. What is 'Third degree Discrimation'?
Paper Money Due to the risk of theft, members of the public who owned such metal money would deposit them for safe keeping with goldsmiths and other reliable merchants who
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