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ITunes is rapidly dominating the global market for music sale. Assume that the download price for Dance artist Calvin Harris's single "Feel So Close" is $1.19 and the number of d
QUESTION (a) Explain the relationship between scarcity, choice and opportunity cost. (b) What is market failure and why does it occur in an economy? (c) Differentiate, us
QUESTION (a) What are the causes of inflation in an economy? (b) Discuss the policy implications that the central bank will implement if there is excess liquidity in the mar
compute the opportunity cost
In a model where a continuum of individuals have preferences for consumption and leisure as follows w i = c i + ln(x i ) and individuals differ in their labour endowments e
How does economic theory contributes to managerial decisions?
Can national income figures be used to make comparisons of standard of living among countries? National income measures the Gross Domestic Product of country and therefore can
Assume Mr. Robinson deposits pounds 600 in currency at a bank. Later that day Ms. Volker borrows pounds 1200 from the similar bank. The money supply will have enhanced by pounds 60
How can be comparative advantage improved? Comparative advantage can be gained or improved through: • Investment during the education and also in training • Investment wi
QUESTION a) Differentiate between price, income and cross elasticity's of demand. b) How can the concept of price elasticity be useful to the owner of a supermarket who want
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