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Question 1:
(a) Describe the three different ways of calculating national income.
(b) Does the National Income figure accurately reflect the living standardof a population? Discuss.
(c) Analyze the different causes of inflation in an economy.
Question 2:
(a) Analyze the characteristics of a monopoly market.
(b) Distinguish between the short and long run equilibrium of a monopoly.
(c) Compare and contrast between the equilibrium position of a monopoly with that of a perfectly competitive firm.
With current technology, suppose a firm is producing 400 loaves of bread daily. Assume that the least cost combination of resources in producing those loaves is $180 ( 5 units of
Xd(Px)=5000-100Px
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The town utilizes standard disc type PD water meters for all residential connections. These meters were warranted by the manufacturer to be accurate within two percent of actual f
a 12 page project
Using real life examples and the use of the following concepts: Effecient vs Ineffecient and Opportunity cost and increasing opportunity cost
If the short run method to produce Q quantity is with full time workers L=0.025*Q, COST OF WORKER IN THE SHORT RUN IS w=20226.154, how do you derive the value of Q
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