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Question 1 (9 marks)
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 prices and quantities.
(a) Computers (3 marks)
(b) Computer software (3 marks)
(c) Typewriters (3 marks)
Question 2 (6 marks)
After an economics lecture one day, your friend suggests that taxing food would be a good way to raise revenue because the demand for food is quite inelastic.
(a) In what sense is taxing food is a ‘good’ way to raise revenue? (3 Marks)
(b) In what sense is it not a ‘good’ way to raise revenue? (3 Marks)
Question 3 (5 marks)
Most studies of firms’ long run costs have found that average costs decline as firms produce increasingly larger output levels (economies of scale), such as for automobile firms. However, trucking (haulage) firms appear not to experience falling average costs associated with large-scale operations. Why might this be the case?
Profit maximization is theoretically the most sound but practically unattainable objective of business firms. In the light of this statement critically appraise the Baumol’s sales
What is the distinguishes a progressive income tax, from a proportional income tax, or a regressive income tax? A proportional income tax takes the similar percentage of a pe
What is the theory of second best
The Wealth of Nations of Modern Economies When the federal government uses expenditures to stimulate the economy, it changes not only the present but the future as well. Question
How dose PPC help, illustrate the basic economic problem?
Suppose that Congress increases the minimum wage to $10 an hour. a. Use a supply and demand model for unskilled labor to show the effect on the number of unskilled workers employed
Marginal utility - It is the measure of the additional satisfaction obtained from consuming one additional unit of good. * Marginal Utility: An instance - The marginal u
uses of time series in Indian Economy?
what do you mean by social welfare function
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