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Question 1:
(a) Explain, giving examples, the law of diminishing returns, clearly bringing out the relationship between cost curves and product curves in the short run.
(b) Analyse the effects of returns to scale on the cost of production of a firm in the long run.
Question 2:
(a) Explain how airfares are determined by airline companies.
(b) Analyse and comment on the pricing strategy adopted by a few airline companies that decide to collude in the long run and form a cartel for a particular air-route.
What would primary markets look like in absence of secondary markets?
Describe the difference between value management and value engineering. Value Engineering: It is concerned all along with determining the cheapest method of accomplishing
concept ofexploitation of labour
Hatfield owned a large farm on which he grew grain. His combine was inadequate in relation to the acreage of grain that he harvested annually. As a result, on several occasions his
What is meant by the term the triple constraint? What are the three elements of the triple constraint and why is an understanding of their relative weight significant in exercising
Problem 1: (a) Clearly distinguish between the theories of Comparative and Absolute advantage of trade (you are expected to use examples to illustrate your answer). (b) Acco
WHAT IS UR AGREEMENT
#quewhat is production analysis stion..
law of demand
What would course a fall in equilibrium price?
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