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Questions
(i) You are an industry analyst. Last year, the production cost of Microprocessor increased remarkably due to labor unionization. Nevertheless, the industry experienced a sharp increase in total revenue. How do you explain this? The demand did not change. You must use a diagram to answer this question.
(ii) 5% decrease in price caused only 1% increase in total revenue. Is demand elastic, inelastic, or unit elastic? Explain.
(iii) Suppose one and only one worker is always required to operate one machine, and together they produce 100 units of output. Let's denote the number of worker by L and the number of Machine by K. What is the production function at this firm?
define perspective of managerial economics.
using the tools of an indifference curve and isoquent, highlight on consumption and production in business economics.
7.Consider the following production possibilities table: Option Y X A 0 100 B 80 80 C 120 50 D 140 10 a)Provide a measure of the approximate marginal opportunity cost of
2. You are examining the effects of a specific tax of 10 cents imposed on the sales of a product that we shall call XYZ. To carry out your analysis, assume that the market is a per
Suppose that the following equation characterizes the demand for primary education in a developing country X: Q = 100 – 2P Where Q is quantity demanded in years of schooling and
introduction of this model
Capital Account: The capital account deals with long and short-term capital movement.These capital movements are referred to as autonomous because they take place for business o
Causes of inflation: Excessive growth in wages relative to productivity can cause inflationary pressures. This causes aggregate demand to increase relative to aggregate supp
Economic Reforms and Reduction of Regional Disparities: Another important objective of development is to reduce regional disparities. Government has been helping the backward
A government official announces a new policy. The country wishes to eliminate its trade deficit, but will strongly encourage financial investment from foreign firms. Explain why su
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