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Question 1 Discuss the short-run cost-output relations
Question 2 Write a short note on pure competition
Question 3 Describe excess profit criterion
Question 4 Discuss the various ways by which rival firms may react to change in price made by one firm
Question 5 Explain the effects of taxation on the equilibrium of a firm
Question 6 Write a short note on imperfect competition in the factor market
Measures to control inflation: Fiscal policy is one of the two main macroeconomic policies used to control aggregate demand and thereby achieve economic stability. Fiscal meas
Equilibrium is explained as follows: Equilibrium is the state in which there are no shortages and surpluses; or we can say that the quantity demanded is equal to the quantity s
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 mark
what is diversification
Development: Economic development is the process through that a country's economy expands and improves in both qualitative and quantitative terms. Economic development requires co
DETERMINATION OF EXCHANGE RATES: When we study the determinants of exchange rates, we must distinguish between long run determinants and short run because the determinants in
what are the properties of cob-douglas production function
In 1939 the U.S. economy was operating where in the production possibility curve?
Direct and Indirect Benefits Life time earnings of an educated person is an instance of direct benefit from education. Skills produced in training or extension programmes in a
1) Describe (with an example) how trading can lead to an increase in world output if countries specialize in the good in which they have a comparative advantage. How does the intr
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