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Problem 1:
a. Describe the concept of opportunity cost, using the production possibility curve.
b. What are the fundamental problems of an economy? Describe how the command economy differs from the free market economy in dealing with resource allocation problems.
c. What are the strengths and weaknesses of a mixed economy?
Problem 2:
a. Distinguish between short-run and long-run costs.
b. Compare and contrast the short-run and long-run output decisions of the perfectly competitive firm and the monopoly.
c. Discuss long run efficiency under both kind of market structures?
Given the following demand and total cost functions for a firm P = 4500 - 0.5Q 2 TC = 1.5Q 3 - 50Q 2 + 1000 i) the marginal profit function
explain and illustrate the changing demand for big mac using indefference curve and budget line
1. Through graphs describe the relationship between the price, P , and the average total cost, ATC , for a firm in perfect competition when it earns an economic profit; earns a n
Interest rate sensitivity can also be understood from another perspective. The total cost of a commodity is not just its price, but also what must be paid to borrow money to purch
Q. What is working of world Bank? An international financial organization formed after World War II and based in Washington D.C. Its supposed purpose is to promote economic dev
I would tend to think that a 5% per year goal is more reasonable. Smaller incremental goals always appear to be more attainable, while more radical goals may actually be more diffi
why is the point outside the production possibility curve(PPC)called unttianable
Fill in the column of marginal products. What pattern do you see? How might you explain it? b. A worker costs $30 per day and the ''Firm has fixed costs of $10. Use this informat
elasticity of demand of a product in different market forms such as perfect competition, monoply etc.
Is Nigeria''s census accurate?
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