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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?
Problem 1: i) Distinguish between the different types of concentration measures. ii) Derive and explain the Dorfman and Steiner (1954) condition for optimal advertising.
Assume you go to the market to buy apples (x1) and oranges (x2) and discover that the price of apples is 1 euro per unit and the price of oranges is 1 per unit when you buy less th
A potential investment project has the following stream of annual social (benefits minus costs), where you may assume the project starts with the capital payment of $12,000 on Day
Composition of Trade: It is indicative of the structure and level of development of an economy. For instance, most of the UDCs depend for their export earnings on a few primar
Why short run average cost curve is ‘U’ shaped
Ask questiowhat are the importance of the branches of economics
FOREIGN TRADE: Interdependence between the economies of the world has increased multifold. External sector in the economy has gained primeimportance. Both exports and imports
significance of income elasticity coefficient
The economy, however, is facing inflationary pressures. To deal with the macroeconomic problem, the government uses expansionary fiscal policy to decrease taxes and, as an indirect
Define Nash equilibrium and explain with the help of the game ''prisoner''s dilemma''.
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