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Question 1:
(a) Distinguish between the short run and long run profits of a competitive firm by using graphical representations.
(b) Compare and contrast between perfect competition and a monopoly.
(c) Analyse the concept of economies of scale and the law of diminishing return.
Question 2:
(a) Describe what is meant by price elasticity, income elasticity and income elasticity of demand.
(b) What are the practical implications of the above concepts for a business?
(c) Consider that the demand of butter increases from 20 to 25 when its price decreases from Rs 100 to Rs 80. Suppose also that the demand for margarine decreases from 30 to 26.
(i) Determine the price elasticity demand of butter.(ii) Determine the cross elasticity demand for margarine.(iii) How are the two good related? Justify your answer.
I would like to know one of the external determinants in Spain''s recovery, please?
This problem involves the question of computing change for a given coin system. A coin system is defined to be a sequence of coin values v1 (a) Let c ≥ 2 be an integer constant
For an interest rate of 12% per year compounded continuously, find (a) the nominal rate per year, (b) the nominal rate per quarter, (c) the effective rate per quarter, and (d) the
Consider following 5,000 value securities. Bond Coupon Rate Selling price coupon payment yield to maturity% 6% $5000 6% $5500 10% $5000 12% $4500 A. Are those securities abov
Suppose A can somehow change the game in problem 5.1 to a new one in which his payoff from Up is reduced by 2, producing the following payoff matrix. a. Find the Nash equilibriu
Ask question #Minimum 100 words accepWith aid of evidence in the given article, comprehensively discuss the market structure in the South African mobile telecommunications industry
Use a diagram of the open economy model (e.g. fig 32.4 from the text) to illustrate and explain the effect of the following event on the market for loanable funds, the level of net
The hypotheses are: The null hypothesis, infers that a unit root exists, whereas the alternative hypothesis, concludes that there is no root. Decision rule:
what does international trade fails to its claims ?
What is Bolivia''s growth in 1985?
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