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QUESTION
a) Differentiate between returns to factor and returns to scale.
b) In the long-run the Average Cost Curve is u-shaped. Discuss
c) Whenever a firm is making losses it should close down. Do you agree with this statement? You may use mathematical examples to illustrate your answer.
d) Discuss how resource allocation is dictated by consumers' preferences in the market place.
Can less developed countries economies grow by developing services as tourism? Less developed countries economies grow by developing services as tourism when: The less deve
How do currency speculators harm for Less Developed Countries? Private capital inflows can be short term and speculative. Speculators shift funds in a Less Developed Countries
The amount of a good or service that a consumer is willing and able to buy at each particular price
Problem: i) Evaluate the following statement: "The First Theorem of Welfare Economics states that as long as producers and consumers act as perfect competitors and there ar
opportunity cost and decision making
QUESTION (a) Explain the law of demand and the factors affecting demand. (b) Explain and illustrate how demand of a commodity will change if there is a tax on that product.
how economics useful for businesses
What are Harrod-Domar assumptions? The H-D (Harrod-Domar) model assumes as: • Fixed capital output ratio. Nonetheless, diminishing marginal returns to capital element exist
what is production analysis?
QUESTION (a) Explain what factors might determine the level of investment in an economy. (b) ‘If investment increases it will cause an increase in income. If income increase
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