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Problem 1:
i) Differentiate between the short and the long run.
ii) How is production characterised the short run? Explain the fully using numerical and diagrammatic illustrations.
iii) Using examples explain the concepts of economies and diseconomies of scale?
Problem 2:
i) Differentiate between price, income and cross elasticities of demand for a product.
ii) Explain carefully, using numerical and graphical examples how knowledge of price elasticity of demand might help a manager to increase or decrease price. Illustrate your answer by the use numerical examples.
Working of IFC: The IBRD loans are available only to member-country governments or with the guarantee of member-country governments. Further, IBRD can only make a loan but it
4) The prevention of major swings in economic activity can be handled most easily by the A. household sector B. business sector C. financial sector D. government sector Explain
would a rational producer be concerned with the average or marginal product of an input in dec
Define the returns to scale in production technology. Returns to scale in production technology: Assume that we are using some vector of inputs x to generate some output y a
Materials Requirements Calculations - MRP System MRP is a computer-based 'engine' which carries out calculations in order to determine: What is needed, and When i
A government official announces a new policy. The country wishes to eliminate its trade deficit, but will strongly encourage financial investment from foreign firms. Explain why su
Why some country saving less and consumption more?
Nucleic acids perform two important functions 1. Replication: It is the property of biomolecules to synthesise exact copy of it. DNA has this unique property of duplicating it
Why is the concept of scarcity relevant to both LDC s and MDC s? All societies throughout time have wrestled with the basic economic conundrum of having needs that cannot be me
difference between the cardinal analysis theory and ordinal theory
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