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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.
Define the generality of economic theory in the modern economics. Generality of Economic Theory An economic theory is based onto assumptions imposed onto economic environmen
Draw an indifference curve for consumption and hours of work. (Hint: in class we discussed indifference curves for consumption and hours of leisure, this is different.)
explain and illustrate the changing demand for big mac using indefference curve and budget line
limitations
The definition of a price maker is a "firm with some power to set the price because the demand curve for its output slopes downward", which in effect, means those firms with a down
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
demand for two market are P1=15-Q1&P2=25-Q2.the monopoly TC is C=5+3(Q1+Q2).What are ,output,profit&MR if the monopolist can price disc? riminate
negative slope on ppf represents what?
how do oligopolistic market and monopolistic competition react to change in demand and supply ?
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
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