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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.
A monopolist''s demand curve is P=100-2q. find his MR function. at what price is MR zero
Dependence on agricultural production: Dependence on agricultural production and primary product for exports. The external sector comprises Imports and Exports, Ghana shows de
what is pooling equilibrium
Illustrate the income changes and consumption choice. Income Changes and Consumption Choice: This is of interest to see at how the consumer’s demand changes when we hold pri
1. Suppose that Mr. John has the following Cobb-Douglas utility function U = 6X^2/3y^1/3 the market price of X and Y commodity are $1 and $2, respe
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Cost in the Long Run Cost minimization with the Varying Output Levels -A firm's expansion path shows minimum cost combinations of labor and capital at each level of output.
Briefly explain the main macroeconomic objectives of governments. Definition of macroeconomic issues Growth a) Enhance in national income per unit of time, a
Two consumers John and grayson like to transfer songs to their phones from jose phone the table represents their willingness to pay and jose willingness to accept for each download
Workers' Co-operative: Another form of privatisation is transfer ofownership of a loss-making concern to the workers. Mr. R. Ganpati, formerChairman of the Board of Industria
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