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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.
explain the cobweb model of equilibrium
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Q. Explain abput Capitalist Class? Capitalist Class:Group of individuals (which represents just a couple of percent of population in advanced capitalist countries) which contro
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explain the following disadvantages of amalgamation. Complex nature
Q. Describe Consumer Price Index? Consumer Price Index:Consumer price index (CPI) is a measure of overall price level paid by consumers for various services and goods they purc
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