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Use short notes and illustrations to answer the following questions:
i) Distinguish between an indifference curve and an isoquant
ii) Distinguish between substitution and income effect of a price fall for a normal good.
iii) Distinguish between internal and external economies of scale
iv) What is the law of diminishing returns and state the conditions under which it is tenable
v) The profit-maximizing output for a firm is at the point where MR = MC, illustrate and comment for the case of a firm that faces a downward-sloping demand curve.
What are institutions? Institutions are formal organisations as like: • Government : the group of some people and institutions who control and manage a country Civic socie
Does the work of the International Monetary Fund and World Bank overlap? Less developed countries turn to the: • International Monetary Fund to resolve debt repayment, exch
QUESTION ICT tools are deemed to present considerable opportunities to support a nations' sustainable development. The potential of e-Government in developing countries however
What are the major problems in measuring national income? The major problems in measuring national income: a. Unreliable statistics data collection is costly and the figu
Economic analysis is done from the viewpoint of society or economy as a whole. The evaluation is done from a wider angle not merely in financial terms. . In 1936, Flood Control Act
Suppose you are the only market analyst in your company's management team. Your company belongs to the energy industry. It is an oil and gas company engaged in the exploration, d
what is the important or usefulness of pricing practices to management
Explain the concept of scarcity, and the role it plays in decision making
total outlay method as a measure of elasticity with application
Why are economies developed of less developed countries by growing its secondary sector? Economies cannot grow of less developed countries by developing its secondary sector si
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