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Question 1:
Tourism is often seen as a way of generating income, particularly foreign exchange. The economic spin-off effects are viewed as the most important aspect of tourism development. However, at the same time, tourism may have adverse effects on an economy.
Making use of appropriate examples, critically analyze the different economic impacts resulting from the development of tourism in an economy and suggest policies to mitigate the negative impacts while at the same time promoting positive ones.
Question 2:
Outline the characteristics of a monopolistically competitive market and distinguish between its short run and long run equilibrium. Use relevant examples from the tourism and/or hospitality industry to support your arguments.
Question 3:
The effects of price changes in tourism are far more complex in tourism than are the effects of changes in income.
Explain the concept of Price Elasticity of Demand and explain how this concept might be useful to a manager of a tourism/hospitality business attempting to increase revenue.
Consider what would happen if a taxes of 10000$ was imposed on imported automobiles on dealers.Using a demand and supply diagram, show its impact of price and quantity. Suppose the
would a rational producer be concerned with the average or marginal product of an input in deciding whether or not to hire the inputs?
give a detailed discussion on the term economics of scale as applied to economics, highting examples,limitation,and original of economics of scale.
Socialist Economy: The material means of production are owned by the whole community represented by State under socialist form of economy. All members have equal right in the benef
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the basics in micro economics
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