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Question 1:
(a) How do economists go about studying the economics of the public sector? Describe the four stages of analysis.
(b) What are the main reasons explaining systematic failures of government?
Question 2:
What do economists mean when they say the economy is efficient? What basic conditions have to be satisfied if markets are to be efficient?
A company uses 2 inputs, K and L in its production function. The production function is given as where Q, K and L are in units per week. Price of input K per unit is RM100, and inp
Using the discounting principle calculate the present value of an annuity of five years at Rs. 500 payments made at the end of each of the next five years at 10% interest. stion..
Ajax has the following short run cost curve when tc=800000-5000Q+100Q2
# review of Article what can economic theory contribute to managerial economic#
The market demand for brand X has been estimated as Qx=1500-3Px-0.05I-2.5Py+7.5Pz
Balance of Payments Perhaps the most immediate reason for bringing in protection is a balance of payment deficit. If a country had a persistent deficit in its balance of paym
1. What is the difference between a static (master) budget and a flexible budget? Ans: static budget is where a budget doesn't change a volume changes. An example could be th
Market research operations to obtain reliable and relevant information about the trends in market. A data analysing and processing system to estimate as well as evaluate the s
What is economics of information
Optimum combination of resources The firm can maximise output given costs. That is when the entrepreneur attains the highest isoquant given a particular Isocost. At t
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