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(i) How do we measure economic growth and why do we need economic growth?
(ii) What can governments do to stimulate economic growth and create jobs? (provide some current examples)
(iii) Should government/s support the renewable energy industry and how?
(iv) What is inflation and what impact does it have on the economy?
Case Study - EUROPE Let us now see how events unfolded over the decades in Europe that led to monetary unification in terms of a single currency and single central bank. At
Average Product (AP) of a Factor: The productivity of a factor is often seen in terms of its average contribution. Although not very important in the theoretical discussions,
I purchase a used stove for $155 when I was willing to pay $185. If a new stove costs $375,what is my consumer surplus
what to produce? how to produce? for whom to produce
what is wage?
1. Suppose we observe that the price of soyabeans goes up while the quantity of soyabeans sold goes up as well. Use the supply and demand curves to illustrate two possible explanat
Problem 1: How can a manager of a supermarket maximise total revenue using various concepts of elasticity of demand? Use examples to illustrate. Problem 2: What are the
Individual demand curves for two perfectly competitive market TC1=10q1+1/2q1^2+100 = firm 1 TC2=10q2+q2^2+100
exams?
Describe the poverty cycle and suggest how a developing country can break the cycle. The poverty cycle is explained as the trap developing countries can land in; low incomes →
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