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Problem 1:
All economies of the world can be said to be ‘mixed', to a greater or lesser degree, in that there is no economy where there is no state activity and no economy where the market has no role at all.
In light of the above statement, why do most countries choose to operate a mixed economy rather than a command or a market economy?
Problem 2:
a) Distinguish among price elasticity, income elasticity and cross elasticity of demand.
b) Discuss how knowledge of price elasticity, income elasticity, and cross elasticity might be of practical use to the owner of a supermarket.
(i) Do the laws of economics still work today? (use the case discussed in class to answer this question or any other examples) (ii) Provide examples of three factors that can sh
What is identity economics? How does identity economics help to explain economic questions that standard economics fails to address?
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define scarcityand oppurtunity cost.show how these concepts are useful in managerial decision making
Number 1 work: Week 4 Discussion - Empirical Demand Function and Forecasting The empirical demand function can be used in conjunction with historical data to predict pricing and
Broader the range of other uses of a commodity, higher the price elasticity of its demand intended for the fall in price though less elastic for the increase in price. As price of
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FACTORS RESPONSIBLE FOR WAGE DIFFERENTIALS WITHIN THE SAME OCCUPATION i. Differences in the environment: For example a doctor sent to North Eastern Province must be pai
Q. What is Production and Cost Function? Production functions and cost functions are the keystones of managerial and business economics. A production function is a mathematical
assumptions and limitations
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