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1. Calculate price elasticity of demand and supply for the following functions when (a) P=8 and (b) Q=6. i. P= 40 - 0.5Q ii. Q= -40 + 0.75P iii
Theories and Models ?? Microeconomic Analysis – Theories are taken in use to describe the observed phenomena in terms of a set of essential rules and
Derived demand and Demand schedule: D erived demand is where the demand for a final product leads to the demand for a second product which is used to produce this final p
Depreciation: This signifies the loss of value from an existing stock of real capital (for an individual company or for whole economy), reflecting normal wear-and-tear of machinery
FUTURE DIRECTIONS: It is often said that the difficult things are the beautiful things, and if they are as vital for healthy national development as an economy, society and po
CRITIQUE OF ECONOMIC REFORMS: The critique of economic reforms should consider the actual growth rate achieved, its impact on employment and poverty reduction, its impact on l
economics of uncertainty with examples
2. You are examining the effects of a specific tax of 10 cents imposed on the sales of a product that we shall call XYZ. To carry out your analysis, assume that the market is a per
Fiat money is not a new idea. Some European historians recognize the first use of fiat money in Europe resulting from gold and silver smiths issuing their customers receipts for g
1. What is the relationship between a firm's total revenue, profit and total cost? Give an example of hypothetical data and draw the curves. 2. Define economies of scale and e
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