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Question 1:
a) Describe the different types of unemployment that exist.
b) Critically examine how monetary policy will be used to deal with inflation.
c) Critically determine how fiscal policy can be used to deal with unemployment.
d) What are the causes of inflation?
Question 2:
(a) Differentiate between income, price and cross elasticity of demand.
(b) Would you agree that, in order to maximize total revenue, the manager of a supermarket must understand and apply the concept of price elasticity of demand? Explain your reasoning, with the help of appropriate examples and diagrams.
(c) Discuss how a supermarket can sell many products at very low prices, despite their higher fixed costs.
Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the commod
define cost its types with curves
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9. The average supernormal profit for the firm is
What does economic theory contribute to managerial economics? Explain
A tax imposed on a market with an inelastic demand and an elastic supply will cause
CHARACTERISTICS OF ECONOMIC INFRASTRUCTURE: Natural monopoly is the situation where the provision of a good or a service has economies of scale, which are realised most when a
There are 2 brands of cell phones that are almost identical except for some minor features: the A-Phone and the Pomegranate. Part I Draw the demand curve for the A-Phone. Explain
draw the following diagrams and explain their shapes: the production possibilities frontier a demand curve the demand curve for a firm in perfect competition the demand curve for a
Compensated Demand Curve: Compensated demand function for a commodity (say x1) of an individual consumer represents demand quantity for that good (which is purchased by the co
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