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Problem:
i) What do you meant by the term ‘economic efficiency'?
ii) By using appropriate examples differentiate between fixed and variable costs.
iii) Consider different markets explain how a given firm can increase its overall profitability by pure manipulation of its pricing policy?
iv) A perfectly competitive firm is better than a monopolistic firm in terms of economic efficiency. Discuss.
v) Explain the measures governments can use to control monopolies.
Elastic and Inelastic Demand can be understood as follows: Slope and elasticity of demand have an inverse relationship between them. When slope is high elasticity of demand bec
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what are the tools for decision making
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Wealth: This is a stock of accumulated purchasing power stored up from the past. For example, if you have a fat savings account accumulated from your past earnings, your curre
World Trade Organization: An international economic organization based in Geneva, Switzerland,formed in 1995 which is dedicated to promoting greater trade and investment among its
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