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Problem 1:
i) ‘There is a trade-off between inflation and unemployment.' Do you agree with this statement? Justify your example using appropriate diagrams.
ii) Mauritius is actually facing a problem of high unemployment. What measures can be taken to remedy the situation?
Problem 2:
i) What do you meant by the term ‘economic efficiency'?
ii) A perfectly competitive firm is better than a monopolistic firm in terms of economic efficiency. show
iii) What are the advantages and disadvantages of a monopoly market?
graphing a isoquant
Indirect Utility Functions: Let qi denotes commodity i and pi is the price of that commodity. Let y denotes money income of the consumer. Suppose vi = pi/y. The budget constra
State trading is often associated with canalisation. Canalisation means estaolishment of state monomply in foreign trade. In other words, an item that is canalised can be imported
how do I determine the profit-maximizing quantity of a firm for different market prices when only given TFC, TVC, and the market price
The most fundamental economic problem is scarcity.
explain the relationship between ATC,AVC and MC by using diagram
John has a utility function given by U(M) = M0.5, where M represents an amount of cash prize in a game. If John wins, with the probability of 0.2, he will get $900; otherwise, he g
what is disposable income and its importance.
WHAT ARE THE PRACTICAL IMPORTANCE OF INCOME ELASTICITY OF DEMAND?
What is the difference between GDP and GNP? Gross domestic product (GDP) is the value of the total final output formed inside a country, during a given year. GDP, like all mea
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