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Question 1:
(a) Describe the three different ways of calculating national income.
(b) Does the National Income figure accurately reflect the living standardof a population? Discuss.
(c) Analyze the different causes of inflation in an economy.
Question 2:
(a) Analyze the characteristics of a monopoly market.
(b) Distinguish between the short and long run equilibrium of a monopoly.
(c) Compare and contrast between the equilibrium position of a monopoly with that of a perfectly competitive firm.
In a competitive market, the market demand is Qd = 150 - 5P and the market supply is Qs = 5P - 10. As a result of a price ceiling imposed at $14, the new consumer surplus and produ
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Time is a significant determinant of price elasticity. If a price changes, it might take consumers a certain amount of time to discover alternative lifestyles or commodities to ac
Introduction for a natural monopoly assignment
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could the village prepare 14 campsites and grow 350 pawpaws?explain your answer.
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The Cost Minimizing Input Choice - Assumptions Two Inputs: Labor (L) & capital (K) Price of labor: wage rate (w) The capital price - R = depreciation ra
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