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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.
Definition of Pareto Optimal Allocation
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Assume that milk operates in a perfectly competitive market, use a well labeled demand and supply model to explain how market equilibrium price of milk is being determined.
Gay Lussac''s law of gaseous volumes: While gases react with each other they always do so in volumes that bears a simple ratio to one and another or to the volumes of the products
how does the concept of possibility production curve aplicable in real life?
plese give me supply assigement
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