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THE BUDGET
The budget is a summary statement indicating the estimated amount of revenue that the government requires and hopes to raise. It also indicates the various sources from which the revenue will be raised and the projects on which the government intends to spend the revenue in a particular financial year. The budget in Kenya is presented to parliament by the Minister of Finance around mid June. In the budget the Minister reviews government revenue and expenditure in the previous financial year. The minister presents tax proposals i.e. how he intends to raise the proposed revenue from taxation for parliament to approve.
Bank of Issue The central bank enjoys the monopoly of bank note issue i.e. no bank other than the central bank is authorised by law to print currency notes. Printing of paper
Fixed Costs (FC) These are costs which do not vary with the level of production i.e. they are fixed at all levels of production. They are associated with fixed factors of p
Q 3. What is Demand Forecasting? Explain in brief various methods of forecasting demand.
Determine Optimal Price, Quantity and Economic Profit A firm has a demand function P = 200 – 5Q and cost function: AC=MC=10 and a potential entrant has a cost function: AC=MC=20
THEORY OF COMPARATIVE ADVANTAGE In his theory put forward in a book published in 1817, David Ricardo argued that what was needed for two countries to engage in international t
Prices of other related goods i) Substitutes: If X and Y are substitutes, then if the price X increases, the quantity demanded of X falls. This will lead to inc
Suppose Fiat recently entered into an Agreement and Plan of Merger with Case for $4.3 billion. Prior to the merger, the market for four-wheel- Drive tractors consisted of five firm
Mrs John Robinson- 'Oligopoly is market situation in between monopoly and perfect competition in which the number of sellers is more than one but is not so large that the market pr
Q. Illustrate Internal Economies of Scale? Internal economies of scale are the benefits of large scale production. They are enjoyed by the firm when it increases its scale of p
types of elasticity
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