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Question 1 (9 marks)
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of prices and quantities.
(a) Computers (3 marks)
(b) Computer software (3 marks)
(c) Typewriters (3 marks)
Question 2 (6 marks)
After an economics lecture one day, your friend suggests that taxing food would be a good way to raise revenue because the demand for food is quite inelastic.
(a) In what sense is taxing food is a ‘good’ way to raise revenue? (3 Marks)
(b) In what sense is it not a ‘good’ way to raise revenue? (3 Marks)
Question 3 (5 marks)
Most studies of firms’ long run costs have found that average costs decline as firms produce increasingly larger output levels (economies of scale), such as for automobile firms. However, trucking (haulage) firms appear not to experience falling average costs associated with large-scale operations. Why might this be the case?
Give a critique of indifference curve
Explain why a perfectly competitive firm does not expand its sales without limit if its horizontal demand curve indicates that it can sell as much as it desires at the current mark
explain the managerial decision areas
How do we evaluate the value of money? Supply and demand verifies the value of a currency. If demand is high, the value rises, and vice versa. Factors that affect supply and de
derivation of demand curve
The production function for a firm is expressed as follows: Q = 800K - K 2 +5KL - 7750L + 10,000 Where Q is quantity of units manufactured, K and L are units of capital and
typical assumptions
Determinants of Social Demand for Education - Excellence Apart from the three considerations identified by Prof. Musgrave for public investments in education and discussed abo
brief explain of keynesian consumption theory
The goal is to replicate a real life product development and familiarize students with the invent process of a system, component, or process to meet desired wants within realistic
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