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Question 1:
"Anyone who is willing to learn the language of economics and take the time to practice making decisions can learn to be an effective manager." Explain how.
Question 2:
The management board wishes to investigate the demand for powdered milk in Mauritius.
(a) What do you consider to be the most important factors affecting the demand for milk?
(b) Explain how the various concepts of elasticities can assist in making decisions?
Question 3:
Discuss the factors influencing the decisions to enter the market of a product with which you may be familiar.
Question 4:
"Collusion is the likely outcome in every oligopolistic industry". Discuss.
Question 5:
"Profit is maximised when marginal revenue is equal to marginal cost. This must be the only way to reap maximum profit." Do you agree? Use examples to illustrate.
Question 6:
Describe why government intervenes and how these affect managerial decisions?
Tastes of the buyer must not alter Any alteration which takes place in the taste of consumers will in all probability thwart the working of the law of demand. It frequently hap
According to J.B. Clark's profits arises in a dynamic economy, not in a static one. A static economy is one in which there is absolute freedom of competition population and capital
break event point
show how scarcity and opportunity cost are useful in decisionmaking
what is the uses of production functns?
Perfectly Inelastic (Zero Elastic) Supply Supply is said to be perfectly inelastic if the quantity supplied is constant at all prices. The supply curve is a vertical straight
DIFFERENTIALS AND DISEQUILIBRIUM In a free enterprise system, workers aim at maximizing their wages. Hence, it would be expected that workers would move form low-paying indus
The demand curve Suppose that starting from a condition of equilibrium, the price of X falls relative to Y. We now have a condition where the utility from the last shilling s
Utility Utility is the amount of satisfaction derived from the consumption of a commodity or service at a particular time. Utility is not inherent but a psychological satisfa
Disadvantages The effect on incentives High progressive tax makes work and extra effort become less valuable. The effect on the willingness to accept risk
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