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Question 1:
Define the concepts price elasticity of demand, income elasticity of demand and cross elasticity of demand and explain how these concepts can be useful to the manager of a travel agent.
Question 2:
Using relevant examples to illustrate your arguments, analyze the different economic impacts of tourism and discuss the different ways in which government can maximize the economic benefits from the industry.
Question 3:
Using relevant examples to illustrate your arguments, analyze the different factors likely to influence the demand for tourism products.
Question 4:
Outline the short run and long run equilibrium of a monopoly market using examples from the tourism and/or hospitality sector to illustrate your arguments.
Consider an infinitely repeated prisoner's dilemma game by two players. The resultant payoffs at each stage by the actions of two players are given below in the table (payoffs are
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As stock markets have crashed, and uncertainty has increased, consumers move their money to the safest currencies and countries in the world. Predict the effects of an increase in
a. Generally, there will be a difference between the CV and the EV. Why? b. The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it
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Problem: i) What do you meant by the term ‘economic efficiency'? ii) By using appropriate examples differentiate between fixed and variable costs. iii) Consider different
to prepared a projects
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