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Problem 1:
a. Describe the concept of opportunity cost, using the production possibility curve.
b. What are the fundamental problems of an economy? Describe how the command economy differs from the free market economy in dealing with resource allocation problems.
c. What are the strengths and weaknesses of a mixed economy?
Problem 2:
a. Distinguish between short-run and long-run costs.
b. Compare and contrast the short-run and long-run output decisions of the perfectly competitive firm and the monopoly.
c. Discuss long run efficiency under both kind of market structures?
Functions of the ADB: ADB finances principally specific projects in the region. It may make loans to or invest in the projects concerned. It may also guarantee loans granted t
question #Minimum 100 words accepted#History of cobweb theory
Three factors that determine demand for coffee and tea
Ask qu a.Fill in the column of marginal products. What pattern do you see? How might you explain it? b. A worker costs $30 per day and the ''Firm has fixed costs of $10. Use this
Which drug is likely to be the most profitable for its producer (in terms of average “per-drug” profit)?
1. Assessment Criteria The coursework will be marked on the overall outcome including: structure, quality of reasoning, quality of written English, data analysis, referencing, sty
What is the difference between indifference curve and isoquants? An indifference curve shows dissimilar combinations which a consumer can buy with a given level of income. Ind
what are the limitations of economies of scale?
.
Money facilitates market activities and is essential in complex market systems. With money people can avoid the problems associated with coincidence of wants. Between, these pro
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