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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?
(i) When the demand function is 2Q - 24 + 3P = 0, find the marginal revenue when Q=3. (ii) Given the demand function 0.1Q - 10 +0.2P + 0.02P2 =0, calculate the price elasticity of
how does utility figure in the analysis of consumer demand
Explainbainlimitpricetheory
Maurice has the following utility function: U (X; Y ) = 20X + 80Y ?? X2 ?? 2Y 2 where X is his consumption of CDs, with a price of $1, and Y is his consumption of movie videos, wit
equilibrium output and prince is determined in williamson model of managerial discretion ?
when the demand function is 2Q-24+3P=0,find the marginal revenue when Q=3.
Problem: (a) Distinguish between fiscal and monetary policy, giving examples where appropriate. (b) Explain how fiscal and monetary policies might be used by a government
determination of rent
What are the possible advantages of free trade? Firms a) Specialisation and enhanced use of comparative advantage b) Possibility of advantages of scale c) Spread
The Snob Effect - If network is negative externality, a snob effect exists. * The snob effect refers to desire to own unique or exclusive goods. * The quantity demanded o
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