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Problem :
(a) Describe the law of demand and the factors affecting demand.
(b) llustrate and Explain how demand of a commodity will change if there is a tax on that product.
(c) Describe the term Price Elasticity of Demand, how it is calculated and give an example of price elasticity and inelasticity.
(d) Distinguish between a variable cost and firm's fixed cost and give an example of each.
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Curvature of the Iso-quant: An iso-qunat is convex to the origin. This is so because as more and more units labour are employed, the producer would prefer to give up less and
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show that the necessary and sufficient conditions for consumer equilibrium under both cardinal and ordinal utility theories are identical .
FIXED EXCHANGE RATE SYSTEM: National currencies are generally acceptable within the geographical boundaries of a country. As such, trade between countries typically involves
WTO Agreements: The WTO administers 29 agreements; these cover different areas like trade in goods and services, investment measures, intellectual property rights, etc. Some o
(a) Explain why the Pareto criterion does not provide a complete ordering of the ordinal utility space (b) The competitive equilibrium is the only allocation where the gain
price of laptop increases by 20% and there is a 40% drop in the quantity demanded?
what do you understand by production posibility curve?
Explanatory research is research conducted in order to describe any behavior in the market. It could be done by using questionnaires, group discussions, random sampling, interview
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