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Question:
(a) With the help of diagrams, explain how the price and quantity demanded or supplied of fuel will change under the different scenarios:
(i) Consumers expect a future rise in prices of fuel;
(ii) Social and Political instability in an oil producing country; and
(iii) A new substitute to fuel - i.e. liquefied petroleum gas is introduced in the market.
(b) Using the concept of elasticity, distinguish between inferior, normal and luxury goods.
(c) Describe what is meant by cross elasticity of demand and price elasticity of demand.
Assuming the Heckscher-Ohlin model is true. Suppose the Cuba and Russia sign a free trade agreement. Furthermore, assume the Cuba and Russia only produce cigars and vodka. Russia h
HOW DO YOU ADJUST FISCAL POLICY FOR INTERNAL BALANCE
Externalities: Many economic activities have collateral effects (at times positive, but more often negative) on other people who aren't directly involved in that activity. Illustra
assume you are selling a product and when your price is decreased by 29% your quantity demanded increases by 55%. What is your price elasticity of demand?
bains limit theory
Define the Production Possibilities Curve and explain the basic economics concepts using the PPC. Explain the factors tht shift the PPC outwards
Suppose one were asked to recommend a price for the output of a proposed downtown parking garage, so that the project would have as large a Net Present Value as possible. In this
The price of milk is usually much less expensive in a grocery store versus a convenience store. Using economic terminology, explain why people purchase milk at convenience stores.
How might governments use buffer stocks to stabilise prices? Explain/outline a buffer stock scheme in brief as a method for government (in this case) to warehouse (stock) goods
Summary of Educational Planning and Economic Growth An economy with scarce resources and enormous needs and aspirations requires planning. This is true of the education sector
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