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Question 1:
(a) Distinguish between the short run and long run profits of a competitive firm by using graphical representations.
(b) Compare and contrast between perfect competition and a monopoly.
(c) Analyse the concept of economies of scale and the law of diminishing return.
Question 2:
(a) Describe what is meant by price elasticity, income elasticity and income elasticity of demand.
(b) What are the practical implications of the above concepts for a business?
(c) Consider that the demand of butter increases from 20 to 25 when its price decreases from Rs 100 to Rs 80. Suppose also that the demand for margarine decreases from 30 to 26.
(i) Determine the price elasticity demand of butter.(ii) Determine the cross elasticity demand for margarine.(iii) How are the two good related? Justify your answer.
What is the difference between money multiplier and credit multiplier
long run supply curve
explanations to the short-run fluctuation and pilicy prescriptions of the schools macroeconomics thought
Summary of the Phillips curves In neo-classical synthesis, augmented Phillips curve is known as the short-run Phillips curve. It is presumed to be stable as long as expectation
what are the two precautions required while estimating national income by value added method?
Snake Farm Inc. (SFI) has been offered to submit a competitive bid for building 31 and 22, 18, and 11offshore pits per year for Athletic Inc. over the next four years. If the bid
Q. Show the example on multiplier effect? Emma makes a deposit: Emma has 1,000 in her mattress and decides to deposit it in K-bank. Deposit won't affect the money
Explain how inflation unemployment trade off is not feasible under adaptive expectations?
The following network N has source S and sink T with arc capacities as shown. (a) Use the maximum flow algorithm to find a maximum flow from S to T and draw a diagram
i want an answer for my q Question 3 (5 marks) Most studies of firms’ long run costs have found that average costs decline as firms produce increasingly larger output levels (eco
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