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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.
Why is GNP C+ I + G + (X- M)+ NR + NP. What is relationship between X - M and NR + NP
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what are the advantages and disadvantages of a national income and green GDP? national income figures are often used to compare living standards across countries and through time.
To develop what you believe is a terrific idea for a video game, you lease 50,000 square feet in an office building from Commercial Property, LLC, under a written five-year lease.
Q. Define do you mean by GDP growth? By (nominal) GDP-growth we mean the percentage change in (nominal) GDP over a specific period of time. Real GDP growth is defined as percen
How Walmart''s marginal product labor related to its marginal product?
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Relate overnight rate with money supply When the overnight interest rate decreases, the money supply increases When the overnight interest rate increases, the money supply d
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