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Use short notes and illustrations to answer the following questions:
i) Distinguish between an indifference curve and an isoquant
ii) Distinguish between substitution and income effect of a price fall for a normal good.
iii) Distinguish between internal and external economies of scale
iv) What is the law of diminishing returns and state the conditions under which it is tenable
v) The profit-maximizing output for a firm is at the point where MR = MC, illustrate and comment for the case of a firm that faces a downward-sloping demand curve.
What is poor governance? In countries along with poor governance: • The rule of law has not working for example civil war and areas run by war lord • Bribery and corrupti
Define economies grow of less developed countries by developing its secondary sector. Less developed countries economies grow by developing its industrialising: Manufacturi
what are the steps in location decision.
Define the balance of payments problem in international capital flows. Balance of payments (BoP): It inflows capital as like: • Foreign direct investment (FDI) into machiner
What are Rostowís assumptions? Assumptions of Rostowís: • Economic development procedure is universal which is all countries whether within Africa or Asia go by the same se
Quantitative demand for watermelons = 50-3P(wm) - 20P(hd) + 10 P(sc) + 0.001(income) P(wm) = $4.00 P(hd) = $3.00 P(sc) = $2.00 Income = $40,000 Quantity supply of watermelons = 2
my fgeind lewis wants ro know about hard and soft hr and whats good and whats bad about it so cabn u answer pelase
Explain the state intervention approaches for promoting development. State intervention can result within: • Large bureaucracies staffed through friends and relatives of the
what is nature of elasticity?
Does the structure of the population issue? Dependents into an economy, children as well as old people are assists by the economically active. Dependency ratio uses to measure
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