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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.
VARIOUS DEFINITIONS OF UNEMPLOYMENT
What is culture and human capital? Human capital is the knowledge, experience and skills of employees and can be raised by investing into education, job training and health
Assume that national income is initially at its equilibrium level when desired investment falls. We would expect an enhance in national income by an amount equal to the decreasing
Problem 1: (a) The Mauritian government is now increasingly involving the private sector in the development of the economy. How can government support effective private sector
don''t tell, demonstrate statements
The Scenario You have just been appointed as the procurement consultant for a large multinational with operations based in Brisbane. Your superior, the Chief Financial Officer (
Discuss Morality in international context
helloo?
how does occupation affect the size of labour force
How do economists differ from accountants in the use of the term profit ? Definition of rev and accounting costs Explanation/outline of opportunity costs, for example
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