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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 inc
What is import substitution? Import substitution: It is a government industrialisation policy for development by replacing imports along with domestic production. St
Is there a consensus view on the responsibility of government? Highly controversial and depends onto your view like to whether markets work. International agencies as like the
QUESTION 1) Explain the term Balance of Payments (BOP) and how a government would intervene to correct a BOP deficit. 2) Explain the protectionist measures that a government
Advanced Technology, Inc., (ATI) is evaluating a contract proposal calling for it to build and test bearings using a newly patented surface configuration. ATI would receive $1.4 mi
Explain the relationship between types of risk action and where each might be utilized. Risk actions are of mainly two types: avoidance actions and mitigation actions: Avoi
1. Consider the market where there is product differentiation with two firms. The firms are choosing prices p1 and p2 and have demands given by q1 = 40 - 0.5 p1 + p2 q2 = 60
how economics useful for businesses
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
QUESTION (a) What are the causes of inflation in an economy? (b) Discuss the policy implications that the central bank will implement if there is excess liquidity in the mar
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