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implications of market structures on price determination
What should be the decent/appropriate growth rate in any country? Answer: A growth rate of among 2-3% is considered normal for mature developed countries; for LICs, 5-7% is
explain how a perfact market responds to changes in consumer demand?
find equilibrium level of income
construct your own version of a production possibility curve and use it to explain scarcity, opportunity cost and choice
Explain the how the classical school views the role of markets and government intervention in fighting business cycles The classical school believes in the smooth functioning o
Do the laws of economics still work today? use the case discussed in class to answer this question or any other examples) (ii) Provide examples of three factors that can shift the
Profit: This is surplus left over after a company sells its output and pays off cost of production (which includes raw materials, labour costs and a proportional share of its capit
what is the theory of second best? prove the theorem with the help of a diagram.
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