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Economics- Definition
Economics is the study of how societies utilize limited resources to make valuable commodities and allocate them among diverse people.
Microeconomics handles with:
• Conduct of individual units
• When Consuming; How we select what to buy
• When manufacturing; How we decide what to produce
• Markets: The communication of consumers and producers
• Evaluation of aggregate issues:
?? Inflation
?? Economic growth
?? Unemployment
compare traditional modern and engineering cost curves
Why does a monopoly have no supply curve? A supply curve is a curve that shows the quantity supplied at dissimilar prices, as a monopoly sets the price and the quantity togeth
a) The production function of certain firm is given as Q = 40 K 1/2 L 3/4 A unit of capital and labour costs Kshs 44 and Kshs 36 respectively. The firm would like to maxim
Which of the following is evidence of market power? a. Output is fixed despite cost changes b. Optimal Output is less than industry output c. Output changes as cost changes
Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the commodi
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Why is it considered well to bring all BOP's to zero? If BOP of any country is zero, it reflects that the present account of that country has sufficient balance to meet the n
Rational Expectations- Inflation Unemployment Trade-off : Now, consider what happens if we suppose that workers have rational expectations about the rate of inflation First, th
How a manager determines the optimal number of employees in a project
Q. What is Economic efficiency? Economic efficiency Explain a situation where the total value of the end uses, to which the resources are put, is maximised. A consequence is th
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