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Problem:
(a) Explain with the help of a diagram, the effect on a consumer's equilibrium, of an increase in the price of commodity X while the consumer's money income and price of commodity Y remains unchanged.
(b) If the government intends to restore the consumer's current welfare to its original level, illustrate how would the process of income compensation proceed to realise that objective.
explian williomson model of managerial discretion
Advantages of Planned System i) Uses of resources : Central planning can lead to the full use of all the factors of production, so reducing or ending unemployment. ii
#quest Describe the oligopoly market structure and give some examples.ion..
Relationship between AC, AVC, AFC and MC is elucidated graphically by drawing respective cost curves in Figure below. Behaviour of cost curves is elucidated below. Figure:
THE BUDGET The budget is a summary statement indicating the estimated amount of revenue that the government requires and hopes to raise. It also indicates the various sources
State the types of demand elasticity Income Elasticity: Elasticity of demand with respect to change in consumer's income. Price Expectation Elasticity of Demand: Elast
managerial principles to consider when determining level of output of afirm
THEORY OF COMPARATIVE ADVANTAGE In his theory put forward in a book published in 1817, David Ricardo argued that what was needed for two countries to engage in international t
Q. Show the Changes in fixed costs and profit maximisation? A firm maximises profit by operating where marginal revenue equals marginal costs. A change in fixed costs hasn't an
Q. What is Labour Requirements on the production capacity? Labour Requirements: Spending on labour is one of the most vital elements of cost of production. Dependable and cor
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