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Question 1:
(a) Describe how asymmetric information influences the price system and resource allocation. Provide examples to support your answer.
(b) Managerial decision-making involves uncertainty and risk. Analyse the possible behaviours of managers towards risk.
Question 2:
(a) Distinguish between income elasticity, price elasticity and cross elasticity of demand.
(b) Show how the manufacturer of mobile phones can use the concept of elasticity in pricing decision.
Question 3:
(a) Compare and contrast the profit maximizing behaviour and output decision of the perfectly competitive firm and the monopolist in the long run.
(b) Explain three different models of oligopoly. Support your answer with appropriate examples.
Monetary policies This is the direction of the economy through the variables of money supply and the price of money. Expanding the supply of money and lowering the rate of in
Open Economy None of the three economies considered so far are engaged in trade with Foreign Countries. Such economies are often referred to as Closed Economies. In contrast
#Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case above.question..
Functions of Commercial Banks In modern economy, commercial banks have the following functions: i. They provide a safe deposit for money and other valuables. ii.
when the data is descrete and incremental changes is measurable, what is it?
Point elasticity The point elasticity of demand is described as the proportionate change in quantity demanded in response to a very small proportionate change in price. The con
what are the criticisms of it
An optimum Population Countries are often described as under populated or overpopulated. From the economist's viewpoint these terms do not refer to the population density (i.
Because of the complex and dynamic nature of marketing phenomenon, demand forecasting has become a regular and significant business exercise. It is necessary for profit maximisatio
Income and Substitution Effects of Price Change When the price of a commodity falls the consumer's equilibrium changes. The consumer can purchase the same quantity of X and Y
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