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Define and explain the following economic terms:
Economics, Microeconomics & Macroeconomics
Positive vs. Normative Economics
Law of Diminishing Marginal Utility
Opportunity Cost &Ceteris Paribus
Factors of Production, Efficiency and Equity
Law of Demand & Law of Supply
Demand vs. Quantity Demanded
Supply vs. Quantity Supplied
Use the graph to answer the following questions. All labels have been removed, but you can assume that the supply and demand curves are the same ones that we have been working with for most of the semester, you can also assume that the axis are the ones that we typically have used (price is in dollars and quantity is in thousands).
Why concept of Elasticity is important in economics? Elasticity is very important concept in economics because it affects the decision of individuals as well as of the whole e
Analyse the method by which a firm can allocate the given advertising budget between different media for advertisement?
(Cost minimization) a) What are the expressions for the marginal product of every of the two inputs in producing credit hours? b) What is the expression for the marginal r
What are the possible negative consequences of economic growth in a developing country? Define economic growth as an enhance in GDP during a given time period, and then define
Explain how Monetarist economics views the role of markets and government intervention in fighting business cycles. Monetarist economics believes that the government should fol
Measures used to restrict International Trade: These are taxes imposed on traded commodities as they cross national boarders. These are two main types of tariffs. An import ta
You estimate that the price elasticity of demand for one-acre plots in Lusaka is -1.5 and that income elasticity of demand is 5. Land owners intend to increase the price of a one-a
What is demographic transition In the world today not all nations have gone through their demographic transitions. Many countries today aren't rich enough to have begun populat
What is Demand Forecasting? Explain in brief various methods of forecasting Demand.
observations and result
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