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Question 1:
i) Elaborate on how CPI is used to calculate inflation and what are the limitations of such a measure?
ii) Growth is always beneficial. Discuss
iii) Explain the importance of both demand and supply factors in influencing the growth of GDP
Question 2:
i) State and explain the assumptions of a perfectly competitive market.
ii) Analyse the effects on the firm's profit and output of an increase in demand in the short run and long run.
iii) Elaborate on the various types of economies of scale and discuss whether they always improve the welfare of consumers.
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Name the two actors in the basic neoclassical (or traditional microeconomic) model of economics, and identify the assumptions the model makes of these two actors. Firms and hou
what is the relationship between TP, MP and AP
What are economies of scale and diseconomies of scale? In economics, returns to scale and economies of scale are terms that are related and sometimes incorrectly used intercha
what are the criticisms of modern theory of rent?
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