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Problem 1:
i) It has often been argued that a monopoly has both costs and benefits. Discuss.
ii) Explain, using diagram the short and long equilibrium positions of a monopoly firm.
iii) Using examples, explain how a monopoly imposes barriers to prevent competition.
Problem 2:
i) Explain the concept of circular flow of income.
ii) Comment on the view that ‘GDP is not the best measure to evaluate economic growth and standard of living. Real GDP per capita is a better measure'.
iii) What is economic growth? Identify and comment briefly on the possible contributors to economic growth.
functions of taxes
Explain the key assumptions and desired properties commonly used economics. Economists generally make all or some of the given key assumptions and a condition while they study
for the total product curve why is it when you reach at maximum adding more input leads to decline in output?
ahmed has 500 dolars.asma has 700 dolars.cismaan has 800 dolar
prove that the utility approach and the indifference curve yield the same consumer equilibrium.
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
Price elasticity of supply – Computes the percentage change in quantity supplied resulting from a 1 percent variation in price. – The elasticity is usually positive as price
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Question 1: Tourism is often seen as a way of generating income, particularly foreign exchange. The economic spin-off effects are viewed as the most important aspect of touris
MONOPOLISTIC MARKET
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