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QUESTION
(a) Using diagrams where appropriate, explain the concepts of scarcity, choice and opportunity cost.
(b) Distinguish between positive and negative externalities, illustrating your arguments with appropriate examples where necessary.
(c) Define the concept of economies of scale and discuss the different sources of economies of scale.
(d) Using demand and supply analysis, explain the influence of the imposition of a maximum price and a minimum price on a product on price and quantity.
QUESTION (a) With reference to price elasticity of demand, discuss and illustrate the effects on government revenue of increasing value added tax on goods and services. (b)
What is Frugal Economy
Staff time is generally the principal cost component of an IS project. Define five other areas where project costs could increase. Project costs also occur by: • Contract la
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Is agricultural price instability a problem for Less Developed Countries? Problem of agricultural price instability for LDCs: a. Several Less Developed Countries have a com
Suppose a firm’s budget were large enough to employ 100 units of either labor or capital, the cost of a unit of labor being the same as a unit of capital. The production function i
Explain about theories and models linked to development. • There is no one agreed theory of development. All models, as Rostow, provide an insight in one or two dimensions of t
Analytical Hierarchy Process - Supplier Selection Supplier selection is a multi-criteria decision-making problem that the selection process mainly involves evaluating a number
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