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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.
PROBLEMS OF LOWER INCOME COUNTRIES There are vast income and wealth disparities in world we live in. Approximately one-fourth of the world’s population accounts for the three-f
Problem: (a) Define ‘Business Environment'. (b) Briefly distinguish between internal and external environments of business. (c) Discuss on the key components of the gener
#question.During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use supply and demand diagrams, how the following markets are affected in t
Explain critics of the International Monetary Fund argue. Critics of the International Monetary Fund (IMF) argue: • The IMF is suffering through mission creep and requiremen
β1=0 e5.1 from stock and watson 3rd edition introduction to econometrics Using the data set CPS08 described run a regression of average hourly earnings (AHE) on Age and carry out
Define the using influences of contract staff for IS project. Use of contract staff: Such are frequently an unknown quantity. It is reasonable to assume that people who
What are the advantages to the project manager in giving regular progress reports to the project team members? People working onto a project as to have an understanding of how
When a project is under way, how can value management be utilized to estimate proposed changes? While potential changes to a project have been acknowledged, value management ca
What is capital accumulation? Capital accumulation simply implies an increase into a country is stock or amount of capital over time. It requires net investment, which is inve
what is social cost
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