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QUESTION
(a) Explain the law of demand and the factors affecting demand.
(b) Explain and illustrate how demand of a commodity will change if there is a tax on that product.
(c) Explain the term Price Elasticity of Demand, how it is calculated and give an example of price elasticity and inelasticity.
(d) Distinguish between a firm's fixed cost and variable cost and give an example of each.
The problem with the above method crops up when we want to compare two or more dissimilar (different sized) projects. A mega project may yield a very large NPV sum, whereas a mini
Mercantilism was the economic philosophy underlying English colonial policy. The object of mercantilism was to enhance the wealth of the Mother County (Great Britain) in gold & sil
The word double-dip is a negative -situation .This scenario has economically shall move back and switch in to a deeper and longer worse situation. A double dip recession states to
Do you agree with what Dick Brandon said regarding sex? Do not take this question too seriously! Even though the quotation had a humorous intention, this does highlight a serio
uses of discounting principals
Why does a production possibilities frontier with increasing opportunity costs have a bowed-out shape?
Define the effectiveness of World Bank in promotion of development? The World Bank has a clear set of goals: to assist countries meet the UN Millennium Development Goals. A ma
Nathan is a successful public relations (PR) consultant, thanks to an outgoing personality and sharp intelligence. At 35, he is near the height of his earnings potential, at around
Explain about the term underemployment and unemployment rate. Discouraged employees are non-working people who are able of working although are not actively in search of a job.
Suppose that a particular large hotel has 790 rooms. Furthermore, suppose that the hotel's marketing group's forecast is normally distributed with a mean demand of 730 rooms and a
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