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QUESTION
a) Differentiate between price, income and cross elasticity's of demand.
b) How can the concept of price elasticity be useful to the owner of a supermarket who wants to maximise sales revenue? Explain your reasoning, with the help of appropriate examples and diagrams.
c) Distinguish, with the help of diagrams and examples, between a firm's fixed cost and variable cost.
d) Explain why all firms aim at growing big in size.
How is business cycle essential in economic downturns and upturns? The Business Cycle: It is the short-run alternation between economic upturns and downturns. A
What are the major problems in measuring national income? The major problems in measuring national income: a. Unreliable statistics data collection is costly and the figu
QUESTION (a) Define a public good and discuss how free riding might be a problem in the provision of a public good. (b) What is the rationale for government intervention in
Oligopolistic Competition: Two rms are competing for consumers. They simultaneously decide what quantity to produce. Suppose they have identical cost c, zero xed cost and fa
(a) Assume that Purchase Price is equal to initial Market Value (b) Your Market Rent starts at the indicated level and increases by this factor for all of Year 2 and for each y
What is the Infant Industry argument? Several governments seek to protect involving industries by premature competition. Infant industries have potential comparative benefit b
What is the fixed cost
The values for the long-run ATC curves of three different firms are listed in the table below: Quantity ATC 1 ATC 2 ATC 3
What are the limitations of balanced growth? The limitations of balanced growth: • The strategy of balanced growth is away from the resources of most poor countries; • Go
explain why each of the following factors influence the own price elasticity of demand for a comodity 1. Consumer preferences 2. the narrowness of definiton of the commodity
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