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(a) Using the basic concept of price elasticity of demand for his product, describe how the producer may raise his total revenue.
(b) With reference to an initial set of market conditions, define and illustrate, giving examples, how market-based strategies could be used by a seller to enhance the quantity traded for his product.
(c) Would you admit that the consumer is necessarily ‘king' in the market place? Why?
Explain about the term Traditional Economy. Traditional economy: It is where decisions regarding what, how and for whom to produce are based onto tradition and custom. A
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What is matrix algebra, give some examples and its types
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Why does a production possibilities frontier with increasing opportunity costs have a bowed-out shape?
QUESTION 1 i) Distinguish between the different kinds of concentration measures ii) Briefly describe the axioms of Hannah and Kay (1977) iii) Derive and explain the Dorfm
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Problem 1: (a) Clearly distinguish between the theories of Comparative and Absolute advantage of trade (you are expected to use examples to illustrate your answer). (b) Acco
Case study CORN is now struggling to keep up with demand. With corn supplies the tightest they have been since the mid-1990s, prices have risen substantially and are holding a
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