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Question 1:
Differentiate between income, price and cross elasticities of demand.
How will the concept of price elasticity be useful to the owner of a supermarket who wants to maximise sales revenue? Describe your reasoning, with the help of appropriate examples and diagrams.
Distinguish, with the help of diagrams and examples, between a firm's variable cost and fixed cost.
Describe why all firms aim at growing big in size.
Question 2:
(a) What are the main causes of inflation in an economy?
(b) Explain the policy implications that the central bank will implement if there is excess liquidity in the market.
(c) Describe the different types of unemployment that exist.
d) Describe the trade-off between inflation and unemployment.
1 (a) List two concerns with inflation. (b) Suppose that we are in a condition of fully flexible prices, but production of nails will not go above 200 chairs/month. What price w
What is Treasury bills In most countries you will find many types of government bonds. An important distinction is the duration of the bond, that is, the difference between the
Aggregate Demand Policies Both fiscal and monetary policy changes shift the AD curve. Let us see how, starting with a fiscal expansion. See figure 6.2. In the upper panel, the
How do countries grow Economic growth? Economic growth is attaining by increasing: • Quantity of resources by investment • Quality of resources by training as well as R
All of the following fiscal policies will contribute to increasing budget deficits except: A. cuts in aid to farmers. B. tax cuts. C. increases in defense expenditures. D. increase
Describe in short about Money "Money" in economics is actually not as simple to understand as you may think and many use the term money in a way inconsistent with how it's defi
How much do you have to deposit today in order to allow 5 annual withdrawals, beginning at the end of year 8, with the first withdrawal of $1000 with subsequent withdrawals decreas
briefly explain any five uses of national income statistics
Suppose a company is considering two investment projects. Both projects require an upfront expenditure of $30 million. The company estimates that the cost of capital is 10% and tha
From stock and watson 3rd edition introduction to econometrics Using the data set CollegeDistance described, run a regression of years of completed education (ED) on distance to t
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