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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.
Describe the relation of money with wealth and income It is very possible to have a high income but no money and no wealth, or to be very wealthy and have a lot of money but no
Question 1: (a) Outline the three main methods of recruitment. (b) Discuss the advantages & disadvantages of any one method mentioned above.
What is Monetary base The monetary base is defined as the total value of all currency (banknotes and coins) outside the central bank and commercial banks' (net) reserves with t
what is national income
Moving along a demand curve, quantity demanded decreases 8 percent when price increases 10 percent. a. The price elasticity of demand is calculated to be____________ b. Given the
How central banks increase the monetary base When the Central Bank cuts the target rate, they must simultaneously increase the monetary base by buying government securities. The
Sustainability of Current Account Deficit: Theoretically speaking, a current account deficit can be sustained as long as the growth rate of national income exceeds the rate of
does central bank determine money supply in the economy
Rewrite the national-income model (3.23) in the format of (4.1), with Y as the first vari¬able. Write out the coefficient matrix and the constant vector.
The entire market is capture by a single firm which can produce at a constant average and marginal cost of AC = MC = 10. The firm faces a market demand curve given by Q = 60 ? P.
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