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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.
what is national income
Q. Define Effective exchange rate? Suppose that we are interested in external competitiveness of a country, let's say Japan. To do this we could look at evolution of a particul
Private sector in the circular flow The private sector total income is known as the national income. Because private sector receives the entire return from the factors of pr
If the airline industry was an oligopoly and Qantas and Virgin could collude, what would be a dominant (Nash equilibrium strategy) that they could adopt with reference to their pri
How credit is created or the creation of credit
what is the difference between classical and non-classical model
Define elasticity of supply. What factors influence Elasticity of Supply? There is only one type of identifiable elasticity of supply measuring the responsiveness of market sup
Illustrate the circular flow of income and expenditure according to their models ( classical and keynesian)
how to calculate the ultimate change in deposits and credit?
What is the price elasticity of supply? Price elasticity of supply: The price elasticity of supply is a measure of the receptiveness of the quantity of a good supplied to pr
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