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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.
Explain the Real wage with example Consider following scenario. You work full time and during January 2008 you make 2000 euro after tax. A specific basket of services and good
Q. Relation between Money - wealth and income? Money isn't the same as wealth. An individual may be very wealthy however have no money (for instance by owning stocks and real e
what is GDP
TOWARDS A NATIONAL ACCOUNTING SYSTEM A real life modern economy is a very complex structure consisting of millions of units engaged in a variety of economic transactions. Ther
In order to estimate aVAR, alag length must be used in the estimation. There are many different criteria which can be used to signal the ideal lag length to use.Asteriou & Hall (20
The real interest rate Interest rates and inflation Suppose you have 1 million on 1st January 2008. A basket of goods and services similar to the CPI basket costs 100,000.
A telemarketer makes six phone calls per hour and is able to make a sale on 30 percent of these contacts. During the next two hours, find: A) The probability of making exactly four
Currently you purchase 6 packages of hot dogs a month. You will graduate from college in December, and you will start a new job in January. You have no plans to purchase hot dogs i
To really understand it, compute the following price elasticities of demand: · The price of a laptop increases by 20% and there is a 40% drop in the quantity dem
Write a one paragraph summary and three paragraphs that take the information in the article and relate it specifically to the circular flow model and the supply and demand curves.
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