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National Income Determination: National Income Determination deals with what determines the size of a nation’s national income. The size of a nation’s national income is deter
how to calculate it given a functuion
#explain bains theory of limit pricing theory
explain graphically Equilibrium of a multi product firm
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Explain how normal profit and abnormal profit differ. Normal profit (breakeven) - which must contain commentary on the inclusion of opportunity costs. Abnormal profit should be
Which firm has the greatest minimum efficient scale?
Question 1: i) Elaborate on how CPI is used to calculate inflation and what are the limitations of such a measure? ii) Growth is always beneficial. Discuss iii) Explain
Laspeyres index The Laspeyres index tells us that: - The amount of money at present year prices which an individual requires to purchase bundle of goods and services which w
What are the most important challenges that economists try to address? (ii) What is the role of government in a market based economy? (iii) Who are the main economic players and w
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